Abraxas Petroleum Corp. (AXAS) Wednesday reported a profit for the first quarter compared to a loss last year, on higher revenues.
The San Antonio, Texas-based company's first-quarter net profit was $817 thousand or $0.01 per share, compared to a net loss of $10.02 million or $0.12 per share last year.
Adjusted net income for the quarter rose to $1.69 million or $0.02 per share from $959 thousand or $0.01 per share in the prior-year quarter. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $16.39 million from $13.85 million in the prior-year quarter. Seven analysts had a consensus revenue estimate of $18.89 million for the quarter.
Total Production of crude oil equivalent for the quarter increased to 347.1 Mboe from 330.3 Mboe last year.
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