Barnwell Industries (BRN) 10-Q 9 Aug 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2017	Aug. 07, 2017
Document and Entity Information
Entity Registrant Name	BARNWELL INDUSTRIES INC
Entity Central Index Key	10,048
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		8,277,160
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Current assets:
Cash and cash equivalents	$ 16,124	$ 15,550
Certificates of deposit	2,480	0
Restricted cash	0	381
Accounts and other receivables, net of allowance for doubtful accounts of: $52,000 at June 30, 2017; $40,000 at September 30, 2016	1,766	1,228
Income taxes receivable	989	378
Asset held for sale	0	1,829
Investment held for sale	1,192	1,192
Other current assets	916	556
Total current assets	23,467	21,114
Investments	2,861	3,552
Property and equipment	75,938	76,868
Accumulated depletion, depreciation, and amortization	(71,288)	(69,966)
Property and equipment, net	4,650	6,902
Total assets	30,978	31,568
Current liabilities:
Accounts payable	1,160	1,423
Accrued capital expenditures	241	439
Accrued operating and other expenses	1,042	1,031
Accrued compensation	495	449
Current portion of asset retirement obligation	1,040	1,017
Other current liabilities	446	377
Total current liabilities	4,424	4,736
Liability for retirement benefits	6,508	6,707
Asset retirement obligation	5,319	6,177
Deferred income taxes	267	204
Total liabilities	16,518	17,824
Commitments and contingencies (Note 13)
Equity:
Common stock, par value $0.50 per share; authorized, 20,000,000 shares: 8,445,060 issued at June 30, 2017 and September 30, 2016	4,223	4,223
Additional paid-in capital	1,349	1,345
Retained earnings	14,366	13,852
Accumulated other comprehensive loss, net	(3,643)	(3,920)
Treasury stock, at cost: 167,900 shares at June 30, 2017 and September 30, 2016	(2,286)	(2,286)
Total stockholders' equity	14,009	13,214
Non-controlling interests	451	530
Total equity	14,460	13,744
Total liabilities and equity	$ 30,978	$ 31,568

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 52	$ 40
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, authorized shares (in shares)	20,000,000	20,000,000
Common stock, issued shares (in shares)	8,445,060	8,445,060
Treasury stock, shares (in shares)	167,900	167,900

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Oil and natural gas	$ 940	$ 768	$ 3,490	$ 2,237
Contract drilling	360	120	3,346	1,502
Sale of interest in leasehold land	0	1,775	1,678	2,255
Residential real estate	0	5,700	0	5,700
Gas processing and other	40	126	145	237
Total revenues	1,340	8,489	8,659	11,931
Costs and expenses:
Oil and natural gas operating	620	757	2,266	2,510
Contract drilling operating	593	263	2,607	1,431
Residential real estate	0	5,510	0	5,510
General and administrative	1,344	1,709	5,119	5,145
Depletion, depreciation, and amortization	234	448	942	1,201
Impairment of oil and natural gas properties	0	1,154	0	1,154
Gain on sales of assets	(527)	(472)	(527)	(472)
Interest expense	1	19	7	85
Total costs and expenses	2,265	9,388	10,414	16,564
Loss before equity in (loss) income of affiliates and income taxes	(925)	(899)	(1,755)	(4,633)
Equity in (loss) income of affiliates	(31)	2,200	2,125	2,616
(Loss) earnings before income taxes	(956)	1,301	370	(2,017)
Income tax benefit	(442)	(72)	(676)	(529)
Net (loss) earnings	(514)	1,373	1,046	(1,488)
Less: Net (loss) earnings attributable to non-controlling interests	(2)	598	532	754
Net (loss) earnings attributable to Barnwell Industries, Inc.	$ (512)	$ 775	$ 514	$ (2,242)
Basic and diluted net (loss) earnings per common share attributable to Barnwell Industries, Inc. stockholders (in dollars per share)	$ (0.06)	$ 0.09	$ 0.06	$ (0.27)
Weighted-average number of common shares outstanding:
Basic and diluted (in shares)	8,277,160	8,277,160	8,277,160	8,277,160

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net (loss) earnings	$ (514)	$ 1,373	$ 1,046	$ (1,488)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxes of $0	81	(3)	33	113
Retirement plans - amortization of accumulated other comprehensive loss into net periodic benefit cost, net of taxes of $0	51	50	244	127
Total other comprehensive income	132	47	277	240
Total comprehensive (loss) income	(382)	1,420	1,323	(1,248)
Less: Comprehensive (loss) income attributable to non-controlling interests	(2)	598	532	754
Comprehensive (loss) income attributable to Barnwell Industries, Inc.	$ (380)	$ 822	$ 791	$ (2,002)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, taxes	$ 0	$ 0	$ 0	$ 0
Amortization of accumulated other comprehensive loss into net periodic benefit cost, taxes	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interests
Balance, beginning of period (in shares) at Sep. 30, 2015		8,277,160
Balance, beginning of period at Sep. 30, 2015	$ 19,262	$ 4,223	$ 1,335	$ 17,467	$ (2,122)	$ (2,286)	$ 645
Increase (Decrease) in Stockholders' Equity
Distributions to non-controlling interests	(866)						(866)
Net earnings (loss)	(1,488)			(2,242)			754
Share-based compensation	8		8
Foreign currency translation adjustments, net of taxes of $0	113				113
Retirement plans - amortization of accumulated other comprehensive loss into net periodic benefit cost, net of taxes of $0	127				127
Balance, end of period (in shares) at Jun. 30, 2016		8,277,160
Balance, end of period at Jun. 30, 2016	17,156	$ 4,223	1,343	15,225	(1,882)	(2,286)	533
Balance, beginning of period (in shares) at Sep. 30, 2016		8,277,160
Balance, beginning of period at Sep. 30, 2016	13,744	$ 4,223	1,345	13,852	(3,920)	(2,286)	530
Increase (Decrease) in Stockholders' Equity
Contributions from non-controlling interests	6						6
Distributions to non-controlling interests	(617)						(617)
Net earnings (loss)	1,046			514			532
Share-based compensation	4		4
Foreign currency translation adjustments, net of taxes of $0	33				33
Retirement plans - amortization of accumulated other comprehensive loss into net periodic benefit cost, net of taxes of $0	244				244
Balance, end of period (in shares) at Jun. 30, 2017		8,277,160
Balance, end of period at Jun. 30, 2017	$ 14,460	$ 4,223	$ 1,349	$ 14,366	$ (3,643)	$ (2,286)	$ 451

