Benton Oil Net Slides 87% for 3rd Quarter
Benton Oil and Gas Co., an Oxnard-based energy concern, said its third-quarter net income dropped 87% despite a doubling of revenue compared to the same period last year.
For the three months ended Sept. 30, Benton earned $65,322 compared to $503,068 last year, while revenue jumped to $3.1 million from $1.5 million a year earlier.
For the first nine months of the year, the company earned $305,920 compared to a year-earlier loss of $177,462. Revenues during the nine-month period nearly quadrupled to $8.36 million from $2.16 million last year.
The company attributed the higher revenues to growth in its oil and gas operations, due mainly to the acquisition and development of energy interests in the West Cote Blanche Bay Field in Louisiana and properties in California.
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