Carrizo Oil & Gas (CRZO) 10-Q 5 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Entity Registrant Name	'CARRIZO OIL & GAS INC	'
Entity Central Index Key	'0001040593	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	46,028,577

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets	'	'
Cash and cash equivalents	$8,622	$157,439
Accounts receivable, net	134,492	111,195
Deferred income taxes	15,235	4,201
Other current assets	4,363	6,926
Total current assets	162,712	279,761
Oil and gas properties, full cost method	'	'
Proved properties, net	1,675,941	1,408,484
Unproved properties, not being amortized	458,393	377,437
Other property and equipment, net	7,767	8,294
Total property and equipment, net	2,142,101	1,794,215
Debt issuance costs	21,604	22,899
Other assets	4,011	13,885
Total Assets	2,330,428	2,110,760
Current liabilities	'	'
Accounts payable	75,364	57,146
Revenues and royalties payable	83,531	79,136
Accrued capital expenditures	87,318	87,031
Accrued interest	17,462	17,430
Advances for joint operations	5,349	19,967
Liabilities of discontinued operations	8,550	10,936
Derivative liabilities	39,455	9,947
Other current liabilities	59,035	41,242
Total current liabilities	376,064	322,835
Long-term debt	1,021,606	900,247
Liabilities of discontinued operations	16,491	17,336
Deferred income taxes	27,365	16,856
Asset retirement obligations	9,365	6,576
Other liabilities	9,624	5,306
Liabilities	1,460,515	1,269,156
Commitments and contingencies	'	'
Shareholders’ equity	'	'
Common stock, $0.01 par value, 90,000,000 shares authorized; 46,018,977 issued and outstanding as of June 30, 2014 and 45,468,675 issued and outstanding as of December 31, 2013	460	455
Additional paid-in capital	899,957	879,948
Accumulated deficit	-30,504	-38,799
Total shareholders’ equity	869,913	841,604
Total Liabilities and Shareholders’ Equity	$2,330,428	$2,110,760

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	46,018,977	45,468,675
Common stock, shares outstanding (in shares)	46,018,977	45,468,675

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Crude oil revenues	$165,962	$105,805	$296,324	$193,287
Natural gas liquids revenues	5,983	2,766	11,871	5,507
Natural gas revenues	21,530	25,653	42,492	47,331
Total revenues	193,475	134,224	350,687	246,125
Costs and Expenses	'	'	'	'
Lease operating	17,378	11,797	29,983	21,992
Production taxes	8,182	4,584	14,273	9,097
Ad valorem taxes	1,906	2,863	3,334	4,723
Depreciation, depletion and amortization	80,746	50,528	145,340	96,225
General and administrative	27,682	17,834	55,943	34,007
Loss on derivative instruments, net	39,950	-25,726	60,630	-11,172
Interest expense, net	11,931	13,989	24,356	28,965
Other (income) expense, net	413	-27	987	-67
Total Costs and Expenses	188,188	75,842	334,846	183,770
Income From Continuing Operations Before Income Taxes	5,287	58,382	15,841	62,355
Income tax expense	-2,073	-22,545	-6,006	-23,994
Income From Continuing Operations	3,214	35,837	9,835	38,361
Income (Loss) From Discontinued Operations, Net of Income Taxes	-895	1,132	-1,540	24,790
Net Income (loss)	$2,319	$36,969	$8,295	$63,151
Net Income (Loss) Per Common Share - Basic	'	'	'	'
Net income from continuing operations - basic (in dollars per share)	$0.07	$0.89	$0.22	$0.96
Net income from discontinued operations - basic (in dollars per share)	($0.02)	$0.03	($0.04)	$0.62
Net income per share, basic (in dollars per share)	$0.05	$0.92	$0.18	$1.58
Net Income (Loss) Per Common Share - Diluted	'	'	'	'
Net income from continuing operations - diluted (in dollars per share)	$0.07	$0.88	$0.21	$0.95
Net income from discontinued operations - diluted (in dollars per share)	($0.02)	$0.03	($0.03)	$0.61
Net income per share, diluted (in dollars per share)	$0.05	$0.91	$0.18	$1.56
Weighted Average Common Shares Outstanding	'	'	'	'
Basic (in shares)	45,213	40,078	45,109	39,928
Diluted (in shares)	46,158	40,610	45,988	40,469

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Net income	$8,295	$63,151
(Income) loss from discontinued operations, net of income taxes	1,540	-24,790
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations	'	'
Depreciation, depletion and amortization	145,340	96,225
Non-cash (gain) loss on derivatives, net	42,842	-3,166
Stock-based compensation	29,139	9,466
Deferred Income Tax Expense (Benefit)	305	23,994
Non-cash interest expense, net	1,346	2,386
Other, net	1,594	251
Changes in operating assets and liabilities-	'	'
Accounts receivable	-23,139	-4,938
Accounts payable	4,526	73,771
Accrued liabilities	-14,040	-19,035
Other, net	-2,102	-3,593
Net cash provided by operating activities from continuing operations	195,646	213,722
Net cash used in operating activities from discontinued operations	-903	-80
Net cash provided by operating activities	194,743	213,642
Cash Flows From Investing Activities	'	'
Capital expenditures - oil and gas properties	-474,011	-372,582
Capital expenditures - other property and equipment	-375	-1,196
Proceeds from sales of oil and gas properties, net	7,434	10,681
Other, net	1,913	11,030
Net cash used in investing activities from continuing operations	-465,039	-352,067
Net cash provided by (used in) investing activities from discontinued operations	-4,679	128,179
Net cash used in investing activities	-469,718	-223,888
Cash Flows From Financing Activities	'	'
Long-term borrowings under revolving credit facility	293,000	165,000
Repayments of long-term borrowings under revolving credit facility	-172,000	-206,325
Payments of debt issuance costs	-594	-962
Excess Tax Benefit from Share-based Compensation, Financing Activities	5,678	0
Proceeds from stock options exercised	74	766
Net cash provided by (used in) financing activities from continuing operations	126,158	-41,521
Net cash provided by financing activities from discontinued operations	0	3,000
Net cash provided by (used in) financing activities	126,158	-38,521
Net increase (decrease) in cash and cash equivalents	-148,817	-48,767
Cash and Cash Equivalents, Beginning of Period	157,439	52,614
Cash and Cash Equivalents, End of Period	$8,622	$3,847

Nature_Of_Operations

Nature Of Operations	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature Of Operations	'
	1. Nature of Operations
	Carrizo Oil & Gas, Inc. is a Houston-based energy company which, together with its subsidiaries (collectively, the “Company”), is actively engaged in the exploration, development, and production of oil and gas primarily from resource plays located in the United States. The Company’s current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas, the Utica Shale in Ohio, the Niobrara Formation in Colorado, and the Marcellus Shale in Pennsylvania.

