Benton Oil & Gas Losses Grow, Revenues Decline
Benton Oil & Gas Co., an Oxnard-based energy concern, saw its losses widen in the second quarter and first half of 1993, while its revenues declined.
In the three months that ended June 30, Benton lost $728,000, in contrast with a year-earlier loss of $570,000. Its revenue fell 33%, to $1.63 million from $2.45 million.
Benton said its revenue and cash flow in the latest quarter declined largely because of reduced natural gas sales. Also included in the results was a $294,000 loss from the company’s interest in its Venezuelan joint oil-drilling venture.
For the six months, Benton lost $1.48 million, while its revenue shrank by 27%, to $3.37 million. In the comparable 1992 period, the company lost $1.06 million on $4.64 million in revenue.
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