H & H Oil Tool Posts Loss of $491,000 in 1st Quarter

H & H Oil Tool Co., citing an industrywide downturn in oil and gas operations, posted a $491,000 first-quarter loss compared with a year-earlier profit of $385,000.

The Santa Paula-based company, which rents equipment to the energy industry, said the loss in the quarter that ended March 31 came on a 22% drop in its revenue, to $4.97 million from $6.35 million a year ago.

H & H Oil Tool President Henry Rushing said that although a “decline in oil field activities” resulted in the first-quarter loss, “the fact that oil and natural-gas prices appear to be increasing may be a positive sign.”