Summary_Of_Significant_Account

Summary Of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Summary Of Significant Accounting Policies	'
	2. Summary of Significant Accounting Policies
	Basis of Presentation and Principles of Consolidation
	The consolidated financial statements include the accounts of the Company after elimination of intercompany transactions and balances and are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company proportionately consolidates its undivided interests in oil and gas properties as well as investments in unincorporated entities, such as partnerships and limited liability companies where the Company, as a partner or member, has undivided interests in the oil and gas properties. The consolidated financial statements reflect all necessary adjustments, all of which were of a normal recurring nature and are in the opinion of management necessary to present fairly, in all material respects, the Company’s interim financial position, results of operations and cash flows. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. The consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
	Reclassifications
	Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications had no material impact on prior period amounts.
	Discontinued Operations
	On February 22, 2013, the Company closed on the sale of Carrizo UK Huntington Ltd, a wholly owned subsidiary of the Company (“Carrizo UK”), and all of its interest in the Huntington Field discovery, including a 15% non-operated working interest and certain overriding royalty interests, to a subsidiary of Iona Energy Inc. (“Iona Energy”) for an agreed-upon price of $184.0 million, including the assumption and repayment by Iona Energy of the $55.0 million of borrowings outstanding under Carrizo UK’s senior secured multicurrency credit facility as of the closing date. The liabilities, results of operations and cash flows associated with Carrizo UK have been classified as discontinued operations in the consolidated financial statements. Unless otherwise indicated, the information in these notes relate to the Company’s continuing operations. Information related to discontinued operations is included in “Note 3. Discontinued Operations” and “Note 10. Condensed Consolidating Financial Information.”
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Certain of such estimates and assumptions are inherently unpredictable and will differ from actual results. The Company evaluates subsequent events through the date the financial statements are issued.
	Significant estimates include volumes of proved oil and gas reserves, which are used in calculating depreciation, depletion, and amortization (“DD&A”) of proved oil and gas property costs, the present value of future net revenues included in the full cost ceiling test, estimates of future taxable income used in assessing the realizability of deferred tax assets, and the estimated costs and timing of cash outflows underlying asset retirement obligations. Oil and gas reserve estimates, and therefore calculations based on such reserve estimates, are subject to numerous inherent uncertainties, the accuracy of which, is a function of the quality and quantity of available data, the application of engineering and geological interpretation and judgment to available data and the interpretation of mineral leaseholds and other contractual arrangements, including adequacy of title, drilling requirements and royalty obligations. These estimates also depend on assumptions regarding quantities and production rates of recoverable oil and gas reserves, oil and gas prices, timing and amounts of development costs and operating expenses, all of which will vary from those assumed in the Company’s estimates. Other significant estimates are involved in determining impairments of unevaluated leasehold costs, fair values of derivative assets and liabilities, stock-based compensation, collectability of receivables, and in evaluating disputed claims, interpreting contractual arrangements (including royalty obligations and notional interest calculations) and contingencies. Estimates are based on current assumptions that may be materially affected by the results of subsequent drilling and completion, testing and production as well as subsequent changes in oil and gas prices, counterparty creditworthiness, interest rates and the market value and volatility of the Company’s common stock.
	Cash and Cash Equivalents
	Cash equivalents include highly liquid investments with original maturities of three months or less.
	Accounts Receivable and Accounts Payable
	The Company establishes an allowance for doubtful accounts when it determines that it will not collect all or a part of an accounts receivable balance. The Company assesses the collectability of its accounts receivable on a quarterly basis and adjusts the allowance as necessary using the specific identification method. The allowance for doubtful accounts was not significant at June 30, 2014 and December 31, 2013. Accounts receivable from related parties at June 30, 2014 and December 31, 2013 was $4.6 million and $6.6 million, respectively. Accounts payable to related parties at June 30, 2014 and December 31, 2013 was $3.7 million and $2.8 million, respectively.
	Concentration of Credit Risk
	The Company’s accounts receivable consists primarily of receivables from oil and gas purchasers and joint interest owners in properties the Company operates. This concentration of accounts receivable from customers and joint interest owners in the oil and gas industry may impact the Company’s overall credit risk in that these entities may be similarly affected by changes in economic and other industry conditions. The Company does not require collateral from its customers and joint interest owners. The Company generally has the right to withhold future revenue distributions to recover any non-payment of joint interest billings.
	The Company’s derivative instruments in a net asset position also subject the Company to a concentration of credit risk. See “Note 8. Derivative Instruments”.
	Oil and Gas Properties
	Oil and gas properties are accounted for using the full cost method of accounting under which all productive and nonproductive costs directly associated with property acquisition, exploration and development activities are capitalized to costs centers established on a country-by-country basis. The internal cost of employee compensation and benefits, including stock-based compensation, directly associated with acquisition, exploration and development activities are capitalized and totaled $5.3 million and $4.2 million for the three months ended June 30, 2014 and 2013, respectively, and $10.7 million and $6.3 million for the six months ended June 30, 2014 and 2013, respectively. Internal costs related to production, general corporate overhead and similar activities are expensed as incurred.
	Capitalized oil and gas property costs within a cost center are amortized on an equivalent unit-of-production method, converting natural gas to barrels of oil equivalent at the ratio of six thousand cubic feet of gas to one barrel of oil, which represents their approximate relative energy content. The equivalent unit-of-production amortization rate is computed on a quarterly basis by dividing current quarter production by proved oil and gas reserves at the beginning of the quarter then applying such amortization rate to capitalized oil and gas property costs, which includes estimated asset retirement costs, less accumulated amortization, plus the estimated future expenditures (based on current costs) to be incurred in developing proved reserves, net of estimated salvage values. Average DD&A per Boe of proved oil and gas properties was $26.34 and $19.38 for the three months ended June 30, 2014 and 2013, respectively, and $26.49 and $19.11 for the six months ended June 30, 2014 and 2013, respectively.
	Unproved properties, not being amortized, include unevaluated leasehold and seismic costs associated with specific unevaluated properties, the cost of exploratory wells in progress, and related capitalized interest. Exploratory wells in progress and individually significant unevaluated leaseholds are assessed on a quarterly basis to determine whether or not and to what extent proved reserves have been assigned to the properties or if an impairment has occurred, in which case the related costs along with associated capitalized interest are added to the oil and gas property costs subject to amortization. Factors the Company considers in its impairment assessment include drilling results by the Company and other operators, the terms of oil and gas leases not held by production and drilling and completion capital expenditure plans. The Company expects to complete its evaluation of the majority of its unevaluated leaseholds within the next five years and exploratory wells in progress within the next year. Individually insignificant unevaluated leaseholds are grouped by major area and added to the oil and gas property costs subject to amortization based on the average primary lease term of the properties. The Company capitalized interest costs associated with its unproved properties totaling $8.6 million and $7.5 million for the three months ended June 30, 2014 and 2013, respectively, and $16.3 million and $14.3 million for the six months ended June 30, 2014 and 2013, respectively. The amount of interest costs capitalized is determined on a quarterly basis based on the average balance of unproved properties using a weighted-average interest rate based on outstanding borrowings.
	Proceeds from the sale of proved and unproved oil and gas properties are recognized as a reduction of capitalized oil and gas property costs with no gain or loss recognized, unless the sale significantly alters the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. For the three months and six months ended June 30, 2014 and 2013, the Company did not have any sales of oil and gas properties that significantly altered such relationship.
	Capitalized costs, less accumulated amortization and related deferred income taxes, are limited to the “cost center ceiling” equal to (i) the sum of (A) the present value of estimated future net revenues from proved oil and gas reserves, less estimated future expenditures to be incurred in developing and producing the proved reserves computed using a discount factor of 10%, (B) the costs of unproved properties not being amortized, and (C) the lower of cost or estimated fair value of unproved properties included in the costs being amortized; less (ii) related income tax effects. If the net capitalized costs exceed the cost center ceiling, the excess is recognized as an impairment of oil and gas properties. An impairment recognized in one period may not be reversed in a subsequent period even if higher oil and gas prices in the future increase the cost center ceiling applicable to the subsequent period.
	The estimated future net revenues used in the cost center ceiling are calculated using the average realized prices for sales of oil and gas on the first calendar day of each month during the preceding 12-month period prior to the end of the current reporting period. Prices are held constant indefinitely and are not changed except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. Prices do not include the impact of derivative instruments because the Company elected not to meet the criteria to qualify its derivative instruments for hedge accounting treatment.
	Depreciation of other property and equipment is recognized using the straight-line method based on estimated useful lives ranging from five to ten years.
	Debt Issuance Costs
	Debt issuance costs associated with the revolving credit facility are amortized to interest expense on a straight-line basis over the term of the facility. Debt issuance costs associated with the senior notes are amortized to interest expense using the effective interest method over the terms of the related notes.
	Financial Instruments
	The Company’s financial instruments consist of cash and cash equivalents, receivables, payables, derivative assets and liabilities and long-term debt. The carrying amounts of cash and cash equivalents, receivables and payables approximate fair value due to the highly liquid or short-term nature of these instruments. The fair values of the Company’s derivative assets and liabilities are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including quoted forward prices for oil and gas, discount rates and volatility factors. The carrying amounts of long-term debt under the Company’s revolving credit facility approximate fair value as borrowings bear interest at variable rates of interest. The carrying amounts of the Company’s senior notes and other long-term debt may not approximate fair value because carrying amounts are net of any unamortized discount and the notes bear interest at fixed rates of interest. See “Note 6. Long-Term Debt” and “Note 9. Fair Value Measurements.”
	Asset Retirement Obligations
	The Company’s asset retirement obligations represent the present value of the estimated future costs associated with plugging and abandoning oil and gas wells, removing production equipment and facilities and restoring the surface of the land in accordance with the terms of oil and gas leases and applicable local, state and federal laws. Determining asset retirement obligations requires estimates of the costs of plugging and abandoning oil and gas wells, removing production equipment and facilities and restoring the surface of the land as well as estimates of the economic lives of the oil and gas wells and future inflation rates. The resulting estimate of future cash outflows are discounted using a credit-adjusted risk-free interest rate that corresponds with the timing of the cash outflows. Cost estimates consider historical experience, third party estimates, the requirements of oil and gas leases and applicable local, state and federal laws, but do not consider estimated salvage values. Asset retirement obligations are recognized when the well is drilled or when the production equipment and facilities are installed with an associated increase in oil and gas property costs. Asset retirement obligations are accreted to their expected settlement values with any difference between the actual cost of settling the asset retirement obligations and recorded amount being recognized as an adjustment to proved oil and gas property costs. On an interim basis, when indicators suggest there have been material changes in the estimates underlying the obligation, the Company reassesses its asset retirement obligations to determine whether any revisions to the obligations are necessary. At least annually, the Company reassesses all of its asset retirement obligations to determine whether any revisions to the obligations are necessary. Revisions typically occur due to changes in estimated costs or well economic lives, or if federal or state regulators enact new requirements regarding plugging and abandoning oil and gas wells.
	Commitments and Contingencies
	Liabilities are recognized for contingencies when (i) it is both probable that an asset has been impaired or that a liability has been incurred and (ii) the amount of such loss is reasonably estimable.
	Revenue Recognition
	Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectability is reasonably assured. The Company follows the sales method of accounting whereby revenues from the production of natural gas from properties in which the Company has an interest with other producers are recognized for production sold to purchasers, regardless of whether the sales are proportionate to the Company’s ownership interest in the property. Production imbalances are recognized as an asset or liability to the extent that the Company has an imbalance on a specific property that is in excess of its remaining proved reserves. Sales volumes are not significantly different from the Company’s share of production and as of June 30, 2014 and December 31, 2013, the Company did not have any material production imbalances.
	Derivative Instruments
	The Company uses commodity derivative instruments, primarily fixed price swaps and costless collars, to reduce its exposure to commodity price volatility for a substantial, but varying, portion of its forecasted oil and gas production up to 36 months and thereby achieve a more predictable level of cash flows to support the Company’s drilling and completion capital expenditure program. All derivative instruments are recorded on the consolidated balance sheets as either an asset or liability measured at fair value. The Company nets its derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. Although the derivative instruments provide an economic hedge of the Company’s exposure to commodity price volatility, because the Company elected not to meet the criteria to qualify its derivative instruments for hedge accounting treatment, gains and losses as a result of changes in the fair value of derivative instruments are recognized as gain (loss) on derivative instruments, net in the consolidated statements of income in the period in which the changes occur. The net cash flows resulting from the payments to and receipts from counterparties as a result of derivative settlements are classified as cash flows from operating activities. The Company does not enter into derivative instruments for speculative or trading purposes.
	The Company’s Board of Directors establishes risk management policies and reviews derivative instruments, including volumes, types of instruments and counterparties, on a quarterly basis. These policies require that derivative instruments be executed only by the President or Chief Financial Officer after consultation with and concurrence by the President, Chief Financial Officer and Chairman of the Board. See “Note 8. Derivative Instruments” for further discussion of the Company’s derivative instruments.
	Stock-Based Compensation
	The Company recognized the following stock-based compensation expense associated with stock appreciation rights to be settled in cash (“SARs”), restricted stock awards and units and performance share awards for the periods indicated which is reflected as general and administrative expense in the consolidated statements of income:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
		(In thousands)
	Stock appreciation rights		$11,116			$7			$19,572			$3,939
	Restricted stock awards and units	8,224			4,462			13,925			8,319
	Performance share awards	319			—			333			—
		19,659			4,469			33,830			12,258
	Less: amounts capitalized	(2,681		)	(1,486		)	(4,691		)	(2,792		)
	Total stock-based compensation expense		$16,978			$2,983			$29,139			$9,466
	Income tax benefit		$5,943			$1,107			$10,199			$3,470
	Stock Appreciation Rights. For SARs, stock-based compensation expense is based on the fair value liability (using the Black-Scholes-Merton option pricing model) remeasured at each reporting period, recognized over the vesting period (generally three years) using the graded vesting method. For periods subsequent to vesting and prior to exercise, stock-based compensation expense is based on the fair value liability remeasured at each reporting period based on the intrinsic value of the SAR. The liability for SARs are classified as “Other current liabilities” for the portion of the awards that are vested or are expected to vest within the next 12 months, with the remainder classified as “Other liabilities.” SARs typically expire between four and seven years after the date of grant.
	Restricted Stock Awards and Units. For restricted stock awards and units granted to employees, stock-based compensation expense is based on the price of the Company's common stock on the grant date and recognized over the vesting period (generally one to three years) using the straight-line method, except for award or units with performance conditions, in which case the Company uses the graded vesting method. For restricted stock awards and units granted to independent contractors, stock-based compensation expense is based on fair value remeasured at each reporting period and recognized over the vesting period (generally three years) using the straight-line method.
	Performance Share Awards. For performance share awards, stock-based compensation expense is based on the grant-date fair value (using a Monte Carlo valuation model) and recognized over the three year vesting period using the straight-line method. The number of shares of common stock issuable upon vesting range from zero to 200% of the number of performance share awards granted based on the Company's total shareholder return relative to an industry peer group over a three year performance period.
	Income Taxes
	Income taxes are recognized based on earnings reported for tax return purposes in addition to a provision for deferred income taxes. Deferred income taxes are recognized at each reporting period for the future tax consequences of cumulative temporary differences between the tax bases of assets and liabilities and their reported amounts in the Company’s financial statements based on existing tax laws and enacted statutory tax rates applicable to the periods in which the temporary differences are expected to affect taxable income. The Company routinely assesses the realizability of its deferred tax assets by taxing jurisdiction and considers its estimate of future taxable income based on production of proved reserves at estimated future pricing in making such assessments. If the Company concludes that it is more likely than not that some portion or all of the benefit from deferred tax assets will not be realized, the deferred tax assets are reduced by a valuation allowance. The Company classifies interest and penalties associated with income taxes as interest expense.
	Income From Continuing Operations Per Common Share
	Supplemental income from continuing operations per common share information is provided below:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
		(In thousands, except per share data)
	Income From Continuing Operations		$3,214			$35,837			$9,835			$38,361
Basic weighted average common shares outstanding	45,213			40,078			45,109			39,928
Effect of dilutive instruments	945			532			879			541
Diluted weighted average common shares outstanding	46,158			40,610			45,988			40,469
Income From Continuing Operations Per Common Share
Basic		$0.07			$0.89			$0.22			$0.96
Diluted		$0.07			$0.88			$0.21			$0.95
Basic income from continuing operations per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted income from continuing operations per common share is based on the weighted average number of common shares and all potentially dilutive common shares outstanding during the period which include restricted stock awards and units, performance share awards, stock options and warrants. The Company excludes the number of awards, units, options and warrants from the calculation of diluted weighted average shares outstanding when the grant date or exercise prices are greater than the average market prices of the Company’s common stock for the corresponding period as the effect would be antidilutive to the computation. The Company includes the number of potentially dilutive common shares attributable to the performance share awards based on the number of shares, if any, that would be issuable as if the end of the period was the end of the performance period. The number of awards, units, options, warrants and performance share awards excluded for the three and six months ended June 30, 2014 and 2013 were not significant.
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and industry specific guidance in Subtopic 932-605, Extractive Activities- Oil and Gas- Revenue Recognition. This ASU requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods and services. This ASU is effective for annual and interim periods beginning in 2017, and is required to be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption, with no early adoption permitted. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements.

Discontinued_Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Discontinued Operations	'
	3. Discontinued Operations
	On February 22, 2013, the Company closed on the sale of Carrizo UK, and all of its interest in the Huntington Field discovery, including a 15% non-operated working interest and certain overriding royalty interests, to a subsidiary of Iona Energy for an agreed-upon price of $184.0 million, including the assumption and repayment by Iona Energy of the $55.0 million of borrowings outstanding under Carrizo UK’s senior secured multicurrency credit facility as of the closing date. The liabilities of discontinued operations of $25.0 million and $28.3 million as of June 30, 2014 and December 31, 2013, respectively, relate to an accrual for estimated future obligations related to the sale. See “Note 2. Summary of Significant Accounting Policies—Use of Estimates” for further discussion of estimates and assumptions that may affect the reported amounts of liabilities related to the sale of Carrizo UK.
	The following table summarizes the amounts included in income (loss) from discontinued operations, net of income taxes presented in the consolidated statements of income for the three and six months ended June 30, 2014 and 2013:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
		(In thousands)
	Revenues		$—			$—			$—			$—
	Costs and Expenses
	General and administrative	466			296			903			301
	Accretion related to asset retirement obligations	—			—			—			36
	Gain on sale of discontinued operations	—			—			—			(37,294		)
	Increase (decrease) in estimated future obligations	913			(2,565		)	1,448			(2,565		)
	(Gain) loss on derivatives, net	(2		)	31			18			75
	Other (income) expense, net	—			(308		)	—			(332		)
	Income (Loss) From Discontinued Operations Before Income Taxes	(1,377		)	2,546			(2,369		)	39,779
	Income tax (expense) benefit	482			(1,414		)	829			(14,989		)
	Income (Loss) From Discontinued Operations, Net of Income Taxes		($895	)		$1,132			($1,540	)		$24,790
	Income Taxes
	Carrizo UK is a disregarded entity for U.S. federal income tax purposes. Accordingly, the income tax (expense) benefit reflected above includes the Company’s U.S. deferred income tax (expense) benefit associated with the income (loss) from discontinued operations before income taxes. The related U.S. deferred tax assets and liabilities have been classified as deferred income taxes of continuing operations in the consolidated balance sheets.

