POSTED: 12:30 p.m. HST, Aug 09, 2013
Honolulu-based Barnwell Industries narrowed its loss in the April-to-June quarter from the same period a year ago thanks in part to increases in commodity prices that benefited the company’s oil and natural gas operations in Canada.
Barnwell lost $1.23 million, or 15 cents a share, during the quarter, compared with a net loss of $1.37 million, or 17 cents a share, a year earlier, the company reported today.
Gains in the company’s oil and natural gas business were offset by an increase in administrative expenses and decreases in revenue from land investment and contract drilling, according to a news release from the company.
Also weighing on earnings was a decline in natural gas production during the current quarter, according to the news release. There was scheduled maintenance on a natural gas production plant pipeline during the April-to-June quarter that did not occur in the year earlier period, company officials said.
Barnwell shares were unchanged at $3.51 today on the New York Stock Exchange.