Carrizo reports loss
Houston-based Carrizo Oil & Gas reported a first-quarter loss that
widened to $5.3 million compared with $2.5 million during the same time last
year.
The company’s adjusted net income rose to $14.5 million, or 49 cents per
share, compared with adjusted profit in last year's first quarter of $3.3
million, or 13 cents per share.
Analysts polled by Thomson Financial expected, on average, earnings per
share of 38 cents.
Revenue more than doubled to $53.6 million from $22.6 million.
Analysts expected revenue of $49.8 million, said the Associated Press.
Carrizo achieved record production of 6.33 billion cubic feet of oil
equivalent, 98% higher than production in the year-earlier quarter.
Carrizo's average oil sales price increased 71% to $96.10 per barrel from
$56.23 during the first quarter of 2007.
The average natural gas price increased 19% to $8.06 per thousand cubic feet
compared with $6.76 in the first quarter of 2007.
These prices exclude the cash effect of hedging.
The company produces petroleum in Texas and Louisiana.
08 May 2008 17:06 GMT
| last updated:
08 May 2008 17:23 GMT
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