Carrizo Oil & Gas Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2017. For the quarter, total revenues were $151,355,000 against revenue of $81,262,000 a year ago. Income Before Income Taxes was $40,021,000 against loss of $311,274,000 a year ago. Net Income was $40,021,000 or $0.61 per diluted and basic share against loss of $311,395,000 or $5.34 per diluted and basic share a year ago. Net cash provided by operating activities was $76,408,000 against $53,868,000 a year ago. Capital expenditures - oil and gas properties was $123,749,000 against $125,989,000 a year ago. Acquisitions of oil and gas properties was $7,032,000. Adjusted income before income taxes was $19,212,000 against $14,236,000 a year ago. Adjusted Net Income was $12,123,000 or $0.18 per diluted and basic share against $9,154,000 or $0.61 per diluted and basic share a year ago. Adjusted EBITDA was $94,165,000 against $92,526,000 a year ago.

For the quarter, total barrels of oil equivalent were 4,173 MBoe against 3,824 MBoe a year ago.

For the second quarter of 2017, the company expects oil production to be 31,800-32,200 Bbls/d, and natural gas and NGL production to be 67-71 MMcf/d and 4,800-5,000 Bbls/d, respectively.

For the year 2017, the company expects oil production to be 32,400 - 32,700 Bbls/d, and natural gas production to be 71,000 - 75,000 and NGL production to be 4,800-5,000 Bbls/d.

The company expects to offset this incremental capital through efficiency gains realized since the beginning of the year as well as a slight reduction in planned completion activity in the Eagle Ford Shale during the year. As a result, the company is maintaining its 2017 drilling and completion capital expenditure guidance of $530-$550 million. The company is increasing its land and seismic capital expenditure guidance to $45 million for the year from $20 million previously.