Benton Oil Reports Loss in 4th Quarter

Benton Oil & Gas Co., citing lower oil prices, reported a fourth-quarter loss of $1.18 million on a 37% drop in revenue compared with a year earlier.

The Oxnard-based energy concern said the loss in the quarter that ended Dec. 31 compared with a year-earlier profit of $205,000. Revenue fell to $2 million from $3.15 million.

Benton said that in addition to lower oil prices, reduced natural-gas sales and lower fee income related to its partnerships contributed to the declines.

For all of 1992, Benton lost $2.91 million, compared with net income of $511,662 in 1991, and its annual revenue fell 25%, to $8.63 million from $11.5 million.