Carrizo Oil & Gas Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2017; Provides Production Guidance for the Second Quarter and Full Year of 2017 and Earnings Guidance for the Full Year of 2017
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.