HOUSTON–(BUSINESS WIRE)–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.
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.