MIDLAND, Texas—Oil and natural-gas producer Clayton Williams Energy Inc. said Tuesday it swung to a profit in the first quarter on higher prices and greater production.
Net income for the three months ended March 31 was $7.2 million, or 62 cents per share, compared with a loss of $12.3 million, or $1.09 per share, in the year-earlier period.
Revenue jumped to $136.9 million from $72.5 million.
Oil and natural-gas sales rose 92 percent during the quarter.
Average realized gas prices increased 28 percent to $8.86 per thousand cubic feet from $6.91 per thousand cubic feet in the same quarter of 2007, while oil prices increased 75 percent to $96.37 per barrel from $55.21 per barrel in the 2007 period.
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