Barnwell Q3 revenue rises, net loss narrows on higher production
BRN•Outlook and strategic moves
The company expects further benefits from a lower-cost structure following its headquarters transition.
Barnwell continues to evaluate strategic alternatives for its Canadian oil and gas business, including a potential sale.
The company is also actively considering mergers, acquisitions and other strategic transactions across various industries.
Barnwell entered an agreement to exit its Hawaii real estate development business, and the transaction is expected to close by fiscal year-end.
Cost reductions support results
Barnwell said lower administrative expenses and streamlined operations contributed to the improved results.
Ongoing initiatives to streamline operations and reduce overhead also supported the quarter-on-quarter improvement.
Quarterly results improve on higher production and pricing
Barnwell said third-quarter revenue rose quarter-on-quarter and its net loss narrowed, helped by higher oil and gas production and improved pricing.
The company generated positive adjusted EBITDA, reflecting improved production, pricing and cost structure.
Key details
| Metric | Actual |
|---|---|
| Q3 Revenue | $3.38 mln |
| Q3 Loss Per Share | $0.03 |
