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Carrizo Oil Gas Inc (CRZO) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

SEC Filings

Carrizo Oil Gas Inc

CIK: 1040593 Ticker: CRZO


Exhibit 99.1
carrizo_logoa05.jpg
CARRIZO OIL & GAS, INC.                      News        


PRESS RELEASE    Contact:    Jeffrey P. Hayden, CFA, VP - Investor Relations
(713) 328-1044    
Kim Pinyopusarerk, Manager - Investor Relations
    (713) 358-6430

CARRIZO OIL & GAS, INC. ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS AND PROVIDES 2017 GUIDANCE

HOUSTON, February 23, 2017 - Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today announced the Company’s financial results for the fourth quarter of 2016 and provided an operational update, which includes the following highlights:
 
Crude oil production of 28,727 Bbls/d, 15% above the fourth quarter of 2015

Total production of 44,775 Boe/d, 11% above the fourth quarter of 2015

Loss From Continuing Operations of $0.8 million, or $0.01 per diluted share, and Net Cash Provided by Operating Activities From Continuing Operations of $74.9 million

Adjusted Net Income of $28.4 million, or $0.44 per diluted share, and Adjusted EBITDA of $118.1 million

291% reserve replacement from all sources at a finding, development, and acquisition (FD&A) cost of $13.65 per Boe

2017 drilling and completion capital expenditure guidance of $530-$550 million

2017 crude oil production growth target of 23%

Three-year compound annual crude oil production growth target of more than 20%

Increasing Eagle Ford Shale inventory by more than 10% based on additional successful downspacing pilots

Carrizo reported a fourth quarter of 2016 loss from continuing operations of $0.8 million, or $0.01 per basic and diluted share compared to a loss from continuing operations of $380.7 million, or $6.73 per basic and diluted share in the fourth quarter of 2015. The loss from continuing operations for the fourth quarter of 2016 includes 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 fourth quarter of 2016 was $28.4 million, or $0.44 per diluted share, respectively, compared to $18.5 million, or $0.32 per diluted share, respectively, in the fourth quarter of 2015.

For the fourth quarter of 2016, Adjusted EBITDA was $118.1 million, an increase of 5% from the prior year quarter due to higher production volumes and commodity prices. Adjusted EBITDA and the reconciliation to loss from continuing operations are presented in the non-GAAP reconciliation tables included below.

Production volumes during the fourth quarter of 2016 were 4,119 MBoe, or 44,775 Boe/d, an increase of 11% versus the fourth quarter of 2015. The year-over-year production growth was driven by continued strong results from the Company’s Eagle Ford Shale assets as well as a ramp up from its Delaware Basin assets. Oil production during the fourth quarter of 2016 averaged 28,727 Bbls/d, an increase of 15% versus the fourth quarter of 2015; natural gas and NGL production averaged 65,999 Mcf/d and 5,048 Bbls/d, respectively, during the fourth quarter of 2016. Fourth quarter of 2016 production exceeded the high end of Company guidance due primarily to stronger-than-expected performance from the Company’s Eagle Ford Shale and Delaware Basin assets.




The following information was filed by Carrizo Oil Gas Inc (CRZO) on Thursday, February 23, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Carrizo Oil Gas Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Acquisitions
Acquisitions (narrative) (details)
Acquisitions (schedule Of Consideration Paid For Assets Acquired And Liabilities Assumed) (table) (details)
Acquisitions (schedule Of Results Of Operations) (table) (details)
Acquisitions (tables)
Asset Retirement Obligations
Asset Retirement Obligations (details)
Asset Retirement Obligations (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (narrative) (details)
Condensed Consolidating Financial Information (schedule Of Condensed Consolidating Balance Sheet) (details)
Condensed Consolidating Financial Information (schedule Of Condensed Consolidating Statement Of Cash Flows) (details)
Condensed Consolidating Financial Information (schedule Of Condensed Consolidating Statement Of Operations) (details)
Condensed Consolidating Financial Information (tables)
Debt
Debt (interest And Commitment Fee Rates) (details)
Debt (narrative) (details)
Debt (schedule Of Debt) (details)
Debt (tables)
Derivative Instruments
Derivative Instruments (narrative) (details)
Derivative Instruments (schedule Of (gain) Loss On Derivative Instruments) (details)
Derivative Instruments (schedule Of Crude Oil Derivative Positions) (details)
Derivative Instruments (schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (details)
Derivative Instruments (schedule Of Natural Gas Derivative Positions) (details)
Derivative Instruments (tables)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (schedule Of Fair Value Of Debt Instruments) (details)
Fair Value Measurements (schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (details)
Fair Value Measurements (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (schedule Of Components Of Income Tax (expense) Benefit) (details)
Income Taxes (schedule Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (schedule Of Net Deferred Income Tax Assets And Liabilities) (details)
Income Taxes (tables)
Nature Of Operations
Property And Equipment, Net
Property And Equipment, Net (narrative) (details)
Property And Equipment, Net (schedule Of Impairment Of Oil And Gas Properties) (details)
Property And Equipment, Net (schedule Of Property And Equipment) (details)
Property And Equipment, Net (tables)
Related Party Transactions
Related Party Transactions (narrative) (details)
Selected Quarterly Financial Data
Selected Quarterly Financial Data (schedule Of Quarterly Financial Information) (details)
Selected Quarterly Financial Data (tables)
Selected Quarterly Financial Data Selected Quarterly Financial Data (narrative) (details)
Shareholders' Equity And Stock Incentive Plan
Shareholders' Equity And Stock Incentive Plan (narrative) (details)
Shareholders' Equity And Stock Incentive Plan (stock-based Compensation Expense) (details)
Shareholders' Equity And Stock Incentive Plan (summary Of Performance Share Award Activity) (details)
Shareholders' Equity And Stock Incentive Plan (summary Of Performance Share Awards Fair Value Assumptions) (details)
Shareholders' Equity And Stock Incentive Plan (summary Of Restricted Stock Award And Unit Activity) (details)
Shareholders' Equity And Stock Incentive Plan (summary Of Sars Activity) (details)
Shareholders' Equity And Stock Incentive Plan (summary Of Stock Appreciation Rights Fair Value Assumptions) (details)
Shareholders' Equity And Stock Incentive Plan (summary Of Stock Options Activity) (details)
Shareholders' Equity And Stock Incentive Plan (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (schedule Of Earnings Per Share Reconciliation) (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (tables)
Supplemental Cash Flow Information Supplemental Cash Flow Information (details)
Supplemental Disclosures About Oil And Gas Producing Activities
Supplemental Disclosures About Oil And Gas Producing Activities (narrative 2) (details)
Supplemental Disclosures About Oil And Gas Producing Activities (narrative) (details)
Supplemental Disclosures About Oil And Gas Producing Activities (schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves) (details)
Supplemental Disclosures About Oil And Gas Producing Activities (schedule Of Costs Incurred In Oil And Gas Property Acquisition, Exploration And Development Activities) (details)
Supplemental Disclosures About Oil And Gas Producing Activities (schedule Of Net Proved Oil And Gas Reserves And Changes In Net Proved Oil And Gas Reserves) (details)
Supplemental Disclosures About Oil And Gas Producing Activities (schedule Of Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves) (details)
Supplemental Disclosures About Oil And Gas Producing Activities (tables)
Ticker: CRZO
CIK: 1040593
Form Type: 10-K Annual Report
Accession Number: 0001040593-17-000012
Submitted to the SEC: Mon Feb 27 2017 5:13:09 PM EST
Accepted by the SEC: Mon Feb 27 2017
Period: Saturday, December 31, 2016
Industry: Crude Petroleum And Natural Gas

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