| SEGMENT INFORMATION |
SEGMENT INFORMATION As disclosed in Note 3 “Discontinued Operations,” on March 14, 2025, the Company completed the sale of Water Resources, which represented the Company’s contract drilling segment. The financial results of the Company’s contract drilling business has been presented as discontinued operations and therefore is excluded from segment reporting. Accordingly, Barnwell’s continuing operations include the following two principal business segments:
Oil and Natural Gas Segment - Barnwell engages in oil and natural gas development, production, acquisitions and sales in Canada. Additionally, through its wholly-owned subsidiaries, Barnwell was, until August 8, 2025, involved in several non-operated oil and natural gas investments in Oklahoma and Texas.
Land Investment Segment - Barnwell owns leasehold land interests in Hawaii. The following table presents certain financial information related to Barnwell’s reporting segments. All revenues reported are from external customers with no intersegment sales or transfers. | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended March 31, | | Six months ended March 31, | | | 2026 | | 2025 | | 2026 | | 2025 | | Revenues: | | | | | | | | | Oil and natural gas | $ | 2,483,000 | | | $ | 3,543,000 | | | $ | 5,113,000 | | | $ | 7,440,000 | | | | | | | | | | | Land investment | — | | | — | | | 70,000 | | | — | | | Other | 14,000 | | | 22,000 | | | 45,000 | | | 33,000 | | | Total before interest income | 2,497,000 | | | 3,565,000 | | | 5,228,000 | | | 7,473,000 | | | Interest income | 38,000 | | | 4,000 | | | 53,000 | | | 30,000 | | | Total revenues | $ | 2,535,000 | | | $ | 3,569,000 | | | $ | 5,281,000 | | | $ | 7,503,000 | | | Cost and expenses: | | | | | | | | | Oil and natural gas | $ | 1,843,000 | | | $ | 1,986,000 | | | $ | 3,914,000 | | | $ | 4,482,000 | | | Depletion, depreciation, and amortization: | | | | | | | | | Oil and natural gas | $ | 553,000 | | | $ | 753,000 | | | $ | 1,144,000 | | | $ | 1,657,000 | | | | | | | | | | | Other | 8,000 | | | 1,000 | | | 9,000 | | | 1,000 | | | Total depletion, depreciation, and amortization | $ | 561,000 | | | $ | 754,000 | | | $ | 1,153,000 | | | $ | 1,658,000 | | | Impairment: | | | | | | | | | Oil and natural gas | $ | — | | | $ | 52,000 | | | $ | — | | | $ | 665,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating profit (before general and administrative expenses): | | | | | | | | | Oil and natural gas | $ | 87,000 | | | $ | 752,000 | | | $ | 55,000 | | | $ | 636,000 | | | | | | | | | | | Land investment | — | | | — | | | 70,000 | | | — | | | Other | 6,000 | | | 21,000 | | | 36,000 | | | 32,000 | | | | | | | | | | | Total operating profit | 93,000 | | | 773,000 | | | 161,000 | | | 668,000 | | | Equity in income of affiliates: | | | | | | | | | Land investment | 338,000 | | | — | | | 338,000 | | | — | | | General and administrative expenses | (1,521,000) | | | (2,162,000) | | | (3,137,000) | | | (3,325,000) | | | Foreign currency gain (loss) | (58,000) | | | (10,000) | | | (11,000) | | | (341,000) | | | Interest expense | — | | | 1,000 | | | — | | | (1,000) | | | Interest income | 38,000 | | | 4,000 | | | 53,000 | | | 30,000 | | | | | | | | | | | | | | | | | | | Loss from continuing operations before income taxes | $ | (1,110,000) | | | $ | (1,376,000) | | | $ | (2,596,000) | | | $ | (2,969,000) | |
Capital Expenditures: | | | | | | | | | | | | | | Six months ended March 31, | | | 2026 | | 2025 | | Oil and natural gas | $ | 222,000 | | | $ | 112,000 | | | | | | | Other | — | | | — | | | Total | $ | 222,000 | | | $ | 112,000 | |
Oil and natural gas capital expenditures include acquisitions as well as changes to capitalized asset retirement obligations, including revisions of asset retirement obligations (see Note 7 for additional details).
Assets By Segment: | | | | | | | | | | | | | | | | | | March 31, 2026 | | September 30, 2025 | Oil and natural gas (1) | | | | | Canada | $ | 8,516,000 | | | $ | 11,118,000 | | | | | | | | | | | | | | | Other: | | | | | Cash and cash equivalents | 4,016,000 | | | 2,886,000 | | | | | | | | | | | Asset for retirement benefits | 6,184,000 | | | 5,928,000 | | | Corporate and other | 2,831,000 | | | 880,000 | | | Total | $ | 21,547,000 | | | $ | 20,812,000 | |
______________ (1) Primarily located in the province of Alberta, Canada. Long-Lived Assets By Geographic Area: | | | | | | | | | | | | | | March 31, 2026 | | September 30, 2025 | | United States | $ | 6,198,000 | | | $ | 5,965,000 | | | Canada | 8,928,000 | | | 9,617,000 | | | Total | $ | 15,126,000 | | | $ | 15,582,000 | |
Revenue By Geographic Area: | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended March 31, | | Six months ended March 31, | | | 2026 | | 2025 | | 2026 | | 2025 | | United States | $ | — | | | $ | 376,000 | | | $ | 70,000 | | | $ | 731,000 | | | Canada | 2,497,000 | | | 3,189,000 | | | 5,158,000 | | | 6,742,000 | | | Total (before interest income) | $ | 2,497,000 | | | $ | 3,565,000 | | | $ | 5,228,000 | | | $ | 7,473,000 | |
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