Carrizo Oil & Gas, Inc. reported preliminary production results for the fourth quarter of 2018. The company's 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.

The company is providing initial 2019 production guidance of 66,800 Boe/d to 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.

For the first quarter of the year, Carrizo expects production to be 61,100-62,100 Boe/d, crude oil is expected to account for 64% of production, while total liquids are expected to account for 81%. While the Company's production is expected to decline sequentially in the first quarter due to the limited number of wells it turned to sales while drilling its multipad project wells in late 2018, the Company expects to see a material increase in its production during the second quarter as these wells come online.