Property_And_Equipment_Net

Property And Equipment, Net	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Property And Equipment, Net	'
	4. Property and Equipment, Net
	As of June 30, 2014 and December 31, 2013, total property and equipment, net consisted of the following:
		June 30,			December 31,
		2014			2013
		(In thousands)
	Proved properties		$2,593,298			$2,182,226
	Accumulated depreciation, depletion and amortization	(917,357		)	(773,742		)
	Proved properties, net	1,675,941			1,408,484
	Unproved properties, not being amortized
	Unevaluated leasehold and seismic costs	379,315			302,232
	Exploratory wells in progress	22,798			30,196
	Capitalized interest	56,280			45,009
	Total unproved properties, not being amortized	458,393			377,437
	Other property and equipment	15,610			15,260
	Accumulated depreciation	(7,843		)	(6,966		)
	Other property and equipment, net	7,767			8,294
	Total property and equipment, net		$2,142,101			$1,794,215

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	5. Income Taxes
	The Company’s estimated annual effective income tax rates are used to allocate expected annual income tax expense to interim periods. The rates are the ratio of estimated annual income tax expense to estimated annual income before income taxes by taxing jurisdiction, except for discrete items, which are significant, unusual or infrequent items for which income taxes are computed and recorded in the interim period in which the discrete item occurs. The estimated annual effective income tax rates are applied to the year-to-date income before income taxes by taxing jurisdiction to determine the income tax expense allocated to the interim period. The Company updates its estimated annual effective income tax rates at the end of each quarterly period considering the geographic mix of income based on the tax jurisdictions in which the Company operates. Actual results that are different from the assumptions used in estimating the annual effective income tax rates will impact future income tax expense. Income tax expense differs from income tax expense computed by applying the U.S. federal statutory corporate income tax rate of 35% to income from continuing operations before income taxes as follows:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
		(In thousands)
	Income tax expense at the statutory rate		($1,850	)		($20,427	)		($5,544	)		($21,824	)
	State income tax expense, net of U.S. federal income tax benefit	(222		)	(2,049		)	(414		)	(2,063		)
	Other, net	(1		)	(69		)	(48		)	(107		)
	Income tax expense		($2,073	)		($22,545	)		($6,006	)		($23,994	)

Debt

Debt	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Debt	'
	6. Long-Term Debt
	Long-term debt consisted of the following as of June 30, 2014 and December 31, 2013:
		June 30,			December 31,
		2014			2013
		(In thousands)
	8.625% Senior Notes due 2018		$600,000			$600,000
	Unamortized discount for 8.625% Senior Notes	(3,819		)	(4,178		)
	7.50% Senior Notes due 2020	300,000			300,000
	Other long-term debt due 2028	4,425			4,425
	Senior Secured Revolving Credit Facility due 2018	121,000			—
	Total long-term debt		$1,021,606			$900,247
	Senior Secured Revolving Credit Facility
	The Company is party to a senior secured revolving credit facility with Wells Fargo Bank, National Association as the administrative agent. The revolving credit facility provides for a borrowing capacity up to the lesser of (i) the borrowing base (as defined in the senior credit agreement governing the revolving credit facility) and (ii) $1.0 billion. The revolving credit facility matures on July 2, 2018. The revolving credit facility is secured by substantially all of the Company’s U.S. assets and is guaranteed by all of the Company’s existing Material Domestic Subsidiaries (as defined in the credit agreement governing the revolving credit facility).
	As a result of the Spring 2014 borrowing base redetermination, effective April 10, 2014, the borrowing base was increased to $570.0 million from $470.0 million. The borrowing base will be redetermined by the lenders at least semi-annually on or around each May 1 and November 1, with the next redetermination expected in the Fall of 2014. The amount the Company is able to borrow with respect to the borrowing base is subject to compliance with the financial covenants and other provisions of the credit agreement governing the revolving credit facility.
	The Company is subject to certain covenants under the terms of the revolving credit facility, as amended, which include the maintenance of the following financial covenants determined as of the last day of each quarter: (1) a ratio of Total Debt to EBITDA of not more than 4.00 to 1.00; and (2) a Current Ratio of not less than 1.00 to 1.00; (each of the capitalized terms used in the foregoing clauses (1) and (2) being as defined in the credit agreement governing the revolving credit facility). At June 30, 2014, the ratio of Total Debt to EBITDA was 2.19 to 1.00 and the Current Ratio was 1.96 to 1.00. As defined in the credit agreement governing the revolving credit facility, Total Debt is net of cash and cash equivalents and the Current Ratio includes an add back of the available borrowing capacity. Because the calculation of the financial ratios are made as of a certain date, the financial ratios can fluctuate significantly period to period as the amounts outstanding under the revolving credit facility are dependent on the timing of cash flows from operations, capital expenditures, sales of oil and gas properties and securities offerings.
	As of June 30, 2014, the Company had $121.0 million of borrowings outstanding under the revolving credit facility with a weighted average interest rate of 2.71%. As of June 30, 2014, the Company also had $0.9 million in letters of credit outstanding which reduced the amounts available under the revolving credit facility. The amount available for borrowing with respect to the borrowing base is subject to compliance with the financial covenants and other provisions of the credit agreement governing the revolving credit facility. The revolving credit facility is generally used to fund ongoing working capital needs and the Company’s capital expenditure plan to the extent such amounts exceed cash flows from operations, proceeds from the sale of oil and gas properties and securities offerings.

Commitments_And_Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments And Contingencies	'
	7. Commitments and Contingencies
	From time to time, the Company is party to certain legal actions and claims arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, management does not currently expect these matters to have a materially adverse effect on the financial position or results of operations of the Company.
	The results of operations and financial position of the Company continue to be affected from time to time in varying degrees by domestic and foreign political developments as well as legislation and regulations pertaining to restrictions on oil and gas production, imports and exports, natural gas regulation, tax increases, environmental regulations and cancellation of contract rights. Both the likelihood and overall effect of such occurrences on the Company vary greatly and are not predictable.

Derivative_Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments	'
	8. Derivative Instruments
	The Company uses commodity derivative instruments, primarily fixed price swaps and costless collars, to reduce its exposure to commodity price volatility for a substantial, but varying, portion of its forecasted oil and gas production up to 36 months and thereby achieve a more predictable level of cash flows to support the Company’s drilling and completion capital expenditure program. Costless collars are designed to establish floor and ceiling prices on anticipated future oil and gas production. While the use of these derivative instruments limits the downside risk of adverse price movements, they may also limit future revenues from favorable price movements. The Company does not enter into derivative instruments for speculative or trading purposes.
	The Company typically has numerous hedge positions that span several time periods and often result in both fair value asset and liability positions held with that counterparty, which positions are all offset to a single fair value asset or liability at the end of each reporting period. The Company nets its derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The fair value of derivative instruments where the Company is in a net asset position with its counterparties as of June 30, 2014 and December 31, 2013 totaled $0.4 million and $9.3 million, respectively, and is summarized by counterparty in the table below:
	Counterparty	June 30, 2014			December 31, 2013
	Royal Bank of Canada	100	%		—	%
	Credit Suisse	—	%		46	%
	Societe Generale	—	%		31	%
	Wells Fargo	—	%		23	%
	Total	100	%		100	%
	The counterparties to the Company’s derivative instruments are lenders under the Company’s credit agreement. Because each of the lenders have investment grade credit ratings, the Company believes it has minimal credit risk and accordingly does not currently require its counterparties to post collateral to support the net asset positions of its derivative instruments. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties to its derivative instruments. Although the Company does not currently anticipate such nonperformance, it continues to monitor the financial viability of its counterparties.
	The fair value of derivative instruments where the Company is in a net liability position with its counterparties as of June 30, 2014 and December 31, 2013 totaled $44.1 million and $10.1 million, respectively. Because these counterparties are lenders under the Company's credit agreement, these counterparties are secured equally with the holders of the Company’s bank debt, which eliminates the need to post collateral when the Company is in a net liability position.
	For the three months ended June 30, 2014 and 2013, the Company recorded in the consolidated statements of income a loss on derivative instruments, net of $40.0 million and a gain on derivative instruments, net of $25.7 million, respectively. For the six months ended June 30, 2014 and 2013, the Company recorded in the consolidated statements of income a loss on derivative instruments, net of $60.6 million and a gain on derivative instruments, net of $11.2 million, respectively.
	The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX prices as of June 30, 2014:
	Period	Type of Contract		Volumes			Weighted		Weighted		Weighted		Weighted
				(in Bbls/d)			Average		Average		Average		Average
							Floor  Price		Ceiling  Price		Short Put  Price		Put Spread
							($/Bbl)		($/Bbl)		($/Bbl)		($/Bbl)
	July - December 2014	Fixed Price Swaps		11,500				$93.55
		Costless Collars		3,000				$88.33		$104.26
		Three-way Collars		500				$85.00		$107.75		$65.00		$20.00
	January - December 2015	Fixed Price Swaps		10,370				$92.97
		Costless Collars		700				$90.00		$100.65
		Three-way Collars		1,000				$85.00		$105.00		$65.00		$20.00
	January - December 2016	Fixed Price Swaps		1,500				$90.74
		Three-way Collars		667				$85.00		$104.00		$65.00		$20.00
	The following sets forth a summary of the Company’s natural gas derivative positions at average NYMEX prices as of June 30, 2014:
	Period	Type of Contract		Volumes			Weighted		Weighted
				(in MMBtu/d)			Average		Average
							Floor Price		Ceiling Price
							($/MMBtu)		($/MMBtu)
	July - December 2014	Fixed Price Swaps		58,690				$4.20
		Calls		10,000						$5.50
	January - December 2015	Fixed Price Swaps		30,000				$4.29

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	9. Fair Value Measurements
	Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows:
	Level 1 – Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities.
	Level 2 – Other inputs that are observable directly or indirectly such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.
	Level 3 – Unobservable inputs for which there is little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities.
	Assets and Liabilities Measured at Fair Value on a Recurring Basis
	The following tables summarize the location and amounts of the Company’s assets and liabilities measured at fair value on a recurring basis as presented in the consolidated balance sheets as of June 30, 2014 and December 31, 2013. All items included in the tables below are Level 2 inputs within the fair value hierarchy:
		June 30, 2014
		Gross Amounts Recognized			Gross Amounts Offset in the Consolidated Balance Sheets			Net Amounts Presented in the Consolidated Balance Sheets
		(In thousands)
	Derivative assets
	Other current assets		$1,852			($1,604	)		$248
	Other assets	1,866			(1,688		)	178
	Derivative liabilities
	Derivative liabilities	(41,059		)	1,604			(39,455		)
	Other liabilities	(6,352		)	1,688			(4,664		)
	Total		($43,693	)		$—			($43,693	)
		December 31, 2013
		Gross Amounts Recognized			Gross Amounts Offset in the Consolidated Balance Sheets			Net Amounts Presented in the Consolidated Balance Sheets
		(In thousands)
	Derivative assets
	Other current assets		$2,389			($2,389	)		$—
	Other assets	11,709			(2,425		)	9,284
	Derivative liabilities
	Derivative liabilities	(12,336		)	2,389			(9,947		)
	Other liabilities	(2,613		)	2,425			(188		)
	Total		($851	)		$—			($851	)
	The fair values of the Company’s derivative assets and liabilities are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including quoted forward prices for oil and gas, discount rates and volatility factors. The fair values are also compared to the values provided by the counterparty for reasonableness and are adjusted for the counterparties’ credit quality for derivative assets and the Company’s credit quality for derivative liabilities. To date, adjustments for credit quality have not had a material impact on the fair values.
	The derivative asset and liability fair values reported in the consolidated balance sheets are as of a particular point in time and subsequently change as these estimates are revised to reflect actual results, changes in market conditions and other factors. The Company typically has numerous hedge positions that span several time periods and often result in both derivative assets and liabilities with the same counterparty, which positions are all offset to a single derivative asset or liability in the consolidated balance sheets. The Company nets the fair values of its derivative assets and liabilities associated with derivative instruments executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The Company had no transfers in or out of Levels 1 or 2 for the six months ended June 30, 2014 or 2013.
	Fair Value of Other Financial Instruments
	The Company’s other financial instruments consist of cash and cash equivalents, receivables, payables and long-term debt which are classified as Level 1 under the fair value hierarchy. The carrying amounts of cash and cash equivalents, receivables, and payables approximate fair value due to the highly liquid or short-term nature of these instruments. The following table presents the carrying amounts and fair values of the Company’s senior notes and other long-term debt, based on quoted market prices, as of June 30, 2014 and December 31, 2013.
		June 30, 2014						December 31, 2013
		Carrying Amount			Fair Value			Carrying Amount			Fair Value
		(In thousands)
	8.625% Senior Notes due 2018		$596,181			$635,250			$595,822			$644,978
	7.50% Senior Notes due 2020	300,000			330,000			300,000			327,000
	Other long-term debt due 2028	4,425			4,226			4,425			4,115

