Carrizo Oil & Gas, Inc. (CRZO) today announced the Company’s financial results for the fourth quarter and full-year 2017 and provided an operational update, which includes the following highlights:
- Total production of 62,417 Boe/d, 39% above the fourth quarter of 2016 and above the high-end of the Company's guidance range
- Crude oil production of 40,206 Bbls/d, 40% above the fourth quarter of 2016
- Net loss attributable to common shareholders of $23.4 million, or $0.29 per diluted share, and Net cash provided by operating activities of $142.4 million
- Adjusted net income attributable to common shareholders of $47.9 million, or $0.58 per diluted share, and Adjusted EBITDA of $184.1 million
- Adjusted EBITDA margin of $32/Boe, an increase of 23% versus the prior quarter
- Proved reserves of 261.7 MMBoe, a 31% increase over year-end 2016
- 564% reserve replacement from all sources at a finding, development, and acquisition (FD&A) cost of $13.47 per Boe
- 2018 capital expenditure guidance of $750-$800 million, which reflects an increase in oilfield service costs
- 2018 production guidance of 58,500-60,100 Boe/d, equivalent to pro forma annual growth of more than 30%
Carrizo reported fourth quarter of 2017 net loss attributable to common shareholders of $23.4 million, or $0.29 per basic and diluted share, compared to a net loss attributable to common shareholders of $0.8 million, or $0.01 per basic and diluted share in the fourth quarter of 2016. The net loss attributable to common shareholders for the fourth quarter of 2017 and the fourth quarter of 2016 include certain items typically excluded from published estimates by the investment community. Adjusted net income attributable to common shareholders, which excludes the impact of these items as described in the non-GAAP reconciliation tables included below, for the fourth quarter of 2017 was $47.9 million, or $0.58 per diluted share, compared to $28.4 million, or $0.44 per diluted share, in the fourth quarter of 2016.
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