Benton Oil’s Net Income Falls 39% in 4th Quarter
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Benton Oil & Gas Co., an Oxnard-based energy concern, reported that its net income fell 39% in the fourth quarter ended Dec. 31, to $205,741 from $336,906 a year earlier.
Its revenue was up 26%, to $3.15 million from $2.5 million.
Benton’s full-year profit was $511,662, more than triple the $159,444 that it earned in 1990. Revenue totaled $11.5 million, compared with $4.68 million in revenue for 1990.
The company said oil and gas prices declined in 1991 from 1990, but its revenue and profit increased for the year because of its expanded development activities.
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