Carrizo Oil & Gas Announces 2019 Capital Program and Provides an Update on Fourth Quarter Operations - Seite 2

Based on this program, Carrizo is providing initial 2019 production guidance of 66,800-67,800 Boe/d. Crude oil production is expected to account for approximately 63% of the Company's production for the year, while total liquids are expected to account for approximately 80%. This 2019 production guidance range equates to annual growth of approximately 11% at the midpoint.

During the fourth quarter of 2018, the Company took an extended frac holiday while it drilled large multipad projects in both the Eagle Ford Shale (36 total wells) and Permian Basin (6 total wells). While this is expected to result in a sequential decline in the Company’s production during the first quarter of 2019, Carrizo expects to see a material increase in its production as these wells are completed and turned to sales over the first and second quarters of the year. The Company currently expects its 2019 activity plan to maintain this momentum in the second half of the year, resulting in production in the fourth quarter of 2019 exceeding production in the fourth quarter of 2018.

Fourth Quarter 2018 Update

Preliminary production volumes during the fourth quarter of 2018 were 68,328 Boe/d, an increase of 6% versus the prior quarter. Crude oil production during the fourth quarter of 2018 averaged 43,040 Bbls/d, while natural gas and NGL production were 83,067 Mcf/d and 11,443 Bbls/d, respectively.

Preliminary drilling, completion, and infrastructure capital expenditures for the fourth quarter of 2018 were $175.4 million, above the Company’s initial expectations as it elected to complete an additional pad in the Eagle Ford Shale late in the quarter. This allowed Carrizo to take advantage of the attractive discounts offered by service providers resulting from the industry-wide slowdown in activity. Due to timing, the additional pad did not add any material production to the fourth quarter.

Fourth Quarter Conference Call and Upcoming Presentation

The Company will hold a conference call to discuss 2018 fourth quarter and full year financial results on Tuesday, February 26, 2019 at 10:00 AM Central Standard Time. Carrizo plans to issue a press release containing its financial and operating results after the market closes on Monday, February 25, 2019.

Date & Time:				Tuesday, February 26 at 10:00 AM CST
Dial-In Number:				[phone] (U.S. & Canada)
				[phone] (Intl./Local)
Telephone Replay Number:				[phone] (U.S. & Canada)