Stock Monitor: SandRidge Permian Trust Post Earnings Reporting
LONDON, UK / ACCESSWIRE / November 29, 2017 / Active-Investors issued a free report on Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) ("Carrizo"), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=CRZO as the Company's latest news hit the wire. On November 27, 2017, Carrizo, a Houston-based energy Company engaged in the exploration, development, and production of oil and gas from resource plays located in the United States, declared that it has completed its previously announced Appalachia divestitures. Additionally, the Company has also entered into an agreement to sell substantially all of its assets in the DJ Basin. Sign up now for our free research reports at:
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Details About Utica Shale and Marcellus Shale Divestitures
- Carrizo announced divestiture of Utica Shale assets on September 05, 2017, and sale of Marcellus Shale assets on October 06, 2017.
- The Company had agreed to sell substantially all of its assets in the Utica Shale for cash proceeds of approximately $62 million and those in Marcellus Shale for $84 million. However, this was subject to customary closing terms and conditions.
- Also, it had been decided that contingent payments would depend on the level of commodity prices over the next three years.
- For the third quarter of 2017, the net production from Utica Shale assets totaled 661 Boe/d (28% oil, 50% liquids) while that from Marcellus Shale touched 36,722 Mcf/d.
- Carrizo completed the sale of Utica Shale on November 15, 2017 and sale of the Marcellus Shale assets on November 21, 2017. The Company got a total of approximately $128 million at the time of closing of these two divestitures. This amount is exclusive of the previously received deposit.
DJ Basin Divestiture
- Apart from closing the divestitures of Utica Shale and Marcellus Shale, Carrizo also signed an agreement to sell substantially all of its assets in the DJ Basin on November 20, 2017. The Company agreed to sell DJ Basin assets for $140 million in cash, subject to customary closing terms and conditions.
- Over and above this initial payment, Carrizo could also get contingent payments of up to $15 million, if crude oil prices exceed certain thresholds over the next three years.
- For the third quarter of 2017, the net production from DJ Basin assets totaled 2,427 Boe/d (69% oil, 84% liquids). The effective date for the transaction is September 01, 2017. But it is expected to close in January 2018.
S.P. Chip Johnson, IV, President and CEO at Carrizo, stated that the sale of DJ Basin assets proves that the Company is executing on its non-core divestiture program, which it had announced in the first half of 2017.
The divestiture of DJ Basin assets would help Carrizo achieve its leverage reduction targets. Besides, it will also position the Company to deliver strong, high-return production growth within cash flow.
Stock Performance Snapshot
November 28, 2017 - At Tuesday's closing bell, Carrizo's stock rose 2.52%, ending the trading session at $18.75.
Volume traded for the day: 1.98 million shares
Stock performance in the last month – up 17.19%; previous three-month period – up 50.48%
After yesterday's close, Carrizo's market cap was at $1.54 billion.
Price to Earnings (P/E) ratio was at 12.12.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was up 0.8% at the end of the session.
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