Carrizo Oil & Gas (CRZO) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	CARRIZO OIL & GAS INC
Entity Central Index Key	1,040,593
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		51,963,796

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 2,004	$ 10,838
Accounts receivable, net	81,182	92,946
Derivative Asset, Current	114,182	171,101
Other current assets	4,096	3,736
Total current assets	201,464	278,621
Oil and gas properties, full cost method
Proved properties, net	2,312,047	2,086,727
Unproved properties, not being amortized	504,646	535,197
Other property and equipment, net	7,752	7,329
Total property and equipment, net	2,824,445	2,629,253
Derivative Asset, Noncurrent	20,171	43,684
Debt issuance costs	26,342	25,403
Other assets	5,328	4,515
Total Assets	3,077,750	2,981,476
Current liabilities
Accounts payable	81,486	106,819
Revenues and royalties payable	58,687	66,954
Accrued capital expenditures	75,448	106,149
Accrued interest	20,412	21,149
Liabilities of discontinued operations	4,412	4,405
Deferred Tax Liabilities, Net, Current	39,760	61,258
Other current liabilities	60,861	57,570
Total current liabilities	341,066	424,304
Long-term debt	1,372,785	1,351,346
Liabilities of discontinued operations	3,900	8,394
Deferred income taxes	62,112	77,349
Asset retirement obligations	13,862	12,187
Other liabilities	4,012	4,455
Liabilities	$ 1,797,737	$ 1,878,035
Commitments and contingencies
Shareholders’ equity
Common stock, $0.01 par value, 90,000,000 shares authorized; 51,961,981 issued and outstanding as of June 30, 2015 and 46,127,924 issued and outstanding as of December 31, 2014	$ 520	$ 461
Additional paid-in capital	1,159,291	915,436
Retained earnings	120,202	187,544
Total shareholders’ equity	1,280,013	1,103,441
Total Liabilities and Shareholders’ Equity	$ 3,077,750	$ 2,981,476

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
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)	51,961,981	46,127,924
Common stock, shares outstanding (in shares)	51,961,981	46,127,294

Consolidated Statements Of Oper

Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Crude oil revenues	$ 111,257	$ 165,962	$ 194,315	$ 296,324
Natural gas liquids revenues	3,799	5,983	8,272	11,871
Natural gas revenues	8,438	21,530	20,957	42,492
Total revenues	123,494	193,475	223,544	350,687
Costs and Expenses
Lease operating	23,375	17,378	45,091	29,983
Production taxes	5,031	8,182	9,049	14,273
Ad valorem taxes	1,723	1,906	4,756	3,334
Depreciation, depletion and amortization	79,331	80,746	153,202	145,340
General and administrative	19,095	27,682	50,672	55,943
(Gain) loss on derivatives, net	12,595	39,950	(13,844)	60,630
Interest expense, net	16,999	11,931	35,195	24,356
Loss on extinguishment of debt	38,137	0	38,137	0
Other expense, net	281	413	7,273	987
Total Costs and Expenses	196,567	188,188	329,531	334,846
Income (Loss) From Continuing Operations Before Income Taxes	(73,073)	5,287	(105,987)	15,841
Income tax (expense) benefit	26,103	(2,073)	37,541	(6,006)
Income (Loss) From Continuing Operations	(46,970)	3,214	(68,446)	9,835
Income (Loss) From Discontinued Operations, Net of Income Taxes	838	(895)	1,104	(1,540)
Net Income (loss)	$ (46,132)	$ 2,319	$ (67,342)	$ 8,295
Net Income (Loss) Per Common Share - Basic
Income (loss) from continuing operations - basic (in dollars per share)	$ (0.92)	$ 0.07	$ (1.40)	$ 0.22
Income (loss) from discontinued operations - basic (in dollars per share)	0.02	(0.02)	0.02	(0.04)
Income (loss) per share, basic (in dollars per share)	(0.90)	0.05	(1.38)	0.18
Net Income (Loss) Per Common Share - Diluted
Income (loss) from continuing operations - diluted (in dollars per share)	(0.92)	0.07	(1.40)	0.21
Income (loss) from discontinued operations - diluted (in dollars per share)	0.02	(0.02)	0.02	(0.03)
Income (loss) per share, diluted (in dollars per share)	$ (0.90)	$ 0.05	$ (1.38)	$ 0.18
Weighted Average Common Shares Outstanding
Basic (in shares)	51,225	45,213	48,827	45,109
Diluted (in shares)	51,225	46,158	48,827	45,988

