Condensed Consolidating Financial Information

3 Months Ended

Mar. 31, 2017

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

11. Condensed Consolidating Financial Information

The rules of the SEC require that condensed consolidating financial information be provided for a subsidiary that has guaranteed the debt of a registrant issued in a public offering, where the guarantee is full, unconditional and joint and several and where the voting interest of the subsidiary is 100% owned by the registrant. The Company is, therefore, presenting condensed consolidating financial information on a parent company, combined guarantor subsidiaries, combined non-guarantor subsidiaries and consolidated basis and should be read in conjunction with the consolidated financial statements. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had such guarantor subsidiaries operated as independent entities.

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(In thousands)

(Unaudited)

	March 31, 2017
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Total current assets		$2,724,856			$66,199			$—		($2,717,829	)		$73,226
Total property and equipment, net	41,196			1,593,134			3,800		(3,926		)	1,634,204
Investment in subsidiaries	(1,223,475		)	—			—		1,223,475			—
Other assets	6,855			155			—		—			7,010
Total Assets		$1,549,432			$1,659,488			$3,800		($1,498,280	)		$1,714,440
Liabilities and Shareholders’ Equity
Current liabilities		$90,083			$2,854,994			$3,800		($2,720,849	)		$228,028
Long-term liabilities	1,372,638			27,969			—		15,878			1,416,485
Total shareholders’ equity	86,711			(1,223,475		)	—		1,206,691			69,927
Total Liabilities and Shareholders’ Equity		$1,549,432			$1,659,488			$3,800		($1,498,280	)		$1,714,440

	December 31, 2016
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Total current assets		$2,735,830			$63,513			$—		($2,726,355	)		$72,988
Total property and equipment, net	42,181			1,503,695			3,800		(3,916		)	1,545,760
Investment in subsidiaries	(1,282,292		)	—			—		1,282,292			—
Other assets	7,423			156			—		—			7,579
Total Assets		$1,503,142			$1,567,364			$3,800		($1,447,979	)		$1,626,327
Liabilities and Shareholders’ Equity
Current liabilities		$114,805			$2,822,729			$3,800		($2,729,375	)		$211,959
Long-term liabilities	1,348,105			26,927			—		15,878			1,390,910
Total shareholders’ equity	40,232			(1,282,292		)	—		1,265,518			23,458
Total Liabilities and Shareholders’ Equity		$1,503,142			$1,567,364			$3,800		($1,447,979	)		$1,626,327

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(In thousands)

(Unaudited)

	Three Months Ended March 31, 2017
	Parent Company			Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$82			$151,273		$—		$—			$151,355
Total costs and expenses	18,868			92,456		—		10			111,334
Income (loss) before income taxes	(18,786		)	58,817		—		(10		)	40,021
Income tax expense	—			—		—		—			—
Equity in income of subsidiaries	58,817			—		—		(58,817		)	—
Net income		$40,031			$58,817		$—		($58,827	)		$40,021

	Three Months Ended March 31, 2016
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$115			$81,147			$—		$—			$81,262
Total costs and expenses	29,912			362,248			—		376			392,536
Loss before income taxes	(29,797		)	(281,101		)	—		(376		)	(311,274		)
Income tax expense	—			—			—		(121		)	(121		)
Equity in loss of subsidiaries	(281,101		)	—			—		281,101			—
Net loss		($310,898	)		($281,101	)		$—		$280,604			($311,395	)

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(In thousands)

(Unaudited)

	Three Months Ended March 31, 2017
	Parent Company			Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$82			$151,273		$—		$—			$151,355
Total costs and expenses	18,868			92,456		—		10			111,334
Income (loss) before income taxes	(18,786		)	58,817		—		(10		)	40,021
Income tax benefit	—			—		—		—			—
Equity in loss of subsidiaries	58,817			—		—		(58,817		)	—
Net income (loss)		$40,031			$58,817		$—		($58,827	)		$40,021

	Three Months Ended March 31, 2016
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Total revenues		$115			$81,147			$—		$—			$81,262
Total costs and expenses	29,912			362,248			—		376			392,536
Loss before income taxes	(29,797		)	(281,101		)	—		(376		)	(311,274		)
Income tax expense	—			—			—		(121		)	(121		)
Equity in loss of subsidiaries	(281,101		)	—			—		281,101			—
Net loss		($310,898	)		($281,101	)		$—		$280,604			($311,395	)

CARRIZO OIL & GAS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Three Months Ended March 31, 2017
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net cash provided by (used in) operating activities		($47,297	)		$123,705			$—		$—			$76,408
Net cash provided by (used in) investing activities	9,879			(114,212		)	—		(9,493		)	(113,826		)
Net cash provided by (used in) financing activities	35,615			(9,493		)	—		9,493			35,615
Net decrease in cash and cash equivalents	(1,803		)	—			—		—			(1,803		)
Cash and cash equivalents, beginning of period	4,194			—			—		—			4,194
Cash and cash equivalents, end of period		$2,391			$—			$—		$—			$2,391

	Three Months Ended March 31, 2016
	Parent Company			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities		($2,156	)		$56,024			$—			$—			$53,868
Net cash used in investing activities	(68,797		)	(122,849		)	(740		)	67,565			(124,821		)
Net cash provided by financing activities	30,193			66,825			740			(67,565		)	30,193
Net decrease in cash and cash equivalents	(40,760		)	—			—			—			(40,760		)
Cash and cash equivalents, beginning of period	42,918			—			—			—			42,918
Cash and cash equivalents, end of period		$2,158			$—			$—			$—			$2,158