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Stockholders' Equity [Abstract]
Foreign currency translation adjustments, taxes	$ 0	$ 0	$ 0	$ 0
Amortization of accumulated other comprehensive loss into net periodic benefit cost, taxes	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net earnings (loss)	$ 1,046,000	$ (1,488,000)
Adjustments to reconcile net earnings (loss) to net cash (used in) provided by operating activities:
Equity in income of affiliates	(2,125,000)	(2,616,000)
Depletion, depreciation, and amortization	942,000	1,201,000
Impairment of oil and natural gas properties	0	1,154,000
Gain on sale of asset	527,000	0
Gain on sale of oil and natural gas properties	0	472,000
Distribution of income from equity investees	2,164,000	3,714,000
Retirement benefits expense	404,000	389,000
Accretion of asset retirement obligation	296,000	345,000
Deferred income tax expense (benefit)	64,000	(2,000)
Asset retirement obligation payments	(713,000)	(217,000)
Share-based compensation expense (benefit)	23,000	(33,000)
Retirement plan contributions and payments	(359,000)	(1,104,000)
Sale of interest in leasehold land, net of fees paid	(1,418,000)	(1,915,000)
Real estate held for sale	0	5,132,000
Decrease from changes in current assets and liabilities	(1,627,000)	(1,044,000)
Net cash (used in) provided by operating activities	(1,830,000)	3,044,000
Cash flows from investing activities:
Purchase of certificates of deposit	(2,480,000)	0
Decrease in restricted cash	0	7,089,000
Distribution from equity investees in excess of earnings	652,000	1,646,000
Proceeds from sale of interest in leasehold land, net of fees paid	1,418,000	1,915,000
Proceeds from the sale of assets, net of closing costs	2,360,000	0
Proceeds from the sale of oil and natural gas properties	1,238,000	0
Capital expenditures - oil and natural gas	(498,000)	(673,000)
Capital expenditures - all other	(120,000)	(45,000)
Net cash provided by investing activities	2,570,000	9,932,000
Cash flows from financing activities:
Repayments of long-term debt	0	(3,440,000)
Distributions to non-controlling interests	(617,000)	(866,000)
Contributions from non-controlling interests	6,000	0
Decrease in restricted cash	372,000	54,000
Net cash used in financing activities	(239,000)	(4,252,000)
Effect of exchange rate changes on cash and cash equivalents	73,000	238,000
Net increase in cash and cash equivalents	574,000	8,962,000
Cash and cash equivalents at beginning of period	15,550,000	8,471,000
Cash and cash equivalents at end of period	$ 16,124,000	$ 17,433,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The condensed consolidated financial statements include the accounts of Barnwell Industries, Inc. and all majority-owned subsidiaries (collectively referred to herein as “Barnwell,” “we,” “our,” “us,” or the “Company”), including a 77.6% -owned land investment general partnership (Kaupulehu Developments), a 75% -owned land investment partnership (KD Kona 2013 LLLP) and two 80%-owned joint ventures (Kaupulehu 2007, LLLP and Kaupulehu Investors, LLC). All significant intercompany accounts and transactions have been eliminated. Barnwell’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in variable interest entities (“VIE”) in which the Company is not deemed to be the primary beneficiary are accounted for by the equity method. Unless otherwise indicated, all references to “dollars” in this Form 10-Q are to U.S. dollars. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements and notes have been prepared by Barnwell in accordance with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in Barnwell’s September 30, 2016 Annual Report on Form 10-K. The Condensed Consolidated Balance Sheet as of September 30, 2016 has been derived from audited consolidated financial statements. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at June 30, 2017 , results of operations and comprehensive income (loss) for the three and nine months ended June 30, 2017 and 2016 , and equity and cash flows for the nine months ended June 30, 2017 and 2016 , have been made. The results of operations for the period ended June 30, 2017 are not necessarily indicative of the operating results for the full year. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management of Barnwell to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ significantly from those estimates. Reclassifications Fees related to percentage of sales payments have been reclassified to general and administrative expenses rather than being presented net with sale of interest in leasehold land revenues for the prior year periods to conform to the current year periods presentation. Significant Accounting Policies There have been no changes to Barnwell’s significant accounting policies as described in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s most recently filed Annual Report on Form 10-K. Recently Adopted Accounting Pronouncements In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” which eliminates the concept of an extraordinary item from GAAP. As a result, an entity will no longer be required to separately classify, present and disclose extraordinary events and transactions. The Company adopted the provisions of this ASU effective October 1, 2016. The adoption of this update did not have a material impact on Barnwell’s consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis," which simplifies the current consolidation guidance and will require companies to reevaluate limited partnerships and similar entities for consolidation. The Company adopted the provisions of this ASU effective October 1, 2016. The adoption of this update did not have a material impact on Barnwell’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This amendment was issued to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. This will make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. The Company adopted the provisions of this ASU effective October 1, 2016. The adoption of this update did not have a material impact on Barnwell’s consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-12, "Plan Accounting: (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient." This ASU aims to simplify the accounting and presentation of plan accounting. Part I of this ASU requires fully benefit-responsive investment contracts to be measured at contract value instead of the current fair value measurement. Part II simplifies the investment disclosure requirements for employee benefit plans. Part III provides an alternative measurement date for fiscal periods that do not coincide with a month-end date. The Company adopted the provisions of this ASU effective October 1, 2016. The adoption of this update did not have a material impact on Barnwell’s consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments." This ASU eliminates the requirement to account for business combination measurement period adjustments retrospectively. Measurement period adjustments will now be recognized prospectively in the reporting period in which the adjustment amount is determined. The nature and amount of any measurement period adjustments recognized during the reporting period must be disclosed, including the value of the adjustment to each current period income statement line item relating to the income effects that would have been recognized in previous periods if the adjustment to provisional amounts were recognized as of the acquisition date. The Company adopted the provisions of this ASU effective October 1, 2016. The adoption of this update did not have a material impact on Barnwell’s consolidated financial statements.

EARNINGS (LOSS) PER COMMON SHAR

EARNINGS (LOSS) PER COMMON SHARE	9 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER COMMON SHARE	EARNINGS (LOSS) PER COMMON SHARE Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated using the treasury stock method to reflect the assumed issuance of common shares for all potentially dilutive securities, which consist of outstanding stock options. Potentially dilutive shares are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive. Options to purchase 621,250 shares of common stock were excluded from the computation of diluted shares for the three and nine months ended June 30, 2017 and 2016 , as their inclusion would have been antidilutive. Reconciliations between net earnings (loss) attributable to Barnwell stockholders and common shares outstanding of the basic and diluted net earnings (loss) per share computations are detailed in the following tables: Three months ended June 30, 2017 Net Loss (Numerator) Shares (Denominator) Per-Share Amount Basic net loss per share $ (512,000 ) 8,277,160 $ (0.06 ) Effect of dilutive securities - common stock options — — Diluted net loss per share $ (512,000 ) 8,277,160 $ (0.06 ) Nine months ended June 30, 2017 Net Earnings Shares Per-Share Basic net earnings per share $ 514,000 8,277,160 $ 0.06 Effect of dilutive securities - common stock options — — Diluted net earnings per share $ 514,000 8,277,160 $ 0.06 Three months ended June 30, 2016 Net Earnings (Numerator) Shares (Denominator) Per-Share Amount Basic net earnings per share $ 775,000 8,277,160 $ 0.09 Effect of dilutive securities - common stock options — — Diluted net earnings per share $ 775,000 8,277,160 $ 0.09 Nine months ended June 30, 2016 Net Loss (Numerator) Shares (Denominator) Per-Share Amount Basic net loss per share $ (2,242,000 ) 8,277,160 $ (0.27 ) Effect of dilutive securities - common stock options — — Diluted net loss per share $ (2,242,000 ) 8,277,160 $ (0.27 )

ASSET HELD FOR SALE

ASSET HELD FOR SALE	9 Months Ended
	Jun. 30, 2017
Asset held for sale [Abstract]
ASSET HELD FOR SALE	ASSET HELD FOR SALE The Company's New York office was designated as an asset held for sale and the carrying value in the aggregate amount of $1,829,000 was included in "Asset held for sale" on the Company's Condensed Consolidated Balance Sheet at September 30, 2016. On May 2, 2017, the Company's New York office was sold for approximately $2,360,000 , net of related costs, resulting in a gain of $527,000 , which was recognized in the quarter ended June 30, 2017.