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net income (loss)	$ (67,342)	$ 8,295
(Income) loss from discontinued operations, net of income taxes	(1,104)	1,540
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations
Depreciation, depletion and amortization	153,202	145,340
(Gain) loss on derivatives, net	(13,844)	60,630
Net cash received (paid) for derivative settlements	94,193	(17,788)
Loss on extinguishment of debt	38,137	0
Stock-based compensation, net	14,796	29,139
Deferred income taxes	(37,961)	305
Non-cash interest expense, net	2,787	1,346
Other, net	5,384	1,594
Changes in operating assets and liabilities-
Accounts receivable	3,732	(23,139)
Accounts payable	(16,437)	4,526
Accrued liabilities	(6,605)	(14,040)
Other, net	(3,286)	(2,102)
Net cash provided by operating activities from continuing operations	165,652	195,646
Net cash used in operating activities from discontinued operations	(1,220)	(903)
Net cash provided by operating activities	164,432	194,743
Cash Flows From Investing Activities
Capital expenditures - oil and gas properties	(377,995)	(474,011)
Capital expenditures - other property and equipment	(1,173)	(375)
Proceeds from sales of oil and gas properties, net	285	7,434
Other, net	(3,684)	1,913
Net cash used in investing activities from continuing operations	(382,567)	(465,039)
Net cash used in investing activities from discontinued operations	(937)	(4,679)
Net cash used in investing activities	(383,504)	(469,718)
Cash Flows From Financing Activities
Issuance of senior notes	650,000	0
Tender and redemption of senior notes	(626,681)	0
Payment of deferred purchase payment	(150,000)	0
Borrowings under credit agreement	800,939	293,000
Repayments of borrowings under credit agreement	(683,939)	(172,000)
Payments of debt issuance costs	(11,443)	(594)
Sale of common stock, net of offering costs	231,316	0
Excess tax benefits from stock-based compensation	0	5,678
Proceeds from stock options exercised	46	74
Net cash provided by financing activities from continuing operations	210,238	126,158
Net cash provided by financing activities from discontinued operations	0	0
Net cash provided by financing activities	210,238	126,158
Net Decrease in Cash and Cash Equivalents	(8,834)	(148,817)
Cash and Cash Equivalents, Beginning of Period	10,838	157,439
Cash and Cash Equivalents, End of Period	2,004	$ 8,622
8.625% Senior Notes [Member]
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations
Loss on extinguishment of debt	$ (38,100)

Nature Of Operations

Nature Of Operations	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature Of Operations	1. Basis of Presentation 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 Delaware Basin in West Texas, the Niobrara Formation in Colorado, and the Marcellus Shale in Pennsylvania. Consolidated Financial Statements The accompanying unaudited interim consolidated financial statements include the accounts of the Company after elimination of intercompany transactions and balances and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and therefore do not include all disclosures required for financial statements prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”). In the opinion of management, these financial statements include all adjustments (consisting of normal recurring accruals and adjustments) necessary to present fairly, in all material respects, the Company’s interim financial position, results of operations and cash flows. However, the results of operations for the periods presented are not necessarily indicative of the results of operations that may be expected for the full year. These financial statements and related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 Annual Report”). 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.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company has provided a discussion of significant accounting policies, estimates, and judgments in “Note 2. Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in its 2014 Annual Report. There have been no changes to the Company’s significant accounting policies since December 31, 2014. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (the “ASU”). The objective of this ASU is to simplify the presentation of debt issuance costs in financial statements by presenting such costs in the balance sheet as a direct deduction from the related debt rather than as an asset. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and applied retrospectively with early adoption permitted. The adoption of the ASU will not have an impact on the Company’s consolidated financial statements, other than balance sheet reclassifications.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	3. 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. The liabilities of discontinued operations of $8.3 million and $12.8 million as of June 30, 2015 and December 31, 2014 , respectively, relate to an accrual for estimated future obligations related to the sale. The following table summarizes the amounts included in income (loss) from discontinued operations, net of income taxes presented in the consolidated statements of operations: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Revenues $— $— $— $— Costs and expenses General and administrative 1,166 466 1,367 903 Increase (decrease) in estimated future obligations (3,086 ) 913 (3,695 ) 1,448 (Gain) loss on derivatives, net — (2 ) — 18 Income (Loss) From Discontinued Operations Before Income Taxes 1,920 (1,377 ) 2,328 (2,369 ) Income tax (expense) benefit (1,082 ) 482 (1,224 ) 829 Income (Loss) From Discontinued Operations, Net of Income Taxes $838 ($895 ) $1,104 ($1,540 ) 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, 2015
Property, Plant and Equipment [Abstract]
Property And Equipment, Net	4. Property and Equipment, Net As of June 30, 2015 and December 31, 2014 , total property and equipment, net consisted of the following: June 30, December 31, (In thousands) Proved properties $3,550,822 $3,174,268 Accumulated depreciation, depletion and amortization (1,238,775 ) (1,087,541 ) Proved properties, net 2,312,047 2,086,727 Unproved properties, not being amortized Unevaluated leasehold and seismic costs 382,953 401,954 Exploratory wells in progress 59,485 71,402 Capitalized interest 62,208 61,841 Total unproved properties, not being amortized 504,646 535,197 Other property and equipment 17,190 16,017 Accumulated depreciation (9,438 ) (8,688 ) Other property and equipment, net 7,752 7,329 Total property and equipment, net $2,824,445 $2,629,253 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. Average depreciation, depletion and amortization (“DD&A”) per Boe of proved properties was $23.81 and $26.34 for the three months ended June 30, 2015 and 2014 , respectively, and $23.63 and $26.49 for the six months ended June 30, 2015 and 2014 , respectively. The Company capitalized internal costs of employee compensation and benefits, including stock-based compensation, directly associated with acquisition, exploration and development activities totaling $5.1 million and $5.3 million for the three months ended June 30, 2015 and 2014 , respectively, and $10.9 million and $10.7 million for the six months ended June 30, 2015 and 2014 , 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. The Company capitalized interest costs associated with its unproved properties totaling $9.0 million and $8.6 million for the three months ended June 30, 2015 and 2014 , respectively, and $18.7 million and $16.3 million for the six months ended June 30, 2015 and 2014 , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
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 or benefit to interim periods. The rates are the ratio of estimated annual income tax expense or benefit to estimated annual income or loss 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 or loss before income taxes by taxing jurisdiction to determine the income tax expense or benefit 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 or benefit. Income tax (expense) benefit differs from income tax (expense) benefit computed by applying the U.S. Federal statutory corporate income tax rate of 35% to income (loss) from continuing operations before income taxes as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Income (loss) from continuing operations before income taxes ($73,073 ) $5,287 ($105,987 ) $15,841 Income tax (expense) benefit at the statutory rate 25,575 (1,850 ) 37,095 (5,544 ) State income taxes, net of U.S. Federal income tax benefit (145 ) (222 ) (221 ) (414 ) 2015 Texas Franchise Tax rate reduction, net of U.S. Federal income tax expense 1,671 — 1,671 — Other (998 ) (1 ) (1,004 ) (48 ) Total income tax (expense) benefit from continuing operations $26,103 ($2,073 ) $37,541 ($6,006 )

