Barnwell Industries Inc engages in the exploration, development, production, acquisition and sale of crude oil and natural gas properties in Canada and the United States, while also holding land interests in the State of Hawaii for potential residential and resort development.

The company generates revenue primarily from the sale of oil, natural gas and natural gas liquids produced from its upstream operations, and from the receipt of payments tied to the sale of residential lots and related real estate interests in its Hawaiian land holdings.

The company operates through the following segments: Oil and Natural Gas Segment and Land Investment Segment.

• Oil and Natural Gas Segment: This segment focuses on acquiring and developing crude oil and natural gas assets in Alberta, Canada through Barnwell of Canada, Limited and Octavian Oil Limited, and previously held non operated interests in Oklahoma and Texas via BOK Drilling, LLC and Barnwell Texas, LLC, with production concentrated in the Twining field which accounted for 86% of fiscal 2025 output.

• Land Investment Segment: This segment holds a 77.6% interest in Kaupulehu Developments, a Hawaii partnership that receives payments from the sale of lots in the Kaupulehu Lot 4A area, and also holds non controlling interests in the Kukio Resort Land Development Partnerships, which own real estate and development rights in the Kukio, Maniniovali and Kaupulehu portions of a private residential community on the Kona coast of Hawaii.

Barnwell is a minor participant in both the oil and natural gas industry and the land development sector, facing competition from larger integrated oil companies, numerous independent operators and other land focused enterprises. Its competitive advantages in the upstream business include relatively low decline rates on its operated wells, reduced capital needs to maintain production and a strategic focus on the Twining field in Alberta, which allows opportunistic drilling when commodity prices are favorable. In its Hawaiian land holdings, the company benefits from long held entitlements to future sales proceeds and a portfolio of entitled residential lots that provide potential upside as development progresses.

The company sells its oil, natural gas and natural gas liquids to a variety of energy marketing companies under short term contracts, without reliance on any single purchaser. In its land business, revenue is derived from payments due to the developers of the Kaupulehu lot sales and the Kukio resort project, primarily from the partnership entities KD I, KD II and the Kukio Resort Land Development Partnerships.