INVESTMENT HELD FOR SALE

INVESTMENT HELD FOR SALE	9 Months Ended
	Jun. 30, 2017
INVESTMENT HELD FOR SALE [Abstract]
INVESTMENT HELD FOR SALE	INVESTMENT HELD FOR SALE At June 30, 2017 , Kaupulehu 2007, LLLP owned one residential lot available for sale in the Lot 4A Increment I area located in the North Kona District of the island of Hawaii, north of Hualalai Resort at Historic Ka`upulehu, between the Queen Kaahumanu Highway and the Pacific Ocean.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Jun. 30, 2017
Investments, All Other Investments [Abstract]
INVESTMENTS	INVESTMENTS A summary of Barnwell’s investments is as follows: June 30, September 30, Investment in Kukio Resort land development partnerships $ 2,811,000 $ 3,502,000 Investment in leasehold land interest – Lot 4C 50,000 50,000 Total investments $ 2,861,000 $ 3,552,000 Investment in Kukio Resort land development partnerships On November 27, 2013, Barnwell, through a wholly-owned subsidiary, entered into two limited liability limited partnerships, KD Kona 2013 LLLP and KKM Makai, LLLP, and indirectly acquired a 19.6% non-controlling ownership interest in each of KD Kukio Resorts, LLLP, KD Maniniowali, LLLP and KD Kaupulehu, LLLP for $5,140,000 . These entities own certain real estate and development rights interests in the Kukio, Maniniowali and Kaupulehu portions of Kukio Resort, a private residential community on the Kona coast of the island of Hawaii, as well as Kukio Resort’s real estate sales office operations. KD Kaupulehu, LLLP, which is comprised of KD Acquisition, LLLP (“KD I”) and KD Acquisition II, LLLP (“KD II”), is the developer of Kaupulehu Lot 4A Increments I and II, the area in which Barnwell has interests in percentage of sales payments. Barnwell’s investment in these entities is accounted for using the equity method of accounting. The partnerships derive income from the sale of residential parcels as well as from commission on real estate sales by the real estate sales office. As of June 30, 2017 , 25 lots remained to be sold at Kaupulehu Increment I. During the nine months ended June 30, 2017 , Barnwell received net cash distributions in the amount of $2,509,000 from the Kukio Resort land development partnerships after distributing $307,000 to minority interests. During the nine months ended June 30, 2016 , Barnwell received net cash distributions in the amount of $5,320,000 from the Kukio Resort land development partnerships after distributing $ 40,000 to minority interests. Barnwell's share of the loss of its equity affiliates was $31,000 for the three months ended June 30, 2017 . Equity in income of affiliates was $2,125,000 for the nine months ended June 30, 2017 and $2,200,000 and $2,616,000 for the three and nine months ended June 30, 2016 , respectively. The equity in the underlying net assets of the Kukio Resort land development partnerships exceeds the carrying value of the investment in affiliates by approximately $331,000 as of June 30, 2017 , which is attributable to differences in the value of capitalized development costs and a note receivable. The basis difference will be recognized as the partnerships sell lots and recognize the associated costs and sell memberships for the Kuki`o Golf and Beach Club for which the receivable relates. The basis difference adjustments of $20,000 for the nine months ended June 30, 2017 and $17,000 and $34,000 for the three and nine months ended June 30, 2016 , respectively, increased equity in income of affiliates. There was no basis difference adjustment for the three months ended June 30, 2017 . Barnwell, as well as KD I, KD II and certain other owners of the partnerships, have jointly and severally executed a surety indemnification agreement. Bonds issued by the surety at June 30, 2017 totaled approximately $325,000 and relate to certain construction contracts of KD I. If any such performance bonds are called, we may be obligated to reimburse the issuer of the performance bond as Barnwell, KD I and certain other partners are jointly and severally liable, however we believe that it is remote that a material amount of any currently outstanding performance bonds will be called. Performance bonds do not have stated expiration dates. Rather, the performance bonds are released as the underlying performance is completed. As of June 30, 2017 , Barnwell’s maximum loss exposure as a result of its investment in the Kukio Resort land development partnerships was approximately $3,136,000 , consisting of the carrying value of the investment of $2,811,000 and $325,000 from the surety indemnification agreement of which we are jointly and severally liable. Summarized financial information for the Kukio Resort land development partnerships is as follows: Three months ended June 30, 2017 2016 Revenue $ 956,000 $ 23,584,000 Gross profit $ 396,000 $ 10,732,000 Net earnings $ 57,000 $ 10,029,000 Nine months ended June 30, 2017 2016 Revenue $ 27,152,000 $ 31,703,000 Gross profit $ 12,346,000 $ 14,186,000 Net earnings $ 10,119,000 $ 12,020,000 Percentage of sales payments Kaupulehu Developments has the right to receive payments from KD I and KD II resulting from the sale of lots and/or residential units within approximately 870 acres of the Kaupulehu Lot 4A area by KD I and KD II in two increments (“Increment I” and “Increment II”) (see Note 15). The following table summarizes the percentage of sales payment proceeds received from KD I and KD II. Three months ended Nine months ended 2017 2016 2017 2016 Sale of interest in leasehold land: Revenues - sale of interest in leasehold land $ — $ 1,775,000 $ 1,678,000 $ 2,255,000 Fees - included in general and administrative expenses — (273,000 ) (260,000 ) (340,000 ) Proceeds from sale of interest in leasehold land, net of fees paid $ — $ 1,502,000 $ 1,418,000 $ 1,915,000 Investment in leasehold land interest - Lot 4C Kaupulehu Developments holds an interest in an area of approximately 1,000 acres of vacant leasehold land zoned conservation located adjacent to Lot 4A. The lease terminates in December 2025.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	9 Months Ended
	Jun. 30, 2017
Oil and Natural Gas Properties [Abstract]
OIL AND NATURAL GAS PROPERTIES	OIL AND NATURAL GAS PROPERTIES In June 2017, Barnwell entered into a Purchase and Sale Agreement with an independent third party and sold a portion of its oil and natural gas property located in the Progress and Valhalla areas of Alberta, Canada. The sales price per the agreement was adjusted for customary purchase price adjustments to $1,076,000 in order to, among other things, reflect an economic effective date of April 1, 2017. The final determination of the customary adjustments to the purchase price has not yet been made, however, it is not expected to result in a material adjustment. From Barnwell's net proceeds, $552,000 was withheld and remitted by the buyer to the Canada Revenue Agency for potential amounts due for Barnwell’s Canadian income taxes related to the sale, which is included in “Income taxes receivable” on the Condensed Consolidated Balance Sheet at June 30, 2017. During the nine months ended June 30, 2017, Barnwell also sold miscellaneous oil and natural gas properties for proceeds of $162,000 , of which $67,000 was withheld and remitted by the buyer to the Canada Revenue Agency for potential amounts due for Barnwell’s Canadian income taxes related to the sales which is included in “Income taxes receivable” on the Condensed Consolidated Balance Sheet at June 30, 2017. No gain or loss was recognized related to these dispositions as these sales to multiple counterparties in unrelated transactions did not individually, or in aggregate, result in a significant alteration of the relationship between capitalized costs and proved reserves.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Jun. 30, 2017
Long-term Debt, Unclassified [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Canadian revolving demand facility In June 2016, Barnwell entered into an agreement with Royal Bank of Canada for a revolving demand facility in the amount of $500,000 Canadian dollars. Borrowings under this facility were $0 at September 30, 2016. The obligations under the credit facility were secured by a $500,000 Canadian dollar guaranteed investment certificate pledged to Royal Bank of Canada, which is classified as "Restricted cash" on the accompanying Condensed Consolidated Balance Sheet at U.S. $381,000 , at the September 30, 2016 exchange rate. In April 2017, the revolving demand facility was canceled and the guaranteed investment certificate matured and the funds were reclassified to cash.

