Carrizo Oil & Gas announces fourth-quarter, 2018 year-end results

February 25, 2019

Editors Note: Included below is an edited view of Carrizo's report, referencing upstream related results. For the full report, please visit the company's website.

HOUSTON -- Carrizo Oil & Gas, Inc. has announced the company’s financial results for the fourth quarter and year-end 2018 and provided an operational update.

Fourth-quarter 2018 highlights

Total production of 68,328 Boed, 9% above the fourth quarter of 2017 and 6% above the third quarter of 2018
Crude oil production of 43,040 Bpd, 7% above the fourth quarter of 2017 and 5% above the third quarter of 2018
Net income attributable to common shareholders of $255.1 million, or $2.75 per diluted share, and net cash provided by operating activities of $188.3 million
Adjusted net income attributable to common shareholders of $52.1 million, or $0.56 per diluted share, and Adjusted EBITDA of $170.7 million

Year-end 2018 highlights

Proved reserves of 329.4 MMBoe, a 26% increase over year-end 2017
Standardized measure of discounted future net cash flows of $3.6 billion, and PV-10 of $4.1 billion, a 55% increase over year-end 2017
478% reserve replacement from all sources at a finding, development, and acquisition (FD&A) cost of $10.34 per Boe

Guidance and operational highlights

As previously announced, 2019 DC&I capital expenditure plan of $525-$575 million, which is expected to deliver double-digit production growth while achieving positive free cash flow by the third quarter of the year
Achievement of cost reductions and efficiency gains that have driven materially-lower well costs across the asset portfolio
Encouraging results from initial two Wolfcamp C tests in the Delaware Basin