Carrizo Oil & Gas (CRZO)

[dan_s]

HOUSTON, Feb. 22, 2016 (GLOBE NEWSWIRE) -- Carrizo Oil & Gas, Inc. (CRZO) today announced the Company’s financial results for the fourth quarter of 2015 and provided an operational update, which includes the following highlights:

•Record Oil Production of 24,942 Bbls/d, 13% above the fourth quarter of 2014
•Record Total Production of 40,159 Boe/d, 7% above the fourth quarter of 2014
•Loss From Continuing Operations of $380.7 million, or ($6.73) per diluted share, and Adjusted Net Income (as defined below) of $18.5 million, or $0.32 per diluted share
•Adjusted EBITDA (as defined below) of $112.1 million
•Delivered 246% reserve replacement from all sources with a drill-bit F&D cost of $15.40 per Boe
•Announcing 2016 drilling and completion capital expenditure plan of $270-$290 million
•Announcing 2016 crude oil production growth target of 8%

Carrizo's Q4 results beat my forecast.

I have updated my forecast model and it will be posted to the EPG website this evening. My valuation increases slightly to $49.00, compared to First Call's Price Target of $38.42.

Carrizo has ~60% of their 2016 oil hedged (37% with SWAPs at $60.03/bbl and 23% with collars that have floors at $50.97/bbl). Based on my forecast, Cash Flow From Operations s/b $270 to $290 million, which just happens to be the company's capital budget for 2016.