Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today
announced an update on operations following Hurricane Harvey,
recent hedging activity, as well as provided information on its
upcoming release of third quarter financial results.
Update on Third Quarter Operations
As previously announced, Carrizo’s producing assets and
facilities in the Eagle Ford Shale sustained no damage as a result
of Hurricane Harvey, and drilling and completion operations
returned to normal within a week. A temporary reduction in the
Company’s sales volumes did occur as a result of downtime at
third-party midstream facilities and Gulf Coast refineries, but the
Company’s production and sales returned to pre-storm levels last
month. Carrizo estimates the impact from Hurricane Harvey on third
quarter production volumes from the Eagle Ford Shale to be
approximately 2,500 Boe/d (approximately 55% oil). However, thanks
to strong underlying performance across the Company’s assets,
Carrizo currently expects total production for the third quarter of
2017 to be above the midpoint of its previously-issued guidance
range of 53,467-54,733 Boe/d. As a result of the storm’s temporary
impact on Eagle Ford production, the Company is revising its crude
oil production guidance for the third quarter to 34,700-34,900
Bbls/d from 35,400-35,800 Bbls/d.
Hedging Activity
Over the last month, Carrizo has continued to add to its crude
oil hedge position through year-end 2018. For the fourth quarter of
2017, the Company currently has swaps covering 15,000 Bbls/d of
crude oil at an average fixed price of $53.44/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, as well as swaps
covering 6,000 Bbls/d of crude oil at an average fixed price of
$49.55/Bbl.
Third Quarter Earnings Release and Conference Call
Information
Carrizo will hold a conference call to discuss 2017 third
quarter financial results on Wednesday, November 8, 2017 at 9:00 AM
Central Standard Time. Carrizo plans to issue a press release
containing its financial and operating results after the market
closes on Tuesday, November 7, 2017.
Date & Time:
Wednesday, November 8 at 9:00 AM CST
Dial-In Number: (800) 410-4983 (U.S. & Canada) +1 (303)
223-2693 (Intl.) Telephone Replay Number: (800) 633-8284
(U.S. & Canada) +1 (402) 977-9140 (Intl.) Enter Replay
Reservation #: 21860148
The replay will be available through Wednesday, November 15,
2017 at 11:00 AM CST.
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 "2017 Third
Quarter Earnings Call." 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 on proven, producing oil
and gas plays in the Eagle Ford Shale in South Texas and the
Permian Basin in West Texas.
Statements in this release that are not historical facts,
including but not limited to those related to updates, closing date
and sale announcement timing, contingent payments, guidance,
proceeds of divestiture program, production, the estimated
production results and financial performance, effects of
transactions, timing, levels of and potential production, oil and
gas prices, drilling and completion activities, drilling inventory,
including timing thereof, 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, 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 disposition to
close, purchase price adjustments, integration, commodity price
levels, and other risks and effects of acquisitions and
dispositions, market and other conditions, risks regarding
financing, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171005005329/en/
Carrizo Oil & Gas, Inc.Jeffrey P.
HaydenCFA, VP - Investor Relations(713)
328-1044orKim PinyopusarerkManager - Investor
Relations(713) 358-6430
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