Oklahoma City-based Panhandle Oil and Gas reported $1 million in profits in the second quarter of 2018. It translated to a profit of 6 cents a share. The $1.01 million in profits was down from $3.47 million a year ago when per-share profits were 21 cents.
Revenues fell to $11.4 million from the $14 million reported one year ago.
The company also used cash to pay down nearly 20 percent of its debt in the first seven months of its fiscal year. Its cash flow amounted to $8.8 million. The debt load went from $52.2 million at the beginning of fiscal 2018 to $43.5 million at the end of the second quarter. And by the end of April, the debt stood at $42 million.
Panhandle’s production was up in the second quarter compared to a year ago. Natural gas production increased 21 percent and oil production grew by 24 percent to more than 82,000 barrels.
The company capital investment included $4 million in the Eagle Ford of south Texas and $1.8 million on drilling in the STACK/Cana/SCOOP and southeastern Oklahoma’s Woodford plays.