Carrizo Oil & Gas, Inc. (CRZO)
Q2 2012 Earnings Call
August 7, 2012 11:00 am ET
Sylvester P. Johnson – President, Chief Executive Officer & Director
Paul F. Boling – Chief Financial Officer, Secretary, Treasurer & Vice President
Will Green – Stephens Inc.
Leo Mariani – RBC Capital Markets
Leo P. Mariani – RBC Capital Markets, LLC
Jeffrey Hayden – KLR Group
Michael, A. Glick – Johnson & Rice Company L.L.C.
Marshall Carver – Capital One Southcoast, Inc
Maggie Savage – Robert W. Baird & Co
David Tameron – Wells Fargo Securities
Marshall H. Carver – Capital One Southcoast, Inc.
Ladies and gentlemen, thank you for standing by. Welcome to the Second Quarter 2012 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, the conference is being recorded Tuesday, August 7, 2012.
I would now like to turn the conference over to Chip Johnson, President of Carrizo Oil. Please proceed.
Sylvester P. Johnson
Thank you for calling in. To summarize the quarter, we beat guidance on oil production, we beat on gas production. We realized almost a $101 of barrel for our Eagle Ford production. We came in under our LOE guidance. We didn’t take any write-downs of our reserves like many of our peers, and we cut CapEx by cutting drilling rigs and frack jobs and they’re still growing oil production at one of the industry’s highest rates.
Paul Boling will now go over the financial results, and then I’ll go over the operational progress and then we’ll take questions. Paul?