Carrizo Oil & Gas, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis – Q4, 2011 by GlobalData

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									        Carrizo Oil & Gas, Inc. Oil & Gas Exploration and Production Operations
                              and Cost Analysis – Q4, 2011
        Reference Code: GDGE38578OAR                                                                                     Publication Date: APR 2012

        Company Snapshot                                                               Company Overview
        Key Information                                                                Carrizo Oil and Gas, Inc. (Carrizo) is a Texas-based
                                                                                       independent energy company. Its business comprises of
         Carrizo Oil & Gas, Inc., Key Facts                                            exploration, development and production of oil and natural gas
          Web Address                           www.crzo.net                           in the Barnett Shale area in North Texas, the Marcellus Shale
          Financial year-end                    December                               in Appalachia, the Eagle Ford Shale in South Texas, and the
          Number of Employees                   169                                    Niobrara Formation in the Denver-Julesberg Basin in
                                                                                       Colorado. In the UK North Sea, the company owns Huntington
          NASD                                  CRZO
                                                                                       field discovery.
          Source: GlobalData


         Key Ratios
           Carrizo Oil & Gas, Inc., Key Ratios                                            Carrizo Oil & Gas, Inc., Reserves and Production,
           P/E                                                             30.88          2007-2011
           EV/EBITDA                                                       13.10
           Return on Equity (%)                                             7.20
           Debt/Equity                                                     143.0
           Operating       profit   margin                                 18.30
           (%)
           Dividend Yield                                                    0.0
           Note: Above ratios are based on share price as of 11-Apr-2012
                                                                                          Source: GlobalData
           Source: GlobalData



           Carrizo Oil & Gas, Inc., Share Price Performance,                             Carrizo Oil & Gas, Inc., Key Valuation Metrics,
           USD/Share, Q4, 2010-Q4, 2011                                                  EV/Production ($/boed), EV/Proved Reserve ($/boe),
                                                                                         Q4, 2010-Q4, 2011




           Source: GlobalData
                                                                                         Source: GlobalData



             Carrizo Oil & Gas, Inc., Key Costs Per boe, $/boe,                          Carrizo Oil & Gas, Inc., Costs Incurred By Type, $m,
                                    2011                                                 2007-2011
          Parameter                                                         2011
          Oil & Gas Finding &                                               11.55
          Development Cost/boe, Annual
          Oil & Gas Finding Cost per boe,                                    8.90
          Annual
          Reserve Replacement Cost per                                      11.55
          boe, Annual
         Source: GlobalData

