H&H; Oil Tool’s Profit Slides in 1st Quarter

H&H; Oil Tool Co. Inc., a Santa Paula firm that rents drilling and other equipment to the oil and gas industries, said its first-quarter profit fell sharply on a 4% decline in revenue.

For the three months ended March 31, the company earned $8,000, compared with a profit of $349,000 a year earlier. Its latest quarterly revenue dropped to $5.15 million from $5.35 million. The company attributed the lower earnings to higher expenses for new personnel and increased equipment purchases.