Barnwell Industries, Inc. Reports Third Quarter and Nine Months Ended June 30, 2023 Results
- Production of all products increased over the prior year’s third quarter
- Investment in wells and new facilities contributed to production increases
- Declared cash dividend of $0.015 per share
- Net losses reported for the three and nine months ended June 30, 2023
- Decline in prices of all products, including oil, natural gas, and natural gas liquids
Production of all Products Increased over the Prior Year’s Third Quarter
Company Declares Cash Dividend
HONOLULU, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) today reported net losses of
Mr. Alexander C. Kinzler, Chief Executive Officer of Barnwell, commented, “Our loss for the quarter was a result of a decline in prices of all products; oil, natural gas, and natural gas liquids which decreased
“The Company’s
“For the nine months ended June 30, 2023, as compared to last year’s nine months ended June 30, 2022, the decrease in earnings was also due to a decline in prices of all products; oil, natural gas, and natural gas liquids which decreased
“Our water drilling segment sold one drilling rig and recognized a gain on the sale of
“The Company continues to actively explore acquisition, divestiture and financing opportunities and expects to produce improved results as it develops the Twining prospect in Alberta, Canada and benefits from improved commodity pricing. The Company ended the third quarter with
The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.
COMPARATIVE OPERATING RESULTS | ||||||||||||||
(Unaudited) | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Revenues | $ | 5,675,000 | $ | 8,028,000 | $ | 18,425,000 | $ | 20,161,000 | ||||||
Net (loss) earnings attributable to Barnwell Industries, Inc. | $ | (717,000 | ) | $ | 2,531,000 | $ | (865,000 | ) | $ | 5,656,000 | ||||
Net (loss) earnings per share – basic and diluted | $ | (0.07 | ) | $ | 0.25 | $ | (0.09 | ) | $ | 0.59 | ||||
Weighted-average shares and | ||||||||||||||
equivalent shares outstanding: | ||||||||||||||
Basic and diluted | 9,975,044 | 9,956,687 | 9,962,806 | 9,657,532 |
CONTACT: | Alexander C. Kinzler |
Chief Executive Officer and President | |
Russell M. Gifford | |
Executive Vice President and Chief Financial Officer | |
Telephone (808) 531-8400 | |
Fax (808) 531-7181 | |
Website: www.brninc.com |
FAQ
What are Barnwell Industries, Inc.'s (BRN) reported net losses for the three and nine months ended June 30, 2023?
What is the cash dividend declared by Barnwell Industries, Inc. (BRN)?
How much did the production of all products increase over the prior year’s third quarter for Barnwell Industries, Inc. (BRN)?