| Delaware | 72-0496921 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
1100 Alakea Street, Suite 500, Honolulu, Hawaii | 96813 | |||||||
| (Address of principal executive offices) | (Zip code) | |||||||
(808) 531-8400 | ||||||||
| (Registrant’s telephone number, including area code) | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Common Stock, $0.50 par value | BRN | NYSE American | ||||||
| Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ | ||||||||||||||
| Emerging growth company | ☐ | ||||||||||||||||
| June 30, 2022 | September 30, 2021 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 12,574,000 | $ | 11,279,000 | |||||||
Accounts and other receivables, net of allowance for doubtful accounts of: $114,000 at June 30, 2022; $391,000 at September 30, 2021 | 4,860,000 | 3,069,000 | |||||||||
| Income taxes receivable | 575,000 | 530,000 | |||||||||
| Asset held for sale | — | 687,000 | |||||||||
| Other current assets | 2,527,000 | 2,470,000 | |||||||||
| Total current assets | 20,536,000 | 18,035,000 | |||||||||
| Asset for retirement benefits | 2,478,000 | 2,229,000 | |||||||||
| Operating lease right-of-use assets | 249,000 | 296,000 | |||||||||
| Property and equipment: | |||||||||||
| Oil and natural gas properties, full cost method of accounting: | |||||||||||
| Proved properties | 70,010,000 | 58,490,000 | |||||||||
| Unproved properties | — | 962,000 | |||||||||
| Drilling rigs and other property and equipment | 7,674,000 | 7,960,000 | |||||||||
| Total property and equipment | 77,684,000 | 67,412,000 | |||||||||
| Accumulated depletion, impairment, depreciation, and amortization | (64,605,000) | (63,537,000) | |||||||||
| Total property and equipment, net | 13,079,000 | 3,875,000 | |||||||||
| Total assets | $ | 36,342,000 | $ | 24,435,000 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,269,000 | $ | 1,416,000 | |||||||
| Accrued capital expenditures | 1,692,000 | 909,000 | |||||||||
| Accrued compensation | 723,000 | 1,073,000 | |||||||||
| Accrued operating and other expenses | 1,554,000 | 1,171,000 | |||||||||
| Current portion of asset retirement obligation | 1,589,000 | 713,000 | |||||||||
| Other current liabilities | 1,370,000 | 619,000 | |||||||||
| Total current liabilities | 8,197,000 | 5,901,000 | |||||||||
| Long-term debt | 47,000 | 47,000 | |||||||||
| Operating lease liabilities | 147,000 | 180,000 | |||||||||
| Liability for retirement benefits | 2,145,000 | 2,101,000 | |||||||||
| Asset retirement obligation | 7,516,000 | 6,340,000 | |||||||||
| Deferred income tax liabilities | 306,000 | 359,000 | |||||||||
| Total liabilities | 18,358,000 | 14,928,000 | |||||||||
| Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
Common stock, par value $0.50 per share; authorized, 40,000,000 shares: 10,124,587 issued at June 30, 2022; 9,613,525 issued at September 30, 2021 | 5,062,000 | 4,807,000 | |||||||||
| Additional paid-in capital | 7,235,000 | 4,590,000 | |||||||||
| Retained earnings | 8,012,000 | 2,356,000 | |||||||||
| Accumulated other comprehensive (loss) income, net | (89,000) | 32,000 | |||||||||
Treasury stock, at cost: 167,900 shares at June 30, 2022 and September 30, 2021 | (2,286,000) | (2,286,000) | |||||||||
Total stockholders’ equity | 17,934,000 | 9,499,000 | |||||||||
| Non-controlling interests | 50,000 | 8,000 | |||||||||
| Total equity | 17,984,000 | 9,507,000 | |||||||||
| Total liabilities and equity | $ | 36,342,000 | $ | 24,435,000 | |||||||
| Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Oil and natural gas | $ | 7,292,000 | $ | 2,887,000 | $ | 16,345,000 | $ | 7,326,000 | |||||||||||||||
| Contract drilling | 736,000 | 889,000 | 2,430,000 | 4,220,000 | |||||||||||||||||||
| Sale of interest in leasehold land | — | 1,253,000 | 1,295,000 | 1,738,000 | |||||||||||||||||||
| Gas processing and other | — | 85,000 | 91,000 | 215,000 | |||||||||||||||||||
| 8,028,000 | 5,114,000 | 20,161,000 | 13,499,000 | ||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Oil and natural gas operating | 2,397,000 | 1,717,000 | 6,439,000 | 4,911,000 | |||||||||||||||||||
| Contract drilling operating | 872,000 | 1,026,000 | 2,770,000 | 3,599,000 | |||||||||||||||||||
| General and administrative | 1,713,000 | 2,227,000 | 5,784,000 | 5,340,000 | |||||||||||||||||||
| Depletion, depreciation, and amortization | 814,000 | 235,000 | 1,915,000 | 738,000 | |||||||||||||||||||
| Impairment of assets | — | — | — | 630,000 | |||||||||||||||||||
| Interest expense | 1,000 | 2,000 | 1,000 | 6,000 | |||||||||||||||||||
| Gain on debt extinguishment | — | (149,000) | — | (149,000) | |||||||||||||||||||
