Carrizo Oil & Gas Inc. has reported a 43 percent profit decline in its second quarter.
Sharply higher costs offset modest revenue growth to cause the net income of the company to drop to $2.6 million from $4.5 million.
Earnings totaled 9 cents per share in the recent quarter. Though revenue edged higher to $16.5 million from $16.4 million from the previous year, total costs and expenses climbed to as much as $13.5 million.
Though the company's oil production volume slide to 42,645 barrels from 60,326 barrels in the 2005 quarter, its average oil price continued to jump from $55.07 to $66.35.
Natural gas production rose and so did Carrizo's average gas price to $6.88 per thousand cubic feet per share.
Production fell from the first-quarter levels due to mechanical problems, natural reserve declines and pipeline infrastructure delays.
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