This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Carrizo Oil & Gas's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Paul F. Boling

Thanks, Chip. We achieved record oil production of 76, 18 barrels per day, or 28% sequential increase from the first quarter of 2012, a record total production in the second quarter 2012 was 2,393 MBOE, or 26,297 BOE per day, a 4% sequential increase from the first quarter of 2012, production of 2,311 MBOE.

The 4% sequential increase in production was due to the contribution of new wells brought on during the quarter. Second quarter production growth would have been substantially higher had it not been for the impact of the sale of the Barnett Shale production to Atlas on May 1, 2012. We reported record adjusted revenues and revenues for the quarter adjusted revenues, including the impact of realized hedges, we’re $92 million in the second quarter, compared to $91.7 million in the first quarter of 2012.

Oil and gas revenues for the second quarter were a record $83.8 million, compared to $80.7 million during the first quarter of 2012. Similarly, oil revenue was a record $68.6 million in the second quarter and 82% of total oil and gas revenue. This compared $59.4 million of oil revenue in the first quarter, which totaled 74% of total oil and gas revenue. These increases were primarily driven by increased oil production and higher realized gain hedges, partially offset by lower gas prices.

Average realized oil prices, including the impact of realized hedges, decreased to $97.97 per barrel, or a 11% in the second quarter, as compared to $109.65 per barrel in the first quarter of 2012. While average realized gas prices decreased 27% to $2.22 per Mcfe from $3.05 per Mcfe in the first quarter of 2012

As discussed before, we have an implied basis differential to WAHA for the Barnett Shale gas market at the well head, which averaged about $0.85 per Mcf for our second quarter gas production. General guidance for realized gains on derivatives in the third quarter of 2012 is $9.3 million to $9.8 million based upon strip prices as of August 6.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs