Philip F. Patman, Jr. to Succeed Russell M. Gifford as Chief Financial Officer of Barnwell
Rhea-AI Summary
Barnwell (NYSE American: BRN) announced that Russell M. Gifford will retire as Executive Vice President, Chief Financial Officer and Treasurer effective December 31, 2025. The company appointed Philip F. Patman, Jr., currently Executive Vice President - Finance, to succeed Gifford as Chief Financial Officer, Treasurer and principal financial officer effective December 31, 2025. The board and management thanked Gifford for his service; Gifford joined Barnwell in 1982 and had served as CFO since 1985.
Positive
- Internal promotion preserves financial leadership continuity
- Philip F. Patman has experience as Executive Vice President - Finance
- Succession effective December 31, 2025 ensures immediate coverage
Negative
- Loss of long-tenured CFO who joined in 1982 and served since 1985
News Market Reaction 1 Alert
On the day this news was published, BRN declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peers show mixed moves: TPET up 8.15%, EONR up 0.93%, MTR up 0.24%, MXC flat, BATL down 4.2%. With BRN flat pre‑news, trading appears more company-specific than a clear sector trend.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 19 | Earnings results | Negative | +0.9% | Reported wider FY 2025 losses and asset sales yet shares rose modestly. |
| Dec 03 | Private placement close | Positive | +1.8% | Closed $2.4M private placement, strengthening balance sheet and liquidity. |
| Nov 25 | Private placement deal | Positive | +10.0% | Announced $2.4M equity financing with warrants and new board appointment. |
| Oct 28 | Executive transitions | Positive | +2.5% | Named new EVP Finance and outlined retirements and cost-reduction steps. |
| Sep 23 | Board changes | Positive | +8.5% | Added directors with capital markets and operating experience to board. |
Recent news skew toward capital raises and governance/leadership changes, with mostly positive price reactions even when fundamentals (losses, going-concern risks) were challenging.
Over the last few months, Barnwell has focused on restructuring and governance. A September 23 board refresh and a October 28 executive transition plan both saw positive reactions. In November and December, the company executed a $2.4M private placement and then closed it, again with gains. The December 19 FY 2025 results highlighted losses and asset sales but still drew a small positive move. Today’s CFO succession follows the previously disclosed transition plan.
Market Pulse Summary
This announcement formalizes the previously outlined transition, with Philip F. Patman, Jr. assuming the roles of Chief Financial Officer, Treasurer and principal financial officer on December 31, 2025 as Russell M. Gifford retires after serving as CFO since 1985. Investors may track how leadership changes integrate with recent asset sales, cost-reduction plans, and capital raises disclosed over the past few months.
AI-generated analysis. Not financial advice.
HONOLULU, HI / ACCESS Newswire / December 30, 2025 / Barnwell Industries, Inc. (NYSE American:BRN) ("Barnwell" or the "Company") today announced the retirement of Russell M. Gifford as Executive Vice President, Chief Financial Officer and Treasurer of the Company effective December 31, 2025, as well as the appointment of Philip F. Patman, Jr., Barnwell's current Executive Vice President - Finance, as Chief Financial Officer, Treasurer and principal financial officer of the Company as of December 31, 2025.
The Board of Directors and management of the Company wish to thank Mr. Gifford for his many years of service. Mr. Gifford joined Barnwell in 1982 and has served as CFO since 1985.
About Barnwell Industries, Inc.
Barnwell Industries, Inc. (NYSE American:BRN) has been publicly traded since 1956 and has a long history of diversified operations across energy, water well drilling, and real estate. Today, Barnwell is strategically focused on expanding its oil and gas operations in the Twining Field near Calgary, Alberta, Canada. The Company remains committed to disciplined capital allocation, operational excellence, and driving long-term value for shareholders.
Forward-Looking Statements
Certain 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. These forward-looking statements are based on current beliefs and expectations of our board and management team that involve risks, potential changes in circumstances, assumptions, and uncertainties, include various estimates, forecasts, projections of Barnwell's future performance, statements of Barnwell's plans and objectives. 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. Any or all of the forward-looking statements may turn out to be incorrect or be affected by inaccurate assumptions Barnwell might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to our ability to execute on our strategy and business plan and the other risks forth in the "Forward-Looking Statements," "Risk Factors" and other sections of Barnwell's Annual Report on Form 10-K for the fiscal year ended September 30, 2025 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.
COMPANY:
Barnwell Industries, Inc.
1100 Alakea Street, Suite 500
Honolulu, HI 96813
Telephone: (808) 531-8400
Fax: (808) 531-7181
Website: www.brninc.com
CONTACT:
Kenneth S. Grossman
Chairman of the Board of Directors
Email: kensgrossman@gmail.com
SOURCE: Barnwell Industries
View the original press release on ACCESS Newswire
FAQ
Who will be Barnwell's CFO after December 31, 2025 (BRN)?
When does Russell M. Gifford retire as Barnwell CFO (BRN)?
What position did Philip F. Patman, Jr. hold before becoming Barnwell CFO (BRN)?
Will Barnwell have a principal financial officer on December 31, 2025 (BRN)?
Does the Barnwell announcement mention reasons for the CFO change (BRN)?