RETIREMENT PLANS

RETIREMENT PLANS	9 Months Ended
	Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS Barnwell sponsors a noncontributory defined benefit pension plan (“Pension Plan”) covering substantially all of its U.S. employees. Additionally, Barnwell sponsors a Supplemental Employee Retirement Plan (“SERP”), a noncontributory supplemental retirement benefit plan which covers certain current and former employees of Barnwell for amounts exceeding the limits allowed under the Pension Plan, and a postretirement medical insurance benefits plan (“Postretirement Medical”) covering eligible U.S. employees. The following tables detail the components of net periodic benefit cost for Barnwell’s retirement plans: Pension Plan SERP Postretirement Medical Three months ended June 30, 2017 2016 2017 2016 2017 2016 Service cost $ 34,000 $ 65,000 $ (5,000 ) $ 19,000 $ — $ — Interest cost 78,000 91,000 1,000 24,000 22,000 14,000 Expected return on plan assets (122,000 ) (139,000 ) — — — — Amortization of prior service cost (credit) 2,000 2,000 (2,000 ) (2,000 ) — — Amortization of net actuarial loss 21,000 38,000 (17,000 ) 12,000 47,000 — Net periodic benefit cost $ 13,000 $ 57,000 $ (23,000 ) $ 53,000 $ 69,000 $ 14,000 Pension Plan SERP Postretirement Medical Nine months ended June 30, 2017 2016 2017 2016 2017 2016 Service cost $ 178,000 $ 195,000 $ 26,000 $ 51,000 $ — $ — Interest cost 252,000 273,000 42,000 64,000 66,000 42,000 Expected return on plan assets (404,000 ) (363,000 ) — — — — Amortization of prior service cost (credit) 4,000 4,000 (4,000 ) (4,000 ) — — Amortization of net actuarial loss 103,000 106,000 — 21,000 141,000 — Net periodic benefit cost $ 133,000 $ 215,000 $ 64,000 $ 132,000 $ 207,000 $ 42,000 Barnwell contributed $350,000 to the Pension Plan during the nine months ended June 30, 2017 and estimates that it will make further contributions of approximately $350,000 during the remainder of fiscal 2017. In January 2017, the Postretirement Medical plan commenced payments for retiree medical insurance benefits. The SERP and Postretirement Medical plans are unfunded, and Barnwell funds benefits when payments are made. Expected payments under the Postretirement Medical plan and the SERP for fiscal 2017 are not material. Fluctuations in actual equity market returns as well as changes in general interest rates will result in changes in the market value of plan assets and may result in increased or decreased retirement benefits costs and contributions in future periods.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The components of earnings (loss) before income taxes, after adjusting the earnings (loss) for non-controlling interests, are as follows: Three months ended Nine months ended 2017 2016 2017 2016 United States $ (619,000 ) $ 2,201,000 $ 792,000 $ 793,000 Canada (335,000 ) (1,498,000 ) (954,000 ) (3,564,000 ) $ (954,000 ) $ 703,000 $ (162,000 ) $ (2,771,000 ) The components of the income tax benefit are as follows: Three months ended Nine months ended 2017 2016 2017 2016 Current $ (392,000 ) $ (159,000 ) $ (740,000 ) $ (527,000 ) Deferred (50,000 ) 87,000 64,000 (2,000 ) $ (442,000 ) $ (72,000 ) $ (676,000 ) $ (529,000 ) Consolidated taxes do not bear a customary relationship to pretax results due primarily to the fact that the Company is taxed separately in Canada based on Canadian source operations and in the U.S. based on consolidated operations, and essentially all deferred tax assets, net of relevant offsetting deferred tax liabilities, are not estimated to have a future benefit as tax credits or deductions. Income from our non-controlling interest in the Kukio Resort land development partnerships is treated as non-unitary for state of Hawaii unitary filing purposes, thus unitary Hawaii losses provide limited sheltering of such non-unitary income. In addition, the current income tax benefit for the three and nine months ended June 30, 2017 includes a $369,000 benefit from the lapsing of the statute of limitations on a previously accrued uncertain tax position. The Company has no remaining uncertain tax positions as of June 30, 2017.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Barnwell operates the following segments: 1) acquiring, developing, producing and selling oil and natural gas in Canada (oil and natural gas); 2) investing in land interests in Hawaii (land investment); and 3) drilling wells and installing and repairing water pumping systems in Hawaii (contract drilling). 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. Three months ended Nine months ended 2017 2016 2017 2016 Revenues: Oil and natural gas $ 940,000 $ 768,000 $ 3,490,000 $ 2,237,000 Land investment — 1,775,000 1,678,000 2,255,000 Contract drilling 360,000 120,000 3,346,000 1,502,000 Residential real estate — 5,700,000 — 5,700,000 Other 19,000 109,000 88,000 198,000 Total before interest income 1,319,000 8,472,000 8,602,000 11,892,000 Interest income 21,000 17,000 57,000 39,000 Total revenues $ 1,340,000 $ 8,489,000 $ 8,659,000 $ 11,931,000 Depletion, depreciation, and amortization: Oil and natural gas $ 145,000 $ 351,000 $ 672,000 $ 930,000 Contract drilling 69,000 64,000 205,000 187,000 Other 20,000 33,000 65,000 84,000 Total depletion, depreciation, and amortization $ 234,000 $ 448,000 $ 942,000 $ 1,201,000 Impairment: Oil and natural gas $ — $ 1,154,000 $ — $ 1,154,000 Operating profit (loss) (before general and administrative expenses): Oil and natural gas $ 175,000 $ (1,494,000 ) $ 552,000 $ (2,357,000 ) Land investment — 1,775,000 1,678,000 2,255,000 Contract drilling (302,000 ) (207,000 ) 534,000 (116,000 ) Residential real estate — 190,000 — 190,000 Other (1,000 ) 76,000 23,000 114,000 Gain on sales of assets 527,000 472,000 527,000 472,000 Total operating profit (loss) 399,000 812,000 3,314,000 558,000 Equity in (loss) income of affiliates: Land investment (31,000 ) 2,200,000 2,125,000 2,616,000 General and administrative expenses (1,344,000 ) (1,709,000 ) (5,119,000 ) (5,145,000 ) Interest expense (1,000 ) (19,000 ) (7,000 ) (85,000 ) Interest income 21,000 17,000 57,000 39,000 Earnings (loss) before income taxes $ (956,000 ) $ 1,301,000 $ 370,000 $ (2,017,000 )

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Jun. 30, 2017
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in each component of accumulated other comprehensive income (loss) were as follows: Three months ended Nine months ended 2017 2016 2017 2016 Foreign currency translation: Beginning accumulated foreign currency translation $ 858,000 $ 935,000 $ 906,000 $ 819,000 Change in cumulative translation adjustment before reclassifications 81,000 (3,000 ) 33,000 113,000 Income taxes — — — — Net current period other comprehensive income (loss) 81,000 (3,000 ) 33,000 113,000 Ending accumulated foreign currency translation 939,000 932,000 939,000 932,000 Retirement plans: Beginning accumulated retirement plans benefit cost (4,633,000 ) (2,864,000 ) (4,826,000 ) (2,941,000 ) Amortization of net actuarial loss and prior service cost 51,000 50,000 244,000 127,000 Income taxes — — — — Net current period other comprehensive income 51,000 50,000 244,000 127,000 Ending accumulated retirement plans benefit cost (4,582,000 ) (2,814,000 ) (4,582,000 ) (2,814,000 ) Accumulated other comprehensive loss, net of taxes $ (3,643,000 ) $ (1,882,000 ) $ (3,643,000 ) $ (1,882,000 ) The amortization of accumulated other comprehensive loss components for the retirement plans are included in the computation of net periodic benefit cost which is a component of "General and administrative" expenses on the accompanying Condensed Consolidated Statements of Operations (see Note 8 for additional details).

