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CARRIZO OIL & GAS INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2019 10-Q, filed Nov 5, 2019. Its latest SEC filing is a 15-15D from Dec 30, 2019.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Explores for, develops, and produces crude oil, natural gas liquids, and natural gas from U.S. fields for third-party purchasers.

How Did They Make Money?

Carrizo sells production to purchasers at delivery, invoices monthly based on contract volumes and rates, and payment is typically due within 30 days after the production month.

FY2018 revenue

Who Were Their Customers?

Carrizo typically sells production at the wellhead to unaffiliated third-party purchasers. For natural gas and NGLs, a midstream processor gathers and processes the gas before the resulting products are sold to purchasers.

Customers above 10% of revenue, FY2018
of revenue from one customer
FY2016: 71% from two customers

Did Revenues Turn Into Profits?

Yes. It kept 38 cents of every revenue dollar as net income in FY2018.

Net income, FY2018
38% of revenue
▲ +364% vs FY2017 ($87.1M, 12%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q3 FY2019, the three months to Sep 30, 2019
Revenue
▼ −15%
vs $303.4M in Q3 FY2018
Net income
▲ +33%
vs $81.3M in Q3 FY2018
  • Dec 20, 2019 Carrizo merged into Callon Each Carrizo common share was cancelled and converted into the right to receive 1.75 Callon common shares.
  • Nov 14, 2019 Callon and Carrizo revised merger terms The exchange ratio changed from 2.05 to 1.75 Callon shares for each Carrizo share.
  • Jul 15, 2019 Callon agreed to acquire Carrizo in an all-stock merger The original agreement set an exchange ratio of 2.05 Callon shares for each Carrizo common share.

Grew. Revenue grew 2.4x in 2 years, from $443.6M in FY2016 to $1.1B in FY2018, about 55% a year.

Operating areas The stated focus shifted from Eagle Ford, Delaware Basin, Utica, Niobrara and Marcellus to the Eagle Ford and Permian Basin.

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