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	6. Long-Term Debt Long-term debt consisted of the following as of June 30, 2015 and December 31, 2014 : June 30, December 31, (In thousands) Long-term debt Deferred purchase payment due 2015 $— $150,000 Unamortized discount for deferred purchase payment — (1,100 ) Senior Secured Revolving Credit Facility due 2018 117,000 — 8.625% Senior Notes due 2018 — 600,000 Unamortized discount for 8.625% Senior Notes — (3,444 ) 7.50% Senior Notes due 2020 600,000 600,000 Unamortized premium for 7.50% Senior Notes 1,360 1,465 6.25% Senior Notes due 2023 650,000 — Other long-term debt due 2028 4,425 4,425 Total long-term debt $1,372,785 $1,351,346 Senior Secured Revolving Credit Facility The Company has a senior secured revolving credit facility with a syndicate of banks that, as of June 30, 2015 , had a borrowing base of $685.0 million , with $117.0 million of borrowings outstanding with a weighted average interest rate of 1.67% . As of June 30, 2015 , the Company also had $0.6 million in letters of credit outstanding which reduced the amounts available under the revolving credit facility. The credit agreement governing the revolving credit facility provides for interest only payments until July 2, 2018, when the credit agreement matures and any outstanding borrowings are due. The borrowing base under the credit agreement is subject to regular redeterminations in the Spring and Fall of each year, as well as special redeterminations described in the credit agreement, in each case which may reduce the amount of the borrowing base. 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. On May 5, 2015, the Company entered into the sixth amendment to the senior secured revolving credit agreement to, among other things, (i) establish an approved borrowing base of $685.0 million until the next redetermination thereof, (ii) establish a swing line commitment under the revolving credit facility not to exceed $15.0 million and (iii) include seven additional banks to its banking syndicate, bringing the total number of banks to 19 as of the date of such amendment. The obligations of the Company under the credit agreement are guaranteed by the Company’s material domestic subsidiaries and are secured by liens on substantially all of the Company’s assets, including a mortgage lien on oil and gas properties having at least 80% of the proved reserve value of the oil and gas properties included in the determination of the borrowing base. Amounts outstanding under the credit agreement bear interest at the Company’s option at either (i) a base rate for a base rate loan plus the margin set forth in the table below, where the base rate is defined as the greatest of the prime rate, the federal funds rate plus 0.50% and the adjusted LIBO rate plus 1.00% , or (ii) an adjusted LIBO rate for a Eurodollar loan plus the margin set forth in the table below. The Company also incurs commitment fees as set forth in the table below on the unused portion of lender commitments, and which are included as a component of interest expense. Ratio of Outstanding Borrowings and Letters of Credit to Lender Commitments Applicable Margin for Base Rate Loans Applicable Margin for Eurodollar Loans Commitment Fee Less than 25% 0.50% 1.50% 0.375% Greater than or equal to 25% but less than 50% 0.75% 1.75% 0.375% Greater than or equal to 50% but less than 75% 1.00% 2.00% 0.500% Greater than or equal to 75% but less than 90% 1.25% 2.25% 0.500% Greater than or equal to 90% 1.50% 2.50% 0.500% The Company is subject to certain covenants under the terms of the credit agreement, 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 (as defined in the credit agreement) of not more than 4.00 to 1.00; and (2) a Current Ratio (as defined in the credit agreement) of not less than 1.00 to 1.00. As defined in the credit agreement, Total Debt excludes debt discounts and premiums and is net of cash and cash equivalents, EBITDA is for the last four quarters after giving pro forma effect to certain material acquisitions and dispositions of oil and gas properties, and the Current Ratio includes an add back of the unused portion of lender commitments. As of June 30, 2015 , the ratio of Total Debt to EBITDA was 2.61 to 1.00 and the Current Ratio was 2.75 to 1.00. Because the financial covenants are determined as of the last day of each quarter, the ratios can fluctuate significantly period to period as the amounts outstanding under the credit agreement are dependent on the timing of cash flows from operations, capital expenditures, acquisitions and dispositions of oil and gas properties and securities offerings. The credit agreement also places restrictions on the Company and certain of its subsidiaries with respect to additional indebtedness, liens, dividends and other payments to shareholders, repurchases or redemptions of the Company’s common stock, redemptions of senior notes, investments, acquisitions, mergers, asset dispositions, transactions with affiliates, hedging transactions and other matters. The credit agreement is subject to customary events of default, including in connection with a change in control. If an event of default occurs and is continuing, the lenders may elect to accelerate amounts due under the credit agreement (except in the case of a bankruptcy event of default, in which case such amounts will automatically become due and payable). 8.625% Senior Notes due 2018 Since October 15, 2014, the Company had the right to redeem all or a portion of the 8.625% Senior Notes at redemption prices decreasing from 104.313% to 100% of the principal amount on October 15, 2017, plus accrued and unpaid interest. On April 14, 2015, the Company commenced a cash tender offer for any or all of the outstanding $600.0 million aggregate principal amount of its 8.625% Senior Notes. The tender offer expired on April 23, 2015. On April 28, 2015, the Company made an aggregate cash payment of $276.4 million for the $264.2 million aggregate principal amount of 8.625% Senior Notes validly tendered in the tender offer. This represented a tender offer premium totaling $12.2 million , equal to $1,046.13 for each $1,000 principal amount of 8.625% Senior Notes validly tendered and accepted for payment pursuant to the tender offer. In addition, all 8.625% Senior Notes accepted for payment received accrued and unpaid interest of $0.8 million from the last interest payment date up to, but not including, the settlement date. In connection with the cash tender offer, the Company also sent a notice of redemption to the trustee for its 8.625% Senior Notes to conditionally call for redemption on May 14, 2015 all of the 8.625% Senior Notes then outstanding, conditioned upon and subject to the Company receiving specified net proceeds from one or more securities offerings, which conditions were satisfied. On May 14, 2015, the Company paid an aggregate redemption price of $352.6 million , including a redemption premium of $14.5 million , which represented 104.313% of the principal amount of the then outstanding 8.625% Senior Notes (or $1,043.13 for each $1,000 principal amount of the 8.625% Senior Notes) plus accrued and unpaid interest of $2.3 million from the last interest payment date up to, but not including, the redemption date, to redeem the then outstanding $335.8 million aggregate principal amount of 8.625% Senior Notes. As a result of the cash tender offer and the redemption of the 8.625% Senior Notes, the Company recorded a loss on extinguishment of debt of $38.1 million during the three and six months ended June 30, 2015, which includes the premium paid to repurchase the 8.625% Senior Notes of $26.7 million and non-cash charges of $11.4 million attributable to the write-off of unamortized debt issuance costs and the remaining discount associated with the 8.625% Senior Notes. 6.25% Senior Notes due 2023 On April 28, 2015, the Company closed a public offering of $650.0 million aggregate principal amount of 6.25% Senior Notes due 2023. The Company received proceeds of approximately $640.3 million , net of underwriting discounts and commissions. The net proceeds were used to fund the repurchase and redemption of the 8.625% Senior Notes described above as well as to temporarily repay borrowings outstanding under the Company’s revolving credit facility. The 6.25% Senior Notes bear interest at 6.25% per annum which is payable semi-annually on each April 15 and October 15 and mature on April 15, 2023. Before April 15, 2018, the Company may, at its option, redeem all or a portion of the 6.25% Senior Notes at 100% of the principal amount plus a make-whole premium. Thereafter, the Company may redeem all or a portion of the 6.25% Senior Notes at redemption prices decreasing from 104.688% to 100% of the principal amount on April 15, 2018, plus accrued and unpaid interest. The 6.25% Senior Notes were guaranteed by the same subsidiaries that also guarantee the 7.50% Senior Notes and the revolving credit facility. The indenture governing the 6.25% Senior Notes, which is substantially similar to the indenture governing the 7.50% Senior Notes, contains covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to: pay distributions on, purchase or redeem the Company’s common stock or other capital stock or redeem the Company’s subordinated debt; make investments; incur or guarantee additional indebtedness or issue certain types of equity securities; create certain liens; sell assets; consolidate, merge or transfer all or substantially all of the Company’s assets; enter into agreements that restrict distributions or other payments from the Company’s restricted subsidiaries to the Company; engage in transactions with affiliates; and create unrestricted subsidiaries. Such indentures governing the Company’s senior notes are also subject to customary events of default, including those related to failure to comply with the terms of the notes and the indenture, certain failures to file reports with the SEC, certain cross defaults of other indebtedness and mortgages and certain failures to pay final judgments.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2015
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 crude oil and natural 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.

