Carrizo Oil & Gas, Inc. (Nasdaq:CRZO) today
announced the Company’s financial results for the second quarter of
2017 and provided an operational update, which includes the
following highlights:
- Crude oil production of 33,629 Bbls/d, 40% above the
second quarter of 2016
- Total production of 51,019 Boe/d, 23% above the second
quarter of 2016
- Net income of $56.3 million, or $0.85 per diluted
share, and Net Cash Provided by Operating Activities of $102.7
million
- Adjusted Net Income of $20.0 million, or $0.30 per
diluted share, and Adjusted EBITDA of $111.9
million
- Previously-announced acquisition of Delaware Basin
properties remains on track to close by mid-August
Carrizo reported second quarter of 2017 net
income of $56.3 million, or $0.86 and $0.85 per basic and diluted
share, respectively, compared to a net loss of $262.1 million, or
$4.46 per basic and diluted share in the second quarter of 2016.
The net income for the second quarter of 2017 and net loss for the
second quarter of 2016 include certain items typically excluded
from published estimates by the investment community. Adjusted net
income, which excludes the impact of these items as described in
the non-GAAP reconciliation tables included below, for the second
quarter of 2017 was $20.0 million, or $0.30 per diluted share
compared to $17.1 million, or $0.29 per diluted share in the second
quarter of 2016.
For the second quarter of 2017, Adjusted EBITDA
was $111.9 million, an increase of 15% from the prior-year quarter
due to higher production volumes and commodity prices, partially
offset by lower cash receipts for derivative settlements. Adjusted
EBITDA and the reconciliation to net income (loss) are presented in
the non-GAAP reconciliation tables included below.
Production volumes during the second quarter of
2017 were 4,643 MBoe, or 51,019 Boe/d, an increase of 23% versus
the second quarter of 2016. The year-over-year production growth
was driven by drilling activity in the Eagle Ford Shale and
Delaware Basin, the addition of production from the Sanchez
property acquisition in late 2016, and an increase in Marcellus
Shale production given improved netbacks. Crude oil production
during the second quarter of 2017 averaged 33,629 Bbls/d, an
increase of 40% versus the second quarter of 2016; natural gas and
NGL production was 74,451 Mcf/d and 4,982 Bbls/d, respectively,
during the second quarter of 2017. Second quarter of 2017
production exceeded the high end of Company guidance.
Drilling and completion capital expenditures for
the second quarter of 2017 were $148.4 million. More than 85% of
the second quarter drilling and completion spending was in the
Eagle Ford Shale, with the balance weighted towards the Delaware
Basin and Niobrara Formation. Land and seismic expenditures during
the quarter were $34.4 million, and were primarily focused in the
Permian Basin and Eagle Ford Shale.
The Company's planned acquisition of Delaware
Basin properties from ExL Petroleum Management, LLC (“ExL”) remains
on track to close by mid-August. While Carrizo continues to be
pleased with the performance of the wells on the properties, ExL
has encountered some operational delays, and Carrizo now expects
fewer wells to be online at closing as compared to its previous
guidance. Additionally, as the Company has continued to conduct its
due diligence on the land and associated drilling requirements, it
has confirmed that the leasehold obligations post closing are not
burdensome. As a result, Carrizo has elected to adjust its
near-term development plan on the acreage. The Company now plans to
release and replace the existing rigs on the acreage earlier than
previously planned. While Carrizo believes this will reduce costs
and enhance the returns of its development program on the acreage,
the adjusted timing is also expected to result in fewer wells being
drilled and completed between closing and year-end. As a result of
the updated development plan, Carrizo now expects six fewer gross
operated wells on these assets to be on production by year-end 2017
relative to its previous guidance.
Primarily as a result of the updated drilling
and completion plan on the ExL properties, the Company is reducing
its 2017 drilling and completion capital expenditure guidance to
$590-$610 million from $620-$640 million previously. The Company is
no longer providing guidance for land and seismic capital
expenditures given the limited visibility and highly discretionary
nature of this spending.
Based on the changes to the planned drilling and
completion schedule, Carrizo is decreasing its 2017 oil production
guidance to 34,600-34,800 Bbls/d from 35,700-36,000 Bbls/d
previously. Using the midpoint of this range, the Company’s 2017
oil production growth guidance equates to 35%. For natural gas and
NGLs, Carrizo is adjusting its 2017 guidance to 81-83 MMcf/d and
5,900-6,000 Bbls/d, respectively, from 80-84 MMcf/d and 5,900-6,100
Bbls/d, respectively. For the third quarter of 2017, Carrizo
expects oil production to be 35,400-35,800 Bbls/d, and natural gas
and NGL production to be 73-77 MMcf/d and 5,900-6,100 Bbls/d,
respectively. A full summary of Carrizo’s guidance is provided in
the attached tables.
S.P. “Chip” Johnson, IV, Carrizo’s President and
CEO, commented on the results, “The second quarter was an eventful
one for Carrizo as we announced the largest acquisition in our
history, approximately 16,500 net acres in the core of the Delaware
Basin. Once the acquisition closes later this month, we will hold
positions of scale in the core of two of the highest-return plays
in North America, the Eagle Ford Shale and Delaware Basin.
“With the scale we now expect to have in these
two plays, our plan is to focus our activity on these regions. As a
result, we currently have active divestiture processes for our
assets in the Marcellus, Utica, and Niobrara. We believe the
resulting streamlined portfolio should lead to improved long-term
returns from our development program as well as at the corporate
level.
“Given the volatile nature of commodity prices
as well as the expected closing of the ExL acquisition, we have
materially increased our crude oil hedge position. Since the end of
June, we have increased our 2018 crude oil hedge position to 18
MBbls/d from 6 MBbls/d previously, and have also added 6 MBbls/d in
2019. With the downside protection the hedges provide, we believe
we can organically de-lever our balance sheet in 2018 even if
prices were to weaken from current levels. We also believe we are
positioned to run a free cash flow positive program in 2019 and
beyond at current strip prices.