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The carrying values of cash and cash equivalents, certificates of deposit, restricted cash, accounts and other receivables, accounts payable and accrued current liabilities approximate their fair values due to the short-term nature of the instruments.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental Matters In February 2016, a gas migration was detected at one of our previously abandoned non-operated wells in Alberta, Canada. Barnwell’s working interest in the well is 50% and as non-operator we have no control over the actual cost or timing of the remediation. In February 2016 we accrued approximately $200,000 for estimated probable environmental remediation costs, which was the balance of the accrual at September 30, 2016. However, based on recent information from the operator of the well, the cost to remediate will be less than originally estimated and the remaining liability is approximately $2,000 at June 30, 2017, which has not been discounted and was accrued in "Accrued operating and other expenses" on the Condensed Consolidated Balance Sheets. Because of the inherent uncertainties associated with environmental assessment and remediation activities, future expenses to remediate the currently identified site, and sites identified in the future, if any, could be incurred. Guarantee See Note 5 for a discussion of Barnwell’s guarantee of the Kukio Resort land development partnership’s performance bonds.

INFORMATION RELATING TO THE CON

INFORMATION RELATING TO THE CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	9 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
INFORMATION RELATING TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS	INFORMATION RELATING TO THE CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine months ended 2017 2016 Supplemental disclosure of cash flow information: Cash paid during the year for: Interest $ 6,000 $ 82,000 Income taxes refunded, net $ (137,000 ) $ (377,000 ) Capital expenditure accruals related to oil and natural gas exploration and development decreased $199,000 and $89,000 during the nine months ended June 30, 2017 and 2016 , respectively. Additionally, capital expenditure accruals related to oil and natural gas asset retirement obligations decreased $62,000 and increased $123,000 during the nine months ended June 30, 2017 and 2016 , respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Kaupulehu Developments is entitled to receive a percentage of the gross receipts from the sales of lots in Increment I from KD I and the sales of lots and/or residential units in Increment II from KD II; KD I and KD II are part of the Kukio Resort land development partnerships in which Barnwell holds an indirect 19.6% non-controlling ownership interest accounted for under the equity method of investment. The percentage payments are part of transactions which took place in 2004 and 2006 where Kaupulehu Developments sold its leasehold interests in Increment I and Increment II to KD I's and KD II's predecessors in interest, respectively, which was prior to Barnwell’s affiliation with KD I and KD II which commenced on November 27, 2013, the acquisition date of our ownership interest in the Kukio Resort land development partnerships. During the nine months ended June 30, 2017 , Barnwell received $1,678,000 in percentage of sales payments from KD II from the sale of one lot within Increment II. During the nine months ended June 30, 2016 , Barnwell received $2,255,000 in percentage of sales payments from KD I and KD II from the sale of three lots within Phase II of Increment I and the sale of one lot within Increment II.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS There were no material subsequent events that would require recognition or disclosure in the accompanying consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Barnwell Industries, Inc. and all majority-owned subsidiaries (collectively referred to herein as “Barnwell,” “we,” “our,” “us,” or the “Company”), including a 77.6% -owned land investment general partnership (Kaupulehu Developments), a 75% -owned land investment partnership (KD Kona 2013 LLLP) and two 80%-owned joint ventures (Kaupulehu 2007, LLLP and Kaupulehu Investors, LLC). All significant intercompany accounts and transactions have been eliminated. Barnwell’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in variable interest entities (“VIE”) in which the Company is not deemed to be the primary beneficiary are accounted for by the equity method. Unless otherwise indicated, all references to “dollars” in this Form 10-Q are to U.S. dollars.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements and notes have been prepared by Barnwell in accordance with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in Barnwell’s September 30, 2016 Annual Report on Form 10-K. The Condensed Consolidated Balance Sheet as of September 30, 2016 has been derived from audited consolidated financial statements. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at June 30, 2017 , results of operations and comprehensive income (loss) for the three and nine months ended June 30, 2017 and 2016 , and equity and cash flows for the nine months ended June 30, 2017 and 2016 , have been made. The results of operations for the period ended June 30, 2017 are not necessarily indicative of the operating results for the full year.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management of Barnwell to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ significantly from those estimates.
Reclassifications	Reclassifications Fees related to percentage of sales payments have been reclassified to general and administrative expenses rather than being presented net with sale of interest in leasehold land revenues for the prior year periods to conform to the current year periods presentation.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” which eliminates the concept of an extraordinary item from GAAP. As a result, an entity will no longer be required to separately classify, present and disclose extraordinary events and transactions. The Company adopted the provisions of this ASU effective October 1, 2016. The adoption of this update did not have a material impact on Barnwell’s consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis," which simplifies the current consolidation guidance and will require companies to reevaluate limited partnerships and similar entities for consolidation. The Company adopted the provisions of this ASU effective October 1, 2016. The adoption of this update did not have a material impact on Barnwell’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This amendment was issued to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. This will make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. The Company adopted the provisions of this ASU effective October 1, 2016. The adoption of this update did not have a material impact on Barnwell’s consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-12, "Plan Accounting: (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient." This ASU aims to simplify the accounting and presentation of plan accounting. Part I of this ASU requires fully benefit-responsive investment contracts to be measured at contract value instead of the current fair value measurement. Part II simplifies the investment disclosure requirements for employee benefit plans. Part III provides an alternative measurement date for fiscal periods that do not coincide with a month-end date. The Company adopted the provisions of this ASU effective October 1, 2016. The adoption of this update did not have a material impact on Barnwell’s consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments." This ASU eliminates the requirement to account for business combination measurement period adjustments retrospectively. Measurement period adjustments will now be recognized prospectively in the reporting period in which the adjustment amount is determined. The nature and amount of any measurement period adjustments recognized during the reporting period must be disclosed, including the value of the adjustment to each current period income statement line item relating to the income effects that would have been recognized in previous periods if the adjustment to provisional amounts were recognized as of the acquisition date. The Company adopted the provisions of this ASU effective October 1, 2016. The adoption of this update did not have a material impact on Barnwell’s consolidated financial statements.

