Barnwell Industries (NYSE American: BRN) is a multi-segment company that produces oil and natural gas and holds interests in Hawaii land development partnerships. Revenue comes from three sources: oil, natural gas, and NGL production primarily in Alberta, Canada; royalty-style percentage payments from residential lot sales through the Kukio Resort Land Development Partnerships on the Kohala Coast of Hawaii; and gas processing and other ancillary income. The oil and gas segment operates producing properties in the Twining, Medicine River, and Thornbury areas of Alberta, plus historical positions in Oklahoma and Texas, though the U.S. oil and gas properties were sold during FY2025. Net oil production totaled 174,000 barrels, natural gas 1,105,000 Mcf, and NGLs 56,000 barrels for the year ended September 30, 2025. The land segment derives income through equity in the Kukio Resort partnerships, which developed 80 single-family lots in Increment I (all sold between 2006 and 2024) and holds roughly 420 remaining developable acres in Increment II entitled for up to 350 homesites. Barnwell reported net losses attributable to stockholders in both FY2025 and FY2024.

Revenue model

Transactional revenue from oil, NGL, and natural gas sales at commodity prices; equity income from Hawaii residential land development partnerships based on lot sales; and gas processing and other fees. Barnwell was entitled to 10% of gross receipts from KD I single-family lot sales in Increment I (Kaupulehu Developments structure).

Products and services

Crude oil, natural gas liquids, and natural gas production from Alberta, Canada properties (Twining, Medicine River, Thornbury) and former U.S. properties (Oklahoma, Texas). Residential land development interest via Kukio Resort Land Development Partnerships in Hawaii, including Increment I (80 lots, fully sold as of FY2024) and Increment II (up to 350 remaining homesites on approximately 420 developable acres). Gas processing income.

Customers and end markets

Oil and gas commodity markets in Canada and the United States. High-end residential real estate buyers at the Kukio Resort on the Kohala Coast of Hawaii (Kaupulehu area, Big Island). No specific customer concentration data disclosed in filing excerpts.

Value-chain role

Upstream oil and gas producer (exploration, development, and production) in Canada. Passive equity partner in Hawaii residential land development partnerships (Kukio Resort Land Development Partnerships), receiving percentage-based payments from lot sales rather than operating the development directly.

Geographic exposure

Canada (Alberta): primary oil and gas operations at Twining, Medicine River, and Thornbury properties, generating the majority of oil and gas revenue in FY2025. United States: Hawaii (Big Island, Kohala Coast) for land investment segment; U.S. oil and gas properties (Oklahoma, Texas) sold during FY2025. Subject to Canadian dollar / U.S. dollar foreign currency exchange risk.

Source: SEC 10-K, filed 2025-12-23

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