Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2013

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS



	September 30, 2013
	Parent Company		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets	$	1,799,935	$	182,326	$	—	$	(1,845,096	)	$	137,165
Property and equipment, net	652		1,877,367		1,624		21,429			1,901,072
Investments in subsidiaries	61,297		—		—		(61,297		)	—
Other assets	51,136		—		—		(17,378		)	33,758
Total assets	$	1,913,020	$	2,059,693	$	1,624	$	(1,902,342	)	$	2,071,995

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	234,737	$	1,952,129	$	1,624	$	(1,845,096	)	$	343,394
Current liabilities of discontinued operations	10,670		—		—		—			10,670
Long-term liabilities	993,043		46,267		—		(7,199		)	1,032,111
Long-term liabilities of discontinued operations	17,742		—		—		—			17,742
Shareholders’ equity (deficit)	656,828		61,297		—		(50,047		)	668,078
Total liabilities and shareholders’ equity	$	1,913,020	$	2,059,693	$	1,624	$	(1,902,342	)	$	2,071,995



	December 31, 2012
	Parent Company		Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets	$	1,689,430	$	130,487		$	—	$	(1,613,094	)	$	206,823
Current assets held for sale	—		—			1,882		—			1,882
Property and equipment, net	23,041		1,443,064			—		21,569			1,487,674
Investments in subsidiaries	14,588		—			—		(14,588		)	—
Long-term assets held for sale	12,670		—			119,956		—			132,626
Other assets	46,913		16,928			—		(8,850		)	54,991
Total assets	$	1,786,642	$	1,590,479		$	121,838	$	(1,614,963	)	$	1,883,996

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	179,221	$	1,631,887		$	—	$	(1,560,853	)	$	250,255
Current liabilities associated with assets held for sale	9,880		—			38,783		—			48,663
Long-term liabilities	973,003		3,512			—		—			976,515
Long-term liabilities associated with assets held for sale	—		—			23,547		—			23,547
Shareholders’ equity (deficit)	624,538		(44,920		)	59,508		(54,110		)	585,016
Total liabilities and shareholders’ equity	$	1,786,642	$	1,590,479		$	121,838	$	(1,614,963	)	$	1,883,996

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME



	For the Three Months Ended September 30, 2013
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(In thousands)
Oil and gas revenues	$	2,428		$	141,901		$	—	$	—		$	144,329
Cost and expenses	20,994			74,640			—		92			95,726
Operating income (loss)	(18,566		)	67,261			—		(92		)	48,603
Other income (expense), net	(36,314		)	(4,718		)	—		—			(41,032		)
Income (loss) from continuing operations before income taxes	(54,880		)	62,543			—		(92		)	7,571
Income tax (expense) benefit	19,208			(21,784		)	—		717			(1,859		)
Equity in income (loss) of subsidiaries	40,759			—			—		(40,759		)	—
Net income (loss) from continuing operations	5,087			40,759			—		(40,134		)	5,712
Net income from discontinued operations, net of income taxes	(1,191		)	—			—		—			(1,191		)
Net income (loss)	$	3,896		$	40,759		$	—	$	(40,134	)	$	4,521



	For the Three Months Ended September 30, 2012
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(In thousands)
Oil and gas revenues	$	4,459		$	91,738		$	—	$	—		$	96,197
Cost and expenses	15,256			56,135			—		488			71,879
Operating income (loss)	(10,797		)	35,603			—		(488		)	24,318
Other income (expense), net	(16,407		)	(10,448		)	—		—			(26,855		)
Income (loss) from continuing operations before income taxes	(27,204		)	25,155			—		(488		)	(2,537		)
Income tax (expense) benefit	9,531			(8,796		)	—		(143		)	592
Equity in income (loss) of subsidiaries	17,374			—			—		(17,374		)	—
Net income (loss) from continuing operations	(299		)	16,359			—		(18,005		)	(1,945		)
Net income from discontinued operations, net of income taxes	—			—			1,015		—			1,015
Net income (loss)	$	(299	)	$	16,359		$	1,015	$	(18,005	)	$	(930	)

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME



	For the Nine Months Ended September 30, 2013
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(In thousands)
Oil and gas revenues	$	6,075		$	384,379		$	—	$	—		$	390,454
Cost and expenses	57,427			204,204			—		139			261,770
Operating income (loss)	(51,352		)	180,175			—		(139		)	128,684
Other income (expense), net	(41,995		)	(16,763		)	—		—			(58,758		)
Income (loss) from continuing operations before income taxes	(93,347		)	163,412			—		(139		)	69,926
Income tax (expense) benefit	32,671			(57,194		)	—		(1,330		)	(25,853		)
Equity in income (loss) of subsidiaries	106,218			—			—		(106,218		)	—
Net income (loss) from continuing operations	45,542			106,218			—		(107,687		)	44,073
Net income from discontinued operations, net of income taxes	23,599			—			—		—			23,599
Net income (loss)	$	69,141		$	106,218		$	—	$	(107,687	)	$	67,672



	For the Nine Months Ended September 30, 2012
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(In thousands)
Oil and gas revenues	$	15,856		$	244,874		$	—	$	—		$	260,730
Cost and expenses	62,608			150,242			—		(13,624		)	199,226
Operating income (loss)	(46,752		)	94,632			—		13,624			61,504
Other income (expense), net	18,890			(25,008		)	—		—			(6,118		)
Income (loss) from continuing operations before income taxes	(27,862		)	69,624			—		13,624			55,386
Income tax (expense) benefit	9,760			(24,360		)	—		(6,372		)	(20,972		)
Equity in income (loss) of subsidiaries	47,847			—			—		(47,847		)	—
Net income (loss) from continuing operations	29,745			45,264			—		(40,595		)	34,414
Net income from discontinued operations, net of income taxes	—			—			2,583		—			2,583
Net income (loss)	$	29,745		$	45,264		$	2,583	$	(40,595	)	$	36,997

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS



	For the Nine Months Ended September 30, 2013
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities - continuing operations	$	(22,222	)	$	332,475		$	—		$	—		$	310,253
Net cash provided by (used in) investing activities - continuing operations	(170,725		)	(601,936		)	(1,624		)	270,884			(503,401		)
Net cash provided by (used in) financing activities - continuing operations	17,439			269,260			1,624			(270,884		)	17,439
Net cash provided by (used in) discontinued operations	129,342			—			(519		)	—			128,823
Net increase (decrease) in cash and cash equivalents	(46,166		)	(201		)	(519		)	—			(46,886		)
Cash and cash equivalents, beginning of period	51,894			201			519			—			52,614
Cash and cash equivalents, end of period	$	5,728		$	—		$	—		$	—		$	5,728



	For the Nine Months Ended September 30, 2012
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by operating activities - continuing operations	$	31,974		$	144,665		$	—		$	—		$	176,639
Net cash provided by (used in) investing activities - continuing operations	(306,682		)	(379,182		)	—			249,644			(436,220		)
Net cash provided by (used in) financing activities - continuing operations	264,344			232,369			—			(249,644		)	247,069
Net cash used in discontinued operations				—			(1,312		)	—			(1,312		)
Net increase (decrease) in cash and cash equivalents	(10,364		)	(2,148		)	(1,312		)	—			(13,824		)
Cash and cash equivalents, beginning of period	19,134			7,263			1,715			—			28,112
Cash and cash equivalents, end of period	$	8,770		$	5,115		$	403		$	—		$	14,288