Carrizo Oil & Gas (CRZO) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $40.02 million, or $ 0.61 a share in the quarter, against a net loss of $311.40 million, or $5.34 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $12.12 million, or $0.18 a share compared with $9.15 million or $0.16 a share, a year ago. Revenue during the quarter surged 86.26 percent to $151.36 million from $81.26 million in the previous year period. Gross margin for the quarter expanded 942 basis points over the previous year period to 80.28 percent.
Operating income for the quarter was $36.25 million, compared with an operating loss of $303.21 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $94.16 million compared with $92.53 million in the prior year period.
S.P. "Chip" Johnson, IV, Carrizo's president and chief executive officer, commented on the results, "We are off to a good start in 2017 with production exceeding our expectations. While sequential crude oil production growth in the first quarter was impacted by a large number of planned shut-ins, the underlying production from each of our key regions continues to perform well. As a result, we expect to see a double-digit sequential increase in our crude oil production in the current quarter and now expect to grow our crude oil production by approximately 26% in 2017. This is up from 23% previously without any increase to our planned drilling and completion capital expenditures for the year."
Operating cash flow improves significantly Carrizo Oil & Gas has generated cash of $76.41 million from operating activities during the quarter, up 41.84 percent or $22.54 million, when compared with the last year period.
The company has spent $113.83 million cash to meet investing activities during the quarter as against cash outgo of $124.82 million in the last year period.
Cash flow from financing activities was $35.62 million for the quarter, up 17.96 percent or $5.42 million, when compared with the last year period.
Cash and cash equivalents stood at $2.39 million as on Mar. 31, 2017, up 10.80 percent or $0.23 million from $2.16 million on Mar. 31, 2016.
Working capital remains negative
Working capital of Carrizo Oil & Gas was negative $154.80 million on Mar. 31, 2017 compared with negative $33.07 million on Mar. 31, 2016. Current ratio was at 0.32 as on Mar. 31, 2017, down from 0.83 on Mar. 31, 2016.
Days sales outstanding went down to 36 days for the quarter compared with 62 days for the same period last year.
At the same time, days payable outstanding went down to 190 days for the quarter from 205 for the same period last year.
Debt moves up
Carrizo Oil & Gas has witnessed an increase in total debt over the last one year. It stood at $1,362.05 million as on Mar. 31, 2017, up 7.49 percent or $94.89 million from $1,267.15 million on Mar. 31, 2016. Carrizo Oil & Gas has witnessed an increase in long-term debt over the last one year. It stood at $1,362.05 million as on Mar. 31, 2017, up 7.49 percent or $94.89 million from $1,267.15 million on Mar. 31, 2016. Total debt was 79.45 percent of total assets as on Mar. 31, 2017, compared with 76.75 percent on Mar. 31, 2016. Debt to equity ratio was at 19.48 as on Mar. 31, 2017, up from 8.74 as on Mar. 31, 2016.
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