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

Adjusted net income for the second quarter was $10.5 million, or $0.27 and $0.26 per basic and diluted shares respectively, as compared to $9.5 million, or $0.25 and $0.24 per basic and diluted shares respectively during the second quarter of 2011.

Adjusted net income was essentially flat, compared to the second quarter 2011, due largely to higher DD&A, primarily attributable to the April 2012, sale of natural gas properties to Atlas.

Company reported net income of $28.5 million, or $0.72 and $0.71 per basic and diluted share respectively for the second quarter of 2012, as compared to net income of $7.7 million, or $0.20 per basic and diluted share for the same quarter during 2011.

EBITDA was $69.3 million in Q2, or $1.75 and $1.73 per basic and diluted share respectively, as compared to $41.8 million, or $1.7 and $1.6 per basic and diluted shares respectively during the Q2 of 2011.

Lease operating expense including transportation cost of $1 million, or $7 million or $2.94 per BOE for the second quarter, as compared to LOE of $7.4 million, or $3.99 per BOE for the corresponding quarter in 2011. The decrease in operating cost per unit is primarily due to the Atlas and KKR property sales, partially offset by the higher operating cost per unit associated with our oil production. General guidance for LOE in the third quarter of 2012, is $3.90 to $4.20 per BOE.

Production taxes increased to $3.1 million, or 3.7% of oil and gas revenues for the second quarter, compared to $1.5 million, or 2.9% of oil and gas revenues for the same period in 2011.

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