Benton Oil & Gas Loses $4.83 Million...
Benton Oil & Gas Loses $4.83 Million in 1993
Benton Oil & Gas Co., an Oxnard energy concern, reported large losses for its fourth quarter and all of 1993.
The company’s loss in the three months ended Dec. 31 totaled $2.14 million, compared to a $1.18-million loss a year earlier. Its quarterly revenue rose 8%, to $2.16 million from $2 million.
For the year, Benton lost $4.83 million, while revenue fell 9%, to $7.81 million. In 1992, the company lost $2.91 million on $8.63 million in revenue. It said the decrease in revenue was primarily due to lower domestic oil and gas production. It also noted that in 1993 domestic oil prices declined by about 5%.
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