Mon, Mar. 16, 4:42 PM| Comment!
Mon, Feb. 2, 11:49 AM
- Sterne Agee's Tim Rezvan analyzed the hedge portfolios of E&P companies who are very much "in the money" and formally aggregated estimated values of hedge portfolios for companies he covers, and his results show the values vary widely across the group.
- Among the oil-focused producers, Denbury Resources (DNR +8.1%) is far and above all others with a hedge portfolio worth $811M, 33% of current market cap; other standouts include Gastar Exploration (GST +5.5%), Oasis Petroleum (OAS +6.2%), Carrizo Oil & Gas (CRZO +5.4%) and Approach Resources (AREX +9.1%).
- Rezvan says he expects rhetoric to continue from operators over the next three months on monetizing all or some hedges to raise cash. saying "the question will be if operators go naked on the hedge side in an outright bet on an oil price rebound, or if they simultaneously layer in costless collars around strip pricing."
Oct. 27, 2014, 11:14 AM
- Carrizo Oil & Gas (CRZO -4.6%) says Q3 production volumes averaged 33,587 boe/day, up 12% Y/Y and up 1% Q/Q, which the company says was driven by strong results in each of its operating regions and more than offset the sale of Barnett Shale properties during Q4 2013.
- Q3 oil production averaged ~20K bbl/day, up 64% Y/Y and 8% Q/Q, while natural gas and NGL production averaged 81.5K cfe/day.
- CRZO says it completed the acquisition of Eagle Ford Shale assets from Eagle Ford Minerals for $250M, and will fund the deal through an offering of $250M of senior notes due 2020.
Aug. 4, 2014, 2:31 PM
- Noble Energy (NBL +5.8%) and Anadarko Petroleum (APC +5.3%) spike higher on news of an agreement to remove anti-fracking initiates from the ballot in Colorado.
- Gov. Hickenlooper and U.S. Rep. Polis are forming a task force to craft regulations to minimize conflicts over the siting of oil and gas facilities in Colorado; under the proposal, two initiatives aimed at tightening controls would be withdrawn and two initiatives considered pro-industry also would be pulled.
- Wells Fargo views the deal as a positive for companies with exposure to the Denver-Julesburg Basin, including NBL, APC, Bill Barrett (BBG +4.8%), PDC Energy (PDCE +10.1%), Whiting Petroleum (WLL +4.5%) and Carrizo Oil & Gas (CRZO +4.3%).
Jun. 18, 2014, 11:59 AM
- Carizzo Oil & Gas (CRZO +3.3%) moves higher after reporting strong test results for its initial Niobrara A bench wells, which tested at an average peak 24-hour rate of 1,127 boe/day, including one well which tested at 1,633 boe/day.
- CRZO recently began production from its first multiple geological bench downspacing pilot in the Niobrara formation, with the pilot consisting of eight wells.
- The spudder rig has arrived on the location of CRZO's second Utica Shale well, and drilling is expected to begin shortly.
Jun. 3, 2014, 5:40 PM
Jan. 28, 2014, 8:58 AM
- Carrizo Oil & Gas (CRZO) +1.8% premarket after raising its 2014 crude oil production growth target to 50% from 40%-plus (17K-17.8K bbl/day) and reporting preliminary Q4 crude oil production of 13,029 bbl/day, above the high end of guidance.
- Increases its planned Eagle Ford Shale completions in 2014 to 49 net wells due to the high returns generated from the play plus drilling and completion efficiencies.
- Increasing its FY 2014 drilling and completion capital expenditure plan by $50M to $650M-$670M.
Dec. 27, 2013, 2:22 PM| Comment!
Nov. 4, 2013, 6:11 PM
- Carrizo Oil & Gas (CRZO) -5.2% AH after announcing a public offering of 3.75M shares of common stock.
- CRZO plans to use the proceeds to fund its increased capital expenditure plan that takes into account its recently completed Utica Shale acreage acquisition, the second half of the 2013 development of its expanded position in the Utica Shale, the accelerated fracking of a portion of its existing inventory of Eagle Ford wells and for other general corporate purposes.
- Also: Q3 earnings.
Oct. 4, 2013, 10:49 AM
- Carrizo Oil & Gas (CRZO +1.6%) is initiated with a Buy rating and $50 price target at Sterne Agee, even after the stock's 96% YTD rally.
- The firm says Eagle Ford downspacing testing and drilling results from the Utica Shale should validate the quality and depth of CRZO's inventory in these plays, and potential bolt-on acquisitions with proceeds from a non-core asset sale should provide further running room to complement core positions in the Eagle Ford Shale and Niobrara.
Jun. 17, 2013, 8:26 AMCarrizo Oil & Gas (CRZO) +2.3% premarket after raising its Q2 oil production guidance to 10,800-11,200 bbl/day from 9,600-10,000 bbl/day and its full-year 2013 crude oil production growth target to 40% from 28%, based on strong Eagle Ford shale results. Full-year capex plan is raised to $530M-$540M from $500M. | Comment!
Apr. 24, 2013, 10:02 AM
Feb. 26, 2013, 8:27 AM
Feb. 25, 2013, 11:24 AMCarrizo Oil & Gas (CRZO +3.5%) announces 2012 U.S. proved reserves of 115.1M boe, including record proved oil reserves of 39.1M bbls (up 58% Y/Y) and record PV-10 proved reserves value of $1.4B (up 64% Y/Y), and record 2012 production of 9.4M boe (up 26% Y/Y), including Q4 production above guidance for both oil and gas. Successfully replaced 303% of 2012 output. | Comment!
Jan. 23, 2013, 3:12 PMCarrizo Oil & Gas (CRZO -3%) is cut to Hold from Buy at KeyBanc, which views CRZO's lack of capital discipline as harmful to value creation and the resulting free cash flow deficits it forecasts through 2014 exposing it to excess risk in the event of a depressed commodity price environment given an already over-leveraged balance sheet. | 2 Comments
Jan. 18, 2013, 11:18 AMCredit Suisse cuts its ratings and price targets on three smaller oil producers: Carrizo's (CRZO -2.5%) leverage is too high to be overcome in terms of creating long-term value, Kodiak's (KOG -1.3%) share price has been propped up by the company's frequent mention as a takeover target, and Whiting's (WLL -2.2%) future growth is being driven by projects with diminishing returns. | 4 Comments
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