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SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
Sep. 30, 2014
SEGMENT AND GEOGRAPHIC INFORMATION  
SEGMENT AND GEOGRAPHIC INFORMATION

12.SEGMENT AND GEOGRAPHIC INFORMATION

 

Barnwell operates the following segments: 1) exploring for, developing, acquiring, 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,

 

 

2014

 

2013

Revenues:

 

 

 

 

 

 

 

 

Oil and natural gas

 

 

$
20,298,000

 

 

 

$
21,376,000

 

Land investment

 

 
636,000

 

 

 
282,000

 

Contract drilling

 

 
6,287,000

 

 

 
2,338,000

 

Other

 

 
796,000

 

 

 
567,000

 

Total before gain on sale of investments and interest income

 

 
28,017,000

 

 

 
24,563,000

 

Gain on sale of investments

 

 
3,399,000

 

 

 

-

 

Interest income

 

 
29,000

 

 

 
45,000

 

Total revenues

 

 

$
31,445,000

 

 

 

$
24,608,000

 

 

 

 

 

 

 

 

 

 

Depletion, depreciation, and amortization:

 

 

 

 

 

 

 

 

Oil and natural gas

 

 

$
5,968,000

 

 

 

$
8,034,000

 

Contract drilling

 

 
309,000

 

 

 
394,000

 

Other

 

 
114,000

 

 

 
114,000

 

Total depletion, depreciation, and amortization

 

 

$
6,391,000

 

 

 

$
8,542,000

 

 

 

 

 

 

 

 

 

 

Reduction of carrying value of assets:

 

 

 

 

 

 

 

 

Oil and natural gas

 

 

$

-

 

 

 

$
4,506,000

 

 

 

 

 

 

 

 

 

 

Operating profit (loss)

 

 

 

 

 

 

 

 

(before general and administrative expenses):

 

 

 

 

 

 

 

 

Oil and natural gas

 

 

$
5,416,000

 

 

 

$
(1,156,000

)

Land investment

 

 
636,000

 

 

 
282,000

 

Contract drilling

 

 
952,000

 

 

 
(295,000

)

Other

 

 
682,000

 

 

 
453,000

 

Total operating profit (loss)

 

 
7,686,000

 

 

 
(716,000

)

 

 

 

 

 

 

 

 

 

Equity in loss of affiliates:

 

 

 

 

 

 

 

 

Land investment

 

 
(482,000

)

 

 

-

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 
(8,026,000

)

 

 
(8,911,000

)

Interest expense

 

 
(664,000

)

 

 
(587,000

)

Gain on sale of investments

 

 
3,399,000

 

 

 

-

 

Interest income

 

 
29,000

 

 

 
45,000

 

Income (loss) before income taxes

 

 

$
1,942,000

 

 

 

$
(10,169,000

)

 

Capital Expenditures:

 

 

 

Year ended September 30,

 

 

2014

 

2013

Oil and natural gas

 

 

$
4,824,000 

 

 

 

$
7,506,000 

 

Contract drilling

 

 
48,000 

 

 

 
17,000 

 

Other

 

 
51,000 

 

 

 
2,000 

 

Total

 

 

$
4,923,000 

 

 

 

$
7,525,000 

 

 

Assets By Segment:

 

 

 

September 30,

 

 

2014

 

2013

Oil and natural gas (1)

 

 

$
20,951,000 

 

 

 

$
40,559,000 

 

Land investment (2)

 

 
7,039,000 

 

 

 
2,381,000 

 

Contract drilling (2)

 

 
1,849,000 

 

 

 
2,905,000 

 

Residential real estate (2)

 

 
5,448,000 

 

 

 
5,448,000 

 

Other:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 
16,104,000 

 

 

 
7,828,000 

 

Corporate and other

 

 
3,379,000 

 

 

 
3,593,000 

 

Total

 

 

$
54,770,000 

 

 

 

$
62,714,000 

 

___________________

 

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

(2)Located in Hawaii.

 

Long-Lived Assets By Geographic Area:

 

 

 

September 30,

 

 

2014

 

2013

United States

 

 

$
9,884,000 

 

 

 

$
6,699,000 

 

Canada

 

 
18,366,000 

 

 

 
36,988,000 

 

Total

 

 

$
28,250,000 

 

 

 

$
43,687,000 

 

 

Revenue By Geographic Area:

 

 

 

Year ended September 30,

 

 

2014

 

2013

United States

 

 

$
6,924,000 

 

 

 

$
2,643,000 

 

Canada

 

 
21,093,000 

 

 

 
21,920,000 

 

Total (excluding gain on sale of investments and interest income)

 

 

$
28,017,000 

 

 

 

$
24,563,000