Carrizo O&G 1Q16: Still Not Active in the Marcellus, Prod. Down

Carrizo logoCarrizo Oil & Gas, a Houston-based driller, actively drills in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Niobrara Formation in Colorado, and until mid-year in 2015, they did have an active drilling program in the Ohio Utica and Pennsylvania Marcellus. No more. They haven’t drilled in Appalachia since 3Q15, and according to their 2015 year-in-review udpate, they won’t be drilling in the Marcellus/Utica in 2016 (see Carrizo O&G 2015: Loses $1.2B, Stops Drilling in Northeast). Not only that, they have curtained (shut-in) some of their Marcellus/Utica production. Last week Carrizo issued their first quarter 2016 update and it shows the company is doing what it said it would: no new drilling or completions in 2016, production even in the Utica where it gets better prices, and production is down in the Marcellus because they’re curtailing production where prices are poor…

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