Condensed_Consolidating_Financ

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2014
Condensed Consolidating Financial Information [Abstract]	'
Condensed Consolidating Financial Information	'
	10. Condensed Consolidating Financial Information
	The rules of the SEC require that condensed consolidating financial information be provided for a subsidiary that has guaranteed the debt of a registrant issued in a public offering, where the guarantee is full, unconditional and joint and several and where the voting interest of the subsidiary is 100% owned by the registrant. The Company is, therefore, presenting condensed consolidating financial information as of June 30, 2014 and December 31, 2013, and for the three and six months ended June 30, 2014 and 2013 on a parent company, combined guarantor subsidiaries, combined non-guarantor subsidiaries and consolidated basis and should be read in conjunction with the consolidated financial statements. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had such guarantor subsidiaries operated as independent entities.
	Investments in subsidiaries are accounted for by the respective parent company using the equity method for purposes of this presentation. Results of operations of subsidiaries are therefore reflected in the parent company’s investment accounts and earnings. The principal elimination entries set forth below eliminate investments in subsidiaries and intercompany balances and transactions. Typically in a condensed consolidating financial statement, the net income and equity of the parent company equals the net income and equity of the consolidated entity. The Company’s oil and gas properties are accounted for using the full cost method of accounting whereby impairments and DD&A are calculated and recorded on a country by country basis. However, when calculated separately on a legal entity basis, the combined totals of parent company and subsidiary impairments and DD&A can be more or less than the consolidated total as a result of differences in the properties each entity owns including amounts of costs incurred, production rates, reserve mix, future development costs, etc. Accordingly, elimination entries are required to eliminate any differences between consolidated and parent company and subsidiary company combined impairments and DD&A.
	CARRIZO OIL & GAS, INC.
	CONDENSED CONSOLIDATING BALANCE SHEETS
	(in thousands)
	(Unaudited)
		June 30, 2014
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Assets
	Total current assets		$1,893,775			$255,888			$—			($1,986,951	)		$162,712
	Total property and equipment, net	4,246			2,095,610			23,647			18,598			2,142,101
	Investment in subsidiaries	158,416			—			—			(158,416		)	—
	Other assets	99,816			353			—			(74,554		)	25,615
	Total Assets		$2,156,253			$2,351,851			$23,647			($2,201,323	)		$2,330,428
	Liabilities and Shareholders’ Equity
	Current liabilities		$247,841			$2,091,524			$23,650			($1,986,951	)		$376,064
	Long-term liabilities	1,048,092			101,908			—			(65,549		)	1,084,451
	Total shareholders’ equity	860,320			158,419			(3		)	(148,823		)	869,913
	Total Liabilities and Shareholders’ Equity		$2,156,253			$2,351,851			$23,647			($2,201,323	)		$2,330,428
		December 31, 2013
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Assets
	Total current assets		$1,820,069			$168,718			$—			($1,709,026	)		$279,761
	Total property and equipment, net	2,797			1,768,553			2,058			20,807			1,794,215
	Investment in subsidiaries	61,619			—			—			(61,619		)	—
	Other assets	69,686			—			—			(32,902		)	36,784
	Total Assets		$1,954,171			$1,937,271			$2,058			($1,782,740	)		$2,110,760
	Liabilities and Shareholders’ Equity
	Current liabilities		$201,486			$1,828,314			$2,061			($1,709,026	)		$322,835
	Long-term liabilities	922,571			47,335			—			(23,585		)	946,321
	Total shareholders’ equity	830,114			61,622			(3		)	(50,129		)	841,604
	Total Liabilities and Shareholders’ Equity		$1,954,171			$1,937,271			$2,058			($1,782,740	)		$2,110,760
	CARRIZO OIL & GAS, INC.
	CONDENSED CONSOLIDATING STATEMENTS OF INCOME
	(in thousands)
	(Unaudited)
		Three Months Ended June 30, 2014
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Total revenues		$1,206			$192,269			$—			$—			$193,475
	Total costs and expenses	78,089			109,088			—			1,011			188,188
	Income (loss) from continuing operations before income taxes	(76,883		)	83,181			—			(1,011		)	5,287
	Income tax (expense) benefit	26,908			(29,381		)	—			400			(2,073		)
	Equity in income of subsidiaries	53,800			—			—			(53,800		)	—
	Income from continuing operations	3,825			53,800			—			(54,411		)	3,214
	Loss from discontinued operations, net of income taxes	(895		)	—			—			—			(895		)
	Net income		$2,930			$53,800			$—			($54,411	)		$2,319
		Three Months Ended June 30, 2013
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Total revenues		$2,086			$132,138			$—			$—			$134,224
	Total costs and expenses	1,771			74,254			—			(183		)	75,842
Income from continuing operations before income taxes	315			57,884			—			183			58,382
Income tax expense	(110		)	(20,365		)	—			(2,070		)	(22,545		)
Equity in income of subsidiaries	37,519			—			—			(37,519		)	—
Income from continuing operations	37,724			37,519			—			(39,406		)	35,837
Income from discontinued operations, net of income taxes	1,132			—			—			—			1,132
Net income		$38,856			$37,519			$—			($39,406	)		$36,969
CARRIZO OIL & GAS, INC.
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
(in thousands)
(Unaudited)
	Six Months Ended June 30, 2014
	Parent			Combined			Combined			Eliminations			Consolidated
	Company			Guarantor			Non-
				Subsidiaries			Guarantor
							Subsidiaries
Total revenues		$2,772			$347,915			$—			$—			$350,687
Total costs and expenses	133,640			198,997			—			2,209			334,846
Income (loss) from continuing operations before income taxes	(130,868		)	148,918			—			(2,209		)	15,841
Income tax (expense) benefit	45,803			(52,121		)	—			312			(6,006		)
Equity in income of subsidiaries	96,797			—			—			(96,797		)	—
Income from continuing operations	11,732			96,797			—			(98,694		)	9,835
Loss from discontinued operations, net of income taxes	(1,540		)	—			—			—			(1,540		)
Net income		$10,192			$96,797			$—			($98,694	)		$8,295
	Six Months Ended June 30, 2013
	Parent			Combined			Combined			Eliminations			Consolidated
	Company			Guarantor			Non-
				Subsidiaries			Guarantor
							Subsidiaries
Total revenues		$3,647			$242,478			$—			$—			$246,125
Total costs and expenses	42,114			141,609			—			47			183,770
Income (loss) from continuing operations before income taxes	(38,467		)	100,869			—			(47		)	62,355
Income tax (expense) benefit	13,463			(35,410		)	—			(2,047		)	(23,994		)
Equity in income of subsidiaries	65,459			—			—			(65,459		)	—
Income from continuing operations	40,455			65,459			—			(67,553		)	38,361
Income from discontinued operations, net of income taxes	24,790			—			—			—			24,790
Net income		$65,245			$65,459			$—			($67,553	)		$63,151
CARRIZO OIL & GAS, INC.
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
	Six Months Ended June 30, 2014
	Parent			Combined			Combined			Eliminations			Consolidated
	Company			Guarantor			Non-
				Subsidiaries			Guarantor
							Subsidiaries
Net cash provided by (used in) operating activities from continuing operations		($122,961	)		$318,607			$—			$—			$195,646
Net cash used in investing activities from continuing operations	(146,432		)	(464,288		)	(21,554		)	167,235			(465,039		)
Net cash provided by financing activities from continuing operations	126,158			145,681			21,554			(167,235		)	126,158
Net cash used in discontinued operations	(5,582		)	—			—			—			(5,582		)
Net decrease in cash and cash equivalents	(148,817		)	—			—			—			(148,817		)
Cash and cash equivalents, beginning of period	157,439			—			—			—			157,439
Cash and cash equivalents, end of period		$8,622			$—			$—			$—			$8,622
	Six Months Ended June 30, 2013
	Parent			Combined			Combined			Eliminations			Consolidated
	Company			Guarantor			Non-
				Subsidiaries			Guarantor
							Subsidiaries
Net cash provided by operating activities from continuing operations		$4,319			$209,403			$—			$—			$213,722
Net cash used in investing activities from continuing operations	(142,476		)	(428,774		)	—			219,183			(352,067		)
Net cash provided by (used in) financing activities from continuing operations	(41,521		)	219,183			—			(219,183		)	(41,521		)
Net cash provided by (used in) discontinued operations	131,618			—			(519		)	—			131,099
Net decrease in cash and cash equivalents	(48,060		)	(188		)	(519		)	—			(48,767		)
Cash and cash equivalents, beginning of period	51,894			201			519			—			52,614
Cash and cash equivalents, end of period		$3,834			$13			$—			$—			$3,847

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Policy)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

'

Basis Of Presentation And Principles Of Consolidation

'

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of the Company after elimination of intercompany transactions and balances and are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company proportionately consolidates its undivided interests in oil and gas properties as well as investments in unincorporated entities, such as partnerships and limited liability companies where the Company, as a partner or member, has undivided interests in the oil and gas properties. The consolidated financial statements reflect all necessary adjustments, all of which were of a normal recurring nature and are in the opinion of management necessary to present fairly, in all material respects, the Company’s interim financial position, results of operations and cash flows. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. The consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

Reclassifications

'

Reclassifications

Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications had no material impact on prior period amounts.

Discontinued Operations

'

Discontinued Operations

On February 22, 2013, the Company closed on the sale of Carrizo UK Huntington Ltd, a wholly owned subsidiary of the Company (“Carrizo UK”), and all of its interest in the Huntington Field discovery, including a 15% non-operated working interest and certain overriding royalty interests, to a subsidiary of Iona Energy Inc. (“Iona Energy”) for an agreed-upon price of $184.0 million, including the assumption and repayment by Iona Energy of the $55.0 million of borrowings outstanding under Carrizo UK’s senior secured multicurrency credit facility as of the closing date. The liabilities, results of operations and cash flows associated with Carrizo UK have been classified as discontinued operations in the consolidated financial statements. Unless otherwise indicated, the information in these notes relate to the Company’s continuing operations. Information related to discontinued operations is included in “Note 3. Discontinued Operations” and “Note 10. Condensed Consolidating Financial Information.”

Use Of Estimates

'

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Certain of such estimates and assumptions are inherently unpredictable and will differ from actual results. The Company evaluates subsequent events through the date the financial statements are issued.

Significant estimates include volumes of proved oil and gas reserves, which are used in calculating depreciation, depletion, and amortization (“DD&A”) of proved oil and gas property costs, the present value of future net revenues included in the full cost ceiling test, estimates of future taxable income used in assessing the realizability of deferred tax assets, and the estimated costs and timing of cash outflows underlying asset retirement obligations. Oil and gas reserve estimates, and therefore calculations based on such reserve estimates, are subject to numerous inherent uncertainties, the accuracy of which, is a function of the quality and quantity of available data, the application of engineering and geological interpretation and judgment to available data and the interpretation of mineral leaseholds and other contractual arrangements, including adequacy of title, drilling requirements and royalty obligations. These estimates also depend on assumptions regarding quantities and production rates of recoverable oil and gas reserves, oil and gas prices, timing and amounts of development costs and operating expenses, all of which will vary from those assumed in the Company’s estimates. Other significant estimates are involved in determining impairments of unevaluated leasehold costs, fair values of derivative assets and liabilities, stock-based compensation, collectability of receivables, and in evaluating disputed claims, interpreting contractual arrangements (including royalty obligations and notional interest calculations) and contingencies. Estimates are based on current assumptions that may be materially affected by the results of subsequent drilling and completion, testing and production as well as subsequent changes in oil and gas prices, counterparty creditworthiness, interest rates and the market value and volatility of the Company’s common stock.

Cash And Cash Equivalents

'

Cash and Cash Equivalents

Cash equivalents include highly liquid investments with original maturities of three months or less.

Accounts Receivable And Allowance For Doubtful Accounts

'

Accounts Receivable and Accounts Payable

The Company establishes an allowance for doubtful accounts when it determines that it will not collect all or a part of an accounts receivable balance. The Company assesses the collectability of its accounts receivable on a quarterly basis and adjusts the allowance as necessary using the specific identification method. The allowance for doubtful accounts was not significant at June 30, 2014 and December 31, 2013. Accounts receivable from related parties at June 30, 2014 and December 31, 2013 was $4.6 million and $6.6 million, respectively. Accounts payable to related parties at June 30, 2014 and December 31, 2013 was $3.7 million and $2.8 million, respectively.

Concentration Of Credit Risk

'

Concentration of Credit Risk

The Company’s accounts receivable consists primarily of receivables from oil and gas purchasers and joint interest owners in properties the Company operates. This concentration of accounts receivable from customers and joint interest owners in the oil and gas industry may impact the Company’s overall credit risk in that these entities may be similarly affected by changes in economic and other industry conditions. The Company does not require collateral from its customers and joint interest owners. The Company generally has the right to withhold future revenue distributions to recover any non-payment of joint interest billings.

The Company’s derivative instruments in a net asset position also subject the Company to a concentration of credit risk. See “Note 8. Derivative Instruments”.

