Barnwell Industries reports Q4 EPS (1c) vs. 16c last year

Reports Q4 revenue $8.4M vs. $4.6M last year. CEO Alexander C. Kinzler commented, "We are pleased to report that our oil and natural gas revenues more than doubled for fiscal 2022, as compared to the prior year. This was due to higher prices and production for all products, with oil, natural gas, and natural gas liquids prices increasing 68%, 77%, and 51%, respectively and our production of oil, natural gas, and natural gas liquids increasing 24%, 39%, and 100%, respectively, as compared to last year. Our Oklahoma operations generated $3,496,000 or 15% of our oil and natural gas segment revenues for fiscal 2022. The $740,000 decrease in net earnings in fiscal 2022 as compared to fiscal 2021 was primarily due to the Company’s recognition of $4,472,000 in gains in fiscal 2021 that did not occur in fiscal 2022, which included a $2,341,000 gain from the termination of the Company’s Post-retirement Medical plan, $1,982,000 in gains from the sales of assets, and a $149,000 gain on debt extinguishment."