Warren Resources, Inc. (WRES) reported its first quarter 2013 net income of $2.8 million, or $0.04 per share, compared to net income of $3.8 million, or $0.05 per share in the first quarter of 2012.
The latest-quarter result included a loss on derivative financial instruments of $1.6 million. The prior year result included a loss on derivative financial instruments of $0.9 million.
Warren's oil and gas revenues increased 9% to $30.8 million in the first quarter of 2013, compared to $28.4 million in the first quarter of 2012. This increase primarily resulted from increased oil and gas production in the first quarter of 2013 compared to the first quarter of 2012.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share on revenues of $31.20 million. Analysts' estimates typically exclude special items.
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