Shareholders' Equity Shareholde

Shareholders' Equity Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity [Abstract]
Shareholders' Equity and Share-based Payments	8. Shareholders’ Equity Common Stock Offering On March 20, 2015, the Company completed its public offering of 5.2 million shares of its common stock at a price of $44.75 per share, which generated proceeds of $231.3 million , net of offering costs. The net proceeds from the common stock offering were used to repay a portion of the borrowings under the Company’s revolving credit facility and for general corporate purposes. Exercise of Warrants On November 24, 2009, the Company entered into an agreement with an unrelated third party and its affiliate under which the Company issued 118,200 warrants to purchase shares of the Company’s common stock. In May 2015, the holders of the warrants exercised all warrants outstanding on a “cashless” basis at an exercise price of $22.09 resulting in the issuance of 71,913 net shares of the Company’s common stock. Stock-Based Compensation The Company recognized the following stock-based compensation expense, net for the periods indicated which is reflected as general and administrative expense in the consolidated statements of operations: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Stock appreciation rights ($49 ) $11,116 $5,891 $19,572 Restricted stock awards and units 6,014 8,224 11,229 13,925 Performance share awards 496 319 765 333 6,461 19,659 17,885 33,830 Less: amounts capitalized to proved and unproved properties (1,518 ) (2,681 ) (3,089 ) (4,691 ) Total stock-based compensation expense, net $4,943 $16,978 $14,796 $29,139 Income tax benefit $1,731 $5,943 $5,179 $10,199

