Benton Oil Posts Profits of $1.83 Million for 3rd Quarter

Benton Oil and Gas Co., the Oxnard-based energy concern, reported a dramatic surge in earnings in the third quarter that ended Sept. 30, reversing a hefty year-earlier loss.

The company posted profits of $1.83 million in the third quarter, compared to a $1.21-million loss in the same three-month period of 1993. Revenues soared to $9.57 million from $1.7 million a year earlier.

For the first three quarters, the company reported earnings of $1.83 million on revenues of $21.7 million, compared to a year-earlier loss of $2.69 million on $5.43 million in revenues.

Alex E. Benton, chief executive of the company, attributed the improved results to the success of the company’s operations in the Gulf Coast region of Louisiana and in Venezuela. Domestic natural gas sales totaled 700 million cubic feet for the third quarter, compared to 58 million cubic feet during the same quarter last year. Sales from the company’s Venezuelan operations totaled 660,000 barrels in the third quarter, compared to 95,000 barrels during the same period in 1993.