Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2018

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

12. Condensed Consolidating Financial Information

The rules of the SEC require that condensed consolidating financial information be provided for a subsidiary that has guaranteed the debt of a registrant issued in a public offering, where the guarantee is full, unconditional and joint and several and where the voting interest of the subsidiary is 100% owned by the registrant. The Company is, therefore, presenting condensed consolidating financial information on a parent company, combined guarantor subsidiaries, combined non-guarantor subsidiaries and consolidated basis and should be read in conjunction with the consolidated financial statements. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had such guarantor subsidiaries operated as independent entities.

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(In thousands)

(Unaudited)

	June 30, 2018
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Total current assets		$3,128,244			$120,425			$—		($3,116,164	)		$132,505
Total property and equipment, net	6,445			2,562,799			3,028		(3,847		)	2,568,425
Investment in subsidiaries	(743,363		)	—			—		743,363			—
Other assets	8,630			12,279			—		—			20,909
Total Assets		$2,399,956			$2,695,503			$3,028		($2,376,648	)		$2,721,839
Liabilities and Shareholders’ Equity
Current liabilities		$257,137			$3,362,551			$3,028		($3,119,185	)		$503,531
Long-term liabilities	1,526,788			76,315			—		15,879			1,618,982
Preferred stock	172,858			—			—		—			172,858
Total shareholders’ equity	443,173			(743,363		)	—		726,658			426,468
Total Liabilities and Shareholders’ Equity		$2,399,956			$2,695,503			$3,028		($2,376,648	)		$2,721,839

	December 31, 2017
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Total current assets		$3,441,633			$105,533			$—		($3,424,288	)		$122,878
Total property and equipment, net	5,953			2,630,707			3,028		(3,878		)	2,635,810
Investment in subsidiaries	(999,793		)	—			—		999,793			—
Other assets	9,270			10,346			—		—			19,616
Total Assets		$2,457,063			$2,746,586			$3,028		($2,428,373	)		$2,778,304
Liabilities and Shareholders’ Equity
Current liabilities		$165,701			$3,631,401			$3,028		($3,427,308	)		$372,822
Long-term liabilities	1,689,466			114,978			—		15,879			1,820,323
Preferred stock	214,262			—			—		—			214,262
Total shareholders’ equity	387,634			(999,793		)	—		983,056			370,897
Total Liabilities and Shareholders’ Equity		$2,457,063			$2,746,586			$3,028		($2,428,373	)		$2,778,304

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(In thousands)

(Unaudited)

	Three Months Ended June 30, 2018
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$19			$263,954			$—		$—			$263,973
Total costs and expenses	106,335			121,869			—		(23		)	228,181
Income (loss) before income taxes	(106,316		)	142,085			—		23			35,792
Income tax expense	—			(483		)	—		—			(483		)
Equity in income of subsidiaries	141,602			—			—		(141,602		)	—
Net income		$35,286			$141,602			$—		($141,579	)		$35,309
Dividends on preferred stock	(4,474		)	—			—		—			(4,474		)
Accretion on preferred stock	(740		)	—			—		—			(740		)
Loss on redemption of preferred stock	—			—			—		—			—
Net income attributable to common shareholders		$30,072			$141,602			$—		($141,579	)		$30,095

	Three Months Ended June 30, 2017
	Parent Company			Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$174			$166,309		$—		$—			$166,483
Total costs and expenses	7,731			102,415		—		31			110,177
Income (loss) before income taxes	(7,557		)	63,894		—		(31		)	56,306
Income tax expense	—			—		—		—			—
Equity in income of subsidiaries	63,894			—		—		(63,894		)	—
Net income		$56,337			$63,894		$—		($63,925	)		$56,306
Dividends on preferred stock	—			—		—		—			—
Accretion on preferred stock	—			—		—		—			—
Loss on redemption of preferred stock	—			—		—		—			—
Net income attributable to common shareholders		$56,337			$63,894		$—		($63,925	)		$56,306

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(In thousands)

(Unaudited)

	Six Months Ended June 30, 2018
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$39			$489,214			$—		$—			$489,253
Total costs and expenses	193,700			231,982			—		(32		)	425,650
Income (loss) before income taxes	(193,661		)	257,232			—		32			63,603
Income tax expense	—			(802		)	—		—			(802		)
Equity in income of subsidiaries	256,430			—			—		(256,430		)	—
Net income		$62,769			$256,430			$—		($256,398	)		$62,801
Dividends on preferred stock	(9,337		)	—			—		—			(9,337		)
Accretion on preferred stock	(1,493		)	—			—		—			(1,493		)
Loss on redemption of preferred stock	(7,133		)	—			—		—			(7,133		)
Net income attributable to common shareholders		$44,806			$256,430			$—		($256,398	)		$44,838

	Six Months Ended June 30, 2017
	Parent Company			Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$256			$317,582		$—		$—			$317,838
Total costs and expenses	26,599			194,871		—		41			221,511
Income (loss) before income taxes	(26,343		)	122,711		—		(41		)	96,327
Income tax expense	—			—		—		—			—
Equity in income of subsidiaries	122,711			—		—		(122,711		)	—
Net income		$96,368			$122,711		$—		($122,752	)		$96,327
Dividends on preferred stock	—			—		—		—			—
Accretion on preferred stock	—			—		—		—			—
Loss on redemption of preferred stock	—			—		—		—			—
Net income attributable to common shareholders		$96,368			$122,711		$—		($122,752	)		$96,327

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended June 30, 2018
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net cash provided by (used in) operating activities		($158,309	)		$434,181			$—		$—			$275,872
Net cash provided by (used in) investing activities	348,235			(84,355		)	—		(349,826		)	(85,946		)
Net cash used in financing activities	(197,367		)	(349,826		)	—		349,826			(197,367		)
Net decrease in cash and cash equivalents	(7,441		)	—			—		—			(7,441		)
Cash and cash equivalents, beginning of period	9,540			—			—		—			9,540
Cash and cash equivalents, end of period		$2,099			$—			$—		$—			$2,099

	Six Months Ended June 30, 2017
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net cash provided by (used in) operating activities		($77,501	)		$256,656			$—		$—			$179,155
Net cash used in investing activities	(109,780		)	(364,887		)	—		108,231			(366,436		)
Net cash provided by financing activities	185,315			108,231			—		(108,231		)	185,315
Net decrease in cash and cash equivalents	(1,966		)	—			—		—			(1,966		)
Cash and cash equivalents, beginning of period	4,194			—			—		—			4,194
Cash and cash equivalents, end of period		$2,228			$—			$—		$—			$2,228