Carrizo’s Q4 Profit Exceeds Estimates

10 March 2010 (Last Updated March 10th, 2010 18:30)

Carrizo Oil & Gas reported a fourth-quarter adjusted profit, surpassing estimates, aided by an increase in production volumes and partially offset by lower realised oil and natural gas prices. The company's revenues rose 4% to $37.5m while its earnings were 37¢ per share ag

Carrizo Oil & Gas reported a fourth-quarter adjusted profit, surpassing estimates, aided by an increase in production volumes and partially offset by lower realised oil and natural gas prices.

The company's revenues rose 4% to $37.5m while its earnings were 37¢ per share against estimates of 32¢.

Analysts expected earnings of 32¢ a share before items, on revenues of $48.3m, according to Thomson Reuters.

Carrizo posted a net loss for the last quarter of 2009 at $68.5m, compared with a loss of $92.7m in the same quarter last year.

The company's quarterly production was up 20% to 8.7 billion cubic feet equivalent, due to new production contributions from the Barnett Shale development.