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SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
Sep. 30, 2012
SEGMENT AND GEOGRAPHIC INFORMATION  
SEGMENT AND GEOGRAPHIC INFORMATION

12.                            SEGMENT AND GEOGRAPHIC INFORMATION

 

Barnwell operates the following segments: 1) exploring for, developing, producing and selling oil and natural gas in Canada (oil and natural gas); 2) investing in land interests in Hawaii (land investment); 3) drilling wells and installing and repairing water pumping systems in Hawaii (contract drilling); and 4) developing homes for sale in Hawaii (residential real estate).

 

The following table presents certain financial information related to Barnwell’s reporting segments.  All revenues reported are from external customers with no intersegment sales or transfers.

 

 

 

Year ended September 30,

 

 

 

2012

 

 

 

2011

 

Revenues:

 

 

 

 

 

 

 

Oil and natural gas

 

$

24,610,000

 

 

 

$

30,228,000

 

Land investment

 

482,000

 

 

 

3,742,000

 

Contract drilling

 

2,340,000

 

 

 

3,855,000

 

Residential real estate

 

5,975,000

 

 

 

-       

 

Other

 

633,000

 

 

 

596,000

 

 

 

 

 

 

 

 

 

Total before interest income

 

34,040,000

 

 

 

38,421,000

 

Interest income

 

22,000

 

 

 

39,000

 

 

 

 

 

 

 

 

 

Total revenues

 

$

34,062,000

 

 

 

$

38,460,000

 

 

 

 

 

 

 

 

 

Depletion, depreciation, and amortization:

 

 

 

 

 

 

 

Oil and natural gas

 

$

10,367,000

 

 

 

$

9,469,000

 

Contract drilling

 

509,000

 

 

 

560,000

 

Other

 

114,000

 

 

 

98,000

 

 

 

 

 

 

 

 

 

Total depletion, depreciation, and amortization

 

$

10,990,000

 

 

 

$

10,127,000

 

 

 

 

 

 

 

 

 

Reduction of carrying value of assets:

 

 

 

 

 

 

 

Oil and natural gas

 

$

2,551,000

 

 

 

$

-       

 

Land investment

 

488,000

 

 

 

689,000

 

Residential real estate

 

1,854,000

 

 

 

418,000

 

Other

 

1,754,000

 

 

 

121,000

 

 

 

 

 

 

 

 

 

Total reduction of carrying value of assets

 

$

6,647,000

 

 

 

$

1,228,000

 

 

 

 

 

 

 

 

 

Operating (loss) profit

 

 

 

 

 

 

 

(before general and administrative expenses):

 

 

 

 

 

 

 

Oil and natural gas

 

$

1,247,000

 

 

 

$

9,355,000

 

Land investment

 

(6,000

)

 

 

3,053,000

 

Contract drilling

 

(1,160,000

)

 

 

(587,000

)

Residential real estate

 

(1,869,000

)

 

 

(418,000

)

Other

 

(1,235,000

)

 

 

377,000

 

 

 

 

 

 

 

 

 

Total operating (loss) profit

 

(3,023,000

)

 

 

11,780,000

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

(8,268,000

)

 

 

(9,025,000

)

Interest expense

 

(790,000

)

 

 

(1,088,000

)

Interest income

 

22,000

 

 

 

39,000

 

 

 

 

 

 

 

 

 

(Loss) earnings before income taxes

 

$

(12,059,000

)

 

 

$

1,706,000

 

 

Capital Expenditures:

 

 

 

Year ended September 30,

 

 

 

2012

 

 

 

2011

 

Oil and natural gas

 

$

4,915,000

 

 

 

$

13,299,000

 

Contract drilling

 

72,000

 

 

 

186,000

 

Other

 

35,000

 

 

 

1,919,000

 

 

 

 

 

 

 

 

 

Total

 

$

5,022,000

 

 

 

$

15,404,000

 

 

Assets By Segment:

 

 

 

September 30,

 

 

 

2012

 

 

 

2011

 

Oil and natural gas (1)

 

$

46,946,000

 

 

 

$

54,454,000

 

Land investment (2)

 

2,381,000

 

 

 

2,869,000

 

Contract drilling (2)

 

2,963,000

 

 

 

3,660,000

 

Residential real estate (2)

 

5,309,000

 

 

 

12,640,000

 

Other:

 

 

 

 

 

 

 

Cash and cash equivalents

 

8,845,000

 

 

 

9,834,000

 

Corporate and other

 

3,446,000

 

 

 

5,315,000

 

 

 

 

 

 

 

 

 

Total

 

$

69,890,000

 

 

 

$

88,772,000

 

 

(1)          Primarily located in the province of Alberta, Canada.

(2)          Located in Hawaii.

 

Long-Lived Assets By Geographic Area:

 

 

 

September 30,

 

 

 

2012

 

 

 

2011

 

United States

 

$

7,161,000

 

 

 

$

9,911,000

 

Canada

 

43,844,000

 

 

 

49,331,000

 

 

 

 

 

 

 

 

 

Total

 

$

51,005,000

 

 

 

$

59,242,000

 

 

Revenue By Geographic Area:

 

 

 

Year ended September 30,

 

 

 

2012

 

 

 

2011

 

United States

 

$

8,892,000

 

 

 

$

7,640,000

 

Canada

 

25,148,000

 

 

 

30,781,000

 

 

 

 

 

 

 

 

 

Total (excluding interest income)

 

$

34,040,000

 

 

 

$

38,421,000