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Carrizo Oil sees Q3 output above midpoint of guidance

Published 10/05/2017, 03:59 PM
© Reuters.  Carrizo Oil sees Q3 output above midpoint of guidance
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  • Carrizo Oil & Gas (CRZO +3.9%) surged as much as 6% after raising its Q3 production outlook above the midpoint of its previous forecast range, or ~54.1K boe/day.
  • But CRZO also trims its Q3 sales forecast to a new range of 34.7K-34.9K bbl/day, vs. prior guidance of 35.4K-35.8K bbl/day, explaining that while its operations were not directly affected by Hurricane Harvey, sales volumes temporarily declined because of flooding at third-party refineries, pipelines and other infrastructure facilities following the storm.
  • CRZO also says it has continued to add to its crude oil hedge position through year-end 2018, and now has Q4 2017 swaps covering 15K bbl/day of crude oil at an average fixed price of $53.44/bbl.
  • Now read: Daily Insider Ratings Round Up 8/30/17: American Assets, Ulta, Carrizo Oil


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