Barnwell Industries Files 10-Q for Q3 2024
Ticker: BRN · Form: 10-Q · Filed: Aug 13, 2024 · CIK: 10048
Sentiment: neutral
Topics: 10-Q, oil-and-gas, financials
TL;DR
Barnwell Industries 10-Q filed. Financials for Q3 2024 out.
AI Summary
Barnwell Industries Inc. reported its third quarter results for the period ending June 30, 2024. The company's financial performance for the quarter and the nine months ended June 30, 2024, is detailed in this 10-Q filing. Specific financial figures and operational highlights are provided within the document.
Why It Matters
This filing provides investors with the latest financial performance data for Barnwell Industries, crucial for understanding the company's current operational health and future prospects in the oil and gas sector.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing financial information, not indicating any immediate or significant new risks.
Key Players & Entities
- BARNWELL INDUSTRIES INC (company) — Filer
- 20240630 (date) — Reporting Period End Date
- 20240813 (date) — Filing Date
- HONOLULU (location) — Company Headquarters
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the period ending June 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20240813.
What is Barnwell Industries Inc.'s Standard Industrial Classification code?
The SIC code is 1311, which corresponds to Crude Petroleum & Natural Gas.
Where is Barnwell Industries Inc. headquartered?
The company's business address is listed as 1100 Alakea St., Suite 500, Honolulu, HI 96813.
What was the previous name of Barnwell Industries Inc.?
The company was formerly known as BMA CORP/TN and BARNWELL OFFSHORE INC.
Filing Stats: 4,668 words · 19 min read · ~16 pages · Grade level 18.3 · Accepted 2024-08-13 16:10:00
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-20240630.htm (10-Q) — 1440KB
- exhibit311_06302024.htm (EX-31.1) — 10KB
- exhibit312_06302024.htm (EX-31.2) — 11KB
- exhibit32_06302024.htm (EX-32) — 9KB
- 0000010048-24-000016.txt ( ) — 7379KB
- brn-20240630.xsd (EX-101.SCH) — 44KB
- brn-20240630_cal.xml (EX-101.CAL) — 70KB
- brn-20240630_def.xml (EX-101.DEF) — 195KB
- brn-20240630_lab.xml (EX-101.LAB) — 479KB
- brn-20240630_pre.xml (EX-101.PRE) — 355KB
- brn-20240630_htm.xml (XML) — 1414KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) Condensed Consolidated Balance Sheets - June 30, 2024 and September 30, 2023 3 Condensed Consolidated Statements of Operations - three and nine months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Loss - three and nine months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity - three and nine months ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows - nine months ended June 30, 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 40 PART II. OTHER INFORMATION: Item 6. Exhibits 41 Signature 42 Index to Exhibits 43
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS BARNWELL INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2024 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 4,393,000 $ 2,830,000 Accounts and other receivables, net of allowance for credit losses of: $ 344,000 at June 30, 2024; $ 284,000 at September 30, 2023 3,252,000 3,246,000 Assets held for sale 69,000 — Other current assets 2,062,000 3,009,000 Total current assets 9,776,000 9,085,000 Asset for retirement benefits 4,738,000 4,471,000 Operating lease right-of-use assets 59,000 54,000 Property and equipment: Proved oil and natural gas properties (full cost method) 81,743,000 80,851,000 Drilling rigs and other property and equipment 3,695,000 7,223,000 Total property and equipment 85,438,000 88,074,000 Accumulated depletion, impairment, depreciation, and amortization ( 68,613,000 ) ( 66,263,000 ) Total property and equipment, net 16,825,000 21,811,000 Total assets $ 31,398,000 $ 35,421,000 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,343,000 $ 881,000 Accrued capital expenditures 462,000 1,099,000 Accrued compensation 509,000 726,000 Accrued operating and other expenses 1,681,000 1,747,000 Current portion of asset retirement obligation 2,144,000 1,536,000 Other current liabilities 345,000 609,000 Total current liabilities 6,484,000 6,598,000 Operating lease liabilities 15,000 47,000 Liability for retirement benefits 1,733,000 1,664,000 Asset retirement obligation 8,052,000 8,297,000 Deferred income tax liabilities 105,000 58,000 Total liabilities 16,389,000 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 June 30, 2024; 10,158,678 issued at September 30, 2023 5,098,000 5,079,000 Additional paid-in capital 7,635,000 7,687,000 Retained earnings 2,478,000 6,160,000 Accumulated other comprehensive income, n