“The second quarter was another strong quarter
for the Company operationally. Crude oil production increased 17%
versus the prior quarter. This was led by the Eagle Ford, which was
up 20% sequentially. As a result, crude oil production during the
quarter materially outperformed the initial guidance that was
provided back in May.”
Operational Update
In the Eagle Ford Shale, Carrizo drilled 23
gross (21.2 net) operated wells during the second quarter and
completed 26 gross (21.6 net) wells. Crude oil production from the
play was more than 30,600 Bbls/d for the quarter, up 20% versus the
prior quarter. At the end of the quarter, Carrizo had 28 gross
(26.6 net) operated Eagle Ford wells in progress or waiting on
completion, equating to net crude oil production potential of
approximately 10,000 Bbls/d. The Company is currently operating
three rigs in the Eagle Ford, but plans to move one of its rigs to
the Delaware Basin later this quarter. Carrizo expects to drill
approximately 93 gross (80 net) operated wells and complete 93
gross (84 net) operated wells in the play during 2017.
Carrizo is continuing to test multiple
completion optimization techniques aimed at further enhancing the
returns of its development program. The Company remains pleased
with the performance of its wells with 200 ft. frac stage spacing,
and has expanded its pilot testing of even tighter frac stage
spacing. Carrizo currently has approximately 30 wells online that
were completed with 180 ft. stage spacing or tighter. The Company
has also begun to test slickwater completions with an increased
proppant concentration, and has recently completed 13 wells with
approximately 2,000 lbs/ft. of proppant. This compares to its
standard completion that utilizes approximately 1,600 lbs/ft. of
proppant. Additionally, the Company has begun to test the potential
for refracs on understimulated wells, such as some of those
acquired in the Company's recent purchase from Sanchez Energy
Corporation. The Company has pumped its first refrac on these
properties, and completion is currently underway. Carrizo plans to
provide an update on these pilots once it has sufficient production
history.
Carrizo continues to test multiple initiatives
aimed at determining the optimal development spacing on its acreage
position. Recently, the Company has brought online three additional
stagger-stack pilots testing new areas on the western side of its
acreage position. The pilots are testing effective lateral spacing
of 220-250 ft., and bring the total number of stagger-stack pilots
online to 14.
In the Delaware Basin, Carrizo completed two
operated wells during the second quarter. Crude oil production from
the play was more than 900 Bbls/d for the quarter, down from
approximately 1,100 Bbls/d in the prior quarter. While Carrizo is
not presently operating a rig in the Delaware Basin, there are
currently five operated rigs running on the properties to be
acquired from ExL. Based on its updated interpretation of the
drilling requirements on the acreage, Carrizo now expects to adjust
the activity level to three rigs sooner than previously planned
following the closing of the transaction. As a result, Carrizo
expects to drill approximately 10 gross (8 net) operated wells and
complete 16 gross (13 net) operated wells in the Delaware Basin
during 2017. These estimates include 9 gross wells drilled and 13
gross wells completed on the properties to be acquired from ExL
following the closing of the transaction.
Carrizo continues to be pleased with the well
performance on the ExL properties. Since the beginning of the
second quarter, three Wolfcamp A wells and three Wolfcamp B wells
have been completed and brought online. Currently, there are 14
gross producing horizontal wells on the acreage with 8 additional
wells currently drilling or waiting on completion. See below for
the peak 30-day rates from the recent wells:
- Fowler State Unit 1720 #1 (Wolfcamp A) - 1,591 Boe/d (50% oil,
68% liquids) from an approximate 6,900 ft. lateral
- Zeman 40 Unit #1 (Wolfcamp B) - 1,766 Boe/d (61% oil, 75%
liquids) from an approximate 7,900 ft. lateral
- Saul 3571 heel (Wolfcamp B) - 1,217 Boe/d (56% oil, 71%
liquids) from an approximate 4,000 ft. lateral
Additionally, the Davis 2728 Unit #1 well
(Wolfcamp B) was brought online in late June, but has yet to
achieve a peak 30-day rate. To date, the well has achieved a peak
15-day rate of 1,315 Boe/d (59% oil, 74% liquids) from an
approximate 9,500 ft. lateral. The remaining two wells were brought
online in late July and are still cleaning up.
In the Niobrara Formation, Carrizo did not drill
or complete any operated wells during the second quarter. Crude oil
production from the play was approximately 1,900 Bbls/d for the
quarter, down from approximately 2,000 Bbls/d in the prior quarter
due to the lack of new wells coming online. Carrizo is not
currently budgeting any operated activity in the Niobrara during
2017, but expects to continue participating in non-operated
activity within its focus area.
In the Utica and Marcellus, Carrizo did not
drill or complete any operated wells during the second quarter.
Crude oil production from the Utica was approximately 200 Bbls/d
during the quarter, up from approximately 180 Bbls/d in the prior
quarter. In the Marcellus, the Company’s production was 44.3
MMcf/d, down from 47.6 MMcf/d in the prior quarter as the Company
elected to decrease its production in response to a relatively
weaker local market price environment. Carrizo expects to continue
to vary its Marcellus production during 2017 based on local market
pricing. Carrizo has currently allocated a minimal amount of
maintenance capital to the Utica and Marcellus during 2017.
Hedging Activity
Carrizo currently has hedges in place for more
than 25% of estimated crude oil production for the remainder of
2017 (based on the midpoint of guidance). For the balance of the
year, the Company has swaps covering approximately 10,500 Bbls/d of
crude oil at an average fixed price of approximately $53.77/Bbl.
For 2018, Carrizo currently has three-way collars covering 18,000
Bbls/d of crude oil with an average floor price of $49.08/Bbl,
ceiling price of $60.48/Bbl, and sub-floor price of $39.17/Bbl. The
Company has also begun to build its 2019 hedge position. For 2019,
Carrizo currently has three-way collars covering 6,000 Bbls/d of
crude oil with an average floor price of $47.80/Bbl, ceiling price
of $61.45/Bbl, and sub-floor price of $40.00/Bbl.
Carrizo also has hedges in place for more than
20% of estimated natural gas production for the remainder of 2017.
For the balance of the year, the Company has swaps covering 20,000
MMBtu/d of natural gas at an average fixed price of $3.30/MMBtu.
