Carrizo Oil & Gas Provides Third Quarter Operational Update
16 Octubre 2019 - 3:05PM
Business Wire
Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today provided
an update on the Company’s operations for the third quarter.
Production volumes during the third quarter of 2019 are
currently expected to be 69,500-69,600 Boe/d, an increase of
approximately 6% from the second quarter. Crude oil production is
expected to account for approximately 66% of the Company’s
production during the quarter, while natural gas and NGLs are
expected to account for approximately 18% and 16%,
respectively.
During September, Carrizo took advantage of the rally in
commodity prices to add to its 2020 hedge position. The Company
added hedges covering 10,000 Bbls/d of crude oil for 2020,
consisting of three-way collars with an average floor price of
$55.00/Bbl, ceiling price of $64.10/Bbl, and sub-floor price of
$45.00/Bbl. This brings the Company’s total hedge position for the
year to 25,000 Bbls/d, consisting of swaps covering 3,000 Bbls/d of
crude oil at an average fixed price of $55.06/Bbl and three-way
collars covering 22,000 Bbls/d with an average floor price of
$55.34/Bbl, ceiling price of $65.16/Bbl, and sub-floor price of
$45.34/Bbl.
About Carrizo
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 in proven, producing oil
and gas plays primarily in the Eagle Ford Shale in South Texas and
the Permian Basin in West Texas.
Cautionary Statement Regarding Forward-Looking
Information
Statements in this release that are not historical facts,
including but not limited to those related to third quarter
results, production volumes, DC&I capital expenditures, well
costs, infrastructure program, guidance, rig program, production,
targeted ratios and other metrics, timing, levels of and potential
production, expectations regarding growth, oil and gas prices,
drilling and completion activities, drilling inventory, including
timing thereof, well costs, production mix, hedging activity, the
Company’s or management’s intentions, beliefs, expectations, hopes,
projections, assessment of risks, estimations, plans or predictions
for the future, results of the Company’s strategies and other
statements that are not historical facts are forward-looking
statements that are based on current expectations. Although the
Company believes that its expectations are based on reasonable
assumptions, it can give no assurance that these expectations will
prove correct. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include assumptions regarding well costs, Delaware Basin
constraints, benefits of multi-pad drilling, results of the 2019
capital and development plan estimated recoveries, pricing,
margins, and other factors affecting average well returns, timing
of well completions and the results of production from such wells
and testing, failure of actual production to meet expectations,
results of infrastructure program, failure to reach significant
growth, performance of rig operators, spacing test results,
availability of gathering systems, pipeline and other
transportation issues, costs and availability of oilfield services,
actions by governmental authorities, joint venture partners,
industry partners, lenders and other third parties, actions by
purchasers or sellers of properties, the company’s pending merger
transaction and actions by counterparty to such transaction, risks
and effects of acquisitions and dispositions, market and other
conditions, risks regarding financing, capital needs, availability
of well connects, capital needs and uses, commodity price changes,
effects of the global economy on exploration activity, results of
and dependence on exploratory drilling activities, operating risks,
right-of-way and other land issues, availability of capital and
equipment, weather, and other risks described in the Company’s Form
10-K for the year ended December 31, 2018 and its other filings
with the U.S. Securities and Exchange Commission. In addition, the
results for the third quarter of 2019 are preliminary and are
subject to change, including changes resulting from the Company’s
obtaining additional information and completing its accounting
closing procedures for the third quarter of 2019.
All forward-looking statements speak only as of the date they
are made and are based on information available at that time.
Carrizo does not assume any obligation to update forward-looking
statements to reflect circumstances or events that occur after the
date the forward-looking statements were made or to reflect the
occurrence of unanticipated events except as required by federal
securities laws. As forward-looking statements involve significant
risks and uncertainties, caution should be exercised against
placing undue reliance on such statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20191016005623/en/
Carrizo Oil & Gas, Inc. Jeffrey P. Hayden, CFA VP -
Financial Planning and Analysis (713) 328-1044 or Kim
Pinyopusarerk Manager - Investor Relations (713)
358-6430
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