Benton Oil and Gas Co., an Oxnard-based independent energy concern, reported a $748,000 first-quarter loss as its revenue declined 21% from a year earlier.
Benton's loss in the three months that ended March 31 compared with a loss of $491,000 in the first quarter a year ago. Revenue fell to $1.7 million from $2.2 million.
Benton blamed the fall in revenue on a reduction in natural gas sales that resulted from the divestiture of natural gas properties in California. The divestiture was intended to allow Benton to focus on its core domestic and international properties.
The company operates domestically in the Gulf Coast region of Louisiana and overseas in the West Siberia region of Russia and the eastern region of Venezuela.