H & H Oil Tool Reports Rebound in 4th Quarter

H & H Oil Tool Co., a Santa Paula firm that rents drilling equipment to oil and gas companies, reported a fourth-quarter profit of $579,000, rebounding from a loss of $827,000 in the same quarter a year earlier.

Revenue for the quarter that ended Dec. 31 rose 8% to $5.88 million, from $5.44 million a year earlier. The company attributed the financial turnaround to strong prices for natural gas, which resulted in increased drilling, production and work-over activity.

The latest quarterly results boosted the company’s 1993 profit to $1.55 million. In 1992, the company lost $1.76 million, due to the write-off of its environmental project. Revenue in 1993 increased 9% to $21.7 million, from $19.9 million in 1992.