Carrizo Down on Marcellus, Up on Utica and Other Wet/Oil Plays
Carrizo Oil & Gas is a driller in both the Marcellus and Utica Shale, as well as several other non-northeast shale plays. Carrizo released their third quarter operations and financial update yesterday. Although Carrizo’s current drilling program is focused primarily in the Eagle Ford and the Niobrara, they continue to drill in the Marcellus (some). In 3Q13 Carrizo picked up an additional 5,900 net acres in the Utica Shale, increasing their acreage in the Utica to 21,700.
Carrizo isn’t so happy with the Marcellus right now because of low commodity prices for dry gas (methane). They’re more happy with the Utica because of wet gas production. Below are select (brief) sections from yesterday’s update relevant to the Marcellus/Utica: