Huntway Partners’ Profits Hit $3.4-Million in Quarter

Huntway Partners L.P., a Valencia-based oil and gas company, said improved operating margins, higher asphalt prices and reduced costs from restructuring debt boosted its third-quarter profit to a record $3.4 million despite a 6% drop in revenue.

In last year’s third quarter, Huntway posted a $6-million net loss.

Revenue in the three months ended Sept. 30 fell to $29.5 million from $31.4 million in the year-earlier period.

For the nine months, Huntway’s loss widened, to $19.8 million from $10.9 million a year ago. Revenue rose 4%, to $80.7 million from $77.7 million.

Huntway blamed its wider nine-month loss on non-recurring charges of $19 million related to mothballing its Arizona refinery and $2.9 million in connection with restructuring the company’s debt.