(RTTNews) - Monday, upstream oil company, Carrizo Oil & Gas, Inc. (CRZO: News ), reported a loss for the third quarter as revenues plummeted, impacted by lower oil and gas prices that more than offset an increase in production. Adjusted earnings for the quarter came in above analysts expectations, while revenues fell short.

The Houston, Texas-based company's third quarter net loss was $4.79 million or $0.15 per share, compared with net income of $65.71 million or $2.12 per share last year. The prior year results were indicated as adjusted for adoption of new accounting guidelines related to convertible debt instruments.

On adjusted basis, net income declined to $11.72 million or $0.37 per share from $17.57 million or $0.57 per share in the same period last year. The adjustments include a mark-to-market loss of $20.71 million compared with a mark-to-market gain of $76.36 million last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings per share of $0.26 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly oil and natural gas revenues dropped to $27.3 million from $55.5 million in the prior year period. The Street anticipated revenues of $42.21 million for third quarter.

Carrizo's third quarter operating loss was $1.87 million, down from $25.33 million in the prior year period. EBITDA dropped to $33.11 million or $1.05 per share from $42.21 million or $1.36 per share for the year earlier period.
Third quarter production volumes rose 37% to 8.21 billion cubic feet equivalent or Bcfe from 5.98 Bcfe in the year earlier period mainly due to a significant rise in natural gas production volumes of 7.95 billion cubic feet or Bcf from 5.72 Bcf a year-ago. The company attributed the rise in production volumes to new production contributions from Barnett Shale development.

Average realized oil and condensate with hedge impact was $66.25 per barrel, down from $114.16 per barrel and average natural gas sales price including hedge impact declined to $5.43 per thousand cubic feet from $9.05 a year-ago.

For the nine-month period, net loss was $136.36 million or $4.40 per share, compared to net income of $47.64 million or $1.56 per share for the same period last year. Adjusted net income dropped to $35.10 million or $1.12 per share from $48.46 million or $1.59 per share a year earlier.

Oil and gas revenues for the nine months slipped to $83.78 million from $173.90 million for the year-ago period.

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