| Gain on termination of post-retirement medical plan | — | (2,341,000) | — | (2,341,000) | |||||||||||||||||||
| 5,797,000 | 2,717,000 | 16,909,000 | 12,734,000 | ||||||||||||||||||||
| Earnings before equity in income of affiliates and income taxes | 2,231,000 | 2,397,000 | 3,252,000 | 765,000 | |||||||||||||||||||
| Equity in income of affiliates | 433,000 | 3,348,000 | 3,400,000 | 5,026,000 | |||||||||||||||||||
| Earnings before income taxes | 2,664,000 | 5,745,000 | 6,652,000 | 5,791,000 | |||||||||||||||||||
| Income tax provision | 75,000 | 191,000 | 325,000 | 288,000 | |||||||||||||||||||
| Net earnings | 2,589,000 | 5,554,000 | 6,327,000 | 5,503,000 | |||||||||||||||||||
| Less: Net earnings attributable to non-controlling interests | 58,000 | 576,000 | 671,000 | 797,000 | |||||||||||||||||||
| Net earnings attributable to Barnwell Industries, Inc. | $ | 2,531,000 | $ | 4,978,000 | $ | 5,656,000 | $ | 4,706,000 | |||||||||||||||
| Basic and diluted net earnings per common share attributable to Barnwell Industries, Inc. stockholders | $ | 0.25 | $ | 0.59 | $ | 0.59 | $ | 0.57 | |||||||||||||||
| Weighted-average number of common shares outstanding: | |||||||||||||||||||||||
| Basic and diluted | 9,956,687 | 8,398,001 | 9,657,532 | 8,317,440 | |||||||||||||||||||
| Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Net earnings | $ | 2,589,000 | $ | 5,554,000 | $ | 6,327,000 | $ | 5,503,000 | |||||||||||||||
| Other comprehensive (loss) income: | |||||||||||||||||||||||
Foreign currency translation adjustments, net of taxes of $0 | (108,000) | (74,000) | (121,000) | (393,000) | |||||||||||||||||||
| Retirement plans: | |||||||||||||||||||||||
Amortization of accumulated other comprehensive loss into net periodic benefit cost, net of taxes of $0 | — | 26,000 | — | 92,000 | |||||||||||||||||||
Gain on termination of post-retirement medical plan, net of taxes of $0 | — | 541,000 | — | 541,000 | |||||||||||||||||||
| Total other comprehensive (loss) income | (108,000) | 493,000 | (121,000) | 240,000 | |||||||||||||||||||
| Total comprehensive income | 2,481,000 | 6,047,000 | 6,206,000 | 5,743,000 | |||||||||||||||||||
| Less: Comprehensive income attributable to non-controlling interests | (58,000) | (576,000) | (671,000) | (797,000) | |||||||||||||||||||
| Comprehensive income attributable to Barnwell Industries, Inc. | $ | 2,423,000 | $ | 5,471,000 | $ | 5,535,000 | $ | 4,946,000 | |||||||||||||||
| Shares Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non-controlling Interests | Total Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2021 | 8,277,160 | $ | 4,223,000 | $ | 1,501,000 | $ | (4,169,000) | $ | (1,688,000) | $ | (2,286,000) | $ | 4,000 | $ | (2,415,000) | ||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | 4,978,000 | — | — | 576,000 | 5,554,000 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of taxes of $0 | — | — | — | — | (74,000) | — | — | (74,000) | |||||||||||||||||||||||||||||||||||||||
| Distributions to non-controlling interests | — | — | — | — | — | — | (642,000) | (642,000) | |||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | 238,000 | — | — | — | — | 238,000 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock, net of costs | 586,546 | 293,000 | 1,284,000 | — | — | — | — | 1,577,000 | |||||||||||||||||||||||||||||||||||||||
| Retirement plans: | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of accumulated other comprehensive loss into net periodic benefit cost, net of taxes of $0 | — | — | — | — | 26,000 | — | — | 26,000 | |||||||||||||||||||||||||||||||||||||||
Gain on termination of post-retirement medical plan, net of taxes of $0 | — | — | — | — | 541,000 | — | — | 541,000 | |||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2021 | 8,863,706 | $ | 4,516,000 | $ | 3,023,000 | $ | 809,000 | $ | (1,195,000) | $ | (2,286,000) | $ | (62,000) | $ | 4,805,000 | ||||||||||||||||||||||||||||||||
| Balance at March 31, 2022 | 9,956,687 | $ | 5,062,000 | $ | 7,121,000 | $ | 5,481,000 | $ | 19,000 | $ | (2,286,000) | $ | 64,000 | $ | 15,461,000 | ||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | 2,531,000 | — | — | 58,000 | 2,589,000 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of taxes of $0 | — | — | — | — | (108,000) | — | — | (108,000) | |||||||||||||||||||||||||||||||||||||||
| Distributions to non-controlling interests | — | — | — | — | — | — | (72,000) | (72,000) | |||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | 114,000 | — | — | — | — | 114,000 | |||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2022 | 9,956,687 | $ | 5,062,000 | $ | 7,235,000 | $ | 8,012,000 | $ | (89,000) | $ | (2,286,000) | $ | 50,000 | $ | 17,984,000 | ||||||||||||||||||||||||||||||||
