Carrizo Oil & Gas idles Colorado drilling rig

Officials for Carrizo Oil & Gas Inc. (Nasdaq: CRZO) said Thursday in their second-quarter earnings report that the firm has laid down the drilling rig it was operating in Colorado and does not plan additional operated drilling or completion activity in the Niobrara shale play for the rest of 2015.

Houston-based Carrizo reported record overall production of more than 36,000 barrels of oil equivalent per day in the second quarter even as continued sagging crude prices led to a decline in revenue from $193.5 million for the same period a year ago to $123.5 million this year. The company saw a net loss of $46.1 million, or 90 cents per diluted share in the second quarter, compared to a profit of $2.3 million, or 5 cents per share a year ago.

Locally, crude oil production in the Niobrara averaged 2,600 barrels per day, an increase of 11 percent over the first quarter. The company drilled five gross operated wells and completed three gross operated wells.

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The company’s costs for completed wells continue to decrease as service costs decline and efficiency increases. The company expects completed well costs in the play to average $2.8 million compared to $3.1 million previously.

The company added 1,900 acres in the Niobrara play, giving the firm 36,200 net acres.

Carrizo’s share price was mostly steady Thursday, up 45 cents to $36.89 in late afternoon trading.