Carrizo Oil & Gas, Inc. (CRZO) Monday reported a narrower loss in the second quarter, despite a decline in revenue. On a per share basis, adjusted earnings decreased year-over-year, hurt chiefly by lower oil and natural gas prices amid a sagging economy.
For the second quarter, net loss narrowed to $6.02 million or $0.19 per share from $12.78 million or $0.42 per share reported in the corresponding quarter last year.
Results for the quarter included an unrealized mark-to-market loss on natural gas derivatives of $25.29 million, realized gain on derivatives of $22.99 million, stock compensation expense of $2.3 million apart from other one-time costs.
Excluding items, net income available to common shares dipped to $12.89 million or $0.41 a share from $17.03 million or $0.55 a share in the year-ago period.
On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the second quarter. Analysts' estimates typically exclude special items.
Revenues for the period plunged to $25.84 million from $64.79 million, primarily on account of much lower realized oil and gas prices.
Adjusted revenues from the sale of oil and natural gas production were $48.8 million, which included oil and gas revenues of $25.9 million and realized hedge settlements of $23.0 million, down from $56.0 million for the year-ago quarter.
Ten analysts were expecting revenues of $43.80 million for the second quarter.
Carrizo noted that its average oil sales price dropped 50% to $56.95 per barrel from $113.90 per barrel in the past year. The average natural gas sales price fell 30% to $6.08 per thousand cubic feet, or Mcf, from $8.68 per Mcf in the same period last year.
Production volumes rose 29% to 7.89 billion cubic feet equivalent, or Bcfe, from 6.10 Bcfe, because of new production contributions from Barnett Shale development.
For the six-month period, net loss widened sharply to $130.20 million or $4.21 per share from $18.07 million or $0.61 per share in fiscal 2008. Adjusted net income available to common shares slid to $27.75 million or $0.89 a share from $30.95 million or $1.03 a share in the past year. Revenues more than halved to $56.51 million from $118.35 million.
CRZO is currently trading at $20.94, up $0.42 or 2.05%, on the NASDAQ.
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