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Barnwell Industries Inc. (BRN-1.14%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in oil and natural gas segment revenues to $4,477,000 from $6,155,000 in the same quarter the previous year. The decrease is attributed to lower production and prices for oil, natural gas, and natural gas liquids.
Operating expenses for the oil and natural gas segment decreased by 11% to $2,496,000, reflecting reduced production levels. However, the segment reported an operating loss of $116,000, compared to a profit of $881,000 in the previous year.
Barnwell recorded a non-cash ceiling test impairment of $613,000 for its U.S. oil and natural gas properties during the quarter.
The contract drilling segment reported a $201,000 operating loss, slightly improved from a $228,000 loss in the previous year, due to reduced activity.
General and administrative expenses decreased by $123,000 to $1,281,000, primarily due to lower professional fees.
The company reported a net loss of $1,917,000 for the quarter, compared to a net loss of $664,000 in the previous year.
Cash used in operating activities was $759,000, while cash used in investing activities was $1,662,000, reflecting capital expenditures in the oil and natural gas segment.
Barnwell's working capital was $642,000 as of December 31, 2024. The company plans to manage liquidity through cash on hand and cash flow from operations.
The filing also details a shareholder rights plan adopted on January 26, 2025, aimed at protecting against potential hostile takeovers.
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. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.