Exhibit 12.1

CARRIZO OIL & GAS, INC.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except ratios)

	Year Ended December 31,															Six Months Ended June 30,
	2016			2015			2014			2013			2012			2017
Earnings
Income (loss) from continuing operations before income taxes	($	675,474	)	($	1,298,760	)	$	350,210		$	34,761		$	82,133		$	96,327
Fixed charges		100,299			105,003			90,451			86,795			74,852			51,681
Interest capitalized		(17,026	)		(32,090	)		(34,545	)		(29,889	)		(24,848	)		(7,768	)
Total Earnings	($	592,201	)	($	1,225,847	)	$	406,116		$	91,667		$	132,137		$	140,240
Fixed Charges
Interest expense	$	96,429		$	101,285		$	87,716		$	84,578		$	73,006		$	49,445
Interest portion of rental expense		3,870			3,718			2,735			2,217			1,846			2,236
Total Fixed Charges	$	100,299		$	105,003		$	90,451		$	86,795		$	74,852		$	51,681
Ratio of Earnings to Fixed Charges		—	(1)		—	(1)		4.49			1.06			1.77			2.71

(1) For the years ended December 31, 2016 and 2015, earnings were insufficient to cover fixed charges by $692.5 million and $1.3 billion, respectively, primarily due to non-cash impairments of proved oil and gas properties of $576.5 million and $1.2 billion, respectively.

We had no preferred stock outstanding for any historical period presented (although preferred stock was issued on August 10, 2017), and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges for those historical periods.