Reports Results for the Second Quarter and Six Months
Barnwell Industries, Inc. Reports Results for the Second Quarter and Six Months Ended March 31, 2020
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The reduction in the loss for the three months ended March 31, 2020 as compared to last year’s loss for the three months ended March 31, 2019 was largely due to a $1,336,000 gain, before taxes, in the current period from the sale of the Company’s leasehold interest in a contract drilling segment storage yard in Honolulu; whereas there was no such gain in last year’s quarter.
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Additionally, Barnwell’s contract drilling segment operating profit increased $1,035,000 due to increased drilling activity
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the Company’s oil and natural gas production increased 33% and 9%, respectively, in the three months ended March 31, 2020 as compared to last year’s three months ended March 31, 2019 due largely to an oil well drilled in the Spirit River area in mid-November 2019.
www.globenewswire.co...d-March-31-2020.html
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The reduction in the loss for the three months ended March 31, 2020 as compared to last year’s loss for the three months ended March 31, 2019 was largely due to a $1,336,000 gain, before taxes, in the current period from the sale of the Company’s leasehold interest in a contract drilling segment storage yard in Honolulu; whereas there was no such gain in last year’s quarter.
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Additionally, Barnwell’s contract drilling segment operating profit increased $1,035,000 due to increased drilling activity
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the Company’s oil and natural gas production increased 33% and 9%, respectively, in the three months ended March 31, 2020 as compared to last year’s three months ended March 31, 2019 due largely to an oil well drilled in the Spirit River area in mid-November 2019.
www.globenewswire.co...d-March-31-2020.html