| Shares Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non-controlling Interests | Total Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||
| Balance at September 30, 2020 | 8,277,160 | $ | 4,223,000 | $ | 1,350,000 | $ | (3,897,000) | $ | (1,435,000) | $ | (2,286,000) | $ | 92,000 | $ | (1,953,000) | ||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | 4,706,000 | — | — | 797,000 | 5,503,000 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of taxes of $0 | — | — | — | — | (393,000) | — | — | (393,000) | |||||||||||||||||||||||||||||||||||||||
| Distributions to non-controlling interests | — | — | — | — | — | — | (951,000) | (951,000) | |||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | 389,000 | — | — | — | — | 389,000 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock, net of costs | 586,546 | 293,000 | 1,284,000 | — | — | — | — | 1,577,000 | |||||||||||||||||||||||||||||||||||||||
| Retirement plans: | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of accumulated other comprehensive loss into net periodic benefit cost, net of taxes of $0 | — | — | — | — | 92,000 | — | — | 92,000 | |||||||||||||||||||||||||||||||||||||||
Gain on termination of post-retirement medical plan, net of taxes of $0 | — | — | — | — | 541,000 | — | — | 541,000 | |||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2021 | 8,863,706 | $ | 4,516,000 | $ | 3,023,000 | $ | 809,000 | $ | (1,195,000) | $ | (2,286,000) | $ | (62,000) | $ | 4,805,000 | ||||||||||||||||||||||||||||||||
| Balance at September 30, 2021 | 9,445,625 | $ | 4,807,000 | $ | 4,590,000 | $ | 2,356,000 | $ | 32,000 | $ | (2,286,000) | $ | 8,000 | $ | 9,507,000 | ||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | 5,656,000 | — | — | 671,000 | 6,327,000 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of taxes of $0 | — | — | — | — | (121,000) | — | — | (121,000) | |||||||||||||||||||||||||||||||||||||||
| Distributions to non-controlling interests | — | — | — | — | — | — | (629,000) | (629,000) | |||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | 541,000 | — | — | — | — | 541,000 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock for services | 1,595 | — | 3,000 | — | — | — | — | 3,000 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock, net of costs | 509,467 | 255,000 | 2,101,000 | — | — | — | — | 2,356,000 | |||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2022 | 9,956,687 | $ | 5,062,000 | $ | 7,235,000 | $ | 8,012,000 | $ | (89,000) | $ | (2,286,000) | $ | 50,000 | $ | 17,984,000 | ||||||||||||||||||||||||||||||||
| Nine months ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net earnings | $ | 6,327,000 | $ | 5,503,000 | |||||||
| Adjustments to reconcile net earnings to net cash | |||||||||||
| provided by operating activities: | |||||||||||
| Equity in income of affiliates | (3,400,000) | (5,026,000) | |||||||||
| Depletion, depreciation, and amortization | 1,915,000 | 738,000 | |||||||||
| Impairment of assets | — | 630,000 | |||||||||
| Sale of interest in leasehold land, net of fees paid | (1,137,000) | (1,526,000) | |||||||||
| Distributions of income from equity investees | 3,170,000 | 4,278,000 | |||||||||
| Retirement benefits income | (204,000) | (38,000) | |||||||||
| Non-cash rent income | (1,000) | (3,000) | |||||||||
| Accretion of asset retirement obligation | 562,000 | 432,000 | |||||||||
| Deferred income tax (benefit) expense | (53,000) | 165,000 | |||||||||
| Asset retirement obligation payments | (780,000) | (316,000) | |||||||||
| Share-based compensation expense | 541,000 | 389,000 | |||||||||
| Common stock issued for services | 3,000 | — | |||||||||
| Retirement plan contributions and payments | (2,000) | (5,000) | |||||||||
| Bad debt (recovery) expense | (27,000) | 33,000 | |||||||||
| Gain on debt extinguishment | — | (149,000) | |||||||||
| Gain on termination of post-retirement medical plan | — | (2,341,000) | |||||||||
| Decrease from changes in current assets and liabilities | (1,245,000) | (659,000) | |||||||||
| Net cash provided by operating activities | 5,669,000 | 2,105,000 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Distribution from equity investees in excess of earnings | 230,000 | 1,649,000 | |||||||||
| Proceeds from sale of interest in leasehold land, net of fees paid | 1,137,000 | 1,526,000 | |||||||||
| Proceeds from the sale of contract drilling assets | 687,000 | — | |||||||||
| Proceeds from the sale of oil and natural gas assets | — | 60,000 | |||||||||
