Newhall Reports Profit Despite Sinking Revenue

Sinking oil and gas prices lowered Newhall Resources’ revenue by 9% last year but the Valencia-based oil-and-gas partnership enjoyed a 2% increase in earnings because of reduced expenses.

For 1985, Newhall Resources’ net income was $5.7 million, or $1.31 per partnership unit, on revenue of $13.3 million.

In a statement, James F. Dickason, Newhall Resources’ general partner, said oil prices fell 3.5% and gas prices declined 12% last year. But, Dickason said, “reduced dry-hole costs and other expenses resulted in higher earnings.”

For the fourth quarter, net income was $1.2 million, or 27 cents a unit, on revenue of $3.4 million. For the 1984 fourth quarter, Newhall Resources lost $96,000, or 2 cents a unit, on revenue of $3.8 million.