Carrizo Oil & Gas

Carrizo Oil & Gas, a Houston-based driller, issued their third quarter 2015 financial and operational update on Wednesday. Carrizo actively drills in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Utica Shale in Ohio, the Niobrara Formation in Colorado, and the Marcellus Shale in Pennsylvania. Carrizo reports losing $708.8 million in 3Q15, but like other drillers, it was a paper loss–a requirement to reevaluate and write down the value of their holdings based on low oil and gas prices. According to the update, Carrizo didn’t drill or complete any new wells in the Utica or Marcellus during 3Q15, nor do they plan to any time soon. They’re concentrating their time and effort in oil plays like the Eagle Ford. Below are select portions of yesterday’s update applicable to the Utica/Marcellus…
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For the past few months MDN has noted several large sales of Carrizo Oil & Gas stock by company CEO Chip Johnson, totaling nearly $2 million of stock sold since June (see Carrizo O&G CEO Chip Johnson Continues to Sell His Company Stock). Carrizo has drilling operations in both the Marcellus and Utica Shales. Yesterday Carrizo announced they are issuing up to 6.1 million new shares of company stock. Not long after the original announcement, Carrizo issued a second announcement “upsizing” the stock offering to 6.3 million shares. They hope to get $212 million, which works out to be an average of $33.49 per share. As of this morning shares of Carrizo on NASDAQ sold for $40.96. The company says they will use the proceeds to pay off debt. What we wonder is, will Chip Johnson be among the buyers of the new stock–selling high and buying low?…
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Carrizo Oil & Gas CEO S.P. “Chip” Johnson continues to sell off his personal shares of the company’s stock that he leads. On June 1, Johnson sold 24,661 shares of company stock for $1.2 million (see 4 Top Carrizo O&G Officers, Incl CEO, Sell 50K Shares of Company Stock). A few days later, on June 5, he sold another 6,000 shares for $309,000 (see Carrizo CEO Chip Johnson Sells Another 6K Shares of Stock). The again on September 8, Johnson sold another 6,000 shares netting him $217,000 (see Carrizo Oil & Gas “Insiders” Continue to Sell Company Stock). On October 5, Johnson sold yet another tranche of 6,000 shares, this time for $227,040. Even though he’s now sold off 42,661 shares since the beginning of June, Johnson still owns 607,843 shares worth an estimated $23 million…
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On June 1 Carrizo Oil & Gas CEO Chip Johnson sold 24,661 shares of company stock for $1.2 million (see 4 Top Carrizo O&G Officers, Incl CEO, Sell 50K Shares of Company Stock). A few days later, on June 5, he sold another 6,000 shares for $309,000 (see Carrizo CEO Chip Johnson Sells Another 6K Shares of Stock). Johnson continues to sell his seemingly endless supply of company stock. On September 8, Johnson sold another 6,000 shares, netting him just $217,000 this time. Along with Johnson, board member Roger Ramsey sold 1,000 shares on September 8, for $36,000…
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Carrizo Oil & Gas released their second quarter update yesterday. Carrizo has operations in both the Marcellus and Utica–although the Utica seems to be where they are concentrating their efforts in the northeast. At the beginning of the year Carrizo said they would not do any new drilling in the northeast, instead concentrating on the Eagle Ford Shale in Texas (see Carrizo Cuts Budget 35%, No Drilling Planned in Utica/Marcellus in 2015). The latest update shows the company to be following that strategy. Although there has been no new drilling, Carrizo did bring several previously drilled Utica wells online for sales, boosting their production in the Utica. Carrizo’s Marcellus production was roughly flat with 1Q15 production with nothing new planned for the Marcellus. Below are the relevant portions of the update dealing with the Utica/Marcellus…
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Last week MDN told you that four of Carrizo Oil & Gas’ top managers had sold a cumulative 49,689 shares of company stock valued at $2,476,038 (see 4 Top Carrizo O&G Officers, Incl CEO, Sell 50K Shares of Company Stock). Carrizo’s CEO Chip Johnson sold 24,661 of those shares–about half of the total. This week Johnson just sold another 6,000 shares, netting himself another $308,760 to add to the $1,228,858 he got last week. Also selling 1,000 shares of Carrizo stock this week is a member of the board of directors, Roger Ramsey. Makes us wonder what’s going on–why the top brass in the company is selling some of their stock. Of course, it may be no big deal since Chip Johnson after selling 30,661 shares of stock still owns 631,843 shares worth $32.5 million. We suppose his stock sales thus far amount to little more than a rounding error!…
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It’s always a bit dangerous to shoot off your mouth when you don’t have the proper context and background to understand something–and we have to confess we don’t know much about this case. We spotted something that tickled our fancy and we wanted to pass it on. Four top officers in Carrizo Oil & Gas, a producer that previously did some drilling in the Marcellus but lately is drilling in the Ohio Utica, recently (on Monday, June 1st) sold some of their shares in the company. Cumulatively it was 49,689 shares valued at $2,476,038. The people doing the selling were the Chief Financial Officer, the Chief Accounting Officer, the Chief Operating Officer and the Chief Executive Officer. Is this no big deal and just a few employees selling when the stock is on the upswing? Probably. Still, it just struck us as a bit odd that all four sold their stock on the same day…
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Chip Johnson, CEO of Carizzo Oil & Gas, an active driller in both the Marcellus and Utica Shale, has just sold 6,000 shares of company stock that he owns, netting him a cool $307,380. Does it mean anything? Not really. After selling those 6,000 shares, he still owns 608,356 shares worth $31 million. So we think about all it means is that Chip and his family are planning a summer vacation…
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