| Payments to acquire oil and natural gas properties | (1,563,000) | (348,000) | |||||||||
| Capital expenditures - oil and natural gas | (6,541,000) | (904,000) | |||||||||
| Capital expenditures - all other | (13,000) | (28,000) | |||||||||
| Net cash (used in) provided by investing activities | (6,063,000) | 1,955,000 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings on long-term debt | — | 47,000 | |||||||||
| Distributions to non-controlling interests | (629,000) | (951,000) | |||||||||
| Proceeds from issuance of stock, net of costs | 2,356,000 | 1,736,000 | |||||||||
| Net cash provided by financing activities | 1,727,000 | 832,000 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (38,000) | 24,000 | |||||||||
| Net increase in cash and cash equivalents | 1,295,000 | 4,916,000 | |||||||||
| Cash and cash equivalents at beginning of period | 11,279,000 | 4,584,000 | |||||||||
| Cash and cash equivalents at end of period | $ | 12,574,000 | $ | 9,500,000 | |||||||
| Three months ended June 30, 2022 | |||||||||||||||||
| Net Earnings (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||
| Basic net earnings per share | $ | 2,531,000 | 9,956,687 | $ | 0.25 | ||||||||||||
| Effect of dilutive securities - | |||||||||||||||||
| common stock options | — | — | |||||||||||||||
| Diluted net earnings per share | $ | 2,531,000 | 9,956,687 | $ | 0.25 | ||||||||||||
| Nine months ended June 30, 2022 | |||||||||||||||||
| Net Earnings (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||
| Basic net earnings per share | $ | 5,656,000 | 9,657,532 | $ | 0.59 | ||||||||||||
| Effect of dilutive securities - | |||||||||||||||||
| common stock options | — | — | |||||||||||||||
| Diluted net earnings per share | $ | 5,656,000 | 9,657,532 | $ | 0.59 | ||||||||||||
| Three months ended June 30, 2021 | |||||||||||||||||
| Net Earnings (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||
| Basic net earnings per share | $ | 4,978,000 | 8,398,001 | $ | 0.59 | ||||||||||||
| Effect of dilutive securities - | |||||||||||||||||
| common stock options | — | — | |||||||||||||||
| Diluted net earnings per share | $ | 4,978,000 | 8,398,001 | $ | 0.59 | ||||||||||||
| Nine months ended June 30, 2021 | |||||||||||||||||
| Net Earnings (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||
| Basic net earnings per share | $ | 4,706,000 | 8,317,440 | $ | 0.57 | ||||||||||||
| Effect of dilutive securities - | |||||||||||||||||
| common stock options | — | — | |||||||||||||||
| Diluted net earnings per share | $ | 4,706,000 | 8,317,440 | $ | 0.57 | ||||||||||||
| Three months ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Revenue | $ | 4,574,000 | $ | 21,521,000 | |||||||
| Gross profit | $ | 3,004,000 | $ | 12,656,000 | |||||||
| Net earnings | $ | 2,209,000 | $ | 11,618,000 | |||||||
| Nine months ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Revenue | $ | 23,492,000 | $ | 37,220,000 | |||||||
| Gross profit | $ | 16,151,000 | $ | 20,300,000 | |||||||
| Net earnings | $ | 13,845,000 | $ | 16,932,000 | |||||||
| Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Sale of interest in leasehold land: | |||||||||||||||||||||||
| Revenues - sale of interest in leasehold land | $ | — | $ | 1,253,000 | $ | 1,295,000 | $ | 1,738,000 | |||||||||||||||
| Fees - included in general and administrative expenses | — | (153,000) | (158,000) | (212,000) | |||||||||||||||||||
| Sale of interest in leasehold land, net of fees paid | $ | — | $ | 1,100,000 | $ | 1,137,000 | $ | 1,526,000 | |||||||||||||||
| June 30, 2022 | September 30, 2021 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 805,000 | $ | 136,000 | |||||||
| Accounts and other receivables | 726,000 | 118,000 | |||||||||
| Oil and natural gas properties, full cost method of accounting: | |||||||||||
| Proved properties, net | 880,000 | 203,000 | |||||||||
| Unproved properties | — | 962,000 | |||||||||
| Total assets | $ | 2,411,000 | $ | 1,419,000 | |||||||
| LIABILITIES | |||||||||||
| Accounts payable | $ | 63,000 | $ | 3,000 | |||||||
| Accrued capital expenditures | 124,000 | 581,000 | |||||||||
| Accrued operating and other expenses | 31,000 | 20,000 | |||||||||
| Total liabilities | $ | 218,000 | $ | 604,000 | |||||||
| Pension Plan | SERP | Post-retirement Medical | |||||||||||||||||||||||||||||||||
| Three months ended June 30, | |||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
| Interest cost | $ | 73,000 | $ | 64,000 | $ | 15,000 | $ | 13,000 | $ | — | $ | 12,000 | |||||||||||||||||||||||
| Expected return on plan assets | (156,000) | (136,000) | — | — | — | — | |||||||||||||||||||||||||||||