Oil And Gas Properties

'

Oil and Gas Properties

Oil and gas properties are accounted for using the full cost method of accounting under which all productive and nonproductive costs directly associated with property acquisition, exploration and development activities are capitalized to costs centers established on a country-by-country basis. The internal cost of employee compensation and benefits, including stock-based compensation, directly associated with acquisition, exploration and development activities are capitalized and totaled $5.3 million and $4.2 million for the three months ended June 30, 2014 and 2013, respectively, and $10.7 million and $6.3 million for the six months ended June 30, 2014 and 2013, respectively. Internal costs related to production, general corporate overhead and similar activities are expensed as incurred.

Capitalized oil and gas property costs within a cost center are amortized on an equivalent unit-of-production method, converting natural gas to barrels of oil equivalent at the ratio of six thousand cubic feet of gas to one barrel of oil, which represents their approximate relative energy content. The equivalent unit-of-production amortization rate is computed on a quarterly basis by dividing current quarter production by proved oil and gas reserves at the beginning of the quarter then applying such amortization rate to capitalized oil and gas property costs, which includes estimated asset retirement costs, less accumulated amortization, plus the estimated future expenditures (based on current costs) to be incurred in developing proved reserves, net of estimated salvage values. Average DD&A per Boe of proved oil and gas properties was $26.34 and $19.38 for the three months ended June 30, 2014 and 2013, respectively, and $26.49 and $19.11 for the six months ended June 30, 2014 and 2013, respectively.

Unproved properties, not being amortized, include unevaluated leasehold and seismic costs associated with specific unevaluated properties, the cost of exploratory wells in progress, and related capitalized interest. Exploratory wells in progress and individually significant unevaluated leaseholds are assessed on a quarterly basis to determine whether or not and to what extent proved reserves have been assigned to the properties or if an impairment has occurred, in which case the related costs along with associated capitalized interest are added to the oil and gas property costs subject to amortization. Factors the Company considers in its impairment assessment include drilling results by the Company and other operators, the terms of oil and gas leases not held by production and drilling and completion capital expenditure plans. The Company expects to complete its evaluation of the majority of its unevaluated leaseholds within the next five years and exploratory wells in progress within the next year. Individually insignificant unevaluated leaseholds are grouped by major area and added to the oil and gas property costs subject to amortization based on the average primary lease term of the properties. The Company capitalized interest costs associated with its unproved properties totaling $8.6 million and $7.5 million for the three months ended June 30, 2014 and 2013, respectively, and $16.3 million and $14.3 million for the six months ended June 30, 2014 and 2013, respectively. The amount of interest costs capitalized is determined on a quarterly basis based on the average balance of unproved properties using a weighted-average interest rate based on outstanding borrowings.

Proceeds from the sale of proved and unproved oil and gas properties are recognized as a reduction of capitalized oil and gas property costs with no gain or loss recognized, unless the sale significantly alters the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. For the three months and six months ended June 30, 2014 and 2013, the Company did not have any sales of oil and gas properties that significantly altered such relationship.

Capitalized costs, less accumulated amortization and related deferred income taxes, are limited to the “cost center ceiling” equal to (i) the sum of (A) the present value of estimated future net revenues from proved oil and gas reserves, less estimated future expenditures to be incurred in developing and producing the proved reserves computed using a discount factor of 10%, (B) the costs of unproved properties not being amortized, and (C) the lower of cost or estimated fair value of unproved properties included in the costs being amortized; less (ii) related income tax effects. If the net capitalized costs exceed the cost center ceiling, the excess is recognized as an impairment of oil and gas properties. An impairment recognized in one period may not be reversed in a subsequent period even if higher oil and gas prices in the future increase the cost center ceiling applicable to the subsequent period.

The estimated future net revenues used in the cost center ceiling are calculated using the average realized prices for sales of oil and gas on the first calendar day of each month during the preceding 12-month period prior to the end of the current reporting period. Prices are held constant indefinitely and are not changed except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. Prices do not include the impact of derivative instruments because the Company elected not to meet the criteria to qualify its derivative instruments for hedge accounting treatment.

Depreciation of other property and equipment is recognized using the straight-line method based on estimated useful lives ranging from five to ten years.

Debt Issuance Costs

'

Debt Issuance Costs

Debt issuance costs associated with the revolving credit facility are amortized to interest expense on a straight-line basis over the term of the facility. Debt issuance costs associated with the senior notes are amortized to interest expense using the effective interest method over the terms of the related notes.

Financial Instruments

'

Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, receivables, payables, derivative assets and liabilities and long-term debt. The carrying amounts of cash and cash equivalents, receivables and payables approximate fair value due to the highly liquid or short-term nature of these instruments. The fair values of the Company’s derivative assets and liabilities are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including quoted forward prices for oil and gas, discount rates and volatility factors. The carrying amounts of long-term debt under the Company’s revolving credit facility approximate fair value as borrowings bear interest at variable rates of interest. The carrying amounts of the Company’s senior notes and other long-term debt may not approximate fair value because carrying amounts are net of any unamortized discount and the notes bear interest at fixed rates of interest. See “Note 6. Long-Term Debt” and “Note 9. Fair Value Measurements.”

Asset Retirement Obligations

'

Asset Retirement Obligations

The Company’s asset retirement obligations represent the present value of the estimated future costs associated with plugging and abandoning oil and gas wells, removing production equipment and facilities and restoring the surface of the land in accordance with the terms of oil and gas leases and applicable local, state and federal laws. Determining asset retirement obligations requires estimates of the costs of plugging and abandoning oil and gas wells, removing production equipment and facilities and restoring the surface of the land as well as estimates of the economic lives of the oil and gas wells and future inflation rates. The resulting estimate of future cash outflows are discounted using a credit-adjusted risk-free interest rate that corresponds with the timing of the cash outflows. Cost estimates consider historical experience, third party estimates, the requirements of oil and gas leases and applicable local, state and federal laws, but do not consider estimated salvage values. Asset retirement obligations are recognized when the well is drilled or when the production equipment and facilities are installed with an associated increase in oil and gas property costs. Asset retirement obligations are accreted to their expected settlement values with any difference between the actual cost of settling the asset retirement obligations and recorded amount being recognized as an adjustment to proved oil and gas property costs. On an interim basis, when indicators suggest there have been material changes in the estimates underlying the obligation, the Company reassesses its asset retirement obligations to determine whether any revisions to the obligations are necessary. At least annually, the Company reassesses all of its asset retirement obligations to determine whether any revisions to the obligations are necessary. Revisions typically occur due to changes in estimated costs or well economic lives, or if federal or state regulators enact new requirements regarding plugging and abandoning oil and gas wells.

Commitments And Contingencies

'

Commitments and Contingencies

Liabilities are recognized for contingencies when (i) it is both probable that an asset has been impaired or that a liability has been incurred and (ii) the amount of such loss is reasonably estimable.

Revenue Recognition

'

Revenue Recognition

Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectability is reasonably assured. The Company follows the sales method of accounting whereby revenues from the production of natural gas from properties in which the Company has an interest with other producers are recognized for production sold to purchasers, regardless of whether the sales are proportionate to the Company’s ownership interest in the property. Production imbalances are recognized as an asset or liability to the extent that the Company has an imbalance on a specific property that is in excess of its remaining proved reserves. Sales volumes are not significantly different from the Company’s share of production and as of June 30, 2014 and December 31, 2013, the Company did not have any material production imbalances.

Derivative Instruments

'

Derivative Instruments

The Company uses commodity derivative instruments, primarily fixed price swaps and costless collars, to reduce its exposure to commodity price volatility for a substantial, but varying, portion of its forecasted oil and gas production up to 36 months and thereby achieve a more predictable level of cash flows to support the Company’s drilling and completion capital expenditure program. All derivative instruments are recorded on the consolidated balance sheets as either an asset or liability measured at fair value. The Company nets its derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. Although the derivative instruments provide an economic hedge of the Company’s exposure to commodity price volatility, because the Company elected not to meet the criteria to qualify its derivative instruments for hedge accounting treatment, gains and losses as a result of changes in the fair value of derivative instruments are recognized as gain (loss) on derivative instruments, net in the consolidated statements of income in the period in which the changes occur. The net cash flows resulting from the payments to and receipts from counterparties as a result of derivative settlements are classified as cash flows from operating activities. The Company does not enter into derivative instruments for speculative or trading purposes.

The Company’s Board of Directors establishes risk management policies and reviews derivative instruments, including volumes, types of instruments and counterparties, on a quarterly basis. These policies require that derivative instruments be executed only by the President or Chief Financial Officer after consultation with and concurrence by the President, Chief Financial Officer and Chairman of the Board. See “Note 8. Derivative Instruments” for further discussion of the Company’s derivative instruments.

Stock-Based Compensation

'

Stock-Based Compensation

The Company recognized the following stock-based compensation expense associated with stock appreciation rights to be settled in cash (“SARs”), restricted stock awards and units and performance share awards for the periods indicated which is reflected as general and administrative expense in the consolidated statements of income:

Three Months Ended

Six Months Ended

June 30,

June 30,

2014

2013

2014

2013

(In thousands)

Stock appreciation rights

$11,116

$7

$19,572

$3,939

Restricted stock awards and units

8,224

4,462

13,925

8,319

Performance share awards

319

—

333

—

19,659

4,469

33,830

12,258

Less: amounts capitalized

(2,681

)

(1,486

)

(4,691

)

(2,792

)

Total stock-based compensation expense

$16,978

$2,983

$29,139

$9,466

Income tax benefit

$5,943

$1,107

$10,199

$3,470

Stock Appreciation Rights. For SARs, stock-based compensation expense is based on the fair value liability (using the Black-Scholes-Merton option pricing model) remeasured at each reporting period, recognized over the vesting period (generally three years) using the graded vesting method. For periods subsequent to vesting and prior to exercise, stock-based compensation expense is based on the fair value liability remeasured at each reporting period based on the intrinsic value of the SAR. The liability for SARs are classified as “Other current liabilities” for the portion of the awards that are vested or are expected to vest within the next 12 months, with the remainder classified as “Other liabilities.” SARs typically expire between four and seven years after the date of grant.

Restricted Stock Awards and Units. For restricted stock awards and units granted to employees, stock-based compensation expense is based on the price of the Company's common stock on the grant date and recognized over the vesting period (generally one to three years) using the straight-line method, except for award or units with performance conditions, in which case the Company uses the graded vesting method. For restricted stock awards and units granted to independent contractors, stock-based compensation expense is based on fair value remeasured at each reporting period and recognized over the vesting period (generally three years) using the straight-line method.

Performance Share Awards. For performance share awards, stock-based compensation expense is based on the grant-date fair value (using a Monte Carlo valuation model) and recognized over the three year vesting period using the straight-line method. The number of shares of common stock issuable upon vesting range from zero to 200% of the number of performance share awards granted based on the Company's total shareholder return relative to an industry peer group over a three year performance period.

Income Taxes

'

Income Taxes

Income taxes are recognized based on earnings reported for tax return purposes in addition to a provision for deferred income taxes. Deferred income taxes are recognized at each reporting period for the future tax consequences of cumulative temporary differences between the tax bases of assets and liabilities and their reported amounts in the Company’s financial statements based on existing tax laws and enacted statutory tax rates applicable to the periods in which the temporary differences are expected to affect taxable income. The Company routinely assesses the realizability of its deferred tax assets by taxing jurisdiction and considers its estimate of future taxable income based on production of proved reserves at estimated future pricing in making such assessments. If the Company concludes that it is more likely than not that some portion or all of the benefit from deferred tax assets will not be realized, the deferred tax assets are reduced by a valuation allowance. The Company classifies interest and penalties associated with income taxes as interest expense.

Net Income (Loss) Per Common Share

'

Income From Continuing Operations Per Common Share

Supplemental income from continuing operations per common share information is provided below:

Three Months Ended

Six Months Ended

June 30,

June 30,

2014

2013

2014

2013

(In thousands, except per share data)

Income From Continuing Operations

$3,214

$35,837

$9,835

$38,361

Basic weighted average common shares outstanding

45,213

40,078

45,109

39,928

Effect of dilutive instruments

945

532

879

541

Diluted weighted average common shares outstanding

46,158

40,610

45,988

40,469

Income From Continuing Operations Per Common Share

Basic

$0.07

$0.89

$0.22

$0.96

Diluted

$0.07

$0.88

$0.21

$0.95

Basic income from continuing operations per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted income from continuing operations per common share is based on the weighted average number of common shares and all potentially dilutive common shares outstanding during the period which include restricted stock awards and units, performance share awards, stock options and warrants. The Company excludes the number of awards, units, options and warrants from the calculation of diluted weighted average shares outstanding when the grant date or exercise prices are greater than the average market prices of the Company’s common stock for the corresponding period as the effect would be antidilutive to the computation. The Company includes the number of potentially dilutive common shares attributable to the performance share awards based on the number of shares, if any, that would be issuable as if the end of the period was the end of the performance period. The number of awards, units, options, warrants and performance share awards excluded for the three and six months ended June 30, 2014 and 2013 were not significant.

Description of New Accounting Pronouncements Not yet Adopted

'

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and industry specific guidance in Subtopic 932-605, Extractive Activities- Oil and Gas- Revenue Recognition. This ASU requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods and services. This ASU is effective for annual and interim periods beginning in 2017, and is required to be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption, with no early adoption permitted. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements.

