Barnwell Industries, Inc. has named Philip F. Patman, Jr. as its new Chief Financial Officer, effective December 31, 2025, following the retirement of long‑time CFO Russell M. Gifford.
Gifford, who joined Barnwell in 1982 and served as CFO since 1985, will retire after more than four decades of service. His departure marks the end of an era of steady financial stewardship during a period of significant portfolio restructuring and asset divestitures.
Patman, who has been Executive Vice President of Finance and a member of the Board of Directors since October 2025, will assume responsibility for the company’s financial planning, reporting, and treasury functions. His background in global finance and capital markets positions him to guide Barnwell through its next phase of focused growth in Canadian oil and gas operations.
Barnwell’s most recent earnings, released on December 19, 2025, reported a net loss of $2.429 million for the fourth quarter and $7.103 million for the fiscal year ended September 30, 2025. The loss widened from the prior year due to higher general and administrative expenses, a loss on the sale of U.S. oil and natural gas working interests, lower commodity prices, reduced production, and weaker land‑investment results. The company’s operating margin contracted as a result of these headwinds, underscoring the financial challenges it faces as it pivots away from U.S. assets.
The company has sold its U.S. oil and gas interests and its water‑well drilling subsidiary, narrowing its focus to core operations in Alberta’s Twining Field and land interests in Hawaii. This strategic shift is intended to streamline the portfolio and concentrate capital on higher‑margin Canadian assets, but it also exposes Barnwell to commodity price volatility and funding risks, as noted in the earnings release’s going‑concern disclosures.
Management highlighted a recent private placement that raised capital to strengthen the balance sheet, support ongoing operations, and pursue strategic initiatives. Patman remarked that the financing “provides additional financial flexibility as we continue to advance operational priorities and evaluate opportunities to enhance long‑term shareholder value.” The board and senior leadership thanked Gifford for his service and expressed confidence in Patman’s ability to navigate the company’s current challenges.
The CFO transition signals Barnwell’s intent to maintain continuity while steering the company through a period of financial uncertainty and strategic realignment. With a new leader at the helm of finance, the company aims to secure the necessary funding, manage cost pressures, and capitalize on its focused Canadian operations, all while addressing the headwinds highlighted in its latest earnings report.
The announcement reflects a material change in leadership that will influence Barnwell’s financial strategy and operational focus, making it a significant event for investors and stakeholders.
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