HOUSTON (AP) -- Carrizo Oil & Gas Inc. said Tuesday that its net income in the second quarter jumped almost fourfold as its bets on the prices of the commodities it produces paid off.
But the results were below Wall Street's expectations and the company's shares fell.
Carrizo, based in Houston, made $28.5 million, or 71 cents per share, compared with $7.7 million, or 20 cents per share, a year ago. Taking out gains from hedging and other one-time items, it earned adjusted net income of $10.5 million, or 26 cents per share in the most recent quarter, compared with $9.5 million, or 24 cents per share, a year ago.
Total oil and gas revenue rose to $83.8 million from $50.7 million in the second quarter of 2011.
Analysts expected net income of 35 cents per share on revenue of $89.3 million, according to FactSet.
The company said its revenue grew with higher oil production, which was partially offset by lower gas prices. The fortunes of petroleum companies mostly hang on the price of oil and natural gas. And the second quarter was tough for all of them. Benchmark U.S. crude prices fell 8.8 percent, while natural gas prices were down by 46.2 percent.
Carrizo's production rose 4 percent. The company said production growth would have been substantially higher if not for the sale of some of its natural gas properties in Texas to Atlas Resource Partners LP.
Carrizo shares fell 21 cents to $25.83 in afternoon trading.