                                                                                         Source: GlobalData




Carrizo Oil & Gas, Inc. Operations & Cost Analysis                                                                           Reference Code: GDGE38578OAR
For Data Definitions Refer to the Appendix
Source: www.energyetrack.com                                                                                                                            Page 1
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form
       Table of Contents
       Table of Contents ............................................................................................................................................................................... 2
          List of Tables .................................................................................................................................................................................. 5
          List of Figures ................................................................................................................................................................................. 6
       Carrizo Oil & Gas, Inc., Valuation and Financial Data ........................................................................................................................ 8
          Carrizo Oil & Gas, Inc., Share Price Performance .......................................................................................................................... 8
             Share Price Performance, Q4, 2010-Q4, 2011 ........................................................................................................................... 8
          Carrizo Oil & Gas, Inc., Key Valuation Metrics................................................................................................................................ 9
             Key Valuation Metrics, Q4, 2010-Q4, 2011 ................................................................................................................................. 9
          Carrizo Oil & Gas, Inc., Quarterly Results of Oil & Gas Operations Per boe Produced ................................................................ 10
             Results of Oil & Gas Operations Per boe Produced, Q4, 2010-Q4, 2011 ................................................................................. 10
             Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2010-Q4, 2011........................................................................... 11
          Carrizo Oil & Gas, Inc., Quarterly E&P Costs Trends ................................................................................................................... 12
             Upstream Capital Expenditure, Q4, 2010-Q4, 2011 .................................................................................................................. 12
       Carrizo Oil & Gas, Inc., Quarterly Production Trends ....................................................................................................................... 13
          Carrizo Oil & Gas, Inc., Total Oil and Gas Production .................................................................................................................. 13
             Total Crude Oil and Natural Gas Production Trend, Q4, 2010-Q4, 2011 .................................................................................. 13
             Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2010-Q4, 2011 ................................................................ 14
          Carrizo Oil & Gas, Inc., Crude Oil Production ............................................................................................................................... 15
             Total Crude Oil Production Trend, Q4, 2010-Q4, 2011 ............................................................................................................. 15
             Crude Oil Production, By Country/Region, Q4, 2010-Q4, 2011 ................................................................................................ 16
          Carrizo Oil & Gas, Inc., Natural Gas Production ........................................................................................................................... 17
             Total Natural Gas Production Trend, Q4, 2010-Q4, 2011 ......................................................................................................... 17
             Natural Gas Production, By Country/Region, Q4, 2010-Q4, 2011 ............................................................................................ 18
       Carrizo Oil & Gas, Inc., Valuation and Financial Data, 2007-2011 ................................................................................................... 19
          Carrizo Oil & Gas, Inc., Share Price Performance, 2007-2011 ..................................................................................................... 19
             Share Price Performance, 2007-2011 ....................................................................................................................................... 19
             Key Valuation Metrics, 2007-2011 ............................................................................................................................................ 20
       Carrizo Oil & Gas, Inc., Production and Reserves Trends................................................................................................................ 21
          Total Oil and Gas, Reserves and Production ................................................................................................................................ 21
             Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011......................................................................... 21
             Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011........................................................ 23
             Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 .............................................................................................. 25
          Crude Oil/Liquids Production and Reserve ................................................................................................................................... 26
             Crude Oil/Liquids Production and Reserve Trend, 2007-2011 .................................................................................................. 26
             Crude Oil Production and Reserves By Country/Region, 2007-2011 ........................................................................................ 27
             Crude Oil/Liquids Reserve Changes, 2007-2011 ...................................................................................................................... 29
          Natural Gas Production and Reserve ........................................................................................................................................... 30
             Natural Gas Production and Reserve Trend, 2007-2011 .......................................................................................................... 30
             Natural Gas Production and Reserves, By Country/Region, 2007-2011 ................................................................................... 31
             Natural Gas Reserve Changes, 2007-2011 .............................................................................................................................. 33
          Total Crude Oil and Natural Gas Reserves Life Index .................................................................................................................. 34
             Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011 ........................................................................................... 34
             Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011 ........................................................... 35
       Carrizo Oil & Gas, Inc., E&P Costs Trends ...................................................................................................................................... 37
          Allocation of the Upstream Capital Expenditure............................................................................................................................ 37
             Upstream Capital Expenditure, 2007-2011 ............................................................................................................................... 37

Carrizo Oil & Gas, Inc. Operations & Cost Analysis                                                                                                                    Reference Code: GDGE38578OAR
For Data Definitions Refer to the Appendix
Source: www.energyetrack.com                                                                                                                                                                                    Page 2
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form
             Acquisition Costs By Country/Region, 2007-2011..................................................................................................................... 38
             Exploration and Development Costs, By Country/Region, 2007-2011 ...................................................................................... 39
          Oil and Gas Cost Per boe, $/boe .................................................................................................................................................. 41
             Oil and Gas Cost Per boe, $/boe, 2007-2011 ........................................................................................................................... 41
             Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011 ........................................................................................... 43
       Carrizo Oil & Gas, Inc., Reserve Replacement Ratio ....................................................................................................................... 46
          Oil and Gas Production Replacement Ratio ................................................................................................................................. 46
             Oil and Gas Production Replacement Ratio, 2007-2011 ........................................................................................................... 46
             Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011 ........................................................................... 48
       Carrizo Oil & Gas, Inc., Results of Oil & Gas Operations Trend ....................................................................................................... 52
          Oil and Gas Revenue and Expenses ............................................................................................................................................ 52
             Oil and Gas Revenue and Expenses, 2007-2011 ..................................................................................................................... 52
             Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011 ..................................................................................... 53
          Oil and Gas Revenue and Expenses, Per boe ............................................................................................................................. 58
             Oil and Gas Revenue and Expenses, By boe, 2007-2011 ........................................................................................................ 58
             Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011 ........................................................................ 59
          Oil and Gas Performance Metrics ................................................................................................................................................. 63
       Carrizo Oil & Gas, Inc., Land Holdings and Well Data ...............................................
								
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