BRN 8-K
Barnwell Industries Inc (BRN)
8-K
2024-12-16
For: 2024-12-16
View Original
Added on
April 09, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16, 2024
(Exact Name of Registrant as Specified in its Charter)
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(State or other jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of Principal Executive Offices) (Zip Code)
(808 ) 531-8400
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition
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On December 16, 2024, Barnwell Industries, Inc. issued a press release announcing its financial results for its fiscal year ended September 30, 2024.
A copy of such press release is furnished as Exhibit 99.1 to this Current Report.
| Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit No.
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Description
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99.1
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Press release dated December 16, 2024
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Dated: December 16, 2024
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BARNWELL INDUSTRIES, INC.
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By:
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/s/ Russell M. Gifford
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Name:
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Russell M. Gifford
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Title:
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Executive Vice President and Chief Financial Officer
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Exhibit Index
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Exhibit No.
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Description
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Press Release dated December 16, 2024
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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Exhibit 99.1
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BARNWELL INDUSTRIES, INC. |
P R E S S
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R E L E A S E
1100 Alakea Street, Suite 500Honolulu, Hawaii 96813
Telephone (808) 531-8400
Fax (808) 531-7181
Website: www.brninc.com
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Barnwell Industries, Inc. Reports Results for its Fourth Quarter
and Year Ended September 30, 2024
Success of Twining Drilling Program Continues While Optimization
Projects Maintain Production Levels and Reduce Operating Costs
HONOLULU, HAWAII, December 16, 2024 -- Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for
its fourth quarter and year ended September 30, 2024. The Company had revenue of $4,268,000 and a net loss of $1,883,000 or $0.19 per share for the fourth quarter and had revenue of $21,724,000 and a net loss of $5,565,000 or $0.56 per share for
the full year. The Company remains debt free and ended the fiscal year with $4,505,000 in cash and cash equivalents and $1,071,000 in working capital.
Continuing Optimization Program is Showing Positive Results
For the year ended September 30, 2024,
production of natural gas and natural gas liquids increased by 6% and 23%, respectively, although natural gas
revenues decreased due to lower prices. Oil production remained flat as compared to the prior year. This performance underscores the quality, consistency and long-term viability of Barnwell’s Twining and legacy assets.
Production operating costs declined by $585,000, or 6%, from $10,434,000 in the prior year to $9,849,000
in the current year. This is primarily due to the Company’s optimization program and focus on cost reduction.
Twining Drilling Program
During the year ended September 30, 2024, the Company drilled one gross 100%-owned and operated
development oil well in the Twining area which commenced production mid-September 2024. The well has produced on average approximately 107 barrels per day of oil in its first two months of production.
US Oil and Gas Assets
The Company’s oil and gas assets in Texas and Oklahoma continue to perform well. The Texas cash flows
have been adversely affected by the low realized gas prices in the area in 2024, but the commissioning of the Matterhorn Express Pipeline increases egress from the area and is expected to improve pricing.
1
Non-Cash Impairment
During the three months and year ended September 30, 2024, the Company incurred a non-cash impairment of our oil and natural gas properties of $609,000 and $2,885,000,
respectively. The impairments incurred during the quarter and year ended September 30, 2024, were largely due to a decline in historical pricing based on the 12-month rolling average.
Reduction in General and Administrative Expenses
General and administrative expenses decreased $1,358,000, 20%, for the year ended September 30, 2024, compared to the prior
year period, primarily due to decreases in stockholder and proxy costs and professional fees in the current year period as compared to the same period in the prior year.
Contract Drilling Segment
In the coming months, the Company will move forward with appropriate strategic, business and financial
alternatives for Water Resources which may include, among other things, a sale of its stock or assets, or an orderly wind-down of its operations and liquidation of equipment.
Summary and Outlook
Craig D. Hopkins, CEO, commented, “Twining continues to be the engine for our future growth. We were able to hold production
steady for most of 2024 without drilling, and we are now pleased that our new development well is online and producing as expected. We continue to work to simplify Barnwell’s other businesses and reduce the corresponding administrative costs to
improve our returns and increase our cash available for investment.”
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.
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The following table summarizes Barnwell’s net production for the last two fiscal years, based on sales of natural gas, oil and natural gas
liquids, from all wells in which Barnwell has or had an interest.
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Year ended September 30,
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2024
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2023
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Annual net production:
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Natural gas (Mcf)
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1,344,000
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1,263,000
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Oil (Bbls)
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203,000
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204,000
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Natural gas liquids (Bbls)
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64,000
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52,000
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Total (Boe)
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491,000
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467,000
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Mcf - one thousand cubic feet of natural gas
Bbls - stock tank barrels of oil equivalent to 42 U.S. gallons
Boe - barrel of oil equivalent at the rate of 6 Mcf per Bbl of oil or natural gas liquid
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COMPARATIVE OPERATING RESULTS
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(Unaudited)
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Year ended
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Three months ended
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September 30,
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September 30,
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2024
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2023
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2024
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2023
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Revenues
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$
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21,724,000
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$
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25,269,000
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$
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4,268,000
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$
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6,844,000
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Net loss attributable to Barnwell Industries, Inc.
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$
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(5,565,000
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$
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(961,000
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$
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(1,883,000
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$
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(96,000
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Net loss per share – basic and diluted
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$
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(0.56
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$
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(0.10
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$
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(0.19
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$
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( 0.01
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Weighted-average shares and equivalent shares outstanding:
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Basic and diluted
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10,017,997
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9,969,856
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10,028,090
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9,990,778
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CONTACT:
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Craig D. Hopkins
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Chief Executive Officer and President
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Phone: (403) 531-1560
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Email: [email protected]
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