(Please refer to the attached tables for details of the Company’s
derivative contracts.)
Conference Call Details
The Company will hold a conference call to
discuss 2017 second quarter financial results on Tuesday, August 8,
2017 at 10:00 AM Central Daylight Time. To participate in the call,
please dial (888) 223-4515 (U.S. & Canada) or +1 (303)
223-4383 (Intl.) ten minutes before the call is scheduled to begin.
A replay of the call will be available through Tuesday, August 15,
2017 at 12:00 PM Central Daylight Time at (800) 633-8284 (U.S.
& Canada) or +1 (402) 977-9140 (Intl.). The reservation
number for the replay is 21856090 for U.S., Canadian, and
International callers.
A simultaneous webcast of the call may be
accessed over the internet by visiting our website at
http://www.carrizo.com, clicking on “Upcoming Events”, and then
clicking on the “2017 Second Quarter Earnings Call” link. To
listen, please go to the website in time to register and install
any necessary software. The webcast will be archived for replay on
the Carrizo website for 7 days.
Carrizo Oil & Gas, Inc. is a Houston-based
energy company actively engaged in the exploration, development,
and production of oil and gas from resource plays located in the
United States. Our current operations are principally focused in
proven, producing oil and gas plays primarily in the Eagle Ford
Shale in South Texas, the Delaware Basin in West Texas, the
Niobrara Formation in Colorado, the Utica Shale in Ohio, and the
Marcellus Shale in Pennsylvania.
Statements in this release that are not
historical facts, including but not limited to those related to
capital requirements, free cash flow positive program, the ExL
acquisition (including timing and effects thereof), monetization
process matters and results, capital expenditure, guidance, rig
program, production, average well returns, the estimated
production results and financial performance, effects of
transactions, targeted ratios and other metrics, timing, levels of
and potential production, downspacing, crude oil production
potential and growth, oil and gas prices, drilling and completion
activities, drilling inventory, including timing thereof, resource
potential, well costs, break-even prices, production mix,
development plans, growth, hedging activity, the Company’s or
management’s intentions, beliefs, expectations, hopes, projections,
assessment of risks, estimations, plans or predictions for the
future, results of the Company’s strategies and other statements
that are not historical facts are forward-looking statements that
are based on current expectations. Although the Company believes
that its expectations are based on reasonable assumptions, it can
give no assurance that these expectations will prove correct.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include
assumptions regarding well costs, estimated recoveries, pricing and
other factors affecting average well returns, results of wells and
testing, failure of actual production to meet expectations,
performance of rig operators, spacing test results, availability of
gathering systems, costs of oilfield services, actions by
governmental authorities, joint venture partners, industry
partners, lenders and other third parties, actions by purchasers or
sellers of properties, satisfaction of closing conditions and
failure of the acquisition to close, failure of financing
transactions to close, purchase price adjustment, integration and
other risks and effects of acquisitions, market and other
conditions, risks regarding financing, capital needs, availability
of well connects, capital needs and uses, commodity price changes,
effects of the global economy on exploration activity, results of
and dependence on exploratory drilling activities, operating risks,
right-of-way and other land issues, availability of capital and
equipment, weather, and other risks described in the Company’s Form
10-K for the year ended December 31, 2016 and its other filings
with the U.S. Securities and Exchange Commission. There can be no
assurance any transaction described in this press release will
occur on the terms or timing described, or at all.
(Financial Highlights to Follow)
CARRIZO OIL & GAS, INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands, except share and per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
June 30,2017 |
|
December 31, 2016 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and
cash equivalents |
|
$ |
2,228 |
|
|
$ |
4,194 |
|
Accounts
receivable, net |
|
|
72,401 |
|
|
|
64,208 |
|
Derivative assets |
|
|
15,283 |
|
|
|
1,237 |
|
Other
current assets |
|
|
5,486 |
|
|
|
3,349 |
|
Total
current assets |
|
|
95,398 |
|
|
|
72,988 |
|
Property and
equipment |
|
|
|
|
Oil and
