Barnwell Industries Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Barnwell Industries Inc. filed its Q1 2024 10-Q, detailing financial performance across its energy and land investment segments.</b>

AI Summary

BARNWELL INDUSTRIES INC (BRN) filed a Quarterly Report (10-Q) with the SEC on February 12, 2024. Barnwell Industries Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's SIC code is 1311 (Crude Petroleum & Natural Gas). The company's principal business address is in Honolulu, HI. The filing includes data for various segments including Oil and Natural Gas, Contract Drilling, and Land Investment.

Why It Matters

For investors and stakeholders tracking BARNWELL INDUSTRIES INC, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Barnwell Industries' operations, crucial for understanding its performance in the oil and gas and land investment sectors. The filing's detailed segment information allows for a granular analysis of revenue streams and operational focus, aiding in investment decisions.

Risk Assessment

Risk Level: low — BARNWELL INDUSTRIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for specific financial performance trends within the Oil and Natural Gas and Land Investment segments.

Key Numbers

• 2023-12-31 — Period End Date (Quarterly report period)
• 2024-02-12 — Filing Date (Date the report was filed)
• 1311 — SIC Code (Standard Industrial Classification for Crude Petroleum & Natural Gas)
• 09/30 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• BARNWELL INDUSTRIES INC (company) — Filer name
• BRN (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240212 (date) — Filed as of date
• 1311 (industry_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas
• HONOLULU (location) — Business address city
• HI (location) — Business address state
• 0000010048 (company_id) — Central Index Key

Forward-Looking Statements

• Barnwell Industries Inc. will continue to report segment-level financial data in future 10-Q filings. (BARNWELL INDUSTRIES INC) — high confidence, target: 2024-06-30
• The company's performance will be significantly influenced by commodity prices in the oil and natural gas sector. (BARNWELL INDUSTRIES INC) — medium confidence, target: 2024-09-30

FAQ

Industry Context

Barnwell Industries operates in the energy sector, specifically crude petroleum and natural gas extraction, and also engages in land investment.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze segment performance data for Oil and Natural Gas, Contract Drilling, and Land Investment.
3. Compare current quarter results with historical data from previous filings.

Key Dates

• 2023-12-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-02-12: Filing Date — Date Barnwell Industries Inc. submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing analyzed for the period ending December 31, 2023. No prior period comparison is available within this specific data extract.

Key Financial Figures

• $0.50 — ange on which registered Common Stock, $0.50 par value BRN NYSE American Indicate
• $0 — 8,090 shares of common stock, par value $0.50, outstanding. BARNWELL INDUSTRIES,

Filing Documents

• brn-20231231.htm (10-Q) — 892KB
• exhibit311123123.htm (EX-31.1) — 11KB
• exhibit312123123.htm (EX-31.2) — 11KB
• exhibit32123123.htm (EX-32) — 9KB
• 0000010048-24-000005.txt (&nbsp;) — 5645KB
• brn-20231231.xsd (EX-101.SCH) — 45KB
• brn-20231231_cal.xml (EX-101.CAL) — 66KB
• brn-20231231_def.xml (EX-101.DEF) — 181KB
• brn-20231231_lab.xml (EX-101.LAB) — 498KB
• brn-20231231_pre.xml (EX-101.PRE) — 338KB
• brn-20231231_htm.xml (XML) — 812KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets - December 31, 2023 and September 30, 2023 3 Condensed Consolidated Statements of Operations - three months ended December 31, 2023 and 2022 4 Condensed Consolidated Statements of Comprehensive (Loss) Income - three months ended December 31, 2023 and 2022 5 Condensed Consolidated Statements of Equity - three months ended December 31, 2023 and 2022 6 Condensed Consolidated Statements of Cash Flows - three months ended December 31, 2023 and 2022 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION: Item 6. Exhibits 34 Signature 35 Index to Exhibits 36

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BARNWELL INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, 2023 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 3,223,000 $ 2,830,000 Accounts and other receivables, net of allowance for credit losses of: $ 334,000 at December 31, 2023; $ 284,000 at September 30, 2023 3,278,000 3,246,000 Other current assets 2,622,000 3,009,000 Total current assets 9,123,000 9,085,000 Asset for retirement benefits 4,561,000 4,471,000 Operating lease right-of-use assets 34,000 54,000 Property and equipment: Proved oil and natural gas properties (full cost method) 83,348,000 80,851,000 Drilling rigs and other property and equipment 7,231,000 7,223,000 Total property and equipment 90,579,000 88,074,000 Accumulated depletion, impairment, depreciation, and amortization ( 69,292,000 ) ( 66,263,000 ) Total property and equipment, net 21,287,000 21,811,000 Total assets $ 35,005,000 $ 35,421,000 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,344,000 $ 881,000 Accrued capital expenditures 587,000 1,099,000 Accrued compensation 673,000 726,000 Accrued operating and other expenses 1,747,000 1,747,000 Current portion of asset retirement obligation 1,825,000 1,536,000 Other current liabilities 469,000 609,000 Total current liabilities 6,645,000 6,598,000 Operating lease liabilities 36,000 47,000 Liability for retirement benefits 1,687,000 1,664,000 Asset retirement obligation 8,416,000 8,297,000 Deferred income tax liabilities 56,000 58,000 Total liabilities 16,840,000 16,664,000 Commitments and contingencies Equity: Common stock, par value $ 0.50 per share; authorized, 40,000,000 shares: 10,168,006 issued at December 31, 2023; 10,158,678 issued at September 30, 2023 5,084,000 5,079,000 Additional paid-in capital 7,747,000 7,687,000 Retained earnings 5,496,000 6,160,000 Accumulated other comprehensive income, net 2,113,000 2,104,0

View Full Filing

View this 10-Q filing on SEC EDGAR