Carrizo makes $84M during 3Q

Carrizo Oil & Gas Inc. (Nasdaq: CRZO) earned $83.8 million during the third quarter, up from $4.5 million during the same period a year earlier.

Carrizo, which drills oil and gas wells in Weld County, posted revenue of $196.2 million during the period vs. $144.3 million during the same quarter last year.

The company achieved record oil production of 20,000 barrels of oil per day, a 64-percent increase from the third quarter of last year. Carrizo also posted record total production of nearly 33,600 barrels of oil equivalent per day.

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In Northern Colorado, Carrizo drilled nine wells during the third quarter and completed seven other wells. Oil production totaled 2,300 barrels per day in the region’s Niobrara shale formation during the period, a 5-percent increase from the third quarter of last year.

The company, which operates one rig in Northern Colorado, expected to drill a total of 33 wells this year in the region.

Carrizo shares fell 2 percent to $47.41.