gas properties, full cost method |
|
|
|
|
Proved
properties, net |
|
|
1,475,131 |
|
|
|
1,294,667 |
|
Unproved
properties, not being amortized |
|
|
288,997 |
|
|
|
240,961 |
|
Other
property and equipment, net |
|
|
9,031 |
|
|
|
10,132 |
|
Total property and equipment, net |
|
|
1,773,159 |
|
|
|
1,545,760 |
|
Deposit for pending
acquisition of oil and gas properties |
|
|
75,000 |
|
|
|
— |
|
Other assets |
|
|
20,262 |
|
|
|
7,579 |
|
Total
Assets |
|
$ |
1,963,819 |
|
|
$ |
1,626,327 |
|
|
|
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts
payable |
|
$ |
68,215 |
|
|
$ |
55,631 |
|
Revenues
and royalties payable |
|
|
45,860 |
|
|
|
38,107 |
|
Accrued
capital expenditures |
|
|
80,435 |
|
|
|
36,594 |
|
Accrued
interest |
|
|
22,076 |
|
|
|
22,016 |
|
Accrued
lease operating expense |
|
|
14,732 |
|
|
|
12,377 |
|
Derivative liabilities |
|
|
2,012 |
|
|
|
22,601 |
|
Other
current liabilities |
|
|
25,730 |
|
|
|
24,633 |
|
Total current liabilities |
|
|
259,060 |
|
|
|
211,959 |
|
Long-term debt |
|
|
1,521,986 |
|
|
|
1,325,418 |
|
Asset retirement
obligations |
|
|
22,731 |
|
|
|
20,848 |
|
Derivative
liabilities |
|
|
13,652 |
|
|
|
27,528 |
|
Other liabilities |
|
|
14,559 |
|
|
|
17,116 |
|
Total
liabilities |
|
|
1,831,988 |
|
|
|
1,602,869 |
|
Commitments and
contingencies |
|
|
|
|
Shareholders’
equity |
|
|
|
|
Common
stock, $0.01 par value, 180,000,000 shares authorized; 65,835,820
issued and outstanding as of June 30, 2017 and 90,000,000 shares
authorized; 65,132,499 issued and outstanding as of December 31,
2016 |
|
|
658 |
|
|
|
651 |
|
Additional paid-in capital |
|
|
1,677,930 |
|
|
|
1,665,891 |
|
Accumulated deficit |
|
|
(1,546,757 |
) |
|
|
(1,643,084 |
) |
Total
shareholders’ equity |
|
|
131,831 |
|
|
|
23,458 |
|
Total
Liabilities and Shareholders’ Equity |
|
$ |
1,963,819 |
|
|
$ |
1,626,327 |
|
CARRIZO OIL & GAS, INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
Revenues |
|
|
|
|
|
|
|
Crude
oil |
$ |
142,806 |
|
|
$ |
91,608 |
|
|
$ |
270,898 |
|
|
$ |
159,604 |
|
Natural
gas liquids |
|
7,786 |
|
|
|
6,063 |
|
|
|
15,211 |
|
|
|
9,503 |
|
Natural
gas |
|
15,891 |
|
|
|
9,653 |
|
|
|
31,729 |
|
|
|
19,479 |
|
Total
revenues |
|
166,483 |
|
|
|
107,324 |
|
|
|
317,838 |
|
|
|
188,586 |
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
Lease
operating |
|
36,048 |
|
|
|
23,114 |
|
|
|
65,893 |
|
|
|
46,789 |
|
Production taxes |
|
7,143 |
|
|
|
4,623 |
|
|
|
13,351 |
|
|
|
8,054 |
|
Ad
valorem taxes |
|
1,073 |
|
|
|
454 |
|
|
|
4,040 |
|
|
|
2,524 |
|
Depreciation, depletion and amortization |
|
59,072 |
|
|
|
51,966 |
|
|
|
113,454 |
|
|
|
111,543 |
|
General
and administrative, net |
|
11,596 |
|
|
|
19,624 |
|
|
|
33,299 |
|
|
|
40,927 |
|
(Gain)
loss on derivatives, net |
|
(26,065 |
) |
|
|
52,235 |
|
|
|
(51,381 |
) |
|
|
41,682 |
|
Interest
expense, net |
|
21,106 |
|
|
|
19,010 |
|
|
|
41,677 |
|
|
|
37,723 |
|
Impairment of proved oil and gas properties |
|
— |
|
|
|
197,070 |
|
|
|
— |
|
|
|
471,483 |
|
Other
(income) expense, net |
|
204 |
|
|
|
1,162 |
|
|
|
1,178 |
|
|
|
1,069 |
|
Total
costs and expenses |
|
110,177 |
|
|
|
369,258 |
|
|
|
221,511 |
|
|
|
761,794 |
|
|
|
|
|
|
|
|
|
Income (Loss)
Before Income Taxes |
|
56,306 |
|
|
|
(261,934 |
) |
|
|
96,327 |
|
|
|
(573,208 |
) |
Income tax expense |
|
— |
|
|
|
(192 |
) |
|
|
— |
|
|
|
(313 |
) |
Net Income
(Loss) |
$ |
56,306 |
|
|
($ |
262,126 |
) |
|
$ |
96,327 |
|
|
($ |
573,521 |
) |
|
|
|
|
|
|
|
|
Net Income
(Loss) Per Common Share |
|
|
|
|
|
|
|
Basic |
$ |
0.86 |
|
|
($ |
4.46 |
) |
|
$ |
1.47 |
|
|
($ |
9.79 |
) |
Diluted |
$ |
0.85 |
|
|
($ |
4.46 |
) |
|
$ |
1.46 |
|
|
($ |
9.79 |
) |
|
|
|
|
|
|
|
|
Weighted
Average Common Shares Outstanding |
|
|
|
|
|
|
|
Basic |
|
65,767 |
|
|
|
58,806 |
|
|
|
65,479 |
|
|
|
58,583 |
|
Diluted |
|
65,908 |
|
|
|
58,806 |
|
|
|
65,866 |
|
|
|
58,583 |
|
CARRIZO OIL & GAS, INC. |
CONSOLIDATED STATEMENT OF SHAREHOLDERS’
EQUITY |
(In thousands, except share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional Paid-in
Capital |
|
Accumulated Deficit |
|
Total Shareholders’
Equity |
|
|
Shares |
|
Amount |
|
|
|
Balance as of
December 31, 2016 |
|
65,132,499 |
|
|
$ |
651 |
|
|
$ |
1,665,891 |
|
|
($ |
1,643,084 |
) |
|
$ |
23,458 |
|
Stock-based
compensation expense |
|
— |
|
|
|
— |
|
|
|
12,063 |
|
|
|
— |
|
|
|
12,063 |
|
Issuance of common
stock upon grants of restricted stock awards and vestings of
restricted stock units and performance shares |
|
703,321 |
|
|
|
7 |
|
|
|
(24 |
) |
|
|
— |
|
|
|
(17 |
) |
Net income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
96,327 |
|
|
|
96,327 |
|
Balance as of
June 30, 2017 |
|
65,835,820 |
|
|
$ |
658 |
|
|
$ |
1,677,930 |
|
|
($ |
1,546,757 |
) |
|
$ |
131,831 |
|
CARRIZO OIL & GAS, INC. |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
Cash Flows From
Operating Activities |
|
|
|
|
|
|
|
Net income (loss) |
$ |
56,306 |
|
|
($ |
262,126 |
) |
|
$ |
96,327 |
|
|
($ |
573,521 |
) |
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities |
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
59,072 |
|
|
|
51,966 |
|
|
|
113,454 |
|
|
|
111,543 |
|
Impairment of proved oil and gas properties |
|
— |
|
|
|
197,070 |
|
|
|
— |
|
|
|
471,483 |
|
(Gain)
loss on derivatives, net |
|
(26,065 |
) |
|
|
52,235 |
|
|
|
(51,381 |
) |
|
|
41,682 |
|
Cash
received (paid) for derivative settlements, net |
|
(261 |
) |
|
|
27,300 |
|
|
|
1,258 |
|
|
|
78,463 |
|
Stock-based compensation expense, net |
|
1,582 |
|
|
|
10,892 |
|
|
|
3,596 |
|
|
|
22,414 |
|
Non-cash
interest expense, net |
|
983 |
|
|
|
904 |
|
|
|
2,074 |
|
|
|
2,064 |
|
Other,
net |
|
1,147 |
|
|
|
1,226 |
|
|
|
2,767 |
|
|
|
2,342 |
|
Changes in components
of working capital and other assets and liabilities- |
|
|
|
|
|
|
|
Accounts
receivable |
|
(5,345 |
) |
|
|
673 |
|
|
|
(8,094 |
) |
|
|
(1,392 |
) |
Accounts
payable |
|
7,825 |
|
|
|
(489 |
) |
|
|
14,486 |
|
|
|
(19,200 |
) |
Accrued
liabilities |
|
7,804 |
|
|
|
(7,109 |
) |
|
|
5,650 |
|
|
|
(8,776 |
) |
Other
assets and liabilities, net |
|
(301 |
) |
|
|
(371 |
) |
|
|
(982 |
) |
|
|
(1,063 |
) |
Net cash
provided by operating activities |
|
102,747 |
|
|
|
72,171 |
|
|
|
179,155 |
|
|
|
126,039 |
|
Cash Flows From
Investing Activities |
|
|
|
|
|
|
|
Capital expenditures -
oil and gas properties |
|
(166,876 |
) |
|
|
(113,872 |
) |
|
|
(290,625 |
) |
|
|
(239,861 |
) |
Acquisitions of oil and
gas properties |
|
(9,501 |
) |
|
|
— |
|
|
|
(16,533 |
) |
|
|
— |
|
Deposit for pending
acquisition of oil and gas properties |
|
(75,000 |
) |
|
|
— |
|
|
|
(75,000 |
) |
|
|
— |
|
Proceeds from sales of
oil and gas properties, net |
|
829 |
|
|
|
12,852 |
|
|
|
18,201 |
|
|
|
14,637 |
|
Other, net |
|
(2,062 |
) |
|
|
(256 |
) |
|
|
(2,479 |
) |
|
|
(873 |
) |
Net cash
used in investing activities |
|
(252,610 |
) |
|
|
(101,276 |
) |
|
|
(366,436 |
) |
|
|
(226,097 |
) |
Cash Flows From
Financing Activities |
|
|
|
|
|
|
|
Borrowings under credit
agreement |
|
638,593 |
|
|
|
217,005 |
|
|
|
919,097 |
|
|
|
290,652 |
|
Repayments of
borrowings under credit agreement |
|
(479,293 |
) |
|
|
(186,555 |
) |
|
|
(723,797 |
) |
|
|
(229,652 |
) |
Payments of debt
issuance costs |
|
(4,318 |
) |
|
|
(1,100 |
) |
|
|
(4,368 |
) |
|
|
(1,150 |
) |
Payment of commitment
fee for pending issuance of preferred stock |
|
(5,000 |
) |
|
|
— |
|
|
|
(5,000 |
) |
|
|
— |
|
Other, net |
|
(282 |
) |
|
|
(245 |
) |
|
|
(617 |
) |
|
|
(552 |
) |
Net cash
provided by financing activities |
|
149,700 |
|
|
|
29,105 |
|
|
|
185,315 |
|
|
|
59,298 |
|
Net Decrease in
Cash and Cash Equivalents |
|
(163 |
) |
|
|
— |
|
|
|
(1,966 |
) |
|
|
(40,760 |
) |
Cash and Cash
Equivalents, Beginning of Period |
|
2,391 |
|
|
|
2,158 |
|
|
|
4,194 |
|
|
|
42,918 |
|
Cash and Cash
Equivalents, End of Period |
$ |
2,228 |
|
|
$ |
2,158 |
|
|
$ |
2,228 |
|
|
$ |
2,158 |
|
CARRIZO OIL & GAS,
INC.NON-GAAP FINANCIAL
MEASURES(Unaudited)
Reconciliation of Net Income (Loss) (GAAP) to Adjusted
Net Income (Non-GAAP)
Adjusted net income is a non-GAAP financial
measure which excludes certain items that are included in net
income (loss), the most directly comparable GAAP financial measure.
Items excluded are those which the Company believes affect the
comparability of operating results and are typically excluded from
published estimates by the investment community, including items
whose timing and/or amount cannot be reasonably estimated or are
non-recurring.
Adjusted net income is presented because
management believes it provides useful additional information to
investors for analysis of the Company’s fundamental business on a
recurring basis. In addition, management believes that adjusted net
income is widely used by professional research analysts and others
in the valuation, comparison, and investment recommendations of
companies in the oil and gas exploration and production
industry.
Adjusted net income should not be considered in
isolation or as a substitute for net income (loss) or any other
measure of a company’s financial performance or profitability
presented in accordance with GAAP. A reconciliation of the
differences between net income (loss) and adjusted net income is
presented below. Because adjusted net income excludes some, but not
all, items that affect net income (loss) and may vary among
companies, our calculation of adjusted net income may not be
comparable to similarly titled measures of other companies.
