Carrizo Oil & Gas Inc. announced unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported total revenues were $166.483 million against $107.324 million a year ago. Net income was $56.306 million, or $0.85 per diluted share compared to net loss of $262.126 million, or $4.46 per diluted share in the second quarter of 2016. Income before income taxes was $56.306 million against loss of $261.934 million a year ago. Net cash provided by operating activities was $102.747 million against $72.171 million a year ago. Capital expenditures - oil and gas properties were $166.876 million against $113.872 million a year ago. Adjusted income before income taxes was $31.766 million against $26.658 million a year ago. Adjusted net income (non-GAAP) was $20.044 million or $0.30 diluted per share against $17.141 million or $0.29 diluted per share a year ago. Adjusted EBITDA was $111.944 million against $97.634 million a year ago.

For the six-month period, the company reported total revenues were $317.838 million against $188.586 million a year ago. Income before income taxes was $96.327 million against loss of $573.208 million a year ago. Net income was $96.327 million or $1.46 diluted per share against net loss of $573.521 million or $9.79 diluted per share a year ago. Net cash provided by operating activities was $179.155 million against $126.039 million a year ago. Capital expenditures - oil and gas properties were $290.625 million against $239.861 million a year ago. Adjusted income before income taxes was $50.978 million against $40.894 million a year ago. Adjusted net income (non-GAAP) was $32.167 million or $0.49 diluted per share against $26.295 million or $0.44 diluted per share a year ago. Adjusted EBITDA was $206.109 million against $190.160 million a year ago.

Production volumes during the second quarter of 2017 were 4,643 MBoe, or 51,019 Boe/d, an increase of 23% versus the second quarter of 2016. The year-over-year production growth was driven by drilling activity in the Eagle Ford Shale and Delaware Basin, the addition of production from the Sanchez property acquisition in late 2016, and an increase in Marcellus Shale production given improved netbacks. Crude oil production during the second quarter of 2017 averaged 33,629 Bbls/d, an increase of 40% versus the second quarter of 2016; natural gas and NGL production was 74,451 Mcf/d and 4,982 Bbls/d, respectively, during the second quarter of 2017. Second quarter of 2017 production exceeded the high end of Company guidance.

Carrizo is decreasing its 2017 oil production guidance to 34,600 to 34,800 Bbls/d from 35,700 to 36,000 Bbls/d previously. Using the midpoint of this range, the company's 2017 oil production growth guidance equates to 35%. For natural gas and NGLs, Carrizo is adjusting its 2017 guidance to 81 to 83 MMcf/d and 5,900 to 6,000 Bbls/d, respectively, from 80 to 84 MMcf/d and 5,900 to 6,100 Bbls/d, respectively.

For the third quarter of 2017, Carrizo expects oil production to be 35,400 to 35,800 Bbls/d, and natural gas and NGL production to be 73 to 77 MMcf/d and 5,900 to 6,100 Bbls/d, respectively.

The company expects net interest expense to be $20 million to $21 million for the third quarter of 2017, roughly flat with the previous quarter.