Summary_Of_Significant_Account2

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Schedule Of Stock-Based Compensation Expense	'
	The Company recognized the following stock-based compensation expense associated with stock appreciation rights to be settled in cash (“SARs”), restricted stock awards and units and performance share awards for the periods indicated which is reflected as general and administrative expense in the consolidated statements of income:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
		(In thousands)
	Stock appreciation rights		$11,116			$7			$19,572			$3,939
	Restricted stock awards and units	8,224			4,462			13,925			8,319
	Performance share awards	319			—			333			—
		19,659			4,469			33,830			12,258
	Less: amounts capitalized	(2,681		)	(1,486		)	(4,691		)	(2,792		)
	Total stock-based compensation expense		$16,978			$2,983			$29,139			$9,466
	Income tax benefit		$5,943			$1,107			$10,199			$3,470
Schedule Of Supplemental Net Income Per Common Share	'
	Supplemental income from continuing operations per common share information is provided below:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
		(In thousands, except per share data)
	Income From Continuing Operations		$3,214			$35,837			$9,835			$38,361
	Basic weighted average common shares outstanding	45,213			40,078			45,109			39,928
	Effect of dilutive instruments	945			532			879			541
	Diluted weighted average common shares outstanding	46,158			40,610			45,988			40,469
	Income From Continuing Operations Per Common Share
	Basic		$0.07			$0.89			$0.22			$0.96
	Diluted		$0.07			$0.88			$0.21			$0.95

Discontinued_Operations_Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures	'
	The following table summarizes the amounts included in income (loss) from discontinued operations, net of income taxes presented in the consolidated statements of income for the three and six months ended June 30, 2014 and 2013:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
		(In thousands)
	Revenues		$—			$—			$—			$—
	Costs and Expenses
	General and administrative	466			296			903			301
	Accretion related to asset retirement obligations	—			—			—			36
	Gain on sale of discontinued operations	—			—			—			(37,294		)
	Increase (decrease) in estimated future obligations	913			(2,565		)	1,448			(2,565		)
	(Gain) loss on derivatives, net	(2		)	31			18			75
	Other (income) expense, net	—			(308		)	—			(332		)
	Income (Loss) From Discontinued Operations Before Income Taxes	(1,377		)	2,546			(2,369		)	39,779
	Income tax (expense) benefit	482			(1,414		)	829			(14,989		)
	Income (Loss) From Discontinued Operations, Net of Income Taxes		($895	)		$1,132			($1,540	)		$24,790

Property_And_Equipment_Net_Tab

Property And Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Schedule Of Property And Equipment	'
	As of June 30, 2014 and December 31, 2013, total property and equipment, net consisted of the following:
		June 30,			December 31,
		2014			2013
		(In thousands)
	Proved properties		$2,593,298			$2,182,226
	Accumulated depreciation, depletion and amortization	(917,357		)	(773,742		)
	Proved properties, net	1,675,941			1,408,484
	Unproved properties, not being amortized
	Unevaluated leasehold and seismic costs	379,315			302,232
	Exploratory wells in progress	22,798			30,196
	Capitalized interest	56,280			45,009
	Total unproved properties, not being amortized	458,393			377,437
	Other property and equipment	15,610			15,260
	Accumulated depreciation	(7,843		)	(6,966		)
	Other property and equipment, net	7,767			8,294
	Total property and equipment, net		$2,142,101			$1,794,215

Income_Taxes_Tables

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Schedule Of Effective Income Tax Rate Reconciliation	'
	ncome tax expense differs from income tax expense computed by applying the U.S. federal statutory corporate income tax rate of 35% to income from continuing operations before income taxes as follows:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
		(In thousands)
	Income tax expense at the statutory rate		($1,850	)		($20,427	)		($5,544	)		($21,824	)
	State income tax expense, net of U.S. federal income tax benefit	(222		)	(2,049		)	(414		)	(2,063		)
	Other, net	(1		)	(69		)	(48		)	(107		)
	Income tax expense		($2,073	)		($22,545	)		($6,006	)		($23,994	)

Debt_Tables

Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Schedule Of Debt	'
	Long-term debt consisted of the following as of June 30, 2014 and December 31, 2013:
		June 30,			December 31,
		2014			2013
		(In thousands)
	8.625% Senior Notes due 2018		$600,000			$600,000
	Unamortized discount for 8.625% Senior Notes	(3,819		)	(4,178		)
	7.50% Senior Notes due 2020	300,000			300,000
	Other long-term debt due 2028	4,425			4,425
	Senior Secured Revolving Credit Facility due 2018	121,000			—
	Total long-term debt		$1,021,606			$900,247

Derivative_Instruments_Tables

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of Derivative Instruments in Statement of Financial Position Fair Value	'
	:
	Counterparty	June 30, 2014			December 31, 2013
	Royal Bank of Canada	100	%		—	%
	Credit Suisse	—	%		46	%
	Societe Generale	—	%		31	%
	Wells Fargo	—	%		23	%
	Total	100	%		100	%
Schedule Of U.S. Crude Oil Derivative Positions	'
	The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX prices as of June 30, 2014:
	Period	Type of Contract		Volumes			Weighted		Weighted		Weighted		Weighted
				(in Bbls/d)			Average		Average		Average		Average
							Floor  Price		Ceiling  Price		Short Put  Price		Put Spread
							($/Bbl)		($/Bbl)		($/Bbl)		($/Bbl)
	July - December 2014	Fixed Price Swaps		11,500				$93.55
		Costless Collars		3,000				$88.33		$104.26
		Three-way Collars		500				$85.00		$107.75		$65.00		$20.00
	January - December 2015	Fixed Price Swaps		10,370				$92.97
		Costless Collars		700				$90.00		$100.65
		Three-way Collars		1,000				$85.00		$105.00		$65.00		$20.00
	January - December 2016	Fixed Price Swaps		1,500				$90.74
		Three-way Collars		667				$85.00		$104.00		$65.00		$20.00
Schedule Of U.S. Natural Gas Derivative Positions	'
	The following sets forth a summary of the Company’s natural gas derivative positions at average NYMEX prices as of June 30, 2014:
	Period	Type of Contract		Volumes			Weighted		Weighted
				(in MMBtu/d)			Average		Average
							Floor Price		Ceiling Price
							($/MMBtu)		($/MMBtu)
	July - December 2014	Fixed Price Swaps		58,690				$4.20
		Calls		10,000						$5.50
	January - December 2015	Fixed Price Swaps		30,000				$4.29

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Offsetting Assets	'
	The following tables summarize the location and amounts of the Company’s assets and liabilities measured at fair value on a recurring basis as presented in the consolidated balance sheets as of June 30, 2014 and December 31, 2013. All items included in the tables below are Level 2 inputs within the fair value hierarchy:
		June 30, 2014
		Gross Amounts Recognized			Gross Amounts Offset in the Consolidated Balance Sheets			Net Amounts Presented in the Consolidated Balance Sheets
		(In thousands)
	Derivative assets
	Other current assets		$1,852			($1,604	)		$248
	Other assets	1,866			(1,688		)	178
	Derivative liabilities
	Derivative liabilities	(41,059		)	1,604			(39,455		)
	Other liabilities	(6,352		)	1,688			(4,664		)
	Total		($43,693	)		$—			($43,693	)
		December 31, 2013
		Gross Amounts Recognized			Gross Amounts Offset in the Consolidated Balance Sheets			Net Amounts Presented in the Consolidated Balance Sheets
		(In thousands)
	Derivative assets
	Other current assets		$2,389			($2,389	)		$—
	Other assets	11,709			(2,425		)	9,284
	Derivative liabilities
	Derivative liabilities	(12,336		)	2,389			(9,947		)
	Other liabilities	(2,613		)	2,425			(188		)
	Total		($851	)		$—			($851	)
Schedule of Fair Value of Debt Instruments	'
	The following table presents the carrying amounts and fair values of the Company’s senior notes and other long-term debt, based on quoted market prices, as of June 30, 2014 and December 31, 2013.
		June 30, 2014						December 31, 2013
		Carrying Amount			Fair Value			Carrying Amount			Fair Value
		(In thousands)
	8.625% Senior Notes due 2018		$596,181			$635,250			$595,822			$644,978
	7.50% Senior Notes due 2020	300,000			330,000			300,000			327,000
	Other long-term debt due 2028	4,425			4,226			4,425			4,115

Condensed_Consolidating_Financ1

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2014
Condensed Consolidating Financial Information [Abstract]	'
Schedule Of Condensed Consolidating Balance Sheets	'
	CARRIZO OIL & GAS, INC.
	CONDENSED CONSOLIDATING BALANCE SHEETS
	(in thousands)
	(Unaudited)
		June 30, 2014
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Assets
	Total current assets		$1,893,775			$255,888			$—			($1,986,951	)		$162,712
	Total property and equipment, net	4,246			2,095,610			23,647			18,598			2,142,101
	Investment in subsidiaries	158,416			—			—			(158,416		)	—
	Other assets	99,816			353			—			(74,554		)	25,615
	Total Assets		$2,156,253			$2,351,851			$23,647			($2,201,323	)		$2,330,428
	Liabilities and Shareholders’ Equity
	Current liabilities		$247,841			$2,091,524			$23,650			($1,986,951	)		$376,064
	Long-term liabilities	1,048,092			101,908			—			(65,549		)	1,084,451
	Total shareholders’ equity	860,320			158,419			(3		)	(148,823		)	869,913
	Total Liabilities and Shareholders’ Equity		$2,156,253			$2,351,851			$23,647			($2,201,323	)		$2,330,428
		December 31, 2013
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Assets
	Total current assets		$1,820,069			$168,718			$—			($1,709,026	)		$279,761
	Total property and equipment, net	2,797			1,768,553			2,058			20,807			1,794,215
	Investment in subsidiaries	61,619			—			—			(61,619		)	—
	Other assets	69,686			—			—			(32,902		)	36,784
	Total Assets		$1,954,171			$1,937,271			$2,058			($1,782,740	)		$2,110,760
	Liabilities and Shareholders’ Equity
	Current liabilities		$201,486			$1,828,314			$2,061			($1,709,026	)		$322,835
	Long-term liabilities	922,571			47,335			—			(23,585		)	946,321
	Total shareholders’ equity	830,114			61,622			(3		)	(50,129		)	841,604
	Total Liabilities and Shareholders’ Equity		$1,954,171			$1,937,271			$2,058			($1,782,740	)		$2,110,760
Schedule Of Condensed Consolidating Statements Of Operations	'
	CARRIZO OIL & GAS, INC.
	CONDENSED CONSOLIDATING STATEMENTS OF INCOME
	(in thousands)
	(Unaudited)
		Three Months Ended June 30, 2014
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Total revenues		$1,206			$192,269			$—			$—			$193,475
	Total costs and expenses	78,089			109,088			—			1,011			188,188
	Income (loss) from continuing operations before income taxes	(76,883		)	83,181			—			(1,011		)	5,287
	Income tax (expense) benefit	26,908			(29,381		)	—			400			(2,073		)
	Equity in income of subsidiaries	53,800			—			—			(53,800		)	—
	Income from continuing operations	3,825			53,800			—			(54,411		)	3,214
	Loss from discontinued operations, net of income taxes	(895		)	—			—			—			(895		)
	Net income		$2,930			$53,800			$—			($54,411	)		$2,319
		Three Months Ended June 30, 2013
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Total revenues		$2,086			$132,138			$—			$—			$134,224
	Total costs and expenses	1,771			74,254			—			(183		)	75,842
	Income from continuing operations before income taxes	315			57,884			—			183			58,382
	Income tax expense	(110		)	(20,365		)	—			(2,070		)	(22,545		)
	Equity in income of subsidiaries	37,519			—			—			(37,519		)	—
	Income from continuing operations	37,724			37,519			—			(39,406		)	35,837
	Income from discontinued operations, net of income taxes	1,132			—			—			—			1,132
	Net income		$38,856			$37,519			$—			($39,406	)		$36,969
	CARRIZO OIL & GAS, INC.
	CONDENSED CONSOLIDATING STATEMENTS OF INCOME
	(in thousands)
	(Unaudited)
		Six Months Ended June 30, 2014
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Total revenues		$2,772			$347,915			$—			$—			$350,687
	Total costs and expenses	133,640			198,997			—			2,209			334,846
	Income (loss) from continuing operations before income taxes	(130,868		)	148,918			—			(2,209		)	15,841
	Income tax (expense) benefit	45,803			(52,121		)	—			312			(6,006		)
	Equity in income of subsidiaries	96,797			—			—			(96,797		)	—
	Income from continuing operations	11,732			96,797			—			(98,694		)	9,835
	Loss from discontinued operations, net of income taxes	(1,540		)	—			—			—			(1,540		)
	Net income		$10,192			$96,797			$—			($98,694	)		$8,295
		Six Months Ended June 30, 2013
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Total revenues		$3,647			$242,478			$—			$—			$246,125
	Total costs and expenses	42,114			141,609			—			47			183,770
	Income (loss) from continuing operations before income taxes	(38,467		)	100,869			—			(47		)	62,355
	Income tax (expense) benefit	13,463			(35,410		)	—			(2,047		)	(23,994		)
	Equity in income of subsidiaries	65,459			—			—			(65,459		)	—
	Income from continuing operations	40,455			65,459			—			(67,553		)	38,361
	Income from discontinued operations, net of income taxes	24,790			—			—			—			24,790
	Net income		$65,245			$65,459			$—			($67,553	)		$63,151
Schedule Of Condensed Consolidating Statements Of Cash Flows	'
	CARRIZO OIL & GAS, INC.
	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	(in thousands)
	(Unaudited)
		Six Months Ended June 30, 2014
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Net cash provided by (used in) operating activities from continuing operations		($122,961	)		$318,607			$—			$—			$195,646
	Net cash used in investing activities from continuing operations	(146,432		)	(464,288		)	(21,554		)	167,235			(465,039		)
	Net cash provided by financing activities from continuing operations	126,158			145,681			21,554			(167,235		)	126,158
	Net cash used in discontinued operations	(5,582		)	—			—			—			(5,582		)
	Net decrease in cash and cash equivalents	(148,817		)	—			—			—			(148,817		)
	Cash and cash equivalents, beginning of period	157,439			—			—			—			157,439
	Cash and cash equivalents, end of period		$8,622			$—			$—			$—			$8,622
		Six Months Ended June 30, 2013
		Parent			Combined			Combined			Eliminations			Consolidated
		Company			Guarantor			Non-
					Subsidiaries			Guarantor
								Subsidiaries
	Net cash provided by operating activities from continuing operations		$4,319			$209,403			$—			$—			$213,722
	Net cash used in investing activities from continuing operations	(142,476		)	(428,774		)	—			219,183			(352,067		)
	Net cash provided by (used in) financing activities from continuing operations	(41,521		)	219,183			—			(219,183		)	(41,521		)
	Net cash provided by (used in) discontinued operations	131,618			—			(519		)	—			131,099
	Net decrease in cash and cash equivalents	(48,060		)	(188		)	(519		)	—			(48,767		)
	Cash and cash equivalents, beginning of period	51,894			201			519			—			52,614
	Cash and cash equivalents, end of period		$3,834			$13			$—			$—			$3,847