EARNINGS (LOSS) PER COMMON SH27

EARNINGS (LOSS) PER COMMON SHARE (Tables)	9 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Reconciliations between net earnings (loss) attributable to the entity's stockholders and common shares outstanding of the basic and diluted net earnings (loss) per share computations	Reconciliations between net earnings (loss) attributable to Barnwell stockholders and common shares outstanding of the basic and diluted net earnings (loss) per share computations are detailed in the following tables: Three months ended June 30, 2017 Net Loss (Numerator) Shares (Denominator) Per-Share Amount Basic net loss per share $ (512,000 ) 8,277,160 $ (0.06 ) Effect of dilutive securities - common stock options — — Diluted net loss per share $ (512,000 ) 8,277,160 $ (0.06 ) Nine months ended June 30, 2017 Net Earnings Shares Per-Share Basic net earnings per share $ 514,000 8,277,160 $ 0.06 Effect of dilutive securities - common stock options — — Diluted net earnings per share $ 514,000 8,277,160 $ 0.06 Three months ended June 30, 2016 Net Earnings (Numerator) Shares (Denominator) Per-Share Amount Basic net earnings per share $ 775,000 8,277,160 $ 0.09 Effect of dilutive securities - common stock options — — Diluted net earnings per share $ 775,000 8,277,160 $ 0.09 Nine months ended June 30, 2016 Net Loss (Numerator) Shares (Denominator) Per-Share Amount Basic net loss per share $ (2,242,000 ) 8,277,160 $ (0.27 ) Effect of dilutive securities - common stock options — — Diluted net loss per share $ (2,242,000 ) 8,277,160 $ (0.27 )

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Jun. 30, 2017
Investments, All Other Investments [Abstract]
Summary of investments	A summary of Barnwell’s investments is as follows: June 30, September 30, Investment in Kukio Resort land development partnerships $ 2,811,000 $ 3,502,000 Investment in leasehold land interest – Lot 4C 50,000 50,000 Total investments $ 2,861,000 $ 3,552,000
Summarized financial information for the land development partnerships	Summarized financial information for the Kukio Resort land development partnerships is as follows: Three months ended June 30, 2017 2016 Revenue $ 956,000 $ 23,584,000 Gross profit $ 396,000 $ 10,732,000 Net earnings $ 57,000 $ 10,029,000 Nine months ended June 30, 2017 2016 Revenue $ 27,152,000 $ 31,703,000 Gross profit $ 12,346,000 $ 14,186,000 Net earnings $ 10,119,000 $ 12,020,000
Kaupulehu Developments
INVESTMENTS
Summary of percentage of sales payment revenues received	The following table summarizes the percentage of sales payment proceeds received from KD I and KD II. Three months ended Nine months ended 2017 2016 2017 2016 Sale of interest in leasehold land: Revenues - sale of interest in leasehold land $ — $ 1,775,000 $ 1,678,000 $ 2,255,000 Fees - included in general and administrative expenses — (273,000 ) (260,000 ) (340,000 ) Proceeds from sale of interest in leasehold land, net of fees paid $ — $ 1,502,000 $ 1,418,000 $ 1,915,000

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	9 Months Ended
	Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of components of net periodic benefit cost	The following tables detail the components of net periodic benefit cost for Barnwell’s retirement plans: Pension Plan SERP Postretirement Medical Three months ended June 30, 2017 2016 2017 2016 2017 2016 Service cost $ 34,000 $ 65,000 $ (5,000 ) $ 19,000 $ — $ — Interest cost 78,000 91,000 1,000 24,000 22,000 14,000 Expected return on plan assets (122,000 ) (139,000 ) — — — — Amortization of prior service cost (credit) 2,000 2,000 (2,000 ) (2,000 ) — — Amortization of net actuarial loss 21,000 38,000 (17,000 ) 12,000 47,000 — Net periodic benefit cost $ 13,000 $ 57,000 $ (23,000 ) $ 53,000 $ 69,000 $ 14,000 Pension Plan SERP Postretirement Medical Nine months ended June 30, 2017 2016 2017 2016 2017 2016 Service cost $ 178,000 $ 195,000 $ 26,000 $ 51,000 $ — $ — Interest cost 252,000 273,000 42,000 64,000 66,000 42,000 Expected return on plan assets (404,000 ) (363,000 ) — — — — Amortization of prior service cost (credit) 4,000 4,000 (4,000 ) (4,000 ) — — Amortization of net actuarial loss 103,000 106,000 — 21,000 141,000 — Net periodic benefit cost $ 133,000 $ 215,000 $ 64,000 $ 132,000 $ 207,000 $ 42,000

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Components of income (loss) before income taxes, after adjusting the income (loss) for non-controlling interests	The components of earnings (loss) before income taxes, after adjusting the earnings (loss) for non-controlling interests, are as follows: Three months ended Nine months ended 2017 2016 2017 2016 United States $ (619,000 ) $ 2,201,000 $ 792,000 $ 793,000 Canada (335,000 ) (1,498,000 ) (954,000 ) (3,564,000 ) $ (954,000 ) $ 703,000 $ (162,000 ) $ (2,771,000 )
Schedule of components of the income tax benefit	The components of the income tax benefit are as follows: Three months ended Nine months ended 2017 2016 2017 2016 Current $ (392,000 ) $ (159,000 ) $ (740,000 ) $ (527,000 ) Deferred (50,000 ) 87,000 64,000 (2,000 ) $ (442,000 ) $ (72,000 ) $ (676,000 ) $ (529,000 )

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of financial information related to reporting segments	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. Three months ended Nine months ended 2017 2016 2017 2016 Revenues: Oil and natural gas $ 940,000 $ 768,000 $ 3,490,000 $ 2,237,000 Land investment — 1,775,000 1,678,000 2,255,000 Contract drilling 360,000 120,000 3,346,000 1,502,000 Residential real estate — 5,700,000 — 5,700,000 Other 19,000 109,000 88,000 198,000 Total before interest income 1,319,000 8,472,000 8,602,000 11,892,000 Interest income 21,000 17,000 57,000 39,000 Total revenues $ 1,340,000 $ 8,489,000 $ 8,659,000 $ 11,931,000 Depletion, depreciation, and amortization: Oil and natural gas $ 145,000 $ 351,000 $ 672,000 $ 930,000 Contract drilling 69,000 64,000 205,000 187,000 Other 20,000 33,000 65,000 84,000 Total depletion, depreciation, and amortization $ 234,000 $ 448,000 $ 942,000 $ 1,201,000 Impairment: Oil and natural gas $ — $ 1,154,000 $ — $ 1,154,000 Operating profit (loss) (before general and administrative expenses): Oil and natural gas $ 175,000 $ (1,494,000 ) $ 552,000 $ (2,357,000 ) Land investment — 1,775,000 1,678,000 2,255,000 Contract drilling (302,000 ) (207,000 ) 534,000 (116,000 ) Residential real estate — 190,000 — 190,000 Other (1,000 ) 76,000 23,000 114,000 Gain on sales of assets 527,000 472,000 527,000 472,000 Total operating profit (loss) 399,000 812,000 3,314,000 558,000 Equity in (loss) income of affiliates: Land investment (31,000 ) 2,200,000 2,125,000 2,616,000 General and administrative expenses (1,344,000 ) (1,709,000 ) (5,119,000 ) (5,145,000 ) Interest expense (1,000 ) (19,000 ) (7,000 ) (85,000 ) Interest income 21,000 17,000 57,000 39,000 Earnings (loss) before income taxes $ (956,000 ) $ 1,301,000 $ 370,000 $ (2,017,000 )

