Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2018

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