How did BRN's earnings surprise in Q1 2024?

Barnwell Industries (BRN) experienced a decline in prices of all products, resulting in a negative earnings surprise in Q1 2024. 1. **Oil, Natural Gas, and Natural Gas Liquids Price Declines**: The prices of oil, natural gas, and natural gas liquids decreased by 7%, 57%, and 34%, respectively, compared to the prior year period. 2. **Production Increases Not Enough to Offset Price Drops**: Despite a 21% increase in oil production, a 26% increase in natural gas production, and an 80% increase in natural gas liquids production, the decline in prices led to a net loss of $664,000, or $0.07 per share. 3. **General and Administrative Expenses Reductions**: BRN managed to decrease general and administrative expenses by $845,000, or 38%, primarily due to decreases in professional fees, accrued bonus expense, and share-based compensation. However, this reduction was not enough to fully offset the negative impact of the price declines.