Carrizo Oil & Gas, Inc. announced unaudited consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company total revenue of $228,280,000 compared to $151,355,000 a year ago. Income before income taxes was $27,811,000 compared to $40,021,000 a year ago. Net income attributable to common shareholders was $14,743,000 compared to $40,021,000 a year ago. Basic and diluted net income attributable to common shareholders per common share was $0.18 compared to $0.61 a year ago. Net cash provided by operating activities was $138,724,000 compared to $76,408,000 a year ago. Capital expenditures were $234,685,000 compared to $123,749,000 a year ago. Adjusted net income attributable to common shareholders (Non-GAAP) was $39,548,000 compared to $12,123,000 a year ago. Adjusted net income attributable to common shareholders per diluted common share (Non-GAAP) was $0.48 compared to $0.18 a year ago. Adjusted EBITDA (Non-GAAP) was $136,413,000 compared to $94,165,000 a year ago. Adjusted income before income taxes was $50,813,000 against $19,212,000 a year ago.

For the period, the company reported total production crude oil was 3,072 MBbls against 2,596 MBbls a year ago. NGLs were 739 MBbls against 406 MBbls a year ago. Natural gas was 4,810 MMcf against 7,028 MMcf a year ago. Total barrels of oil equivalent were 4,613 MBoe against 4,173 MBoe a year ago. Daily production of Crude oil was 34,136 Bbls/d against 28,844 Bbls/d a year ago. NGLs were 213 Bbls/d against 4,508 Bbls/d a year ago. Natural gas was 53,446 Mcf/d against 78,088 Mcf/d a year ago. Total barrels of oil equivalent were 51,257 Boe/d against 46,367 Boe/d a year ago.

For the second quarter of 2018, the company expects Daily oil production to be in the range of 53,800 Bbls/d to 54,800 Bbls/d, crude oil of 67%, NGLs of 15% and Natural gas of 18%.

For the second quarter the company expects production taxes (% of total revenues) in the range of 4.75% to 5.00%, depreciation, depletion and amortization in the range of $13.75 Boe to $14.75 Boe, Net interest expense in the second quarter is expected to be $14.8 million to $15.8 million, with interest capitalized is expected to be a $8.5 million to $9 million.

For the full year of 2018, the company expects Daily oil production to be in the range of 58,500 Bbls/d to 60,100 Bbls/d, crude oil in the range of 65% to 67%, NGLs in the range of 15% to 17% and natural gas in the range of 17% to 19%. The company currently expects to drill 60 to 65 gross or 56 to 61 net operated wells and frac 80 to 85 gross or 71 to 76 net operated wells in the play during 2018.

For the full year the company expects production taxes (% of total revenues) in the range of 4.75% to 5.00%, depreciation, depletion and amortization in the range of $13.50 Boe to $14.50 Boe. The company is maintaining its drilling, completion, and infrastructure capital expenditure guidance of $750 million to $800 million.