Ouch: Toreador reports larger loss and lower production.
Toreador cash takes a hit for quarter
US-listed junior Toreador Resources saw its loss widen in the first quarter as the company experienced a drop in the average price received for its French oil production.
The company also said its revenue decline is tied to an overall decline in oil production.
Toreador posted a loss available to common shares of $10.9 million, or 54 cents per share, compared to a loss of $4.4 million, or 22 cents per share, in the year-ago period.
Meanwhile the company’s revenue fell to $3.4 million, which is down from $8.9 million during the same period last year.
Toreador boss Craig McKenzie, said the company has managed to cut its costs and debt, in a Dallas Business News report.
Toreador is in the process of moving its headquarters from Dallas to Paris.