Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2014

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

(Unaudited)



	September 30, 2014
	Parent Company		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Total current assets		$1,884,949		$255,806		$—			($1,995,596	)		$145,159
Total property and equipment, net	21,518		2,179,872		27,091			26,666			2,255,147
Investment in subsidiaries	209,557		—		—			(209,557		)	—
Other assets	116,135		—		—			(75,607		)	40,528
Total Assets		$2,232,159		$2,435,678		$27,091			($2,254,094	)		$2,440,834

Liabilities and Shareholders’ Equity
Current liabilities		$245,703		$2,096,326		$27,094			($1,995,597	)		$373,526
Long-term liabilities	1,037,586		129,792		—			(61,949		)	1,105,429
Total shareholders’ equity	948,870		209,560		(3		)	(196,548		)	961,879
Total Liabilities and Shareholders’ Equity		$2,232,159		$2,435,678		$27,091			($2,254,094	)		$2,440,834



	December 31, 2013
	Parent Company		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Total current assets		$1,820,069		$168,718		$—			($1,709,026	)		$279,761
Total property and equipment, net	2,797		1,768,553		2,058			20,807			1,794,215
Investment in subsidiaries	61,619		—		—			(61,619		)	—
Other assets	69,686		—		—			(32,902		)	36,784
Total Assets		$1,954,171		$1,937,271		$2,058			($1,782,740	)		$2,110,760

Liabilities and Shareholders’ Equity
Current liabilities		$201,486		$1,828,314		$2,061			($1,709,026	)		$322,835
Long-term liabilities	922,571		47,335		—			(23,585		)	946,321
Total shareholders’ equity	830,114		61,622		(3		)	(50,129		)	841,604
Total Liabilities and Shareholders’ Equity		$1,954,171		$1,937,271		$2,058			($1,782,740	)		$2,110,760

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in thousands)

(Unaudited)



	Three Months Ended September 30, 2014
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$924			$195,301			$—		$—			$196,225
Total costs and expenses	(42,829		)	116,622			—		(8,069		)	65,724
Income from continuing operations before income taxes	43,753			78,679			—		8,069			130,501
Income tax expense	(15,312		)	(27,538		)	—		(4,654		)	(47,504		)
Equity in income of subsidiaries	51,141			—			—		(51,141		)	—
Income from continuing operations	79,582			51,141			—		(47,726		)	82,997
Income from discontinued operations, net of income taxes	792			—			—		—			792
Net income		$80,374			$51,141			$—		($47,726	)		$83,789



	Three Months Ended September 30, 2013
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$2,428			$141,901			$—		$—			$144,329
Total costs and expenses	57,308			79,358			—		92			136,758
Income (loss) from continuing operations before income taxes	(54,880		)	62,543			—		(92		)	7,571
Income tax (expense) benefit	19,208			(21,784		)	—		717			(1,859		)
Equity in income of subsidiaries	40,759			—			—		(40,759		)	—
Income from continuing operations	5,087			40,759			—		(40,134		)	5,712
Loss from discontinued operations, net of income taxes	(1,191		)	—			—		—			(1,191		)
Net income		$3,896			$40,759			$—		($40,134	)		$4,521

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in thousands)

(Unaudited)



	Nine Months Ended September 30, 2014
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$3,696			$543,216			$—		$—			$546,912
Total costs and expenses	90,811			315,619			—		(5,860		)	400,570
Income (loss) from continuing operations before income taxes	(87,115		)	227,597			—		5,860			146,342
Income tax (expense) benefit	30,491			(79,659		)	—		(4,342		)	(53,510		)
Equity in income of subsidiaries	147,938			—			—		(147,938		)	—
Income from continuing operations	91,314			147,938			—		(146,420		)	92,832
Loss from discontinued operations, net of income taxes	(748		)	—			—		—			(748		)
Net income		$90,566			$147,938			$—		($146,420	)		$92,084



	Nine Months Ended September 30, 2013
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$6,075			$384,379			$—		$—			$390,454
Total costs and expenses	99,422			220,967			—		139			320,528
Income (loss) from continuing operations before income taxes	(93,347		)	163,412			—		(139		)	69,926
Income tax (expense) benefit	32,671			(57,194		)	—		(1,330		)	(25,853		)
Equity in income of subsidiaries	106,218			—			—		(106,218		)	—
Income from continuing operations	45,542			106,218			—		(107,687		)	44,073
Income from discontinued operations, net of income taxes	23,599			—			—		—			23,599
Net income		$69,141			$106,218			$—		($107,687	)		$67,672

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)



	Nine Months Ended September 30, 2014
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities from continuing operations		($132,889	)		$521,576			$—			$—			$388,687
Net cash used in investing activities from continuing operations	(132,605		)	(632,160		)	(24,717		)	135,301			(654,181		)
Net cash provided by financing activities from continuing operations	123,151			110,584			24,717			(135,301		)	123,151
Net cash used in discontinued operations	(7,935		)	—			—			—			(7,935		)
Net decrease in cash and cash equivalents	(150,278		)	—			—			—			(150,278		)
Cash and cash equivalents, beginning of period	157,439			—			—			—			157,439
Cash and cash equivalents, end of period		$7,161			$—			$—			$—			$7,161



	Nine Months Ended September 30, 2013
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities from continuing operations		($22,222	)		$332,475			$—			$—			$310,253
Net cash used in investing activities from continuing operations	(170,725		)	(601,936		)	(1,624		)	270,884			(503,401		)
Net cash provided by financing activities from continuing operations	17,439			269,260			1,624			(270,884		)	17,439
Net cash provided by (used in) discontinued operations	129,342			—			(519		)	—			128,823
Net decrease in cash and cash equivalents	(46,166		)	(201		)	(519		)	—			(46,886		)
Cash and cash equivalents, beginning of period	51,894			201			519			—			52,614
Cash and cash equivalents, end of period		$5,728			$—			$—			$—			$5,728