Earnings Per Share Earnings Per

Earnings Per Share Earnings Per Share (Notes)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings Per Share Supplemental income (loss) from continuing operations per common share information is provided below: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands, except per share amounts) Income (Loss) from Continuing Operations ($46,970 ) $3,214 ($68,446 ) $9,835 Basic weighted average common shares outstanding 51,225 45,213 48,827 45,109 Effect of dilutive instruments — 945 — 879 Diluted weighted average common shares outstanding 51,225 46,158 48,827 45,988 Income (Loss) from Continuing Operations Per Common Share Basic ($0.92 ) $0.07 ($1.40 ) $0.22 Diluted ($0.92 ) $0.07 ($1.40 ) $0.21 Basic income (loss) from continuing operations per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) 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. When a loss from continuing operations exists, all potentially dilutive common shares outstanding are anti-dilutive and therefore excluded from the calculation of diluted weighted average shares outstanding. For the three and six months ended June 30, 2015, the calculation of diluted weighted average common shares outstanding excluded the anti-dilutive effect of 0.7 million shares of restricted stock awards and units, performance share awards, options and warrants due to the loss from continuing operations. For the three and six months ended June 30, 2014, the number of shares of restricted stock awards and units, performance share awards, options and warrants excluded were insignificant.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	10. 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 crude oil and natural 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 production. While the use of collars limit the downside risk of adverse price movements below the floor price, collars also limit the benefit of favorable price movements above the ceiling price. 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, 2015 and December 31, 2014 totaled $134.4 million and $214.8 million , respectively, and is summarized by counterparty in the table below: Counterparty June 30, 2015 December 31, 2014 Wells Fargo 57 % 37 % Societe Generale 27 % 26 % Regions 10 % 8 % Union Bank 5 % 4 % Royal Bank of Canada 1 % 1 % Credit Suisse — % 24 % 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 does not have significant 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 credit ratings of its counterparties. For the three months ended June 30, 2015 and 2014 , the Company recorded in the consolidated statements of operations a loss on derivatives, net of $12.6 million and $40.0 million , respectively. For the six months ended June 30, 2015 and 2014 , the Company recorded in the consolidated statements of operations a gain on derivatives, net of $13.8 million and a loss on derivatives, net of $60.6 million , respectively. On February 11, 2015, the Company entered into derivative transactions offsetting its then existing crude oil derivative positions covering the periods from March 2015 through December 2016. As a result of the offsetting derivative transactions, the Company locked in $166.4 million of cash flows, of which $40.0 million was received due to contract settlements during the three and six months ended June 30, 2015. As of June 30, 2015, the remaining locked in value of cash flows is $126.4 million , of which $106.5 million is classified as a current derivative asset and $19.9 million is classified as a noncurrent derivative asset in the consolidated balance sheets. These locked in cash flows are not subject to price risk and will be received as the applicable contracts settle. Included in the $13.8 million gain on derivatives, net for the six months ended June 30, 2015, is an $8.4 million gain representing the increase in fair value of the crude oil derivative positions from December 31, 2014 to February 11, 2015. Additionally, on February 13, 2015, the Company entered into costless collars for the periods from March 2015 through December 2016 which will continue to provide the Company with downside protection at crude oil prices below the weighted average floor prices yet allow the Company to benefit from an increase in crude oil prices up to the weighted average ceiling prices. The following sets forth a summary of the Company’s crude oil derivative positions, including additional costless collars entered into subsequent to the February 13, 2015 costless collars described above, at average NYMEX prices as of June 30, 2015 : Period Type of Contract Volumes (in Bbls/d) Weighted Average Floor Price ($/Bbl) Weighted Average Ceiling Price ($/Bbl) July - December 2015 Costless Collars 16,200 $50.00 $67.34 January - December 2016 Costless Collars 5,490 $50.96 $74.73 The following sets forth a summary of the Company’s natural gas derivative positions at average NYMEX prices as of June 30, 2015 : Period Type of Contract Volumes (in MMBtu/d) Weighted Average Floor Price ($/MMBtu) July - December 2015 Fixed Price Swaps 30,000 $4.29

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. 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, 2015 and December 31, 2014 . All items included in the tables below are Level 2 inputs within the fair value hierarchy: June 30, 2015 Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets (In thousands) Derivative assets Derivative assets-current $123,669 ($9,487 ) $114,182 Derivative assets-noncurrent 20,289 (118 ) 20,171 Derivative liabilities Other current liabilities (9,605 ) 9,487 (118 ) Other liabilities (118 ) 118 — Total $134,235 $— $134,235 December 31, 2014 Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets (In thousands) Derivative assets Derivative assets-current $183,625 ($12,524 ) $171,101 Derivative assets-noncurrent 44,725 (1,041 ) 43,684 Derivative liabilities Other current liabilities (12,707 ) 12,524 (183 ) Other liabilities (1,058 ) 1,041 (17 ) Total $214,585 $— $214,585 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 crude oil and natural gas, discount rates and volatility factors. The fair values are also compared to the values provided by the counterparties 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 that pertain to the Company’s derivative instruments, as well as the Company’s crude oil derivative instruments that were entered into subsequent to the offsetting derivative transactions, 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. However, the fair value of the net derivative asset attributable to the offsetting crude oil derivative transactions are not subject to price risk as changes in the fair value of the original positions are offset by changes in the fair value of the offsetting positions. 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 into Level 1 and no transfers into or out of Level 2 for the six months ended June 30, 2015 and 2014 . 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 with the exception of the deferred purchase payment, which is classified as Level 2 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 carrying amount of long-term debt under the Company’s revolving credit facility approximates fair value as borrowings bear interest at variable rates. The following table presents the carrying amounts of long-term debt with the fair values of the Company’s senior notes and other long-term debt based on quoted market prices and the fair value of the deferred purchase payment based on indirect observable market rates. June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) 8.625% Senior Notes due 2018 $— $— $596,555 $597,000 7.50% Senior Notes due 2020 601,360 630,000 601,466 573,000 6.25% Senior Notes due 2023 650,000 648,375 — — Other long-term debt due 2028 4,425 4,204 4,425 4,071 Deferred purchase payment due 2015 — — 148,900 148,558

