The Company reported net income from continuing operations of $2.5 million, or $0.06 per basic and diluted share for the three months ended March 31, 2013, as compared to net income from continuing operations of $10.7 million, or $0.27 per basic and diluted share for the first quarter of 2012. Included in net income of $26.2 million for the first quarter of 2013 was $23.7 million, net of income taxes, related to a gain on the sale of Carrizo UK Huntington Ltd, a wholly owned subsidiary of the Company, and all of its interest in the Huntington Field discovery. The sale closed on February 22, 2013.
Earnings before interest, income tax, depreciation, and depletion and amortization, as described in the consolidated statements of income included below ("EBITDA"), was $93.3 million, or $2.35 and $2.31 per basic and diluted share, respectively, during the first quarter of 2013, as compared to $70.2 million, or $1.78 and $1.76 per basic and diluted share, respectively, during the first quarter of 2012.
Lease operating expenses were $10.2 million ($4.26 per Boe) for the three months ended March 31, 2013 as compared to lease operating expenses of $8.4 million ($3.64 per Boe) for the same period in 2012. The $1.8 million increase in lease operating expenses is primarily due to increased production from new wells partially offset by the sale of Barnett properties to Atlas Resource Partners, L.P. ("Atlas") on May 1, 2012. The increase in operating cost per Boe is primarily due to the higher operating cost per Boe associated with the increased oil production.
Production taxes were $4.5 million (or 4.0% of oil and gas revenues) for the three months ended March 31, 2013 as compared to $3.1 million (or 3.8% of oil and gas revenues) for the same period in 2012. The increase in production taxes is due primarily to increased oil production. The increase in production taxes as a percentage of oil and gas revenues was primarily due to increased oil production, which has a higher effective production tax rate as compared to our natural gas production.
Ad valorem taxes decreased to $1.9 million ($0.78 per Boe) for the three months ended March 31, 2013 from $3.6 million ($1.56 per Boe) for the same period in 2012. The decrease in ad valorem taxes is due primarily to the sale of Barnett properties to Atlas and the Commonwealth of Pennsylvania's February 2012 enactment of an "impact fee" on the drilling of unconventional natural gas wells recognized in the first quarter of 2012, partially offset by an increase in ad valorem taxes for new wells drilled in 2012. Because of the retroactive nature of the impact fee, approximately $1.1 million of the impact fee recognized during the first quarter of 2012 was attributable to wells drilled prior to 2012.
General and administrative expense was $8.3 million during the first quarter of 2013 as compared to $6.5 million during the same period in 2012. The increase was primarily due to increased compensation costs related to an increase in personnel in the first quarter of 2013 as compared to the same period of 2012.
Depreciation, depletion and amortization ("DD&A") expense for the first quarter of 2013 increased $14.0 million to $45.6 million ($19.04 per Boe) from the DD&A expense for the first quarter of 2012 of $31.6 million ($13.66 per Boe). The increase in DD&A is attributable to both the increase in production and an increase in the DD&A rate per Boe. The increase in the DD&A rate per Boe is largely due to the impact of the significant decrease in natural gas reserves in the Barnett as a result of the Atlas sale as well as the significant increase in crude oil reserves in the Eagle Ford that were added throughout 2012, which have a higher finding cost per Boe than our natural gas reserves.
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