| Amortization of net actuarial loss | — | 10,000 | — | — | — | 16,000 | |||||||||||||||||||||||||||||
| Net periodic benefit (income) cost | $ | (83,000) | $ | (62,000) | $ | 15,000 | $ | 13,000 | $ | — | $ | 28,000 | |||||||||||||||||||||||
| Pension Plan | SERP | Post-retirement Medical | |||||||||||||||||||||||||||||||||
| Nine months ended June 30, | |||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
| Interest cost | $ | 218,000 | $ | 193,000 | $ | 45,000 | $ | 39,000 | $ | — | $ | 48,000 | |||||||||||||||||||||||
| Expected return on plan assets | (467,000) | (410,000) | — | — | — | — | |||||||||||||||||||||||||||||
| Amortization of net actuarial loss | — | 30,000 | — | — | — | 62,000 | |||||||||||||||||||||||||||||
| Net periodic benefit (income) cost | $ | (249,000) | $ | (187,000) | $ | 45,000 | $ | 39,000 | $ | — | $ | 110,000 | |||||||||||||||||||||||
| Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| United States | $ | (271,000) | $ | 4,770,000 | $ | 1,637,000 | $ | 5,261,000 | |||||||||||||||
| Canada | 2,877,000 | 399,000 | 4,344,000 | (267,000) | |||||||||||||||||||
| $ | 2,606,000 | $ | 5,169,000 | $ | 5,981,000 | $ | 4,994,000 | ||||||||||||||||
| Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Current | $ | 126,000 | $ | 40,000 | $ | 378,000 | $ | 123,000 | |||||||||||||||
| Deferred | (51,000) | 151,000 | (53,000) | 165,000 | |||||||||||||||||||
| $ | 75,000 | $ | 191,000 | $ | 325,000 | $ | 288,000 | ||||||||||||||||
| Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||
| Oil and natural gas | Contract drilling | Land investment | Other | Total | ||||||||||||||||||||||||||||
| Revenue streams: | ||||||||||||||||||||||||||||||||
| Oil | $ | 4,951,000 | $ | — | $ | — | $ | — | $ | 4,951,000 | ||||||||||||||||||||||
| Natural gas | 1,652,000 | — | — | — | 1,652,000 | |||||||||||||||||||||||||||
| Natural gas liquids | 689,000 | — | — | — | 689,000 | |||||||||||||||||||||||||||
| Drilling and pump | — | 736,000 | — | — | 736,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 7,292,000 | $ | 736,000 | $ | — | $ | — | $ | 8,028,000 | ||||||||||||||||||||||
| Geographical regions: | ||||||||||||||||||||||||||||||||
| United States | $ | 840,000 | $ | 736,000 | $ | — | $ | — | $ | 1,576,000 | ||||||||||||||||||||||
| Canada | 6,452,000 | — | — | — | 6,452,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 7,292,000 | $ | 736,000 | $ | — | $ | — | $ | 8,028,000 | ||||||||||||||||||||||
| Timing of revenue recognition: | ||||||||||||||||||||||||||||||||
| Goods transferred at a point in time | $ | 7,292,000 | $ | — | $ | — | $ | — | $ | 7,292,000 | ||||||||||||||||||||||
| Services transferred over time | — | 736,000 | — | — | 736,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 7,292,000 | $ | 736,000 | $ | — | $ | — | $ | 8,028,000 | ||||||||||||||||||||||
| Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||
| Oil and natural gas | Contract drilling | Land investment | Other | Total | ||||||||||||||||||||||||||||
| Revenue streams: | ||||||||||||||||||||||||||||||||
| Oil | $ | 2,156,000 | $ | — | $ | — | $ | — | $ | 2,156,000 | ||||||||||||||||||||||
| Natural gas | 514,000 | — | — | — | 514,000 | |||||||||||||||||||||||||||
| Natural gas liquids | 217,000 | — | — | — | 217,000 | |||||||||||||||||||||||||||
| Drilling and pump | — | 889,000 | — | — | 889,000 | |||||||||||||||||||||||||||
| Contingent residual payments | — | — | 1,253,000 | — | 1,253,000 | |||||||||||||||||||||||||||
| Other | — | — | — | 79,000 | 79,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 2,887,000 | $ | 889,000 | $ | 1,253,000 | $ | 79,000 | $ | 5,108,000 | ||||||||||||||||||||||
| Geographical regions: | ||||||||||||||||||||||||||||||||
| United States | $ | 41,000 | $ | 889,000 | $ | 1,253,000 | $ | 2,000 | $ | 2,185,000 | ||||||||||||||||||||||
| Canada | 2,846,000 | — | — | 77,000 | 2,923,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 2,887,000 | $ | 889,000 | $ | 1,253,000 | $ | 79,000 | $ | 5,108,000 | ||||||||||||||||||||||
| Timing of revenue recognition: | ||||||||||||||||||||||||||||||||
| Goods transferred at a point in time | $ | 2,887,000 | $ | — | $ | 1,253,000 | $ | 79,000 | $ | 4,219,000 | ||||||||||||||||||||||
| Services transferred over time | — | 889,000 | — | — | 889,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 2,887,000 | $ | 889,000 | $ | 1,253,000 | $ | 79,000 | $ | 5,108,000 | ||||||||||||||||||||||
| Nine months ended June 30, 2022 | ||||||||||||||||||||||||||||||||
| Oil and natural gas | Contract drilling | Land investment | Other | Total | ||||||||||||||||||||||||||||
