Barnwell Industries Inc. Files Q2 2024 10-Q Report

TL;DR

<b>Barnwell Industries Inc. has filed its Q2 2024 10-Q, detailing its oil and gas operations and financial performance.</b>

AI Summary

BARNWELL INDUSTRIES INC (BRN) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Barnwell Industries Inc. filed its quarterly report on Form 10-Q for the period ending March 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's principal business is oil and natural gas exploration, development, and production. Barnwell Industries also engages in contract drilling and land investment. The report was filed on May 14, 2024.

Why It Matters

For investors and stakeholders tracking BARNWELL INDUSTRIES INC, this filing contains several important signals. This filing provides investors with the latest financial and operational data for Barnwell Industries, crucial for understanding the company's performance in the oil and gas sector. The 10-Q report will contain detailed financial statements, management's discussion and analysis, and risk factors, offering insights into the company's current standing and future outlook.

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 immediately apparent unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess Barnwell Industries' operational performance and financial health.

Key Numbers

• 20240331 — Period of Report (Conformed Period of Report)
• 20240514 — Filed Date (Filed as of Date)
• 0930 — Fiscal Year End (Fiscal Year End)
• 2024-03-31 — Quarter End Date (10-Q filing period)
• 2023-03-31 — Prior Year Quarter End Date (10-Q filing period comparison)

Key Players & Entities

• BARNWELL INDUSTRIES INC (company) — Filer
• 0000010048 (company) — Central Index Key
• 1311 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• HI (company) — State of Business Address
• 808-531-8400 (company) — Business Phone
• BMA CORP/TN (company) — Former Company Name
• BARNWELL OFFSHORE INC (company) — Former Company Name

FAQ

Industry Context

Barnwell Industries operates in the oil and natural gas sector, which is subject to commodity price volatility and regulatory changes.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including requirements for timely and accurate financial reporting.

What Investors Should Do

1. Analyze the revenue and net income figures for the quarter and compare them to the prior year's period.
2. Examine the Management's Discussion and Analysis section for insights into operational challenges and strategic initiatives.
3. Review any disclosed risk factors to understand potential threats to the company's business.

Key Dates

• 2024-05-14: Filing Date — Submission of the Q2 2024 10-Q report.
• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.

Year-Over-Year Comparison

This is the Q2 2024 10-Q filing, providing updated financial information compared to previous filings.

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-20240331.htm (10-Q) — 1414KB
• exhibit311_03312024.htm (EX-31.1) — 10KB
• exhibit312_03312024.htm (EX-31.2) — 11KB
• exhibit32_03312024.htm (EX-32) — 9KB
• 0000010048-24-000010.txt (&nbsp;) — 7359KB
• brn-20240331.xsd (EX-101.SCH) — 44KB
• brn-20240331_cal.xml (EX-101.CAL) — 68KB
• brn-20240331_def.xml (EX-101.DEF) — 190KB
• brn-20240331_lab.xml (EX-101.LAB) — 468KB
• brn-20240331_pre.xml (EX-101.PRE) — 350KB
• brn-20240331_htm.xml (XML) — 1437KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets - March 31, 2024 and September 30, 2023 3 Condensed Consolidated Statements of Operations - three and six months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Loss - three and six months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Equity - three and six months ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows - six months ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 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 27 Item 4.

Controls and Procedures

Controls and Procedures 39 PART II. OTHER INFORMATION: Item 6. Exhibits 40 Signature 41 Index to Exhibits 42

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BARNWELL INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 3,685,000 $ 2,830,000 Accounts and other receivables, net of allowance for credit losses of: $ 339,000 at March 31, 2024; $ 284,000 at September 30, 2023 3,385,000 3,246,000 Assets held for sale 69,000 — Other current assets 2,507,000 3,009,000 Total current assets 9,646,000 9,085,000 Asset for retirement benefits 4,649,000 4,471,000 Operating lease right-of-use assets 79,000 54,000 Property and equipment: Proved oil and natural gas properties (full cost method) 82,118,000 80,851,000 Drilling rigs and other property and equipment 3,752,000 7,223,000 Total property and equipment 85,870,000 88,074,000 Accumulated depletion, impairment, depreciation, and amortization ( 67,462,000 ) ( 66,263,000 ) Total property and equipment, net 18,408,000 21,811,000 Total assets $ 32,782,000 $ 35,421,000 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,257,000 $ 881,000 Accrued capital expenditures 528,000 1,099,000 Accrued compensation 396,000 726,000 Accrued operating and other expenses 1,671,000 1,747,000 Current portion of asset retirement obligation 1,828,000 1,536,000 Other current liabilities 634,000 609,000 Total current liabilities 6,314,000 6,598,000 Operating lease liabilities 25,000 47,000 Liability for retirement benefits 1,710,000 1,664,000 Asset retirement obligation 8,226,000 8,297,000 Deferred income tax liabilities 109,000 58,000 Total liabilities 16,384,000 16,664,000 Commitments and contingencies Equity: Common stock, par value $ 0.50 per share; authorized, 40,000,000 shares: 10,195,990 issued at March 31, 2024; 10,158,678 issued at September 30, 2023 5,098,000 5,079,000 Additional paid-in capital 7,779,000 7,687,000 Retained earnings 3,724,000 6,160,000 Accumulated other comprehensive income

View Full Filing

View this 10-Q filing on SEC EDGAR