Latest news with #BarnwellIndustries
Associated Press
6 days ago
- Business
- Associated Press
Barnwell Industries, Inc. Reports Results for Its Third Quarter Ended June 30, 2025 Together With the Receipt of $2,300,000 of Cash for U.S. Oil and Natural Gas Properties Sale
HONOLULU, HI / ACCESS Newswire / August 13, 2025 / Barnwell Industries, Inc. (NYSE American:BRN) today reported financial results for its third quarter ended June 30, 2025. For the quarter, the Company had revenue from continuing operations of $3,192,000 and a net loss from continuing operations of $1,550,000 or $0.15 per share. In the prior year quarter ended June 30, 2024, the Company reported quarterly revenue from continuing operations of $4,506,000 and a net loss from continuing operations of $1,018,000 or $0.10 per share. The net loss from continuing operations for the three months ended June 30, 2025, was primarily due to an increase of $565,000, 43%, in general and administrative expenses due to $657,000 in non-recurring fees and costs incurred, net of $348,000 of estimated accrued insurance recoveries receivable, related to a shareholder consent solicitation, various legal actions between Ned L. Sherwood ('Sherwood') and certain of his affiliates (collectively, the 'Sherwood Group') and the Company and certain of its directors, and a proxy contest brought by the Sherwood Group in the current year period as compared to the same period in the prior year. Oil and Natural Gas Operating Results Oil and natural gas operating results decreased $299,000 for the three months ended June 30, 2025 as compared to prior year, primarily attributable to a $1,299,000 decrease in oil and natural gas revenues in the current year period as compared to the same period in the prior year, partially offset by a $399,000 decrease in the ceiling test impairment which was $599,000 in the prior year period compared to a ceiling test impairment of $200,000 in the current year period, and a $449,000 decrease in oil and natural gas depletion in the current year period as compared to the same period in the prior year. The decrease in depletion was due to a decrease in the depletion rate largely due to ceiling test impairments incurred in the prior year period. Foreign Currency Gain The net loss from continuing operations for the three months ended June 30, 2025 included a $219,000 foreign currency gain recorded in the current year period as compared to a $61,000 loss recorded in the prior year period due to the effects of foreign currency exchange rate changes on intercompany loans and advances as a result of changes in the U.S. dollar against the Canadian dollar, a $280,000 positive impact. Sale of U.S. Oil and Natural Gas Properties On August 8, 2025, the Company entered into an agreement with an independent third party to sell all of its working interest in U.S. oil and natural gas assets for a purchase price of $2,300,000, subject to post-closing adjustments. The U.S. oil and natural gas assets, located in Texas and Oklahoma, were owned by wholly-owned subsidiaries of Barnwell. The Company estimates it will incur a loss on sale of approximately $700,000 after related selling expenses and income taxes in the quarter ending September 30, 2025. As a result of this sale, the Company no longer own any oil and natural gas assets in the U.S. Proxy Contest, Expenses Increase While the aforementioned shareholder proxy contest is not continuing as of the date of this report, the Company's annual stockholders meeting has been rescheduled to September 10, 2025 as a result of the dispute with the Sherwood Group and thus related costs will continue to be incurred until the matter is resolved. Accordingly, general and administrative expenses will continue to be affected by this matter beyond June 30, 2025. The Company is unable to estimate the amount of such future costs as the matter is ongoing and such costs will depend upon the future actions to be taken, which are yet to be determined. Due to the recent shareholder consent solicitation and the proxy contest costs incurred and estimated to be incurred, and the impacts of recently imposed tariffs which have caused a reduction in oil prices and have had an impact on the U.S. economy as a whole, we now face greater uncertainty about our professional fees and oil and natural gas operating cash inflows, which in turn has raised substantial doubt regarding our ability to continue as a going concern. The Company is investigating potential sources of funding, including debt financing, the issuance of stock, and the partial or complete sale of its remaining interests in the Kukio Resort Land Development Partnerships. However, no probable timing or amounts of such funding have yet been secured. Summary and Outlook Craig D. Hopkins, CEO, stated, 'The sale of our U.S. oil and natural gas properties provides capital to invest in the well workovers and optimization opportunities in our Twining field that are required to replace production declines. It will also assist in reducing our working capital deficit due to ongoing costs associated with shareholder disputes. Looking forward, the Company will need to raise additional capital to develop our assets at Twining and dilute our fixed costs across a higher revenue base.' Forward-Looking Statements 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) COMPANY: Barnwell Industries, Inc. 1100 Alakea Street, Suite 500 Honolulu, HI 96813 Telephone: (808) 531-8400 Fax: (808) 531-7181 Website: CONTACT: Craig D. Hopkins Chief Executive Officer and President Phone: (403) 531-1560 Email: [email protected] SOURCE: Barnwell Industries press release
Yahoo
01-05-2025
- Business
- Yahoo
Why Barnwell Industries, Inc. (BRN) Stock is Falling This Week