| Revenue streams: | ||||||||||||||||||||||||||||||||
| Oil | $ | 11,276,000 | $ | — | $ | — | $ | — | $ | 11,276,000 | ||||||||||||||||||||||
| Natural gas | 3,360,000 | — | — | — | 3,360,000 | |||||||||||||||||||||||||||
| Natural gas liquids | 1,709,000 | — | — | — | 1,709,000 | |||||||||||||||||||||||||||
| Drilling and pump | — | 2,430,000 | — | — | 2,430,000 | |||||||||||||||||||||||||||
| Contingent residual payments | — | — | 1,295,000 | — | 1,295,000 | |||||||||||||||||||||||||||
| Other | — | — | — | 89,000 | 89,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 16,345,000 | $ | 2,430,000 | $ | 1,295,000 | $ | 89,000 | $ | 20,159,000 | ||||||||||||||||||||||
| Geographical regions: | ||||||||||||||||||||||||||||||||
| United States | $ | 2,796,000 | $ | 2,430,000 | $ | 1,295,000 | $ | 4,000 | $ | 6,525,000 | ||||||||||||||||||||||
| Canada | 13,549,000 | — | — | 85,000 | 13,634,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 16,345,000 | $ | 2,430,000 | $ | 1,295,000 | $ | 89,000 | $ | 20,159,000 | ||||||||||||||||||||||
| Timing of revenue recognition: | ||||||||||||||||||||||||||||||||
| Goods transferred at a point in time | $ | 16,345,000 | $ | — | $ | 1,295,000 | $ | 89,000 | $ | 17,729,000 | ||||||||||||||||||||||
| Services transferred over time | — | 2,430,000 | — | — | 2,430,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 16,345,000 | $ | 2,430,000 | $ | 1,295,000 | $ | 89,000 | $ | 20,159,000 | ||||||||||||||||||||||
| Nine months ended June 30, 2021 | ||||||||||||||||||||||||||||||||
| Oil and natural gas | Contract drilling | Land investment | Other | Total | ||||||||||||||||||||||||||||
| Revenue streams: | ||||||||||||||||||||||||||||||||
| Oil | $ | 5,469,000 | $ | — | $ | — | $ | — | $ | 5,469,000 | ||||||||||||||||||||||
| Natural gas | 1,350,000 | — | — | — | 1,350,000 | |||||||||||||||||||||||||||
| Natural gas liquids | 507,000 | — | — | — | 507,000 | |||||||||||||||||||||||||||
| Drilling and pump | — | 4,220,000 | — | — | 4,220,000 | |||||||||||||||||||||||||||
| Contingent residual payments | — | — | 1,738,000 | — | 1,738,000 | |||||||||||||||||||||||||||
| Other | — | — | — | 209,000 | 209,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 7,326,000 | $ | 4,220,000 | $ | 1,738,000 | $ | 209,000 | $ | 13,493,000 | ||||||||||||||||||||||
| Geographical regions: | ||||||||||||||||||||||||||||||||
| United States | $ | 41,000 | $ | 4,220,000 | $ | 1,738,000 | $ | 6,000 | $ | 6,005,000 | ||||||||||||||||||||||
| Canada | 7,285,000 | — | — | 203,000 | 7,488,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 7,326,000 | $ | 4,220,000 | $ | 1,738,000 | $ | 209,000 | $ | 13,493,000 | ||||||||||||||||||||||
| Timing of revenue recognition: | ||||||||||||||||||||||||||||||||
| Goods transferred at a point in time | $ | 7,326,000 | $ | — | $ | 1,738,000 | $ | 209,000 | $ | 9,273,000 | ||||||||||||||||||||||
| Services transferred over time | — | 4,220,000 | — | — | 4,220,000 | |||||||||||||||||||||||||||
| Total revenues before interest income | $ | 7,326,000 | $ | 4,220,000 | $ | 1,738,000 | $ | 209,000 | $ | 13,493,000 | ||||||||||||||||||||||
| June 30, 2022 | September 30, 2021 | ||||||||||
| Accounts receivables from contracts with customers | $ | 3,975,000 | $ | 2,797,000 | |||||||
| Contract assets | 345,000 | 581,000 | |||||||||
| Contract liabilities | 1,145,000 | 455,000 | |||||||||
| Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Oil and natural gas | $ | 7,292,000 | $ | 2,887,000 | $ | 16,345,000 | $ | 7,326,000 | |||||||||||||||
| Contract drilling | 736,000 | 889,000 | 2,430,000 | 4,220,000 | |||||||||||||||||||
| Land investment | — | 1,253,000 | 1,295,000 | 1,738,000 | |||||||||||||||||||
| Other | — | 79,000 | 89,000 | 209,000 | |||||||||||||||||||
| Total before interest income | 8,028,000 | 5,108,000 | 20,159,000 | 13,493,000 | |||||||||||||||||||
| Interest income | — | 6,000 | 2,000 | 6,000 | |||||||||||||||||||
| Total revenues | $ | 8,028,000 | $ | 5,114,000 | $ | 20,161,000 | $ | 13,499,000 | |||||||||||||||
| Depletion, depreciation, and amortization: | |||||||||||||||||||||||
| Oil and natural gas | $ | 772,000 | $ | 155,000 | $ | 1,785,000 | $ | 496,000 | |||||||||||||||
| Contract drilling | 41,000 | 76,000 | 129,000 | 229,000 | |||||||||||||||||||
| Other | 1,000 | 4,000 | 1,000 | 13,000 | |||||||||||||||||||
| Total depletion, depreciation, and amortization | $ | 814,000 | $ | 235,000 | $ | 1,915,000 | $ | 738,000 | |||||||||||||||
| Impairment: | |||||||||||||||||||||||
| Oil and natural gas | $ | — | $ | — | $ | — | $ | 630,000 | |||||||||||||||
| Total impairment | $ | — | $ | — | $ | — | $ | 630,000 | |||||||||||||||
