H&H Oil Tool Co. Inc., the Santa Paula-based provider of energy equipment, reported a loss of $827,000 for the fourth quarter ended Dec. 31, citing a charge of $1.2 million for shutting down a year-old project that separates crude oil residues into recyclable, environmentally safe components.
In the fourth quarter of 1991, the company lost $655,000, part of which was attributed to the research and development of the project called Enhanced Oil Recycling Inc. H&H Oil said in early February that it was suspending the project because it was not profitable.
