Eagle Ford Shale Drives Carrizo's Q1

Carrizo Oil 2015 Q1
Carrizo Oil 2015 Q1

Carrizo Oil announced its first quarter earnings and reveal a production growth driven by activity in the Eagle Ford

Related: Carrizo Acquires Eagle Ford Working Interest

Eagle Ford Highlights

Carrizo’s first quarter activity in the Eagle Ford includes 23 gross operated wells waiting on completion. These wells equate to potential crude oil production of more than 7,500 barrels per day. For the same period, the company drilled 14 gross (12.2 net) operated wells during the first quarter, and completed 16 gross (14.5 net) wells. Crude oil production from the play was approximately 18,700 Bbls/d for the quarter.

We remain focused on cost savings in the current environment, and continue to make good progress on this front. Currently, we have achieved drilling cost reductions of more than 10% and completion cost reductions of nearly 25% from late 2014 levels, putting us ahead of the forecast we provided in January.
— S.P. "Chip" Johnson, IV, Carrizo's President and CEO

Q1 Highlights:

  • Oil Production of 21,373 Bbls/d, 42% above the first quarter of 2014
  • Total Production of 34,595 Boe/d, 30% above the first quarter of 2014
  • Loss From Continuing Operations of $21.5 million, or ($0.46) per diluted share, and Adjusted Net Income of $6.4 million, or $0.14 per diluted share
  • Adjusted EBITDA of $101.8 million
  • Raising 2015 crude oil production growth target to 18%

Carrizo currently has 81,000 net acres with mineral leases and leasing activities located primarily in La Salle County with smaller positions in Atascosa, Frio, and McMullen Counties.

Read more at carrizo.com