Benton Oil & Gas Loss Widens to $1.21 Million
Benton Oil & Gas Co., an Oxnard energy concern, reported that its losses widened in the third quarter and nine months ended Sept. 30, while its revenues fell sharply.
In the latest quarter, Benton lost $1.21 million, in contrast with a loss of $666,269 a year earlier. Its revenue dropped 32%, to $1.36 million from $1.99 million.
The company blamed the third-quarter loss and revenue decline on lower domestic oil production and lower oil prices.
For the nine months, Benton lost $2.69 million, while its revenue plummeted 29% to $4.73 million. In the comparable period of 1992, the company lost $1.73 million on $6.63 million in revenue.
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