Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2015

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(In thousands)

(Unaudited)



	June 30, 2015
	Parent Company		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Total current assets		$2,404,178		$79,119		$—		($2,281,833	)		$201,464
Total property and equipment, net	31,995		2,757,601		3,028		31,821			2,824,445
Investment in subsidiaries	240,306		—		—		(240,306		)	—
Other assets	142,362		—		—		(90,521		)	51,841
Total Assets		$2,818,841		$2,836,720		$3,028		($2,580,839	)		$3,077,750

Liabilities and Shareholders’ Equity
Current liabilities		$173,022		$2,449,862		$3,028		($2,284,846	)		$341,066
Long-term liabilities	1,379,611		146,552		—		(69,492		)	1,456,671
Total shareholders’ equity	1,266,208		240,306		—		(226,501		)	1,280,013
Total Liabilities and Shareholders’ Equity		$2,818,841		$2,836,720		$3,028		($2,580,839	)		$3,077,750



	December 31, 2014
	Parent Company		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Total current assets		$2,380,445		$245,051		$111		($2,346,986	)		$278,621
Total property and equipment, net	613		2,562,029		39,939		26,672			2,629,253
Investment in subsidiaries	233,173		—		—		(233,173		)	—
Other assets	140,774		—		—		(67,172		)	73,602
Total Assets		$2,755,005		$2,807,080		$40,050		($2,620,659	)		$2,981,476

Liabilities and Shareholders’ Equity
Current liabilities		$296,686		$2,434,649		$39,955		($2,346,986	)		$424,304
Long-term liabilities	1,364,793		139,353		—		(50,415		)	1,453,731
Total shareholders’ equity	1,093,526		233,078		95		(223,258		)	1,103,441
Total Liabilities and Shareholders’ Equity		$2,755,005		$2,807,080		$40,050		($2,620,659	)		$2,981,476

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(In thousands)

(Unaudited)



	Three Months Ended June 30, 2015
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Total revenues		$660			$122,891			($57	)		$—			$123,494
Total costs and expenses	96,843			106,409			(216		)	(6,469		)	196,567
Income (loss) from continuing operations before income taxes	(96,183		)	16,482			159			6,469			(73,073		)
Income tax (expense) benefit	33,664			(5,769		)	(55		)	(1,737		)	26,103
Equity in income of subsidiaries	10,817			—			—			(10,817		)	—
Income (loss) from continuing operations	(51,702		)	10,713			104			(6,085		)	(46,970		)
Income from discontinued operations, net of income taxes	838			—			—			—			838
Net income (loss)		($50,864	)		$10,713			$104			($6,085	)		($46,132	)



	Three Months Ended June 30, 2014
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$1,206			$192,269			$—		$—			$193,475
Total costs and expenses	78,089			109,088			—		1,011			188,188
Income (loss) from continuing operations before income taxes	(76,883		)	83,181			—		(1,011		)	5,287
Income tax (expense) benefit	26,908			(29,381		)	—		400			(2,073		)
Equity in income of subsidiaries	53,800			—			—		(53,800		)	—
Income from continuing operations	3,825			53,800			—		(54,411		)	3,214
Loss from discontinued operations, net of income taxes	(895		)	—			—		—			(895		)
Net income		$2,930			$53,800			$—		($54,411	)		$2,319

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(In thousands)

(Unaudited)



	Six Months Ended June 30, 2015
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$1,250			$222,294			$—		$—			$223,544
Total costs and expenses	123,511			211,321			—		(5,301		)	329,531
Income (loss) from continuing operations before income taxes	(122,261		)	10,973			—		5,301			(105,987		)
Income tax (expense) benefit	42,792			(3,841		)	—		(1,410		)	37,541
Equity in income of subsidiaries	7,132			—			—		(7,132		)	—
Income (loss) from continuing operations	(72,337		)	7,132			—		(3,241		)	(68,446		)
Income from discontinued operations, net of income taxes	1,104			—			—		—			1,104
Net income (loss)		($71,233	)		$7,132			$—		($3,241	)		($67,342	)



	Six Months Ended June 30, 2014
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$2,772			$347,915			$—		$—			$350,687
Total costs and expenses	133,640			198,997			—		2,209			334,846
Income (loss) from continuing operations before income taxes	(130,868		)	148,918			—		(2,209		)	15,841
Income tax (expense) benefit	45,803			(52,121		)	—		312			(6,006		)
Equity in income of subsidiaries	96,797			—			—		(96,797		)	—
Income from continuing operations	11,732			96,797			—		(98,694		)	9,835
Loss from discontinued operations, net of income taxes	(1,540		)	—			—		—			(1,540		)
Net income		$10,192			$96,797			$—		($98,694	)		$8,295

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)



	Six Months Ended June 30, 2015
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net cash provided by (used in) operating activities from continuing operations		($29,397	)		$195,049			$—		$—			$165,652
Net cash used in investing activities from continuing operations	(337,518		)	(342,695		)	—		297,646			(382,567		)
Net cash provided by financing activities from continuing operations	360,238			147,646			—		(297,646		)	210,238
Net cash used in discontinued operations	(2,157		)	—			—		—			(2,157		)
Net decrease in cash and cash equivalents	(8,834		)	—			—		—			(8,834		)
Cash and cash equivalents, beginning of period	10,838			—			—		—			10,838
Cash and cash equivalents, end of period		$2,004			$—			$—		$—			$2,004



	Six Months Ended June 30, 2014
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities from continuing operations		($122,961	)		$318,607			$—			$—			$195,646
Net cash used in investing activities from continuing operations	(146,432		)	(464,288		)	(21,554		)	167,235			(465,039		)
Net cash provided by financing activities from continuing operations	126,158			145,681			21,554			(167,235		)	126,158
Net cash used in discontinued operations	(5,582		)	—			—			—			(5,582		)
Net decrease in cash and cash equivalents	(148,817		)	—			—			—			(148,817		)
Cash and cash equivalents, beginning of period	157,439			—			—			—			157,439
Cash and cash equivalents, end of period		$8,622			$—			$—			$—			$8,622