Carrizo Oil & Gas Inc. reported unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported total revenues of $303,375,000 compared to $181,279,000 a year ago. Income before income taxes was $82,226,000 compared to $7,823,000 a year ago. Net income was $81,346,000 compared to $7,823,000 a year ago. Net income attributable to common shareholders was $76,118,000 compared to $5,574,000 a year ago. Net income attributable to common shareholders per common diluted share was $0.85 compared to $0.07 a year ago. Adjusted income before income taxes was $108,216,000 or $1.22 per diluted share compared to $42,363,000 or $0.52 per diluted share a year ago. Adjusted EBITDA was $208,958,000 compared to $132,849,000 a year ago. Adjusted net income attributable to common shareholders was $84,084,000 or $0.94 per diluted share compared to $26,731,000 or $0.33 per diluted share a year ago. Net cash provided by operating activities was $189,420,000 compared to $101,442,000 a year ago. Capital expenditures were $231,820,000 compared to $142,936,000 a year ago.

For nine months, the company reported total revenues of $792,628,000 compared to $499,117,000 a year ago. Income before income taxes was $145,829,000 compared to $104,150,000 a year ago. Net income attributable to common shareholders was $120,956,000 compared to $101,901,000 a year ago. Net income attributable to common shareholders per common basic and diluted share was $1.42 compared to $1.43 a year ago. Adjusted income before income taxes was $244,708,000 compared to $93,341,000 a year ago. Adjusted EBITDA was $524,293,000 compared to $338,958,000 a year ago. Adjusted income before income taxes was $244,708,000 or $2.87 per diluted share compared to $93,341,000 or $1.31 per diluted share a year ago. Adjusted net income attributable to common shareholders was $190,138,000 or $2.23 per diluted share compared to $58,898,000 or $0.83 per diluted share a year ago. Net cash provided by operating activities was of $465,292,000 compared to $280,597,000 a year ago. Capital expenditures were $662,459,000 compared to $433,561,000 a year ago.

For the quarter, the company reported production of crude oil of 3,755 MBbls against 3,211 MBbls a year ago. Production of NGLs was 1,055 MBbls against 623 MBbls a year ago. Production of natural gas was 6,815 MMcf against 7,476 MMcf a year ago. Total barrels of oil equivalent were 5,946 MBoe against 5,080 MBoe a year ago.

For the nine months, the company reported production of crude oil of 10,272 MBbls against 8,867 MBbls a year ago. Production of NGLs was 2,648 MBbls against 1,482 MBbls a year ago. Production of natural gas was 16,996 MMcf against 21,279 MMcf a year ago. Total barrels of oil equivalent were 15,753 MBoe against 13,896 MBoe a year ago.

The company is increasing its 2018 production guidance range to 60,200-60,500 Boe/d from 58,700-60,100 Boe/d. Crude oil is expected to account for 64%-65% of the company's production for the year, while total liquids are expected to account for 81%-82%. This equates to annual production growth of approximately 12% using the midpoint of the range. NGLs are expected to account for 17% of production. Natural gas is expected to account for 18% to 19% of production.

For 2018, the company is maintaining its drilling, completion, and infrastructure capital expenditure guidance of $800 million to $825 million.

For the fourth quarter of 2018, the company expects production to be 67,700-68,700 Boe/d, crude oil is expected to account for 63% of production, while total liquids are expected to account for 80%. NGLs are expected to account for 17% of production. Natural gas is expected to account for 20% of production.

The company's 2018 development plan continues to call for it to run an average of 6 rigs for the balance of the year between its assets in the Eagle Ford Shale and Delaware Basin. Completion activity is expected to decline in the fourth quarter as the company's 2018 development plan has included a frac holiday during the quarter. Based on this level of activity, the company expects to drill 123-132 gross (112-121 net) operated wells and complete 110-115 gross (95-100 net) operated wells during the year.