Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2013

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS



	March 31, 2013
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets	$	1,767,668		$	144,291		$	—	$	(1,699,323	)	$	212,636
Assets of discontinued operations	18,500			—			—		—			18,500
Property and equipment, net	18,200			1,632,186			—		21,339			1,671,725
Investments in subsidiaries	(16,979		)	—			—		16,979			—
Other assets	37,692			1,883			—		(5,264		)	34,311
Total assets	$	1,825,081		$	1,778,360		$	—	$	(1,666,269	)	$	1,937,172

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	214,747		$	1,791,196		$	—	$	(1,699,323	)	$	306,620
Current liabilities of discontinued operations	14,928			—			—		—			14,928
Long-term liabilities	975,519			4,143			—		3,563			983,225
Long-term liabilities of discontinued operations	15,600			—			—		—			15,600
Shareholders’ equity (deficit)	604,287			(16,979		)	—		29,491			616,799
Total liabilities and shareholders’ equity	$	1,825,081		$	1,778,360		$	—	$	(1,666,269	)	$	1,937,172



	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 March 31, 2013
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(In thousands)
Oil and gas revenues	$	1,561		$	110,340		$	—	$	—		$	111,901
Cost and expenses	17,118			61,090			—		230			78,438
Operating income (loss)	(15,557		)	49,250			—		(230		)	33,463
Other income (expense), net	(23,225		)	(6,265		)	—		—			(29,490		)
Income (loss) from continuing operations before income taxes	(38,782		)	42,985			—		(230		)	3,973
Income tax (expense) benefit	13,573			(15,045		)	—		23			(1,449		)
Equity in income (loss) of subsidiaries	27,940			—			—		(27,940		)	—
Net income (loss) from continuing operations	2,731			27,940			—		(28,147		)	2,524
Net income from discontinued operations, net of income taxes	23,658			—			—		—			23,658
Net income (loss)	$	26,389		$	27,940		$	—	$	(28,147	)	$	26,182



	For The Three Months Ended March 31, 2012
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Oil and gas revenues	$	6,789		$	73,926		$	—		$	—		$	80,715
Cost and expenses	14,546			42,678			—			1,111			58,335
Operating income (loss)	(7,757		)	31,248			—			(1,111		)	22,380
Other income (expense), net	1,127			(7,546		)	—			—			(6,419		)
Income (loss) from continuing operations before income taxes	(6,630		)	23,702			—			(1,111		)	15,961
Income tax (expense) benefit	2,270			(8,296		)	—			741			(5,285		)
Equity in income (loss) of subsidiaries	14,153			—			—			(14,153		)	—
Net income (loss) from continuing operations	9,793			15,406			—			(14,523		)	$	10,676
Net income from discontinued operations, net of income taxes	—			—			(1,253		)	—			$	(1,253	)
Net income (loss)	$	9,793		$	15,406		$	(1,253	)	$	(14,523	)	$	9,423

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS



	For The Three Months Ended March 31, 2013
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities - continuing operations	$	(8,924	)	$	100,106		$	—		$	—		$	91,182
Net cash provided by (used in) investing activities - continuing operations	(91,671		)	(238,759		)	—			138,469			(191,961		)
Net cash provided by (used in) financing activities - continuing operations	693			138,469			—			(138,469		)	693
Net cash provided by (used in) discontinued operations	119,637			—			(519		)	—			119,118
Net increase (decrease) in cash and cash equivalents	19,735			(184		)	(519		)	—			19,032
Cash and cash equivalents, beginning of period	51,894			201			519			—			52,614
Cash and cash equivalents, end of period	$	71,629		$	17		$	—		$	—		$	71,646



	For The Three Months Ended March 31, 2012
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by operating activities - continuing operations	$	30,071		$	53,607		$	—		$	—		$	83,678
Net cash provided by (used in) investing activities - continuing operations	(192,616		)	(178,270		)	—			154,206			(216,680		)
Net cash provided by (used in) financing activities - continuing operations	143,578			140,091			—			(154,206		)	129,463
Net cash used in discontinued operations	—			—			(1,004		)	—			(1,004		)
Net increase (decrease) in cash and cash equivalents	(18,967		)	15,428			(1,004		)	—			(4,543		)
Cash and cash equivalents, beginning of period	19,134			7,263			1,715			—			28,112
Cash and cash equivalents, end of period	$	167		$	22,691		$	711		$	—		$	23,569