H&H; Oil Tool Co. Reports Earnings Drop to $13,000

H&H; Oil Tool Co. Inc., a Santa Paula company that rents oil drilling and production equipment, reported that its earnings plunged to $13,000 in the second quarter that ended June 30 as domestic oil field activity declined. A year earlier, H&H; earned $394,000.

The lower earnings came despite an 8% gain in the company’s revenue, to $6.13 million from $5.68 million.

In the six months that ended June 30, H&H;’s profit slipped 1%, to $398,000 from $402,000 in the same period a year before. Six-month revenues totaled $12.5 million, up 15% from $10.8 million.