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Barnwell Industries, Inc. reports developments across Canadian oil production, oil and natural gas operations, and Hawaii land investment interests. The company produces crude oil, natural gas liquids, and natural gas from interests in the Twining oil field in Alberta, Canada, and its energy updates often address production performance, commodity-price exposure, operating results, and the status of its asset base.
Barnwell news also covers minority partnership interests tied to the Kukio Resort land development in Hawaii, including episodic cash distributions from those real estate investments. Corporate updates include capital-structure actions, material agreements, shareholder-rights and governance matters, financial results, and leadership or advisory roles connected to corporate development.
Barnwell Industries, Inc. (NYSE-American: BRN) has entered a cooperation agreement with MRMP Stockholders concerning the 2021 Board of Directors election. The agreement includes the nomination of the current slate of directors, with MRMP agreeing to vote in favor and withdraw their board slate. Chairman Grossman noted progress in governance and operations, while MRMP's Sherwood highlighted a 370% stock price increase since April 2020. The company aims for long-term cash generation and further share price appreciation.
Barnwell Industries (BRN) announced the receipt of director nominations for its 2021 Annual Meeting from a stockholder group including Ned L. Sherwood and Bradley M. Tirpak. In response, a special committee has been formed to address potential proxy contest issues. Additionally, Barnwell reported sales of developer lots in Hawaii, generating $1,712,000 in cash distributions, netting $320,000 to the company. The financial impact of these transactions will be reflected in the upcoming quarterly financials.
Barnwell Industries (NYSE American: BRN) reported a net loss of $4.76 million ($0.57/share) for the fiscal year ending September 30, 2020, a reduction from a $12.41 million loss ($1.50/share) in 2019. For Q4 2020, the company posted a net profit of $628,000 ($0.08/share), contrasting with a $4.32 million loss in Q4 2019. Key factors include reduced non-cash impairments, increased operating results in contract drilling and land investments, and improved income from affiliates. Barnwell ended FY 2020 with $3.12 million in working capital, including $4.58 million in cash.
Barnwell Industries (NYSE American: BRN) reported a net loss of $3,456,000 ($0.42 per share) for Q3 2020, an increase from a loss of $1,365,000 ($0.16 per share) in Q3 2019. For the nine months ending June 30, 2020, the net loss was $5,384,000 ($0.65 per share), down from $8,090,000 ($0.98 per share) in the prior year. The increase in losses was attributed to a non-cash impairment of $2,689,000 due to falling oil prices. However, operational results in the contract drilling segment improved by $608,000. Barnwell's working capital stood at $1,691,000 as of June 30, 2020.
Barnwell Industries (NYSE American: BRN) reported a loss of $1.514 million ($0.18 per share) for Q2 2020 compared to a loss of $2.125 million ($0.26 per share) in Q2 2019. The six-month losses were $1.928 million compared to $6.725 million in the prior year. Contributing factors included a $1.637 million non-cash impairment of oil and gas properties and increased general and administrative expenses. However, contract drilling profit rose by $1.035 million, and oil production increased by 33% year-over-year. Barnwell ended the quarter with $2.041 million in working capital.