Huntway Partners Posts Big 3rd-Quarter Profit Gain

Huntway Partners, L.P., a Newhall refinery operator, said its profit for the third quarter that ended Sept. 30 surged eightfold to $1.36 million, from $160,000 in last year.

The increase was on revenues of $30.8 million, up 13% from $27.3 million in the third quarter a year ago.

For the first nine months of this year, Huntway’s earnings were $471,000, contrasted with a loss of $5.5 million for the first nine months of last year. Revenues for the first three quarters were $74.1 million, up 22% from $60.7 million last year.

The company, which produces certain light fuels such as kerosene distillate and oil for asphalt, said the gains accompanied the rise in wholesale gasoline and diesel prices.

Huntway also announced this month that it is seeking consent from unit holders to file for Chapter 11 bankruptcy protection in order to proceed with a prepackaged debt restructuring plan.