Zinger Key Points
- Barnwell sold Water Resources International for $1.05 million to streamline operations and exit non-core business segments.
- The company will reinvest proceeds into oil and gas while strengthening its debt-free balance sheet and simplifying its structure.
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Barnwell Industries Inc BRN announced the $1.05 million sale of its Hawaii-based subsidiary, Water Resources International.
The divestiture aligns with Barnwell’s ongoing strategy to reduce administrative and public company expenses, and scale back its presence in Hawaii.
The transaction also clarifies Barnwell’s equity story, allowing investors to focus on its oil and gas growth opportunities while the proceeds and anticipated cost savings further strengthen the company’s debt-free balance sheet and overall financial position.
Proceeds from the sale will be used to reinvest in Barnwell’s core oil and gas operations.
Barnwell CEO Craig Hopkins expressed satisfaction with the management team’s execution of the deal, which aims to streamline operations, lower fixed costs, and concentrate on higher-return opportunities.
Price Action: Barnwell shares are trading lower by 4.62% at $1.65 premarket at Monday’s last check.
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