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2015
Condensed Consolidating Financial Information [Abstract]
Condensed Consolidating Financial Information	12. 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 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, 2015 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Total current assets $2,404,178 $79,119 $— ($2,281,833 ) $201,464 Total property and equipment, net 31,995 2,757,601 3,028 31,821 2,824,445 Investment in subsidiaries 240,306 — — (240,306 ) — Other assets 142,362 — — (90,521 ) 51,841 Total Assets $2,818,841 $2,836,720 $3,028 ($2,580,839 ) $3,077,750 Liabilities and Shareholders’ Equity Current liabilities $173,022 $2,449,862 $3,028 ($2,284,846 ) $341,066 Long-term liabilities 1,379,611 146,552 — (69,492 ) 1,456,671 Total shareholders’ equity 1,266,208 240,306 — (226,501 ) 1,280,013 Total Liabilities and Shareholders’ Equity $2,818,841 $2,836,720 $3,028 ($2,580,839 ) $3,077,750 December 31, 2014 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Total current assets $2,380,445 $245,051 $111 ($2,346,986 ) $278,621 Total property and equipment, net 613 2,562,029 39,939 26,672 2,629,253 Investment in subsidiaries 233,173 — — (233,173 ) — Other assets 140,774 — — (67,172 ) 73,602 Total Assets $2,755,005 $2,807,080 $40,050 ($2,620,659 ) $2,981,476 Liabilities and Shareholders’ Equity Current liabilities $296,686 $2,434,649 $39,955 ($2,346,986 ) $424,304 Long-term liabilities 1,364,793 139,353 — (50,415 ) 1,453,731 Total shareholders’ equity 1,093,526 233,078 95 (223,258 ) 1,103,441 Total Liabilities and Shareholders’ Equity $2,755,005 $2,807,080 $40,050 ($2,620,659 ) $2,981,476 CARRIZO OIL & GAS, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (In thousands) (Unaudited) Three Months Ended June 30, 2015 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Total revenues $660 $122,891 ($57 ) $— $123,494 Total costs and expenses 96,843 106,409 (216 ) (6,469 ) 196,567 Income (loss) from continuing operations before income taxes (96,183 ) 16,482 159 6,469 (73,073 ) Income tax (expense) benefit 33,664 (5,769 ) (55 ) (1,737 ) 26,103 Equity in income of subsidiaries 10,817 — — (10,817 ) — Income (loss) from continuing operations (51,702 ) 10,713 104 (6,085 ) (46,970 ) Income from discontinued operations, net of income taxes 838 — — — 838 Net income (loss) ($50,864 ) $10,713 $104 ($6,085 ) ($46,132 ) Three Months Ended June 30, 2014 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated 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 CARRIZO OIL & GAS, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (In thousands) (Unaudited) Six Months Ended June 30, 2015 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Total revenues $1,250 $222,294 $— $— $223,544 Total costs and expenses 123,511 211,321 — (5,301 ) 329,531 Income (loss) from continuing operations before income taxes (122,261 ) 10,973 — 5,301 (105,987 ) Income tax (expense) benefit 42,792 (3,841 ) — (1,410 ) 37,541 Equity in income of subsidiaries 7,132 — — (7,132 ) — Income (loss) from continuing operations (72,337 ) 7,132 — (3,241 ) (68,446 ) Income from discontinued operations, net of income taxes 1,104 — — — 1,104 Net income (loss) ($71,233 ) $7,132 $— ($3,241 ) ($67,342 ) Six Months Ended June 30, 2014 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated 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 (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 CARRIZO OIL & GAS, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended June 30, 2015 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities from ($29,397 ) $195,049 $— $— $165,652 Net cash used in investing activities from continuing operations (337,518 ) (342,695 ) — 297,646 (382,567 ) Net cash provided by financing activities from 360,238 147,646 — (297,646 ) 210,238 Net cash used in discontinued operations (2,157 ) — — — (2,157 ) Net decrease in cash and cash equivalents (8,834 ) — — — (8,834 ) Cash and cash equivalents, beginning of period 10,838 — — — 10,838 Cash and cash equivalents, end of period $2,004 $— $— $— $2,004 Six Months Ended June 30, 2014 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities from continuing operations ($122,961 ) $318,607 $— $— $195,646 Net cash used in investing activities from (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

Summary Of Significant Accoun18

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Description of New Accounting Pronouncements Not yet Adopted	Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (the “ASU”). The objective of this ASU is to simplify the presentation of debt issuance costs in financial statements by presenting such costs in the balance sheet as a direct deduction from the related debt rather than as an asset. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and applied retrospectively with early adoption permitted. The adoption of the ASU will not have an impact on the Company’s consolidated financial statements, other than balance sheet reclassifications.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2015
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 operations: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Revenues $— $— $— $— Costs and expenses General and administrative 1,166 466 1,367 903 Increase (decrease) in estimated future obligations (3,086 ) 913 (3,695 ) 1,448 (Gain) loss on derivatives, net — (2 ) — 18 Income (Loss) From Discontinued Operations Before Income Taxes 1,920 (1,377 ) 2,328 (2,369 ) Income tax (expense) benefit (1,082 ) 482 (1,224 ) 829 Income (Loss) From Discontinued Operations, Net of Income Taxes $838 ($895 ) $1,104 ($1,540 )