| Operating profit (loss) (before general and administrative expenses): | |||||||||||||||||||||||
| Oil and natural gas | $ | 4,123,000 | $ | 1,015,000 | $ | 8,121,000 | $ | 1,289,000 | |||||||||||||||
| Contract drilling | (177,000) | (213,000) | (469,000) | 392,000 | |||||||||||||||||||
| Land investment | — | 1,253,000 | 1,295,000 | 1,738,000 | |||||||||||||||||||
| Other | (1,000) | 75,000 | 88,000 | 196,000 | |||||||||||||||||||
| Total operating profit | 3,945,000 | 2,130,000 | 9,035,000 | 3,615,000 | |||||||||||||||||||
| Equity in income of affiliates: | |||||||||||||||||||||||
| Land investment | 433,000 | 3,348,000 | 3,400,000 | 5,026,000 | |||||||||||||||||||
| General and administrative expenses | (1,713,000) | (2,227,000) | (5,784,000) | (5,340,000) | |||||||||||||||||||
| Interest expense | (1,000) | (2,000) | (1,000) | (6,000) | |||||||||||||||||||
| Interest income | — | 6,000 | 2,000 | 6,000 | |||||||||||||||||||
| Gain on debt extinguishment | — | 149,000 | — | 149,000 | |||||||||||||||||||
| Gain on termination of post-retirement medical plan | — | 2,341,000 | — | 2,341,000 | |||||||||||||||||||
| Earnings before income taxes | $ | 2,664,000 | $ | 5,745,000 | $ | 6,652,000 | $ | 5,791,000 | |||||||||||||||
| Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Foreign currency translation: | |||||||||||||||||||||||
| Beginning accumulated foreign currency translation | $ | 249,000 | $ | 226,000 | $ | 262,000 | $ | 545,000 | |||||||||||||||
| Change in cumulative translation adjustment before reclassifications | (108,000) | (74,000) | (121,000) | (393,000) | |||||||||||||||||||
| Income taxes | — | — | — | — | |||||||||||||||||||
| Net current period other comprehensive loss | (108,000) | (74,000) | (121,000) | (393,000) | |||||||||||||||||||
| Ending accumulated foreign currency translation | 141,000 | 152,000 | 141,000 | 152,000 | |||||||||||||||||||
| Retirement plans: | |||||||||||||||||||||||
| Beginning accumulated retirement plans benefit cost | (230,000) | (1,914,000) | (230,000) | (1,980,000) | |||||||||||||||||||
| Amortization of net actuarial loss | — | 26,000 | — | 92,000 | |||||||||||||||||||
| Gain on termination of post-retirement medical plan | — | 541,000 | — | 541,000 | |||||||||||||||||||
| Income taxes | — | — | — | — | |||||||||||||||||||
| Net current period other comprehensive income | — | 567,000 | — | 633,000 | |||||||||||||||||||
| Ending accumulated retirement plans benefit cost | (230,000) | (1,347,000) | (230,000) | (1,347,000) | |||||||||||||||||||
| Accumulated other comprehensive loss, net of taxes | $ | (89,000) | $ | (1,195,000) | $ | (89,000) | $ | (1,195,000) | |||||||||||||||
| Nine months ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid (received) during the year for: | |||||||||||
| Income taxes paid (refunded), net | $ | 352,000 | $ | (290,000) | |||||||
| Supplemental disclosure of non-cash investing and financing activities: | |||||||||||
| Canadian income tax withholdings on proceeds from the sale of oil and natural gas properties | $ | — | $ | 72,000 | |||||||
| Accrued offering costs included in deferred offering costs, additional paid-in capital, and accounts payable | $ | — | $ | 453,000 | |||||||
| Average Price Per Unit | |||||||||||||||||||||||
| Three months ended | Increase | ||||||||||||||||||||||
| June 30, | (Decrease) | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| Natural Gas (Mcf)* | $ | 6.40 | $ | 2.70 | $ | 3.70 | 137 | % | |||||||||||||||
| Oil (Bbls)** | $ | 104.83 | $ | 61.31 | $ | 43.52 | 71 | % | |||||||||||||||
| Natural Gas Liquids (Bbls)** | $ | 53.08 | $ | 36.17 | $ | 16.91 | 47 | % | |||||||||||||||
| Average Price Per Unit | |||||||||||||||||||||||
| Nine months ended | Increase | ||||||||||||||||||||||
| June 30, | (Decrease) | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| Natural Gas (Mcf)* | $ | 4.91 | $ | 2.47 | $ | 2.44 | 99 | % | |||||||||||||||
| Oil (Bbls)** | $ | 88.12 | $ | 48.49 | $ | 39.63 | 82 | % | |||||||||||||||
| Natural Gas Liquids (Bbls)** | $ | 47.50 | $ | 29.82 | $ | 17.68 | 59 | % | |||||||||||||||
| Net Production | |||||||||||||||||||||||
| Three months ended | Increase | ||||||||||||||||||||||
| June 30, | (Decrease) | ||||||||||||||||||||||
| 2022 | 2021 | Units | % | ||||||||||||||||||||
| Natural Gas (Mcf)* | 254,000 | 185,000 | 69,000 | 37 | % | ||||||||||||||||||
| Oil (Bbls)** | 47,000 | 35,000 | 12,000 | 34 | % | ||||||||||||||||||
| Natural Gas Liquids (Bbls)** | 13,000 | 6,000 | 7,000 | 117 | % | ||||||||||||||||||
| Net Production | |||||||||||||||||||||||
