Carrizo credited the company's Eagle Ford Shale assets for their strong first quarter performance and announces plans to increase activity in the region.
Related: Carrizo Focuses on Eagle Ford
In a press release last week, Carrizo Oil & Gas executives reported 2016 first quarter results that included an adjusted net income of $9.2 million. The company also reported record production of 42,025 Boe/d, 21% above the first quarter of 2015.
Eagle Ford Operations
Carrizo spent approximately 85% of its budget in the Eagle Ford and acquired 4,000 net acres in the region. For the remainder of 2016, the company plans to increase crude oil production growth target to 9%.
Other first quarter Eagle Ford highlights:
- Expects to drill approximately 57 gross (53 net) operated wells and complete 55 gross (52 net) operated wells in the play during 2016
- Drilled 18 gross (17.0 net) operated wells
- Completed 14 gross (12.5 net) wells
- Crude oil production from the play rose to approximately 22,800 Bbls/d for the quarter, up 2% versus the prior quarter
- 33 gross (31.8 net) operated Eagle Ford wells waiting on completion
- Operating two rigs
- Reduction of well costs for a 6,100 ft. lateral well are currently expected to average approximately $4.1 million, down from $4.6 million previously.