Carrizo Oil and Gas Increases Q2 Production

Carrizo Oil and Gas (Nasdaq:CRZO) has released the company’s financial results for the second quarter of 2018 and provided an operational update. During Q2 production was up 12 percent compared to Q2 2017.

As quoted from press release:

• Total production of 57,077 Boe/d, 12 percent above the second quarter of 2017 and above the high-end of the company’s guidance range
• Crude oil production of 37,860 Bbls/d, 13 percent above the second quarter of 2017 and 11 percent above the first quarter of 2018
• Net income attributable to common shareholders of US$30.1 million, or $0.36 per diluted share, and Net cash provided by operating activities of US$137.1 million
• Adjusted net income attributable to common shareholders of US$66.6 million, or US$0.79 per diluted share, and Adjusted EBITDA of US$178.9 million
• Multiple Delaware Basin Wolfcamp A wells that achieved crude oil production rates of more than 1,000 Bbls/d on restricted chokes
• Signed a deal with a major crude purchaser that provides 100 percent flow assurance for Delaware Basin crude oil production through mid-2020 with no minimum volume commitments
• Shifting capital to the Eagle Ford Shale from the Delaware Basin in order to capitalize on the superior margins and rates of return being generated

“The second quarter was another outstanding operational and financial quarter for the Company as we delivered production 4 percent above the high end of our guidance range, operating expenses 3% below the low end of our guidance range, and expanded our EBITDA margin by 17 percent from the first quarter to US$34/Boe. During the quarter, we also successfully executed our initial capital shift from the Delaware Basin to the Eagle Ford Shale, where our margins benefit from premium Gulf Coast pricing,” said S.P. “Chip” Johnson, IV, Carrizo’s president and CEO.

Click here to read the full press release