| Nine months ended | Increase | ||||||||||||||||||||||
| June 30, | (Decrease) | ||||||||||||||||||||||
| 2022 | 2021 | Units | % | ||||||||||||||||||||
| Natural Gas (Mcf)* | 674,000 | 531,000 | 143,000 | 27 | % | ||||||||||||||||||
| Oil (Bbls)** | 128,000 | 112,000 | 16,000 | 14 | % | ||||||||||||||||||
| Natural Gas Liquids (Bbls)** | 36,000 | 17,000 | 19,000 | 112 | % | ||||||||||||||||||
| Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Sale of interest in leasehold land: | |||||||||||||||||||||||
| Revenues - sale of interest in leasehold land | $ | — | $ | 1,253,000 | $ | 1,295,000 | $ | 1,738,000 | |||||||||||||||
| Fees - included in general and administrative expenses | — | (153,000) | (158,000) | (212,000) | |||||||||||||||||||
| Sale of interest in leasehold land, net of fees paid | $ | — | $ | 1,100,000 | $ | 1,137,000 | $ | 1,526,000 | |||||||||||||||
| Exhibit Number | Description | |||||||
| 3.1 | Certificate of Incorporation, as amended | |||||||
| 31.1 | Certification of Chief Executive Officer Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||
| 31.2 | Certification of Chief Financial Officer Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||
| 32 | Certification Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||
| 101.INS | Inline XBRL Instance Document | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
| BARNWELL INDUSTRIES, INC. | ||||||||
| (Registrant) | ||||||||
| Date: | August 12, 2022 | /s/ Russell M. Gifford | ||||||
| Russell M. Gifford | ||||||||
| Executive Vice President, | ||||||||
| Chief Financial Officer, | ||||||||
| Treasurer and Secretary | ||||||||
| Exhibit Number | Description | |||||||
| 3.1 | ||||||||
| 31.1 | ||||||||
| 31.2 | ||||||||
| 32 | ||||||||
| 101.INS | Inline XBRL Instance Document | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
| CERTIFICATE OF INCORPORATION | ||
| OF | ||
| BARNWELL OFFSHORE, INC. | ||
| Name | Place of Residence | |||||||
| J. Philip Bahn | 136-53 68th Drive Flushing 67, New York | |||||||
| Charles H. Vejvoda | 215 East 72nd Street New York 21, New York | |||||||
| Morton H. Kinzler | 66 Weirimus Road, Hillsdale, New Jersey | |||||||
| /s/ J. Philip Bahn | ||
| J. Philip Bahn | ||
| /s/ Charles H. Vejvoda | ||
| Charles H. Vejvoda | ||
| /s/ Morton H. Kinzler | ||
| Morton H. Kinzler | ||
| STATE OF NEW YORK | ) | |||||||
| : | ss.: | |||||||
| COUNTY OF NEW YORK | ) | |||||||
| /s/ Eileen J. O’Hare | ||
| Notary Public | ||
| CERTIFICATE OF AMENDMENT | ||
| OF | ||
| BARNWELL OFFSHORE, INC. | ||
| BARNWELL OFFSHORE, INC. | |||||
| By | /s/ Morton H. Kinzler | ||||
| Vice President | |||||
| By | /s/ Daniel Jacobson | ||||
| Assistant Secretary | |||||
| STATE OF NEW YORK | ) | |||||||
| : | ss.: | |||||||
| COUNTY OF NEW YORK | ) | |||||||
| /s/ Magdelene Nelson | ||
| Notary Public | ||
| CERTIFICATE OF AMENDMENT | ||
| OF | ||
| BARNWELL OFFSHORE, INC. | ||
| BARNWELL OFFSHORE, INC. | |||||
| By | /s/ Bache McEvers Whitlock | ||||
| Vice President | |||||
| By | /s/ Morton H. Kinzler | ||||
| Secretary | |||||
| STATE OF NEW YORK | ) | |||||||
| : | ss.: | |||||||
| COUNTY OF NEW YORK | ) | |||||||
| /s/ Thomas J. Cerna | ||
| Notary Public | ||
| CERTIFICATE OF AMENDMENT | ||
| OF | ||
| BARNWELL INDUSTRIES, INC. | ||
| BARNWELL INDUSTRIES, INC. | |||||
| By | /s/ Morton H. Kinzler | ||||
| President | |||||
| Attest: | |||||
| By | /s/ J. S. Barnwell, Jr. | ||||
| Secretary | |||||
| BARNWELL INDUSTRIES, INC. | |||||
| By | /s/ Morton H. Kinzler | ||||
| Attest: | |||||
| By | /s/ Andrew F. Blumenthal | ||||
| BARNWELL INDUSTRIES, INC. | |||||
| By | /s/ Morton H. Kinzler | ||||
| Morton H. Kinzler, President and Chairman of the Board of Directors | |||||
| ATTESTED BY: | ||
| /s/ Alexander C. Kinzler | ||
| Alexander C. Kinzler Vice President and Secretary | ||
| /s/ Russell Gifford | ||
| Russell Gifford, Secretary | ||
| Date: | August 12, 2022 | /s/ Alexander C. Kinzler | ||||||
| Alexander C. Kinzler | ||||||||
| President, Chief Executive Officer, Chief Operating Officer, General Counsel | ||||||||
| Date: | August 12, 2022 | /s/ Russell M. Gifford | ||||||
| Russell M. Gifford | ||||||||
| Executive Vice President, Chief Financial Officer, Treasurer and Secretary | ||||||||
| Dated: | August 12, 2022 | /s/ Alexander C. Kinzler | ||||||
| Alexander C. Kinzler | ||||||||
| Title: President, Chief Executive Officer, Chief Operating Officer, General Counsel | ||||||||
| Dated: | August 12, 2022 | /s/ Russell M. Gifford | ||||||
| Name: Russell M. Gifford | ||||||||
| Title: Executive Vice President, Chief Financial Officer, Treasurer and Secretary | ||||||||