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Barnwell Industries Inc. (BRN+1.23%) has filed its annual report on Form 10-K for the fiscal year ended September 30, 2024. The report is available for review filing.
The company reported a net loss attributable to Barnwell of $5.6 million for fiscal 2024, compared to a net loss of $961,000 in fiscal 2023. The increase in net loss was primarily due to a $4.9 million decrease in oil and natural gas segment operating results and a $599,000 decrease in contract drilling segment operating results.
Barnwell's oil and natural gas segment reported an operating loss of $285,000 before general and administrative expenses, a decrease from the $4.7 million operating profit reported in fiscal 2023. This was largely attributed to a non-cash ceiling test impairment of $2.9 million and lower commodity prices.
The land investment segment recorded $500,000 in revenues from the sale of interest in leasehold land, compared to $265,000 in the prior year. The contract drilling segment reported a $1 million operating loss before general and administrative expenses, compared to a $428,000 loss in fiscal 2023.
General and administrative expenses decreased by $1.4 million to $5.6 million, primarily due to lower professional fees and stockholder costs.
Barnwell's oil and natural gas capital expenditures totaled $4.8 million in fiscal 2024, down from $10.7 million in fiscal 2023. The company drilled one operated development oil well in the Twining area during the year.
The company's cash and cash equivalents increased to $4.5 million as of September 30, 2024, compared to $2.8 million at the end of fiscal 2023. Cash flows provided by operating activities were $4.7 million, up from $1.9 million in the prior year.
Barnwell's total assets stood at $30.7 million as of September 30, 2024, down from $35.4 million at the end of fiscal 2023. The company's total liabilities were $17.6 million, compared to $16.7 million in the previous year.
The company did not declare or pay any dividends during the fiscal year ended September 30, 2024. Barnwell's working capital was $1.1 million as of September 30, 2024.
Barnwell's management has assessed the effectiveness of the company's internal control over financial reporting and concluded that it was effective as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Barnwell Industries Inc. annual 10-K report dated December 17, 2024. To report an error, please email earnings@qz.com.