Carrizo Oil & Gas Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenues of $143,831,000 compared to $99,422,000 a year ago. Adjusted EBITDA, as defined was $118,118,000 compared to $112,121,000 a year ago. Adjusted income before income taxes was $44,158,000 compared to $28,752,000 a year ago. Adjusted net income, as defined was $28,438,000 or $0.44 per diluted share compared to $18,489,000 or $0.32 per diluted share a year ago. Loss from continuing operations before income taxes was $779,000 compared to $381,090,000 a year ago. Loss from continuing operations was $779,000 or $0.01 per basic and diluted share compared to $380,671,000 or $6.73 per diluted share a year ago. Net loss was $779,000 or $0.01 per basic and diluted share compared to $380,165,000 or $6.72 per diluted share a year ago. Net cash provided by operating activities was $74,921,000 compared to $94,395,000 a year ago. Capital expenditures - oil and gas properties were $134,684,000 against $134,336,000 a year ago. Acquisitions of oil and gas properties were $153,521,000 against $1,817,000 a year ago.

For the year, the company reported total revenues of $443,594,000 compared to $429,203,000 a year ago. Adjusted EBITDA, as defined was $399,500,000 compared to $455,079,000 a year ago. Adjusted income before income taxes was $106,135,000 compared to $85,849,000 a year ago. Adjusted net income, as defined was $68,351,000 or $1.13 per diluted share compared to $55,201,000 or $1.06 per diluted share a year ago. Loss from continuing operations before income taxes was $675,474,000 compared to $1,298,760,000 a year ago. Loss from continuing operations was $675,474,000 or $11.27 per basic and diluted share compared to $1,157,885,000 or $22.50 per diluted share a year ago. Net loss was $675,474,000 or $11.27 per basic and diluted share compared to $1,155,154,000 or $22.45 per diluted share a year ago. Net cash provided by operating activities was $272,768,000 compared to $377,367,000 a year ago. Capital expenditures - oil and gas properties were $480,929,000 against $675,952,000 a year ago. Acquisitions of oil and gas properties were $153,521,000 against $1,817,000 a year ago.

For the first quarter of 2017, crude oil production is expected to dip to 27,700 to 28,100 BOPD due to a large amount of wells that have been shut in during the first quarter for offsetting fracs. The natural gas and NGL's first quarter production should range between 72 million and 76 million cubic feet per day and 4,700 to 4,900 barrels per day, respectively. Company currently expect to drill approximately 107 gross or 92 net operated wells and frac 99 gross or 87 net operated wells in the play during 2017. The 2017 program is expected to be weighted toward longer lateral wells. Given choke management practices, the benefit of the longer lateral wells is not expected to materially impact 2017 oil production.

Total production guidance for full year 2017 is approximately 48,500 to 50,000 Boe per day for a 16% year-over-year growth at the midpoint.

For 2017, company is announcing initial drilling and completion CapEx guidance of $530 million to $550 million, as well as initial land CapEx guidance of $20 million. The 2017 plan should allow to run 3 rigs in the Eagle Ford as well as continue to develop Delaware Basin position.