H & H Oil Tool Loses $892,000 in 3rd Quarter

H & H Oil Tool Co., citing a downturn in U.S. oil-field drilling, said it lost $892,000 in the third quarter, contrasted with a year-earlier profit of $429,000.

The loss came on a 10% drop in H & H’s revenue in the quarter that ended Sept. 30, to $5.63 million from $6.29 million a year earlier.

The Santa Paula-based provider of energy drilling and production equipment blamed “a sharp decrease in domestic oilfield activity” in the latest quarter, in part because of lower natural-gas prices. H & H’s results also were affected by costs related to its development of a crude-oil recycling system.

In the first nine months of this year, H & H lost $494,000, contrasted with an $831,000 profit a year ago, and its nine-month revenue rose 6%, to $18.1 million from $17.1 million.