Barnwell Industries Reports Loss In Q2

(RTTNews) - Barnwell Industries, Inc. (BRN), a company engaged in selling oil and natural gas, on Monday, reported a loss for the second quarter of fiscal 2023, particularly impacted the decline in prices of oil, natural gas, and natural gas liquids.

Net Loss was reported at $1.23 billion or $0.12 loss per share, compared with earnings of $2.05 billion or $0.21 per share for the same period of last year, reflecting decrease in all oil, natural gas, and natural gas liquids, along with a decline in land investment results.

The loss was mainly due to a drop in prices of oil, natural gas, and natural gas liquids by 26 percent, 34 percent, and 43 percent respectively, the company said in a statement.

Revenues decreased to $5.23 billion from $6.67 billion for the same period of last year.

On Friday, the shares of Barnwell closed at $2.6, down 1.52% or $0.04 on the New York Stock Exchange.