Newhall Resources Shows 21% Income Decline

Newhall Resources reported a 21% decline in net income on a 40% drop in sales for its third quarter ended Sept. 27, contrasted with the corresponding period a year ago.

The Valencia-based oil and gas exploration firm reported net income for the quarter of $163,000, or 4 cents a partnership unit, against $207,000, or 5 cents a unit, a year earlier. Revenue was $1.2 million.

For the nine months, the company reported a 12% drop in net income, to $1.4 million, or 33 cents a unit, from the equivalent period a year earlier. Revenue was down 50%, to $4 million.

The company, which is a limited partnership, attributed the decline to lower production and a write-down on a Louisiana well.