Today Panhandle Oil and Gas, Inc. said that its fourth-quarter profit sunk by 96 percent due to supply expansion driving down energy prices.
The oil and natural gas producer reported net income of $343,376, or 4 cents a share, in the three months ending Sept 30. That’s compared with $8.78 million, or $1.04 per share in during the same time last year.
For the full year, Panhandle posted a loss of $2,405,021, or 29 cents per share.
In after-hours trading, stocks of Panhandle rose 2 cents to $23.04.
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