Newhall Writedown Prompts Revised Statement
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In a restatement of financial results prompted by $1.1 million writedown on oil and gas fields, Newhall Resources reported a second-quarter loss of $124,000 instead of the $976,000 profit it previously announced.
In last year’s second quarter, the Valencia-based oil and gas partnership produced earnings of $1.6 million.
The new figure represents a loss of 3 cents per share, versus previously reported earnings of 22 cents per share and year-ago earnings of 37 cents.
Second-quarter revenue of $2.7 million, down from $3.2 million last year, was not restated.
Newhall said the $1.1-million writedown was due to the recent decline in oil and gas prices. The firm said it expects earn a profit in its third and fourth quarters.
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