Reconciliation of Diluted Weighted Average Common Shares
Outstanding (GAAP) to Adjusted Diluted Weighted Average Common
Shares Outstanding (Non-GAAP)
Adjusted diluted weighted average common shares
outstanding (“Adjusted Diluted WASO”) is a non-GAAP financial
measure which includes the effect of potentially dilutive
instruments that, under certain circumstances described below, are
excluded from diluted weighted average common shares outstanding
(“Diluted WASO”), the most directly comparable GAAP financial
measure. When a net loss exists, all potentially dilutive
instruments are anti-dilutive to the net loss per common share and
therefore excluded from the computation of Diluted WASO. The effect
of potentially dilutive instruments is included in the computation
of Adjusted Diluted WASO for purposes of computing diluted adjusted
net income per common share.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
(In thousands, except per share
amounts) |
Net Income
(Loss) (GAAP) |
$ |
56,306 |
|
|
($ |
262,126 |
) |
|
$ |
96,327 |
|
|
($ |
573,521 |
) |
Income tax expense |
|
— |
|
|
|
(192 |
) |
|
|
— |
|
|
|
(313 |
) |
Income (Loss) Before
Income Taxes |
|
56,306 |
|
|
|
(261,934 |
) |
|
|
96,327 |
|
|
|
(573,208 |
) |
(Gain)
loss on derivatives, net |
|
(26,065 |
) |
|
|
52,235 |
|
|
|
(51,381 |
) |
|
|
41,682 |
|
Cash
received (paid) for derivative settlements, net |
|
(261 |
) |
|
|
27,300 |
|
|
|
1,258 |
|
|
|
78,463 |
|
Non-cash
general and administrative expense, net |
|
1,582 |
|
|
|
10,825 |
|
|
|
3,596 |
|
|
|
22,583 |
|
Impairment of proved oil and gas properties |
|
— |
|
|
|
197,070 |
|
|
|
— |
|
|
|
471,483 |
|
Other
(income) expense, net |
|
204 |
|
|
|
1,162 |
|
|
|
1,178 |
|
|
|
(109 |
) |
Adjusted income before
income taxes |
|
31,766 |
|
|
|
26,658 |
|
|
|
50,978 |
|
|
|
40,894 |
|
Adjusted income tax
expense (1) |
|
(11,722 |
) |
|
|
(9,517 |
) |
|
|
(18,811 |
) |
|
|
(14,599 |
) |
Adjusted Net
Income (Non-GAAP) |
$ |
20,044 |
|
|
$ |
17,141 |
|
|
$ |
32,167 |
|
|
$ |
26,295 |
|
|
|
|
|
|
|
|
|
Net Income
(Loss) Per Common Share - Diluted (GAAP) |
$ |
0.85 |
|
|
($ |
4.46 |
) |
|
$ |
1.46 |
|
|
($ |
9.79 |
) |
Effect of change from
diluted WASO to adjusted diluted WASO |
|
— |
|
|
|
(0.06 |
) |
|
|
— |
|
|
|
(0.10 |
) |
Income tax expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
Income (Loss) Before
Income Taxes |
|
0.85 |
|
|
|
(4.40 |
) |
|
|
1.46 |
|
|
|
(9.68 |
) |
(Gain)
loss on derivatives, net |
|
(0.40 |
) |
|
|
0.88 |
|
|
|
(0.78 |
) |
|
|
0.70 |
|
Cash
received (paid) for derivative settlements, net |
|
— |
|
|
|
0.46 |
|
|
|
0.02 |
|
|
|
1.33 |
|
Non-cash
general and administrative expense, net |
|
0.03 |
|
|
|
0.18 |
|
|
|
0.05 |
|
|
|
0.38 |
|
Impairment of proved oil and gas properties |
|
— |
|
|
|
3.31 |
|
|
|
— |
|
|
|
7.96 |
|
Other
(income) expense, net |
|
— |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
— |
|
Adjusted income before
income taxes |
|
0.48 |
|
|
|
0.45 |
|
|
|
0.77 |
|
|
|
0.69 |
|
Adjusted income tax
expense (1) |
|
(0.18 |
) |
|
|
(0.16 |
) |
|
|
(0.28 |
) |
|
|
(0.25 |
) |
Adjusted Net
Income Per Common Share - Diluted (Non-GAAP) |
$ |
0.30 |
|
|
$ |
0.29 |
|
|
$ |
0.49 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
Diluted WASO
(GAAP) |
|
65,908 |
|
|
|
58,806 |
|
|
|
65,866 |
|
|
|
58,583 |
|
Effect of potentially
dilutive instruments |
|
— |
|
|
|
663 |
|
|
|
— |
|
|
|
643 |
|
Adjusted
Diluted WASO (Non-GAAP) |
|
65,908 |
|
|
|
59,469 |
|
|
|
65,866 |
|
|
|
59,226 |
|
__________
(1) Adjusted income tax expense is calculated by applying the
Company’s estimated annual effective income tax rates applicable to
the adjusted income before income taxes, which were 36.9% and 35.7%
for the three months ended June 30, 2017 and 2016, respectively, as
well as for the six months ended June 30, 2017 and 2016,
respectively.
CARRIZO OIL & GAS,
INC.NON-GAAP FINANCIAL
MEASURES(Unaudited)
Reconciliation of Net Income (Loss) (GAAP) to Adjusted
EBITDA (Non-GAAP) to Net Cash Provided by Operating Activities
(GAAP)
Adjusted EBITDA is a non-GAAP financial measure
which excludes certain items that are included in net income
(loss), the most directly comparable GAAP financial measure. Items
excluded are interest expense, depreciation, depletion and
amortization and items that the Company believes affect the
comparability of operating results such as items whose timing
and/or amount cannot be reasonably estimated or are
non-recurring.
Adjusted EBITDA is presented because management
believes it provides useful additional information to investors and
analysts, for analysis of the Company’s financial and operating
performance on a recurring basis and the Company’s ability to
internally generate funds for exploration and development, and to
service debt. In addition, management believes that adjusted EBITDA
is widely used by professional research analysts and others in the
valuation, comparison, and investment recommendations of companies
in the oil and gas exploration and production industry.
Adjusted EBITDA should not be considered in
isolation or as a substitute for net income (loss), net cash
provided by operating activities, or any other measure of a
company’s profitability or liquidity presented in accordance with
GAAP. A reconciliation of net income (loss) to adjusted EBITDA to
net cash provided by operating activities is presented below.
Because adjusted EBITDA excludes some, but not all, items that
affect net income (loss), our calculations of adjusted EBITDA may
not be comparable to similarly titled measures of other
companies.
Reconciliation of Net Cash Provided by Operating
Activities (GAAP) to Discretionary Cash Flows
(Non-GAAP)
Discretionary cash flows are a non-GAAP
financial measure which excludes certain items that are included in
net cash provided by operating activities, the most directly
comparable GAAP financial measure. Items excluded are changes in
the components of working capital and other items that the Company
believes affect the comparability of operating cash flows such as
items that are non-recurring.
Discretionary cash flows are presented because
management believes it provides useful additional information to
investors for analysis of the Company’s ability to generate cash to
internally fund exploration and development, and to service debt.
