H H Oil Tool Co Inc

H & H Oil Tool Co., citing a downturn in U.S. oil-field drilling, said it lost $892,000 in the third quarter, contrasted with a year-earlier profit of $429,000. The loss came on a 10% drop in H & H's revenue in the quarter that ended Sept. 30, to $5.63 million from $6.29 million a year earlier. The Santa Paula-based provider of energy drilling and production equipment blamed "a sharp decrease in domestic oilfield activity" in the latest quarter, in part because of lower natural-gas prices.

H&H Oil Tool Co. said completion work on several Rocky Mountain wells and cost-cutting measures helped it turn a first-quarter profit of $349,000, compared with a $491,000 net loss a year ago. The Santa Paula-based company rents equipment to oil, gas and geothermal companies. H&H said it managed the profit for the three months that ended March 31 despite a 5% drop in revenue, to $4.4 million from $4.9 million.

H&H Oil Tool Co., citing continued cost reductions, eked out a small profit in the third quarter ended Sept. 30, contrasted with a year-earlier loss of $892,000. The Santa Paula-based company, which rents drilling and other equipment to the energy industry, said its quarterly net income of $33,000 came on revenue of $5.15 million, down 8% from $5.63 million a year earlier.

After watching their first-quarter earnings tumble along with crude oil prices, several local oil companies are expecting their sales to rise now that crude prices have started to climb. Crude oil prices have risen from $18 a barrel in mid-February to nearly $21 as of Friday, and that will help Fortune Petroleum Corp. of Agoura Hills and Benton Oil & Gas Co. of Oxnard--as well as H & H Oil Tool Co. in Santa Paula, which provides equipment to the industry.

H & H Oil Tool Co. Inc. in Santa Paula reported a profit for 1990, despite a loss in the fourth quarter. The company, which rents drilling equipment to oil companies, said the 1990 results benefited from increased oil field and natural gas drilling and from its 1989 acquisition of Midway Fishing Tool Co. It blamed the fourth-quarter loss on research and development costs on a process for separating crude oil residues. In the fourth quarter that ended Dec.

The California Air Resources Board on Thursday approved Ventura County's air pollution control plan, which has a goal of reducing the emission of pollutants by 5% a year to edge toward state health standards. On an 8-1 vote, the board ratified the plan after listening to 7 1/2 hours of testimony from business leaders who called the clean-air plan too restrictive and an environmental attorney who said it was too lax.

The Patriot missile's direct hits in knocking out Iraqi weapons in the Gulf War are being directly felt in the San Fernando Valley. In Chatsworth, for example, Datametrics Corp. makes rugged computer printers for the Patriots' launching trucks, providing soldiers with messages and computer data. The company expects demand for the Patriot, which is built by Raytheon Co.