A Honolulu-based company involved in oil and gas production in Canada is slashing executive pay after low oil and gas prices cut the firm’s earnings.

Barnwell Industries Inc. implemented an initial salary reduction for its top three executives in March and will increase the cut to 45 percent by June 1.

The cuts were announced Wednesday along with a fiscal second-quarter report in which Barnwell said it had a $2 million net loss for the three months ended March 31. The loss compared with a $285,000 loss in the same period last year.

Morton Kinzler, Barnwell’s chairman and CEO, said in a statement that prices for oil, natural gas and natural gas liquids decreased between 55 percent and 68 percent in the quarter.

Revenue in the recent quarter totaled $3.5 million, down from $7.8 million the year before for Barnwell, which also has residential real estate investments on Hawaii island.

Results for the quarter included an $817,000 increase in land investment revenue and a $785,000 negative impact due to a noncash deferred income tax expense.

The salary cuts could amount to $878,000 if applied for a full year, but are mainly taking effect with four months remaining in the company’s fiscal year that ends Sept 30.

Kinzler’s annual salary was $775,000 in each of the last three years. Comparable figures are $650,000 for Alexander Kinzler, Barnwell’s chief operating officer, and $525,000 for Russell Gifford, its chief financial officer.