Huntway Partners Loses $1.08 Million in Quarter
Huntway Partners L.P., a Valencia crude-oil processor, said that rising crude oil prices and lagging products sales resulted in its second-quarter loss of $1.08 million.
In the same quarter a year earlier, Huntway lost $20.2 million, including a $16-million charge from the shutdown of its Arizona refinery.
Huntway’s revenue in the quarter ended June 30 was $19.3 million, down 34% from $29.3 million in revenue in the second quarter of 1993.
For the six months, Huntway lost $2.03 million, compared with a loss of $23.1 million a year before. Its first-half revenue fell 36%, to $32.9 million from $51.2 million.
Huntway also said that because of earthquake damage at its Valencia offices, it will move its headquarters to Newhall by mid August.
The oil Huntway processes is used to make asphalt.