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Carrizo Provides Q4-2015 Update; Reserve & Production Growth
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Carrizo Oil & Gas, Inc. announced the Company's financial results for the fourth quarter of 2015 and provided an operational update.
Key Points: Given the decline in commodity prices, Carrizo is reducing its planned capital spending in 2016 vs. 2015. Carrizo's initial 2016 drilling and completion plan is $270-$290 million, a decrease of nearly 45% from the 2015 level. This level of spending should allow the Company to run one to two rigs in the Eagle Ford during the year as well as continue to test its acreage in the Delaware Basin. The Company's initial land and seismic capital expenditure plan is $15 million. Based on this level of activity, Carrizo is providing initial 2016 oil production guidance of 24,700-25,300 Bbls/d. Using the midpoint of this range, the Company's 2016 oil…- ✓ Full news archive — U.S., Canada & international coverage
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