Benton’s Losses Increase Despite Revenue Growth
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Benton Oil and Gas Co., an Oxnard energy concern, saw its losses widen to $1.14 million in its first quarter ended March 31, despite revenue more tlehan doubling to $3.76 million.
In the same period a year earlier, Benton lost $748,000 on $1.8 million in revenue.
The company said its total revenue grew in the latest quarter because of growth in oil sales and increased ownership in its Venezuelan project, the start of oil sales from its Russian project and higher returns on other investments. However, Benton’s operating, administrative and interest costs rose sharply for its Venezuelan and Russian projects.
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