Warren Resources Q4 Profit Down

(RTTNews) - Warren Resources Inc. (WRES) Thursday reported a drop in profit for the fourth quarter, hurt largely by one-time charge that offset revenue growth.

For the fourth quarter, Warren's profit dropped to $3.7 million or $0.05 per share from $4.0 million or $0.06 per share last year.

Fourth-quarter results were impacted by non-cash losses on commodity derivatives resulting from mark to market accounting of $3.4 million.

Excluding impact of one-time items, fourth quarter profit rose to $7.9 million or $0.11 per share from $5.1 million or $0.07 per share last year.

For the quarter, total revenue increased by 2 percent to $32.6 million from $31.9 million a year ago.

Total operating costs dropped by 13 percent to $24.2 million.