Property And Equipment, Net (Ta

Property And Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule Of Property And Equipment	As of June 30, 2015 and December 31, 2014 , total property and equipment, net consisted of the following: June 30, December 31, (In thousands) Proved properties $3,550,822 $3,174,268 Accumulated depreciation, depletion and amortization (1,238,775 ) (1,087,541 ) Proved properties, net 2,312,047 2,086,727 Unproved properties, not being amortized Unevaluated leasehold and seismic costs 382,953 401,954 Exploratory wells in progress 59,485 71,402 Capitalized interest 62,208 61,841 Total unproved properties, not being amortized 504,646 535,197 Other property and equipment 17,190 16,017 Accumulated depreciation (9,438 ) (8,688 ) Other property and equipment, net 7,752 7,329 Total property and equipment, net $2,824,445 $2,629,253

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule Of Effective Income Tax Rate Reconciliation	Income tax (expense) benefit differs from income tax (expense) benefit computed by applying the U.S. Federal statutory corporate income tax rate of 35% to income (loss) from continuing operations before income taxes as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Income (loss) from continuing operations before income taxes ($73,073 ) $5,287 ($105,987 ) $15,841 Income tax (expense) benefit at the statutory rate 25,575 (1,850 ) 37,095 (5,544 ) State income taxes, net of U.S. Federal income tax benefit (145 ) (222 ) (221 ) (414 ) 2015 Texas Franchise Tax rate reduction, net of U.S. Federal income tax expense 1,671 — 1,671 — Other (998 ) (1 ) (1,004 ) (48 ) Total income tax (expense) benefit from continuing operations $26,103 ($2,073 ) $37,541 ($6,006 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consisted of the following as of June 30, 2015 and December 31, 2014 : June 30, December 31, (In thousands) Long-term debt Deferred purchase payment due 2015 $— $150,000 Unamortized discount for deferred purchase payment — (1,100 ) Senior Secured Revolving Credit Facility due 2018 117,000 — 8.625% Senior Notes due 2018 — 600,000 Unamortized discount for 8.625% Senior Notes — (3,444 ) 7.50% Senior Notes due 2020 600,000 600,000 Unamortized premium for 7.50% Senior Notes 1,360 1,465 6.25% Senior Notes due 2023 650,000 — Other long-term debt due 2028 4,425 4,425 Total long-term debt $1,372,785 $1,351,346
Interest and Commitment Fee Rates	The Company also incurs commitment fees as set forth in the table below on the unused portion of lender commitments, and which are included as a component of interest expense. Ratio of Outstanding Borrowings and Letters of Credit to Lender Commitments Applicable Margin for Base Rate Loans Applicable Margin for Eurodollar Loans Commitment Fee Less than 25% 0.50% 1.50% 0.375% Greater than or equal to 25% but less than 50% 0.75% 1.75% 0.375% Greater than or equal to 50% but less than 75% 1.00% 2.00% 0.500% Greater than or equal to 75% but less than 90% 1.25% 2.25% 0.500% Greater than or equal to 90% 1.50% 2.50% 0.500%

Shareholders' Equity Sharehol23

Shareholders' Equity Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Share-Based Compensation Expense [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	The Company recognized the following stock-based compensation expense, net for the periods indicated which is reflected as general and administrative expense in the consolidated statements of operations: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Stock appreciation rights ($49 ) $11,116 $5,891 $19,572 Restricted stock awards and units 6,014 8,224 11,229 13,925 Performance share awards 496 319 765 333 6,461 19,659 17,885 33,830 Less: amounts capitalized to proved and unproved properties (1,518 ) (2,681 ) (3,089 ) (4,691 ) Total stock-based compensation expense, net $4,943 $16,978 $14,796 $29,139 Income tax benefit $1,731 $5,943 $5,179 $10,199

Earnings Per Share Earnings P24

Earnings Per Share Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Earnings Per Share [Abstract]
Schedule Of Supplemental Net Income Per Common Share	Supplemental income (loss) from continuing operations per common share information is provided below: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands, except per share amounts) Income (Loss) from Continuing Operations ($46,970 ) $3,214 ($68,446 ) $9,835 Basic weighted average common shares outstanding 51,225 45,213 48,827 45,109 Effect of dilutive instruments — 945 — 879 Diluted weighted average common shares outstanding 51,225 46,158 48,827 45,988 Income (Loss) from Continuing Operations Per Common Share Basic ($0.92 ) $0.07 ($1.40 ) $0.22 Diluted ($0.92 ) $0.07 ($1.40 ) $0.21

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Concentration of Risk	The fair value of derivative instruments where the Company is in a net asset position with its counterparties as of June 30, 2015 and December 31, 2014 totaled $134.4 million and $214.8 million , respectively, and is summarized by counterparty in the table below: Counterparty June 30, 2015 December 31, 2014 Wells Fargo 57 % 37 % Societe Generale 27 % 26 % Regions 10 % 8 % Union Bank 5 % 4 % Royal Bank of Canada 1 % 1 % Credit Suisse — % 24 % Total 100 % 100 %
Schedule of Derivative Instruments	The following sets forth a summary of the Company’s crude oil derivative positions, including additional costless collars entered into subsequent to the February 13, 2015 costless collars described above, at average NYMEX prices as of June 30, 2015 : Period Type of Contract Volumes (in Bbls/d) Weighted Average Floor Price ($/Bbl) Weighted Average Ceiling Price ($/Bbl) July - December 2015 Costless Collars 16,200 $50.00 $67.34 January - December 2016 Costless Collars 5,490 $50.96 $74.73 The following sets forth a summary of the Company’s natural gas derivative positions at average NYMEX prices as of June 30, 2015 : Period Type of Contract Volumes (in MMBtu/d) Weighted Average Floor Price ($/MMBtu) July - December 2015 Fixed Price Swaps 30,000 $4.29

