Benton Oil Reports $666,269 Loss in Quarter
Benton Oil & Gas Co., an Oxnard energy concern, reported a large third-quarter loss on a steep drop in revenue, which it said was mostly due to reduced natural gas sales and lower oil prices.
In the quarter that ended Sept. 30, Benton lost $666,269, while its revenue shrank by 36%, to $1.99 million. A year before, the company earned $65,322 on $3.09 million in revenue.
Benton’s nine-month loss totaled $1.73 million, in contrast with a year-earlier profit of $305,920. Its revenue was $6.63 million, a 21% decline from $8.36 million in revenue in the 1991 period.
The company said reductions in interest income and revenues from partnership formation and management activities also hurt its results in the latest period.
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