Carrizo Oil & Gas 1Q loss widens on charges, expenses

Carrizo Oil & Gas Inc., which produces petroleum in Texas and Louisiana, said Thursday its first-quarter loss widened as one-time charges and expenses offset increased prices and record high revenue.

For the three months ended March 31 the company's net loss widened to $5.3 million, or 18 cents per share, compared with $2.5 million, or 10 cents per share, in the year-earlier quarter.

But excluding one-time charges for derivatives losses, stock-based compensation and bad debt expenses, Carrizo'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. Such estimates typically exclude one-time charges and gains.

Revenue more than doubled to $53.6 million from $22.6 million. Analysts expected revenue of $49.8 million.

Carrizo achieved record production of 6.33 billion cubic feet of oil equivalent, 98 percent higher than production in the year-earlier quarter.

Carrizo's average oil sales price increased 71 percent to $96.10 per barrel from $56.23 during the first quarter of 2007. The average natural gas price increased 19 percent 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.