Barnwell Industries, Inc. is a small independent energy and land company that holds interests in oil and natural gas, land investments, and historically has offered contract drilling services. The firm acquires, develops, produces, and sells hydrocarbons—primarily in Canada—through working and non-operated interests. Alongside its energy operations, Barnwell also maintains a land-investment segment (notably in Hawaii), owning leasehold interests and developing real estate holdings.
In its energy segment, Barnwell operates largely through non-operated roles, meaning it often holds royalty, working, or minority interests rather than running full field operations itself. Its Canadian operations have included production and reserves allocations to oil, natural gas, and natural gas liquids. Because the company’s U.S. production is less significant relative to its Canadian assets, much of its valuation is tied to its Canadian upstream positions.
Barnwell’s contract drilling / water well services segment historically provided drilling rigs, pump rigs, and related services (particularly in Hawaii) such as well installation, maintenance, and water-pumping system work. However, in 2025 the company announced the sale of its wholly owned water well drilling subsidiary (Water Resources International, Inc.) for approximately $1,050,000, signaling a strategic move to streamline operations and focus more tightly on its core oil and gas and land investment operations. The contract drilling business had contributed several million in revenue in trailing periods, but was viewed as non-core to the long-term energy strategy.