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Stock Market & Financial Investment News

News Breaks
January 15, 2013
09:07 EDTCRZOCarrizo Oil & Gas downgraded to Sector Perform from Outperform at Howard Weil
News For CRZO From The Last 14 Days
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October 27, 2014
08:20 EDTCRZOCarrizo Oil & Gas sees Q3 lease operating expense $6.75-$6.85/Boe
Sees Q3 DD&A to range between $27.00-$27.10/Boe. The higher lease operating expense range for the quarter is primarily due to higher actual lease operating expenses than previously estimated and accrued for in the second quarter of 2014. The Company currently expects to meet or beat third quarter guidance for its remaining expense items. Additionally, the company's Q3 net cash from derivative settlements is now expected to be a loss of approximately $7.7M. Carrizo estimates production volumes during Q3 were 3,090 MBoe, or 33,587 Boe/d, an increase of 12% versus 3Q13 and 1% versus the prior quarter. The year-over-year production growth was driven by strong results in each of the company's operating regions, which more than offset the sale of the company's remaining natural-gas-weighted Barnett Shale properties during 4Q13. Oil production during the Q3 averaged 20K Bbls/d, an increase of 64% versus the same period last year and 8% versus the prior quarter; natural gas and NGL production averaged 81,500 Mcfe/d during Q3. Q3 production exceeded the high end of company guidance due primarily to strong performance from the company's Eagle Ford Shale assets and a lower-than-expected amount of voluntary production curtailments in its Marcellus Shale assets.
08:18 EDTCRZOCarrizo Oil & Gas announces Eagle Ford Shale acquisition
Carrizo Oil & Gas announced that it has completed the acquisition of additional leasehold and producing interests in the Eagle Ford Shale from Eagle Ford Minerals for $250M in cash, subject to a closing adjustment credit of $7M. The acquisition represents an approximate 25% working interest in certain Eagle Ford Shale properties that were already operated by Carrizo. Following the closing of the transaction, Carrizo holds an approximate 100% working interest in these assets. The acquired properties are in three main project areas which are centrally located in the most prospective portion of the Eagle Ford Shale's volatile oil window and represent some of the highest EUR's and IRR's of all of Carrizo's Eagle Ford Shale portfolio. Third quarter net production from the acquired properties was 2,260 Bbls/d and 2,457 MMcfe/d. The acquisition increases Carrizo's position in the Eagle Ford Shale by approximately 6,820 net acres to more than 81K net acres, and increases its drilling inventory in the play by 93 net wells to more than 915 net locations. As of September 30, Carrizo estimates net proved reserves associated with the acquisition to be 16.7 MMBoe. Additionally, the company estimates the net 2P potential of the acquisition to be approximately 39.0 MMBoe. The transaction was completed on October 24, with an effective date of October 1. At closing, Carrizo paid approximately $93M with the remaining $150M to be paid by February 2015. Carrizo plans to fund the acquisition with the proceeds of a separately-announced debt financing. The closing payment for the transaction was initially funded from borrowings under Carrizo's revolving credit facility.
October 23, 2014
08:13 EDTCRZOCabot among Marcellus producers hardest hit by glut, WSJ says
The rapid growth of production from the Marcellus Shale has caused gas prices to drop and forced drillers to re-evaluate operations, with Cabot Oil and Gas (COG) among the hardest hit, said The Wall Street Journal. Other companies mentioned as being impacted and having responded in the report include Ultra Petroleum (UPL), Chesapeake Energy (CHK) and Carrizo Oil & Gas (CRZO). Reference Link

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