ACCUMULATED OTHER COMPREHENSI32

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of changes in each component of accumulated other comprehensive income (loss)	The changes in each component of accumulated other comprehensive income (loss) were as follows: Three months ended Nine months ended 2017 2016 2017 2016 Foreign currency translation: Beginning accumulated foreign currency translation $ 858,000 $ 935,000 $ 906,000 $ 819,000 Change in cumulative translation adjustment before reclassifications 81,000 (3,000 ) 33,000 113,000 Income taxes — — — — Net current period other comprehensive income (loss) 81,000 (3,000 ) 33,000 113,000 Ending accumulated foreign currency translation 939,000 932,000 939,000 932,000 Retirement plans: Beginning accumulated retirement plans benefit cost (4,633,000 ) (2,864,000 ) (4,826,000 ) (2,941,000 ) Amortization of net actuarial loss and prior service cost 51,000 50,000 244,000 127,000 Income taxes — — — — Net current period other comprehensive income 51,000 50,000 244,000 127,000 Ending accumulated retirement plans benefit cost (4,582,000 ) (2,814,000 ) (4,582,000 ) (2,814,000 ) Accumulated other comprehensive loss, net of taxes $ (3,643,000 ) $ (1,882,000 ) $ (3,643,000 ) $ (1,882,000 )

INFORMATION RELATING TO THE C33

INFORMATION RELATING TO THE CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables)	9 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow information	Nine months ended 2017 2016 Supplemental disclosure of cash flow information: Cash paid during the year for: Interest $ 6,000 $ 82,000 Income taxes refunded, net $ (137,000 ) $ (377,000 )

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Jun. 30, 2017venture
Principles of Consolidation
Number of 80%-owned joint ventures	2
Kaupulehu Developments
Principles of Consolidation
Ownership interest in subsidiaries	77.60%
KD Kona 2013 LLLP
Principles of Consolidation
Ownership interest in subsidiaries	75.00%
Kaupulehu 2007, LLLP
Principles of Consolidation
Ownership interest in subsidiaries	80.00%
Kaupulehu Investors, LLC
Principles of Consolidation
Ownership interest in subsidiaries	80.00%

EARNINGS (LOSS) PER COMMON SH35

EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net Earnings (Loss) (Numerator)
Basic	$ (512)	$ 775	$ 514	$ (2,242)
Effect of dilutive securities - common stock options	0	0	0	0
Diluted	$ (512)	$ 775	$ 514	$ (2,242)
Shares (Denominator)
Basic (in shares)	8,277,160	8,277,160	8,277,160	8,277,160
Effect of dilutive securities - common stock options (in shares)	0	0	0	0
Diluted (in shares)	8,277,160	8,277,160	8,277,160	8,277,160
Per-Share Amount
Basic net earnings (loss) per share (in dollars per share)	$ (0.06)	$ 0.09	$ 0.06	$ (0.27)
Diluted net earnings (loss) per share (in dollars per share)	$ (0.06)	$ 0.09	$ 0.06	$ (0.27)
Options
Antidilutive shares of common stock excluded from the computation of diluted shares
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)			621,250	621,250

ASSET HELD FOR SALE (Details)

ASSET HELD FOR SALE (Details) - USD ($) $ in Thousands	May 02, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Asset held for sale [Abstract]
Proceeds from the sale of assets, net of closing costs	$ 2,360			$ 2,360	$ 0
Gain on sale of asset		$ 527	$ 472	527	$ 472
Asset held for sale		$ 0		$ 0		$ 1,829

INVESTMENT HELD FOR SALE (Detai

INVESTMENT HELD FOR SALE (Details)	Jun. 30, 2017parcel
Residential Parcel
Investment Holdings [Line Items]
Number of Real Estate Properties	1

INVESTMENTS - SUMMARY OF INVEST

INVESTMENTS - SUMMARY OF INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Investment Holdings [Line Items]
Investments	$ 2,861	$ 3,552
Investment in Kukio Resort land development partnerships
Investment Holdings [Line Items]
Investments	2,811	3,502
Investment in leasehold land interest – Lot 4C
Investment Holdings [Line Items]
Investments	$ 50	$ 50

INVESTMENTS - LAND DEVELOPMENT

INVESTMENTS - LAND DEVELOPMENT PARTNERSHIPS (Details) $ in Thousands	Nov. 27, 2013USD ($)partnership	Jun. 30, 2017USD ($)lot	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)lot	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Investment Holdings [Line Items]
Equity in (loss) income of affiliates		$ (31)	$ 2,200	$ 2,125	$ 2,616
Investments		2,861		2,861		$ 3,552
Investment in Kukio Resort land development partnerships
Investment Holdings [Line Items]
Number of limited liability limited partnerships formed | partnership	2
Cash Distribution from Equity Method Investment				2,509	5,320
Difference between carrying amount and underlying equity		331		331
Basis difference adjustment		0	17	20	34
Bonds issued by the surety		325		325
Maximum loss exposure		3,136		3,136
Investments		2,811		2,811		$ 3,502
Revenue		956	23,584	27,152	31,703
Gross profit		396	10,732	12,346	14,186
Net earnings (loss)		$ 57	$ 10,029	10,119	12,020
Investment in Kukio Resort land development partnerships | Noncontrolling Interest
Investment Holdings [Line Items]
Cash Distribution from Equity Method Investment				$ 307	$ 40
K D Kukio Resorts LLLP | Investment in Kukio Resort land development partnerships
Investment Holdings [Line Items]
Ownership interest acquired	19.60%
K D Maniniowali LLLP | Investment in Kukio Resort land development partnerships
Investment Holdings [Line Items]
Ownership interest acquired	19.60%
KD Kaupulehu, LLLP | Investment in Kukio Resort land development partnerships
Investment Holdings [Line Items]
Ownership interest acquired	19.60%
Indirectly Acquired Interest | Investment in Kukio Resort land development partnerships
Investment Holdings [Line Items]
Aggregate cost	$ 5,140
KD Kaupulehu LLLP Increment I | Investment in Kukio Resort land development partnerships
Investment Holdings [Line Items]
Number of residential lots remaining to be sold | lot		25		25

INVESTMENTS - PERCENTAGE OF SAL

INVESTMENTS - PERCENTAGE OF SALES PAYMENTS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017USD ($)a	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)aincrement	Jun. 30, 2016USD ($)
Investment Holdings [Line Items]
Revenues - sale of interest in leasehold land	$ 0	$ 1,775	$ 1,678	$ 2,255
Kaupulehu Developments
Investment Holdings [Line Items]
Area of land (in acres) | a	870		870
Number of development increments | increment			2
Revenues - sale of interest in leasehold land	$ 0	1,775	$ 1,678	2,255
Fees - included in general and administrative expenses	0	(273)	(260)	(340)
Proceeds from sale of interest in leasehold land, net of fees paid	$ 0	$ 1,502	$ 1,418	$ 1,915
Land Interest
Investment Holdings [Line Items]
Area of land (in acres) | a	1,000		1,000

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Details) - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Oil and Natural Gas Properties [Line Items]
Proceeds from the sale of oil and natural gas properties	$ 1,238,000	$ 0
Income taxes receivable	989,000		$ 378,000
Gain on sale of oil and natural gas properties	0	$ 472,000
Progress and Valhalla June 2017
Oil and Natural Gas Properties [Line Items]
Proceeds from the sale of oil and natural gas properties	1,076,000
Income taxes receivable	552,000
Miscellaneous Oil And Natural Gas Properties
Oil and Natural Gas Properties [Line Items]
Proceeds from the sale of oil and natural gas properties	162,000
Income taxes receivable	$ 67,000