In addition, management believes that discretionary cash flows is
widely used by professional research analysts and others in the
valuation, comparison, and investment recommendations of companies
in the oil and gas exploration and production industry.
Discretionary cash flows should not be
considered in isolation or as a substitute for net cash provided by
operating activities or any other measure of a company’s cash flows
or liquidity presented in accordance with GAAP. A reconciliation of
net cash provided by operating activities to discretionary cash
flows is presented below. Because discretionary cash flows excludes
some, but not all, items that affect net cash provided by operating
activities and may vary among companies, our calculation of
discretionary cash flows may not be comparable to similarly titled
measures of other companies.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
(In thousands) |
Net Income
(Loss) (GAAP) |
$ |
56,306 |
|
|
($ |
262,126 |
) |
|
$ |
96,327 |
|
|
($ |
573,521 |
) |
Income tax expense |
|
— |
|
|
|
(192 |
) |
|
|
— |
|
|
|
(313 |
) |
Income (Loss) Before
Income Taxes |
|
56,306 |
|
|
|
(261,934 |
) |
|
|
96,327 |
|
|
|
(573,208 |
) |
Depreciation, depletion and amortization |
|
59,072 |
|
|
|
51,966 |
|
|
|
113,454 |
|
|
|
111,543 |
|
Interest
expense, net |
|
21,106 |
|
|
|
19,010 |
|
|
|
41,677 |
|
|
|
37,723 |
|
(Gain)
loss on derivatives, net |
|
(26,065 |
) |
|
|
52,235 |
|
|
|
(51,381 |
) |
|
|
41,682 |
|
Cash
received (paid) for derivative settlements, net |
|
(261 |
) |
|
|
27,300 |
|
|
|
1,258 |
|
|
|
78,463 |
|
Non-cash
general and administrative expense, net |
|
1,582 |
|
|
|
10,825 |
|
|
|
3,596 |
|
|
|
22,583 |
|
Impairment of proved oil and gas properties |
|
— |
|
|
|
197,070 |
|
|
|
— |
|
|
|
471,483 |
|
Other
(income) expense, net |
|
204 |
|
|
|
1,162 |
|
|
|
1,178 |
|
|
|
(109 |
) |
Adjusted EBITDA
(Non-GAAP) |
$ |
111,944 |
|
|
$ |
97,634 |
|
|
$ |
206,109 |
|
|
$ |
190,160 |
|
Interest
expense, net |
|
(21,106 |
) |
|
|
(19,010 |
) |
|
|
(41,677 |
) |
|
|
(37,723 |
) |
Non-cash
interest expense, net |
|
983 |
|
|
|
904 |
|
|
|
2,074 |
|
|
|
2,064 |
|
Other
cash and non-cash adjustments, net |
|
943 |
|
|
|
665 |
|
|
|
1,589 |
|
|
|
1,517 |
|
Discretionary
Cash Flows (Non-GAAP) |
$ |
92,764 |
|
|
$ |
80,193 |
|
|
$ |
168,095 |
|
|
$ |
156,018 |
|
Changes
in components of working capital and other |
|
9,983 |
|
|
|
(8,022 |
) |
|
|
11,060 |
|
|
|
(29,979 |
) |
Net Cash
Provided By Operating Activities (GAAP) |
$ |
102,747 |
|
|
$ |
72,171 |
|
|
$ |
179,155 |
|
|
$ |
126,039 |
|
CARRIZO OIL & GAS, INC. |
PRODUCTION VOLUMES AND REALIZED
PRICES |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
Total
production volumes - |
|
|
|
|
|
|
|
|
Crude oil
(MBbls) |
|
|
3,060 |
|
|
|
2,179 |
|
|
|
5,656 |
|
|
|
4,527 |
|
NGLs
(MBbls) |
|
|
453 |
|
|
|
475 |
|
|
|
859 |
|
|
|
889 |
|
Natural gas
(MMcf) |
|
|
6,775 |
|
|
|
6,757 |
|
|
|
13,803 |
|
|
|
13,130 |
|
Total
barrels of oil equivalent (MBoe) |
|
|
4,643 |
|
|
|
3,780 |
|
|
|
8,816 |
|
|
|
7,604 |
|
|
|
|
|
|
|
|
|
|
Daily
production volumes by product - |
|
|
|
|
|
|
|
|
Crude oil
(Bbls/d) |
|
|
33,629 |
|
|
|
23,942 |
|
|
|
31,250 |
|
|
|
24,874 |
|
NGLs
(Bbls/d) |
|
|
4,982 |
|
|
|
5,217 |
|
|
|
4,746 |
|
|
|
4,882 |
|
Natural gas
(Mcf/d) |
|
|
74,451 |
|
|
|
74,248 |
|
|
|
76,260 |
|
|
|
72,141 |
|
Total
barrels of oil equivalent (Boe/d) |
|
|
51,019 |
|
|
|
41,533 |
|
|
|
48,706 |
|
|
|
41,779 |
|
|
|
|
|
|
|
|
|
|
Daily
production volumes by region (Boe/d) - |
|
|
|
|
|
|
|
|
Eagle Ford |
|
|
38,055 |
|
|
|
30,233 |
|
|
|
35,332 |
|
|
|
30,602 |
|
Delaware
Basin |
|
|
2,151 |
|
|
|
489 |
|
|
|
2,284 |
|
|
|
315 |
|
Niobrara |
|
|
2,694 |
|
|
|
2,775 |
|
|
|
2,729 |
|
|
|
2,980 |
|
Marcellus |
|
|
7,379 |
|
|
|
6,511 |
|
|
|
7,652 |
|
|
|
6,269 |
|
Utica and
other |
|
|
740 |
|
|
|
1,525 |
|
|
|
709 |
|
|
|
1,613 |
|
Total
barrels of oil equivalent (Boe/d) |
