Current CRZO Stock Info

Eagle Ford and Permian producer Carrizo Oil & Gas, Inc. (ticker: CRZO) reiterated that its operations in the Eagle Ford shale sustained no damage as a result of Hurricane Harvey, and drilling and completion operations returned to normal within a week.

A temporary reduction in sales volumes did occur as a result of downtime at third-party midstream facilities and Gulf Coast refineries, but production and sales returned to pre-storm levels last month, Carizzo said.

Carrizo estimates the impact from Hurricane Harvey on third quarter production volumes from the Eagle Ford Shale to be approximately 2,500 BOEPD (approximately 55% oil).

Carrizo currently expects total production for the third quarter of 2017 to be above the midpoint of its previously-issued guidance range of 53,467-54,733 BOEPD.

Carrizo Oil & Gas Discusses Operations After Harvey, Updates Hedging

Source: Carrizo Oil & Gas September 2017 presentation

As a result of the storm’s temporary impact on Eagle Ford production, Carrizo revised its crude oil production guidance for the third quarter to 34,700-34,900 BOPD from 35,400-35,800 BOPD.

Hedging update

Over the last month, Carrizo has continued to add to its crude oil hedge position through year-end 2018. For the fourth quarter of 2017, the Company currently has swaps covering 15,000 BOPD of crude oil at an average fixed price of $53.44/Bbl.

For 2018, Carrizo currently has three-way collars covering 18,000 BOPD of crude oil with an average floor price of $49.08/Bbl, ceiling price of $60.48/Bbl, and sub-floor price of $39.17/Bbl, as well as swaps covering 6,000 BOPD of crude oil at an average fixed price of $49.55/Bbl.


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