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - Sep. 30, 2016	CAD	USD ($)
Long-term debt
Restricted cash and investments, current	CAD 500,000	$ 381,000
Revolving Demand Facility
Long-term debt
Maximum borrowing capacity | CAD	CAD 500,000
Long-term debt | $		$ 0

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Pension Plan
Net periodic benefit cost:
Service cost	$ 34	$ 65	$ 178	$ 195
Interest cost	78	91	252	273
Expected return on plan assets	(122)	(139)	(404)	(363)
Amortization of prior service cost (credit)	2	2	4	4
Amortization of net actuarial loss	21	38	103	106
Net periodic benefit cost	13	57	133	215
Other disclosures
Contribution by the entity to the Pension Plan			350
Estimated future employer contributions			350
SERP
Net periodic benefit cost:
Service cost	(5)	19	26	51
Interest cost	1	24	42	64
Amortization of prior service cost (credit)	(2)	(2)	(4)	(4)
Amortization of net actuarial loss	(17)	12	0	21
Net periodic benefit cost	(23)	53	64	132
Postretirement Medical
Net periodic benefit cost:
Service cost	0	0	0	0
Interest cost	22	14	66	42
Amortization of prior service cost (credit)	0	0	0	0
Amortization of net actuarial loss	47	0	141	0
Net periodic benefit cost	$ 69	$ 14	$ 207	$ 42

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Components of income (loss) before income taxes, after adjusting the income (loss) for non-controlling interests
United States	$ (619,000)	$ 2,201,000	$ 792,000	$ 793,000
Canada	(335,000)	(1,498,000)	(954,000)	(3,564,000)
Total	(954,000)	703,000	(162,000)	(2,771,000)
Components of the income tax provision (benefit)
Current	(392,000)	(159,000)	(740,000)	(527,000)
Deferred	(50,000)	87,000	64,000	(2,000)
Total	(442,000)	$ (72,000)	(676,000)	$ (529,000)
Other Tax Expense (Benefit)	(369,000)		(369,000)
Unrecognized Tax Benefits	$ 0		$ 0

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Revenues	$ 1,319,000	$ 8,472,000	$ 8,602,000	$ 11,892,000
Interest income	21,000	17,000	57,000	39,000
Total revenues	1,340,000	8,489,000	8,659,000	11,931,000
Depletion, depreciation, and amortization:
Depletion, depreciation, and amortization	234,000	448,000	942,000	1,201,000
Impairment of oil and natural gas properties	0	1,154,000	0	1,154,000
Operating profit (loss) (before general and administrative expenses):
Operating profit (loss)	399,000	812,000	3,314,000	558,000
Equity in income (loss) of affiliates:
Equity in (loss) income of affiliates	(31,000)	2,200,000	2,125,000	2,616,000
General and administrative expenses	(1,344,000)	(1,709,000)	(5,119,000)	(5,145,000)
Interest expense	(1,000)	(19,000)	(7,000)	(85,000)
Interest income	21,000	17,000	57,000	39,000
(Loss) earnings before income taxes	(956,000)	1,301,000	370,000	(2,017,000)
Oil and natural gas
Revenues:
Revenues	940,000	768,000	3,490,000	2,237,000
Depletion, depreciation, and amortization:
Depletion, depreciation, and amortization	145,000	351,000	672,000	930,000
Impairment of oil and natural gas properties	0	1,154,000	0	1,154,000
Operating profit (loss) (before general and administrative expenses):
Operating profit (loss)	175,000	(1,494,000)	552,000	(2,357,000)
Land investment
Revenues:
Revenues	0	1,775,000	1,678,000	2,255,000
Operating profit (loss) (before general and administrative expenses):
Operating profit (loss)	0	1,775,000	1,678,000	2,255,000
Contract drilling
Revenues:
Revenues	360,000	120,000	3,346,000	1,502,000
Depletion, depreciation, and amortization:
Depletion, depreciation, and amortization	69,000	64,000	205,000	187,000
Operating profit (loss) (before general and administrative expenses):
Operating profit (loss)	(302,000)	(207,000)	534,000	(116,000)
Residential Real Estate
Revenues:
Revenues	0	5,700,000	0	5,700,000
Operating profit (loss) (before general and administrative expenses):
Operating profit (loss)	0	190,000	0	190,000
Other
Revenues:
Revenues	19,000	109,000	88,000	198,000
Depletion, depreciation, and amortization:
Depletion, depreciation, and amortization	20,000	33,000	65,000	84,000
Operating profit (loss) (before general and administrative expenses):
Operating profit (loss)	(1,000)	76,000	23,000	114,000
Intersegment Eliminations
Revenues:
Revenues			0
Gain (Loss) on Sale of Assets
Operating profit (loss) (before general and administrative expenses):
Operating profit (loss)	$ 527,000	$ 472,000	$ 527,000	$ 472,000

ACCUMULATED OTHER COMPREHENSI46

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Changes in foreign currency translation
Beginning accumulated foreign currency translation	$ 858	$ 935	$ 906	$ 819
Change in cumulative translation adjustment before reclassifications	81	(3)	33	113
Income taxes	0	0	0	0
Net current period other comprehensive income (loss)	81	(3)	33	113
Ending accumulated foreign currency translation	939	932	939	932
Changes in retirement plans
Beginning accumulated retirement plans benefit cost	(4,633)	(2,864)	(4,826)	(2,941)
Amortization of net actuarial loss and prior service cost	51	50	244	127
Income taxes	0	0	0	0
Net current period other comprehensive income	51	50	244	127
Ending accumulated retirement plans benefit cost	(4,582)	(2,814)	(4,582)	(2,814)
Accumulated other comprehensive loss, net of taxes	$ (3,643)	$ (1,882)	$ (3,643)	$ (1,882)	$ (3,920)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Percentage of working interest	50.00%
Loss contingency, accrual	$ 2	$ 200

INFORMATION RELATING TO THE C48

INFORMATION RELATING TO THE CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental disclosure of cash flow information:
Interest	$ 6	$ 82
Income taxes refunded, net	(137)	(377)
Oil and natural gas
Supplemental disclosures of cash flow information:
Increase (decrease) in capital expenditure accruals related to oil and natural gas exploration and development	(199)	(89)
Increase (decrease) in capital expenditure accruals related to oil and natural gas asset retirement obligations	$ (62)	$ 123

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)lot	Jun. 30, 2016USD ($)lot
Related party transactions
Revenues - sale of interest in leasehold land	$ 0	$ 1,775	$ 1,678	$ 2,255
Kaupulehu Developments
Related party transactions
Revenues - sale of interest in leasehold land	$ 0	$ 1,775	$ 1,678	2,255
Kaupulehu Developments | KD Kaupulehu, LLLP | Investment in Kukio Resort land development partnerships
Related party transactions
Ownership interest acquired	19.60%		19.60%
Revenues - sale of interest in leasehold land			$ 1,678	$ 2,255
Kaupulehu Developments | KD Kaupulehu, LLLP | Investment in Kukio Resort land development partnerships | Increment II [Member]
Related party transactions
Number of single family lots sold | lot			1	1
Kaupulehu Developments | KD Kaupulehu, LLLP | Investment in Kukio Resort land development partnerships | increment I | Phase II
Related party transactions
Number of single family lots sold | lot				3