|
|
51,019 |
|
|
|
41,533 |
|
|
|
48,706 |
|
|
|
41,779 |
|
|
|
|
|
|
|
|
|
|
Realized prices
- |
|
|
|
|
|
|
|
|
Crude oil ($ per
Bbl) |
|
$ |
46.67 |
|
|
$ |
42.04 |
|
|
$ |
47.90 |
|
|
$ |
35.26 |
|
Crude
oil ($ per Bbl) - including cash received (paid) for derivative
settlements, net |
|
$ |
46.62 |
|
|
$ |
54.57 |
|
|
$ |
48.34 |
|
|
$ |
52.61 |
|
NGLs ($ per
Bbl) |
|
$ |
17.19 |
|
|
$ |
12.76 |
|
|
$ |
17.71 |
|
|
$ |
10.69 |
|
Natural gas ($
per Mcf) |
|
$ |
2.35 |
|
|
$ |
1.43 |
|
|
$ |
2.30 |
|
|
$ |
1.48 |
|
Natural
gas ($ per Mcf) - including cash received (paid) for derivative
settlements, net |
|
$ |
2.33 |
|
|
$ |
1.43 |
|
|
$ |
2.21 |
|
|
$ |
1.48 |
|
CARRIZO OIL & GAS, INC. |
COMMODITY DERIVATIVE CONTRACTS - AS OF AUGUST
4, 2017 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Crude Oil Derivative Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
Weighted Average |
|
Weighted Average |
|
|
|
|
Volume |
|
Sub-Floor Price |
|
Floor Price |
|
Ceiling Price |
Period |
|
Type of Contract |
|
(in Bbls/d) |
|
($/Bbl) |
|
($/Bbl) |
|
($/Bbl) |
Q3 2017 |
|
Fixed Price Swaps |
|
12,000 |
|
|
|
$53.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2017 |
|
Fixed Price Swaps |
|
9,000 |
|
|
|
$53.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2018 |
|
Three-Way Collars |
|
18,000 |
|
$39.17 |
|
$49.08 |
|
$60.48 |
|
|
Net Sold Call
Options |
|
3,388 |
|
|
|
|
|
$71.33 |
|
|
|
|
|
|
|
|
|
|
|
FY 2019 |
|
Three-Way Collars |
|
6,000 |
|
$40.00 |
|
$47.80 |
|
$61.45 |
|
|
Net Sold Call
Options |
|
3,875 |
|
|
|
|
|
$73.66 |
|
|
|
|
|
|
|
|
|
|
|
FY 2020 |
|
Net Sold Call
Options |
|
4,575 |
|
|
|
|
|
$75.98 |
Natural Gas Derivative Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
Weighted Average |
|
|
|
|
Volume |
|
Floor Price |
|
Ceiling Price |
Period |
|
Type of Contract |
|
(in MMBtu/d) |
|
($/MMBtu) |
|
($/MMBtu) |
Q3 - Q4 2017 |
|
Fixed Price Swaps |
|
20,000 |
|
$3.30 |
|
|
|
|
Sold Call Options |
|
33,000 |
|
|
|
$3.00 |
|
|
|
|
|
|
|
|
|
FY 2018 |
|
Sold Call Options |
|
33,000 |
|
|
|
$3.25 |
|
|
|
|
|
|
|
|
|
FY 2019 |
|
Sold Call Options |
|
33,000 |
|
|
|
$3.25 |
|
|
|
|
|
|
|
|
|
FY 2020 |
|
Sold Call Options |
|
33,000 |
|
|
|
$3.50 |
CARRIZO OIL & GAS, INC. |
THIRD QUARTER AND FULL YEAR 2017 GUIDANCE
SUMMARY |
|
|
|
|
|
|
|
|
|
Third Quarter 2017 |
|
Full Year 2017 |
Daily Production Volumes - |
|
|
|
|
|
Crude oil (Bbls/d) |
|
35,400
- 35,800 |
|
34,600
- 34,800 |
|
NGLs (Bbls/d) |
|
5,900
- 6,100 |
|
5,900
- 6,000 |
|
Natural gas
(Mcf/d) |
|
73,000
- 77,000 |
|
81,000
- 83,000 |
|
Total (Boe/d) |
|
53,467
- 54,733 |
|
54,000
- 54,633 |
|
|
|
|
|
|
Unhedged Commodity Price Realizations - |
|
|
|
|
|
Crude oil (% of NYMEX
oil) |
|
95.0%
- 97.0% |
|
N/A |
|
NGLs (% of NYMEX
oil) |
|
32.0%
- 34.0% |
|
N/A |
|
Natural gas (% of NYMEX
gas) |
|
67.0%
- 72.0% |
|
N/A |
|
|
|
|
|
|
Cash
received for derivative settlements, net (in millions) |
|
$4.5 -
$7.5 |
|
N/A |
|
|
|
|
|
|
Costs and Expenses - |
|
|
|
|
|
Lease operating
($/Boe) |
|
$7.50
- $8.00 |
|
$7.00
- $7.50 |
|
Production taxes (% of
total revenues) |
|
4.50%
- 4.75% |
|
4.40%
- 4.60% |
|
Ad valorem taxes (in
millions) |
|
$1.9 -
$2.4 |
|
$8.0 -
$9.0 |
|
Cash general and
administrative, net (in millions) |
|
$11.0
- $11.5 |
|
$51.0
- $52.0 |
|
DD&A ($/Boe) |
|
$12.25
- $13.25 |
|
$12.50
- $13.50 |
|
Interest expense, net
(in millions) |
|
$20.0
- $21.0 |
|
N/A |
|
|
|
|
|
|
Capitalized Items - |
|
|
|
|
|
Drilling and completion
capital expenditures (in millions) |
|
N/A |
|
$590.0
- $610.0 |
|
Capitalized interest
(in millions) |
|
$9.5 -
$10.0 |
|
N/A |
Source: Carrizo Oil & Gas, Inc
Contact:
Jeffrey P. Hayden, CFA, VP - Investor Relations
(713) 328-1044
Kim Pinyopusarerk, Manager - Investor Relations
(713) 358-6430
Carrizo Oil and Gas (NASDAQ:CRZO)
Historical Stock Chart
From May 2024 to Jun 2024
Carrizo Oil and Gas (NASDAQ:CRZO)
Historical Stock Chart
From Jun 2023 to Jun 2024