Honolulu-based fossil fuel producer Barnwell Industries Inc. dramatically narrowed a financial loss in its fiscal first quarter partly due to a spike in oil prices.
The company announced today that it lost $414,000 in the quarter ended Dec. 31, which was down from a $4.6 million loss in the same period a year earlier.
A 90% increase in oil prices during the year-over-year period helped boost Barnwell operating results by $1.2 million, the company said in a brief report.
Revenue in the recent quarter jumped 87% to $4.85 million from $2.6 million in the comparable quarter a year earlier.
Another factor in achieving the smaller loss was not having to reduce the value of oil and gas properties in the recent quarter. In the year-ago quarter, Barnwell reduced the value of such properties by $2.2 million.
Barnwell primarily produces oil and natural gas in Canada but also has investments in Hawaii island resort property. The company did not mention any Hawaii real estate activity in its report.