Summary_Of_Significant_Account3

Summary Of Significant Accounting Policies (Narrative) (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Feb. 22, 2013

Dec. 27, 2012

Minimum [Member]

Maximum [Member]

Stock Appreciation Rights (SARs) [Member]

Stock Appreciation Rights (SARs) [Member]

Stock Appreciation Rights (SARs) [Member]

Restricted Stock Awards And Units [Member]

Restricted Stock Awards And Units [Member]

Restricted Stock Granted To Contractors [Member]

Performance Shares [Member]

Performance Shares [Member]

Carrizo United Kingdom [Member]

Carrizo United Kingdom [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Rate

Rate

Summary Of Significant Accounting Policies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current Long-Term Derivative Instrument Strategy

'

'

'36 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of non-operating working interest and overriding royalty interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

Discontinued Operations, Sale Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$184,000,000

'

Accounts receivable - related party

4,600,000

'

4,600,000

'

6,600,000

'

'

'

'

'

'

'

'

'

'

'

'

Internal costs capitalized, Oil and Gas Producing Activities

5,300,000

4,200,000

10,700,000

6,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Average Depreciation Depletion And Amortization Per Boe

26.34

19.38

26.49

19.11

'

'

'

'

'

'

'

'

'

'

'

'

'

Oil and Gas, Exploratory Period

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capitalized interest

8,600,000

7,500,000

16,300,000

14,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Reserves discount factor

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated useful life, years

'

'

'

'

'

'5 years

'10 years

'

'

'

'

'

'

'

'

'

'

Vesting period, in years

'

'

'

'

'

'

'

'3 years

'

'

'1 year

'3 years

'3 years

'

'

'

'

Expiration period after date of grant, in years

'

'

'

'

'

'

'

'

'4 years

'7 years

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

200.00%

'

'

Due to Related Parties, Current

$3,700,000

'

$3,700,000

'

$2,800,000

'

'

'

'

'

'

'

'

'

'

'

'

Summary_Of_Significant_Account4

Summary Of Significant Accounting Policies (Schedule Of Stock-Based Compensation Expense) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Allocated Share-based Compensation Expense	$19,659	$4,469	$33,830	$12,258
Less: amounts capitalized	-2,681	-1,486	-4,691	-2,792
Total stock-based compensation expense	16,978	2,983	29,139	9,466
Income tax benefit	5,943	1,107	10,199	3,470
Stock Appreciation Rights (SARs) [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Allocated Share-based Compensation Expense	11,116	7	19,572	3,939
Restricted Stock Awards And Units [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Allocated Share-based Compensation Expense	8,224	4,462	13,925	8,319
Performance Shares [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Allocated Share-based Compensation Expense	$319	$0	$333	$0

Summary_Of_Significant_Account5

Summary Of Significant Accounting Policies (Schedule Of Supplemental Net Income Per Common Share) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accounting Policies [Abstract]	'	'	'	'
Net income (loss) from continuing operations	$3,214	$35,837	$9,835	$38,361
Basic weighted average common shares outstanding	45,213	40,078	45,109	39,928
Effect of dilutive instruments	945	532	879	541
Diluted weighted average common shares outstanding	46,158	40,610	45,988	40,469
Income From Continuing Operations Per Common Share	'	'	'	'
Net income from continuing operations - basic (in dollars per share)	$0.07	$0.89	$0.22	$0.96
Net income from continuing operations - diluted (in dollars per share)	$0.07	$0.88	$0.21	$0.95

Discontinued_Operations_Narrat

Discontinued Operations (Narrative) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Feb. 22, 2013	Dec. 27, 2012	Feb. 22, 2013
			Carrizo United Kingdom [Member]	Carrizo United Kingdom [Member]	Carrizo United Kingdom [Member]
					Huntington Field Development Project Credit Facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'	'
Percentage of non-operating working interest and overriding royalty interests	'	'	'	15.00%	'
Discontinued Operations, Sale Price	'	'	$184,000,000	'	'
Line of Credit Facility, Amount Outstanding	'	'	'	'	55,000,000
Liabilities of disposal group, including discontinued operation	$25,000,000	$28,300,000	'	'	'

Discontinued_Operations_Discon

Discontinued Operations Discontinued Operations (Statements of Operations) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]	'	'	'	'
Revenues	$0	$0	$0	$0
General and administrative	466	296	903	301
Accretion related to asset retirement obligations	0	0	0	36
Gain on sale of discontinued operations	0	0	0	-37,294
Increase in estimated future obligations	913	-2,565	1,448	-2,565
Loss on derivative instruments, net	-2	31	18	75
Other income, net	0	-308	0	-332
Income (Loss) From Discontinued Operations Before Income Taxes	-1,377	2,546	-2,369	39,779
Income tax (expense) benefit	482	-1,414	829	-14,989
Income (Loss) From Discontinued Operations, Net of Income Taxes	($895)	$1,132	($1,540)	$24,790

Property_And_Equipment_Net_Sch

Property And Equipment, Net (Schedule Of Property And Equipment) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Property, Plant and Equipment [Abstract]	'	'
Proved properties	$2,593,298	$2,182,226
Accumulated depreciation, depletion and amortization	-917,357	-773,742
Proved properties, net	1,675,941	1,408,484
Unproved properties, not being amortized	'	'
Unevaluated leasehold and seismic costs	379,315	302,232
Exploratory wells in progress	22,798	30,196
Capitalized interest	56,280	45,009
Total unproved properties, not being amortized	458,393	377,437
Other property and equipment	15,610	15,260
Accumulated depreciation	-7,843	-6,966
Other property and equipment, net	7,767	8,294
Total property and equipment, net	$2,142,101	$1,794,215

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details)	3 Months Ended
	Jun. 30, 2014
Income Taxes [Line Items]	'
U.S. federal statutory corporate pretax rate	35.00%

Income_Taxes_Schedule_Of_Effec

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]	'	'	'	'
Income tax expense at the statutory rate	($1,850)	($20,427)	($5,544)	($21,824)
State income tax expense, net of U.S. federal income tax benefit	-222	-2,049	-414	-2,063
Other, net	-1	-69	-48	-107
Income tax expense	($2,073)	($22,545)	($6,006)	($23,994)

Debt_Narrative_Details

Debt (Narrative) (Details) (USD $)	3 Months Ended		3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
			Maximum [Member]	Minimum [Member]	Senior Secured Revolving Credit Facility [Member]	Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'
Line of credit facility, maximum borrowing capacity	$1,000,000,000	'	'	'	'	'
Line of credit facility, current borrowing capacity	570,000,000	'	'	'	'	'
Line of Credit Facility, Previous Borrowing Capacity	'	470,000,000	'	'	'	'
Ratio of total debt to EBITDA	2.19	'	4	'	'	'
Current ratio	1.96	'	'	1	'	'
Line of credit facility amount outstanding	'	'	'	'	121,000,000	0
Debt, Weighted Average Interest Rate	'	'	'	'	2.71%	'
Letters of credit outstanding amount	'	'	'	'	$900,000	'

Debt_Schedule_Of_Debt_Details

Debt (Schedule Of Debt) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Long-term debt	$1,021,606,000	$900,247,000
Senior Secured Revolving Credit Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Line of credit facility amount outstanding	121,000,000	0
Eight Point Six Two Five Percent Senior Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Senior Notes	600,000,000	600,000,000
Unamortized discount	-3,819,000	-4,178,000
Seven Point Five Percent Senior Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Senior Notes	300,000,000	300,000,000
Convertible Senior Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Other long-term debt	$4,425,000	$4,425,000

Derivative_Instruments_Narrati

Derivative Instruments (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Derivatives, Fair Value [Line Items]	'	'	'	'	'
Current Long-Term Derivative Instrument Strategy	'	'	'36 months	'	'
Derivative Liability, Fair Value	$44,119,000	'	$44,119,000	'	$10,135,000
Derivative, Gain (Loss) on Derivative, Net	-39,950,000	25,726,000	-60,630,000	11,200,000	'
Derivative Asset, Fair Value	$400,000	'	$400,000	'	$9,300,000

Derivative_Instruments_Schedul

Derivative Instruments (Schedule of Fair Value Holding Percentage) (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Derivative Instruments, Fair Value [Line Items]	'	'
Derivative Instrument Holding Percentage	100.00%	100.00%
Royal Bank of Canada [Member] [Domain]	'	'
Derivative Instruments, Fair Value [Line Items]	'	'
Derivative Instrument Holding Percentage	100.00%	0.00%
Credit Suisse [Member]	'	'
Derivative Instruments, Fair Value [Line Items]	'	'
Derivative Instrument Holding Percentage	0.00%	46.00%
Societe Generale [Member]	'	'
Derivative Instruments, Fair Value [Line Items]	'	'
Derivative Instrument Holding Percentage	0.00%	31.00%
Wells Fargo [Member]	'	'
Derivative Instruments, Fair Value [Line Items]	'	'
Derivative Instrument Holding Percentage	0.00%	23.00%

Derivative_Instruments_Schedul1

Derivative Instruments (Schedule Of U.S. Crude Oil Derivative Positions) (Details) (U.S. Crude Oil Derivative Positions [Member])	Jun. 30, 2014
	bbls
Swaps [Member] | 2014 [Member]	'
Derivative [Line Items]	'
Volumes (in Bbls/d)	11,500
Weighted Average Floor Price ($/Bbls)	93.55
Weighted Average Ceiling Price ($/Bbls)	'
Swaps [Member] | 2015 [Member]	'
Derivative [Line Items]	'
Volumes (in Bbls/d)	10,370
Weighted Average Floor Price ($/Bbls)	92.97
Weighted Average Ceiling Price ($/Bbls)	'
Swaps [Member] | 2016 [Member]	'
Derivative [Line Items]	'
Volumes (in Bbls/d)	1,500
Weighted Average Floor Price ($/Bbls)	90.74
Collars [Member] | 2014 [Member]	'
Derivative [Line Items]	'
Volumes (in Bbls/d)	3,000
Weighted Average Floor Price ($/Bbls)	88.33
Weighted Average Ceiling Price ($/Bbls)	104.26
Collars [Member] | 2015 [Member]	'
Derivative [Line Items]	'
Volumes (in Bbls/d)	700
Weighted Average Floor Price ($/Bbls)	90
Weighted Average Ceiling Price ($/Bbls)	100.65
Three-way Collars [Member] | 2014 [Member]	'
Derivative [Line Items]	'
Volumes (in Bbls/d)	500
Weighted Average Floor Price ($/Bbls)	85
Weighted Average Ceiling Price ($/Bbls)	107.75
Weighted Average Short Put Price ($/Bbl)	65
Weighted Average Put Spread ($/Bbl)	20
Three-way Collars [Member] | 2015 [Member]	'
Derivative [Line Items]	'
Volumes (in Bbls/d)	1,000
Weighted Average Floor Price ($/Bbls)	85
Weighted Average Ceiling Price ($/Bbls)	105
Weighted Average Short Put Price ($/Bbl)	65
Weighted Average Put Spread ($/Bbl)	20
Three-way Collars [Member] | 2016 [Member]	'
Derivative [Line Items]	'
Volumes (in Bbls/d)	667
Weighted Average Floor Price ($/Bbls)	85
Weighted Average Ceiling Price ($/Bbls)	104
Weighted Average Short Put Price ($/Bbl)	65
Weighted Average Put Spread ($/Bbl)	20