We recently published a list of Energy Stocks that are Losing This Week. In this article, we are going to take a look at where Barnwell Industries, Inc. (NYSEAMERICAN:BRN) stands against other energy stocks that are declining this week. After a slight uptick, the global crude oil price fell again over the last week, declining by a little more than 5%. The West Texas Intermediate (WTI) price is currently hovering just under $60, painting a bleak outlook for the global oil industry. Investors are bracing for OPEC+ to boost output, amid worries that President Trump's tariffs would hit the global economy and slow demand for the fuel. Further adding to investor concerns, a major UK oil and gas company unveiled its Q1 2025 earnings this week, reporting a deeper-than-expected 48% drop in net profit on weaker refining and gas trading. The energy market is also awaiting two American oil supermajors to report their earnings later this week, which will present a clearer picture of the sector and its projections going forward. A sector that has been hit particularly hard by the declining crude price is that of oilfield services, which expects a sharp decline in drilling activity going forward if prices remain at current levels. It must be mentioned that short interest in the energy sector reached 2.58% in March compared to 2.52% in February, with the most shorted industry within the sector being Oil & Gas Equipment & Services. This was primarily due to the tariffs imposed by the Trump administration on steel and aluminum imports, which have raised costs and decreased margins for a sector that is already bracing for a slowdown in activity in the coming months. An oil worker wearing a hard hat and a safety vest checking an industrial oil pump. To collect data for this article, we have referred to several stock screeners to find energy stocks that have fallen the most between April 22 to April 29, 2025. The following are the Energy Stocks that Lost the Most This Week. The stocks are ranked according to their share price decline during this period. At Insider Monkey, we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here). Share Price Decline Between Apr. 22 and Apr. 29: 6.3% Barnwell Industries, Inc. (NYSEAMERICAN:BRN) is engaged in oil and natural gas development, production, and sales in Canada and the US. Barnwell Industries, Inc. (NYSEAMERICAN:BRN) has been going through some leadership uncertainties recently due to an ongoing hostile takeover attempt by certain shareholders, thus threatening company stability. However, BRN recently announced that Glass Lewis, an independent proxy advisory firm, has resoundingly rejected the Sherwood Group's efforts to take control of the company and declared the removal of Barnwell directors Ken Grossman, Josh Horowitz, and Alex Kinzler to be unwarranted. The company also reiterated that its current Board and management have already implemented significant operational improvements, including cost reductions, divestitures, and a leadership transition. Overall, BRN ranks 7th on our list of the energy stocks that lost the most this week. While we acknowledge the potential of BRN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than BRN but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
20-03-2025
- Business
- Yahoo
Why Barnwell Industries, Inc. (BRN) is Gaining This Week?
We recently compiled a list of the Why These Energy Stocks are Gaining This Week. In this article, we are going to take a look at where Barnwell Industries, Inc. (NYSE:BRN) stands against the other energy stocks. After a lackluster performance in 2024, the broader energy sector finally seems to be doing better this year with gains of 5.85% since the beginning of 2025, against a decline of over 4% by the wider market during the period. One sector that has garnered significant worldwide attention over the last year is that of nuclear energy, largely driven by the widespread recognition of its importance in the global 'clean energy transition'. The ongoing AI boom and the accompanying data centers could also be a major growth driver for the industry, as these facilities consume an overwhelming amount of energy, which needs to come from a relatively cheap, clean, and reliable source such as nuclear. The sector also received a significant boost last week at the CERAWeek conference in Houston, when several major global companies signed a pledge to support the goal of at least tripling the world's nuclear energy capacity by 2050. The International Energy Agency recently revealed that there are over 70 gigawatts of new nuclear capacity under construction around the world, one of the highest levels in the last 30 years, and more than 40 countries have plans to expand nuclear's role in their energy systems. An oil worker wearing a hard hat and a safety vest checking an industrial oil pump. To collect data for this article, we have referred to several stock screeners to find energy stocks that have surged the most between March 10 and March 17, 2025. Following are the Energy Stocks that Gained the Most This Week. The stocks are ranked according to their share price surge during this period. At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). Share Price Gains Between Mar. 10 – Mar. 17: 18.92% Barnwell Industries, Inc. (NYSE:BRN), together with its subsidiaries, acquires and develops crude oil and natural gas assets in Canada. Investors have responded positively after Barnwell Industries, Inc. (NYSE:BRN) announced the sale of its water well drilling subsidiary, Water Resources International. The $1.05 million proceeds from the sale will be used for general corporate purposes, with a focus on reinvestment in the company's oil and gas operations. The move will also help bolster Barnwell's balance sheet, which maintains zero debt. Overall, BRN ranks 7th on our list of energy stocks that are gaining this week.. While we acknowledge the potential for BRN, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BRN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires Disclosure: None. This article is originally published at Insider Monkey.
