Newhall Resources Earns $539,000 in 2nd Quarter

Newhall Resources reported that it earned $539,000, or 12 cents per partnership unit, in its second quarter ended June 28. The results compare to a loss of $124,000, or 3 cents per partnership unit, a year ago when the oil and gas partnership wrote down the value of some of its oil and gas fields by $1.1 million.

Revenue fell 53% in the quarter to $1.1 million because of reduced oil and gas prices, the company reported.

For the six months, the partnership had net income of $1.3 million, or 29 cents per partnership unit, down 11% from $1.4 million, or 33 cents per partnership unit, a year earlier. Revenue fell 55% to $2.3 million.