Carrizo O&G 1Q14: Utica Ramping Up; Extra $100M from the Bank

Carrizo Oil & Gas is a Houston-based driller with drilling operations in four shale plays in the U.S. Two of the four are the Marcellus and Utica. Earlier this week Carrizo issued their first quarter 2014 operational and financial update. Among the tidbits MDN has picked up from that release: Carrizo has gotten a $100 million increase in the line of credit from their banks–more money to drill with; the company spent 75% of its drilling and completions budget in 1Q14 on the Eagle Ford, an “oily” play; for the rest of the year, the company is spending the majority of its budget for land acquisition on the Eagle Ford and the Utica; they will drill 9 Utica wells this year and they are currently negotiating a midstream (pipeline) solution for the Utica; they’ve recently added more Utica leases in Guernsey County, OH; in the Marcellus, Carrizo plans to drill a total of 25 wells this year, but they are hampered and somewhat frustrated by lack of midstream capacity in the Marcellus.

Below we have lifted out of the update those sections that provide the most information about Carrizo’s operation in the Marcellus and Utica…

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