Derivative_Instruments_Schedul2

Derivative Instruments (Schedule Of U.S. Natural Gas Derivative Positions) (Details) (Natural Gas Derivative Positions [Member])	Jun. 30, 2014
	MMBTU
Swaps [Member] | 2014 [Member]	'
Derivative [Line Items]	'
Volume (in MMBtu/d)	58,690
Weighted Average Floor Price ($/MMBtu)	4.2
Weighted Average Ceiling Price ($/MMBtu)	'
Swaps [Member] | 2015 [Member]	'
Derivative [Line Items]	'
Volume (in MMBtu/d)	30,000
Weighted Average Floor Price ($/MMBtu)	4.29
Swaps [Member] | 2016 [Member]	'
Derivative [Line Items]	'
Weighted Average Ceiling Price ($/MMBtu)	'
Calls [Member] | 2014 [Member]	'
Derivative [Line Items]	'
Volume (in MMBtu/d)	10,000
Weighted Average Ceiling Price ($/MMBtu)	5.5

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013
			Level 2 [Member]	Level 2 [Member]
			Portion at Fair Value, Fair Value Disclosure [Member]	Portion at Fair Value, Fair Value Disclosure [Member]
Derivative Asset, Fair Value, Net [Abstract]	'	'	'	'
Derivative Current Asset, Fair Value, Gross Asset	'	'	$1,852,000	$2,389,000
Derivative Current Asset, Fair Value, Gross Liability	'	'	-1,604,000	-2,389,000
Derivative Current Asset, Fair Value	'	'	248,000	0
Derivative Non-Current Asset, Fair Value, Gross Asset	'	'	1,866,000	11,709,000
Derivative Non-Current Asset, Fair Value, Gross Liability	'	'	-1,688,000	-2,425,000
Derivative Non-Current Asset, Fair Value	'	'	178,000	9,284,000
Derivative Liability, Fair Value, Net [Abstract]	'	'	'	'
Derivative Current Liability, Fair Value, Gross Liability	'	'	-41,059,000	-12,336,000
Derivative Current Liability, Fair Value, Gross Asset	'	'	1,604,000	2,389,000
Derivative Current Liability, Fair Value	'	'	-39,455,000	-9,947,000
Derivative Non-Current Liability, Fair Value, Gross Liability	'	'	-6,352,000	-2,613,000
Derivative Non-Current Liability, Fair Value, Gross Asset	'	'	1,688,000	2,425,000
Derivative Non-Current Liability, Fair Value	'	'	-4,664,000	-188,000
Derivative, Fair Value, Net [Abstract]	'	'	'	'
Derivative Asset, Fair Value, Gross Asset (Liability)	'	'	-43,693,000	-851,000
Derivative Asset (Liability), Fair Value, Gross Liability (Asset)	'	'	0	0
Derivative, Fair Value, Gross Amount Not Offset Against Collateral, Net	'	'	-43,693,000	-851,000
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$0	$0	'	'

Fair_Value_Measurements_Schedu

Fair Value Measurements (Schedule of Fair Value of Debt Instruments) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Eight Point Six Two Five Percent Senior Notes [Member]	'	'
Schedule of Fair Value of Debt Instruments [Line Items]	'	'
Senior Notes	$600,000	$600,000
Seven Point Five Percent Senior Notes [Member]	'	'
Schedule of Fair Value of Debt Instruments [Line Items]	'	'
Senior Notes	300,000	300,000
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Eight Point Six Two Five Percent Senior Notes [Member]	'	'
Schedule of Fair Value of Debt Instruments [Line Items]	'	'
Senior Notes	596,181	595,822
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Seven Point Five Percent Senior Notes [Member]	'	'
Schedule of Fair Value of Debt Instruments [Line Items]	'	'
Senior Notes	300,000	300,000
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Four Point Three Seven Five Percent Convertible Senior Notes [Member]	'	'
Schedule of Fair Value of Debt Instruments [Line Items]	'	'
Other long-term debt	4,425	4,425
Portion at Fair Value, Fair Value Disclosure [Member] | Eight Point Six Two Five Percent Senior Notes [Member]	'	'
Schedule of Fair Value of Debt Instruments [Line Items]	'	'
Fair value of Senior Notes	635,250	644,978
Portion at Fair Value, Fair Value Disclosure [Member] | Seven Point Five Percent Senior Notes [Member]	'	'
Schedule of Fair Value of Debt Instruments [Line Items]	'	'
Fair value of Senior Notes	330,000	327,000
Portion at Fair Value, Fair Value Disclosure [Member] | Four Point Three Seven Five Percent Convertible Senior Notes [Member]	'	'
Schedule of Fair Value of Debt Instruments [Line Items]	'	'
Fair Value of Other long-term debt	$4,226	$4,115

Condensed_Consolidating_Financ2

Condensed Consolidating Financial Information (Narrative) (Details)	Jun. 30, 2014
Condensed Consolidating Financial Information [Line Items]	'
Voting interest of the subsidiary owned by the registrant	100.00%

Condensed_Consolidating_Financ3

Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Balance Sheet) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Total current assets	$162,712	$279,761
Total property and equipment, net	2,142,101	1,794,215
Investment in subsidiaries	0	0
Other assets	25,615	36,784
Total Assets	2,330,428	2,110,760
Current liabilities	376,064	322,835
Liabilities of discontinued operations - current	8,550	10,936
Long-term liabilities	1,084,451	946,321
Total shareholders’ equity	869,913	841,604
Total Liabilities and Shareholders’ Equity	2,330,428	2,110,760
Parent Company [Member]	'	'
Total current assets	1,893,775	1,820,069
Total property and equipment, net	4,246	2,797
Investment in subsidiaries	158,416	61,619
Other assets	99,816	69,686
Total Assets	2,156,253	1,954,171
Current liabilities	247,841	201,486
Long-term liabilities	1,048,092	922,571
Total shareholders’ equity	860,320	830,114
Total Liabilities and Shareholders’ Equity	2,156,253	1,954,171
Combined Guarantor Subsidiaries [Member]	'	'
Total current assets	255,888	168,718
Total property and equipment, net	2,095,610	1,768,553
Investment in subsidiaries	0	0
Other assets	353	0
Total Assets	2,351,851	1,937,271
Current liabilities	2,091,524	1,828,314
Long-term liabilities	101,908	47,335
Total shareholders’ equity	158,419	61,622
Total Liabilities and Shareholders’ Equity	2,351,851	1,937,271
Combined Non-Guarantor Subsidiaries [Member]	'	'
Total current assets	0	0
Total property and equipment, net	23,647	2,058
Investment in subsidiaries	0	0
Other assets	0	0
Total Assets	23,647	2,058
Current liabilities	23,650	2,061
Long-term liabilities	0	0
Total shareholders’ equity	-3	-3
Total Liabilities and Shareholders’ Equity	23,647	2,058
Eliminations [Member]	'	'
Total current assets	-1,986,951	-1,709,026
Total property and equipment, net	18,598	20,807
Investment in subsidiaries	-158,416	-61,619
Other assets	-74,554	-32,902
Total Assets	-2,201,323	-1,782,740
Current liabilities	-1,986,951	-1,709,026
Long-term liabilities	-65,549	-23,585
Total shareholders’ equity	-148,823	-50,129
Total Liabilities and Shareholders’ Equity	($2,201,323)	($1,782,740)

Condensed_Consolidating_Financ4

Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Statement Of Operations) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Total revenues	$193,475	$134,224	$350,687	$246,125
Total Costs and Expenses	188,188	75,842	334,846	183,770
Income (loss) from continuing operations before income taxes	5,287	58,382	15,841	62,355
Income tax (expense) benefit	-2,073	-22,545	-6,006	-23,994
Equity in income of subsidiaries	0	0	0	0
Income From Continuing Operations	3,214	35,837	9,835	38,361
Income (loss) from discontinued operations, net of income taxes	-895	1,132	-1,540	24,790
Net Income (loss)	2,319	36,969	8,295	63,151
Parent Company [Member]	'	'	'	'
Total revenues	1,206	2,086	2,772	3,647
Total Costs and Expenses	78,089	1,771	133,640	42,114
Income (loss) from continuing operations before income taxes	-76,883	315	-130,868	-38,467
Income tax (expense) benefit	26,908	-110	45,803	13,463
Equity in income of subsidiaries	-53,800	-37,519	-96,797	-65,459
Income From Continuing Operations	3,825	37,724	11,732	40,455
Income (loss) from discontinued operations, net of income taxes	-895	1,132	-1,540	24,790
Net Income (loss)	2,930	38,856	10,192	65,245
Combined Guarantor Subsidiaries [Member]	'	'	'	'
Total revenues	192,269	132,138	347,915	242,478
Total Costs and Expenses	109,088	74,254	198,997	141,609
Income (loss) from continuing operations before income taxes	83,181	57,884	148,918	100,869
Income tax (expense) benefit	-29,381	-20,365	-52,121	-35,410
Equity in income of subsidiaries	0	0	0	0
Income From Continuing Operations	53,800	37,519	96,797	65,459
Income (loss) from discontinued operations, net of income taxes	0	0	0	0
Net Income (loss)	53,800	37,519	96,797	65,459
Combined Non-Guarantor Subsidiaries [Member]	'	'	'	'
Total revenues	0	0	0	0
Total Costs and Expenses	0	0	0	0
Income (loss) from continuing operations before income taxes	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Equity in income of subsidiaries	0	0	0	0
Income From Continuing Operations	0	0	0	0
Income (loss) from discontinued operations, net of income taxes	0	0	0	0
Net Income (loss)	0	0	0	0
Eliminations [Member]	'	'	'	'
Total revenues	0	0	0	0
Total Costs and Expenses	1,011	-183	2,209	47
Income (loss) from continuing operations before income taxes	-1,011	183	-2,209	-47
Income tax (expense) benefit	400	-2,070	312	-2,047
Equity in income of subsidiaries	53,800	37,519	96,797	65,459
Income From Continuing Operations	-54,411	-39,406	-98,694	-67,553
Income (loss) from discontinued operations, net of income taxes	0	0	0	0
Net Income (loss)	($54,411)	($39,406)	($98,694)	($67,553)

Condensed_Consolidating_Financ5

Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Statement Of Cash Flows) (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Net cash provided by (used in) operating activities - continuing operations	$195,646	$213,722
Net cash used in investing activities - continuing operations	-465,039	-352,067
Net cash provided by (used in) financing activities - continuing operations	126,158	-41,521
Net cash provided by (used in) discontinued operations	-5,582	131,099
Net increase (decrease) in cash and cash equivalents	-148,817	-48,767
Cash and Cash Equivalents, Beginning of Period	157,439	52,614
Cash and Cash Equivalents, End of Period	8,622	3,847
Parent Company [Member]	'	'
Net cash provided by (used in) operating activities - continuing operations	-122,961	4,319
Net cash used in investing activities - continuing operations	-146,432	-142,476
Net cash provided by (used in) financing activities - continuing operations	126,158	-41,521
Net cash provided by (used in) discontinued operations	-5,582	131,618
Net increase (decrease) in cash and cash equivalents	-148,817	-48,060
Cash and Cash Equivalents, Beginning of Period	157,439	51,894
Cash and Cash Equivalents, End of Period	8,622	3,834
Combined Guarantor Subsidiaries [Member]	'	'
Net cash provided by (used in) operating activities - continuing operations	318,607	209,403
Net cash used in investing activities - continuing operations	-464,288	-428,774
Net cash provided by (used in) financing activities - continuing operations	145,681	219,183
Net cash provided by (used in) discontinued operations	0	0
Net increase (decrease) in cash and cash equivalents	0	-188
Cash and Cash Equivalents, Beginning of Period	0	201
Cash and Cash Equivalents, End of Period	0	13
Combined Non-Guarantor Subsidiaries [Member]	'	'
Net cash provided by (used in) operating activities - continuing operations	0	0
Net cash used in investing activities - continuing operations	-21,554	0
Net cash provided by (used in) financing activities - continuing operations	21,554	0
Net cash provided by (used in) discontinued operations	0	-519
Net increase (decrease) in cash and cash equivalents	0	-519
Cash and Cash Equivalents, Beginning of Period	0	519
Cash and Cash Equivalents, End of Period	0	0
Eliminations [Member]	'	'
Net cash provided by (used in) operating activities - continuing operations	0	0
Net cash used in investing activities - continuing operations	167,235	219,183
Net cash provided by (used in) financing activities - continuing operations	-167,235	-219,183
Net cash provided by (used in) discontinued operations	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and Cash Equivalents, Beginning of Period	0	0
Cash and Cash Equivalents, End of Period	$0	$0