Newhall Resources Cites Quarterly Loss of $129,000

Newhall Resources posted a $129,000 loss for the fourth quarter, largely because of a $477,000 write-down in the value of its energy properties.

Newhall Resources is a Valencia-based oil and gas partnership whose units are publicly traded. The partnership’s loss in the quarter ended Dec. 27 compared with net income of $278,000, or six cents per unit, a year earlier. Revenue fell to $1.26 million from $1.76 million.

For the full year, Newhall Resources’ profit fell 31% to $1.32 million, or 30 cents per unit, from $1.92 million, or 44 cents per unit, the previous year. Annual revenue skidded to $5.3 million from $9.7 million.

Newhall Land & Farming, a real estate and agricultural concern also based in Valencia, recently made a revised offer to buy Newhall Resources for $30.7 million. Newhall Land initially offered $33 million for the company last October, but lowered its bid after the size of Newhall Resources’ energy reserves was revised downward.

Newhall Resources was created in 1983 when Newhall Land spun off its oil and gas properties into a separate entity.