Carrizo Beats 3Q Expectations, Raises Production Guidance

November 16, 2018

 

Carrizo Oil & Gas raised its full-year production guidance while beating financial expectations for earnings and revenue in it’s third quarter 2018 report.

The company, like a number of others, does expect a fracking holiday during the 4th quarter.

Production during the period was up 17% year over year to 64,627 barrels of oil per day — beyond the high end of its guidance — including crude production of nearly 41,000 bbarrels a day, an increase of about 17% on the year, 8% over 2Q.

Carrizo raised production guidance to between 60.2-thousand–60.5-thousand barrels (of oil equivalent) per day from the previous 58.7-thousand-to-60-thousand boe/day.

The company expects production during the fourth quarter of 2018 to be 67.7K-68.7K boe/day (63% oil).

The results held down, the company said, by heavy rain delays and maintenance on the DCP natural gas gathering system.

And the company maintains drilling, completion and infrastructure capex guidance for fiscal year 2018 at between $800 million and $825 million, with some 4Q decline in completion activity expected.