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 and December 31, 2014 . All items included in the tables below are Level 2 inputs within the fair value hierarchy: June 30, 2015 Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets (In thousands) Derivative assets Derivative assets-current $123,669 ($9,487 ) $114,182 Derivative assets-noncurrent 20,289 (118 ) 20,171 Derivative liabilities Other current liabilities (9,605 ) 9,487 (118 ) Other liabilities (118 ) 118 — Total $134,235 $— $134,235 December 31, 2014 Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets (In thousands) Derivative assets Derivative assets-current $183,625 ($12,524 ) $171,101 Derivative assets-noncurrent 44,725 (1,041 ) 43,684 Derivative liabilities Other current liabilities (12,707 ) 12,524 (183 ) Other liabilities (1,058 ) 1,041 (17 ) Total $214,585 $— $214,585
Schedule of Carrying Value and Estimated Fair Value of Debt Instruments	The following table presents the carrying amounts of long-term debt with the fair values of the Company’s senior notes and other long-term debt based on quoted market prices and the fair value of the deferred purchase payment based on indirect observable market rates. June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) 8.625% Senior Notes due 2018 $— $— $596,555 $597,000 7.50% Senior Notes due 2020 601,360 630,000 601,466 573,000 6.25% Senior Notes due 2023 650,000 648,375 — — Other long-term debt due 2028 4,425 4,204 4,425 4,071 Deferred purchase payment due 2015 — — 148,900 148,558

Condensed Consolidating Finan27

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Consolidating Financial Information [Abstract]
Schedule Of Condensed Consolidating Balance Sheets	CARRIZO OIL & GAS, INC. CONDENSED CONSOLIDATING BALANCE SHEETS (In thousands) (Unaudited) June 30, 2015 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Total current assets $2,404,178 $79,119 $— ($2,281,833 ) $201,464 Total property and equipment, net 31,995 2,757,601 3,028 31,821 2,824,445 Investment in subsidiaries 240,306 — — (240,306 ) — Other assets 142,362 — — (90,521 ) 51,841 Total Assets $2,818,841 $2,836,720 $3,028 ($2,580,839 ) $3,077,750 Liabilities and Shareholders’ Equity Current liabilities $173,022 $2,449,862 $3,028 ($2,284,846 ) $341,066 Long-term liabilities 1,379,611 146,552 — (69,492 ) 1,456,671 Total shareholders’ equity 1,266,208 240,306 — (226,501 ) 1,280,013 Total Liabilities and Shareholders’ Equity $2,818,841 $2,836,720 $3,028 ($2,580,839 ) $3,077,750 December 31, 2014 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Total current assets $2,380,445 $245,051 $111 ($2,346,986 ) $278,621 Total property and equipment, net 613 2,562,029 39,939 26,672 2,629,253 Investment in subsidiaries 233,173 — — (233,173 ) — Other assets 140,774 — — (67,172 ) 73,602 Total Assets $2,755,005 $2,807,080 $40,050 ($2,620,659 ) $2,981,476 Liabilities and Shareholders’ Equity Current liabilities $296,686 $2,434,649 $39,955 ($2,346,986 ) $424,304 Long-term liabilities 1,364,793 139,353 — (50,415 ) 1,453,731 Total shareholders’ equity 1,093,526 233,078 95 (223,258 ) 1,103,441 Total Liabilities and Shareholders’ Equity $2,755,005 $2,807,080 $40,050 ($2,620,659 ) $2,981,476
Schedule Of Condensed Consolidating Statements Of Operations	CARRIZO OIL & GAS, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (In thousands) (Unaudited) Three Months Ended June 30, 2015 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Total revenues $660 $122,891 ($57 ) $— $123,494 Total costs and expenses 96,843 106,409 (216 ) (6,469 ) 196,567 Income (loss) from continuing operations before income taxes (96,183 ) 16,482 159 6,469 (73,073 ) Income tax (expense) benefit 33,664 (5,769 ) (55 ) (1,737 ) 26,103 Equity in income of subsidiaries 10,817 — — (10,817 ) — Income (loss) from continuing operations (51,702 ) 10,713 104 (6,085 ) (46,970 ) Income from discontinued operations, net of income taxes 838 — — — 838 Net income (loss) ($50,864 ) $10,713 $104 ($6,085 ) ($46,132 ) Three Months Ended June 30, 2014 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated 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 CARRIZO OIL & GAS, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (In thousands) (Unaudited) Six Months Ended June 30, 2015 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Total revenues $1,250 $222,294 $— $— $223,544 Total costs and expenses 123,511 211,321 — (5,301 ) 329,531 Income (loss) from continuing operations before income taxes (122,261 ) 10,973 — 5,301 (105,987 ) Income tax (expense) benefit 42,792 (3,841 ) — (1,410 ) 37,541 Equity in income of subsidiaries 7,132 — — (7,132 ) — Income (loss) from continuing operations (72,337 ) 7,132 — (3,241 ) (68,446 ) Income from discontinued operations, net of income taxes 1,104 — — — 1,104 Net income (loss) ($71,233 ) $7,132 $— ($3,241 ) ($67,342 ) Six Months Ended June 30, 2014 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated 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 (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
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, 2015 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities from ($29,397 ) $195,049 $— $— $165,652 Net cash used in investing activities from continuing operations (337,518 ) (342,695 ) — 297,646 (382,567 ) Net cash provided by financing activities from 360,238 147,646 — (297,646 ) 210,238 Net cash used in discontinued operations (2,157 ) — — — (2,157 ) Net decrease in cash and cash equivalents (8,834 ) — — — (8,834 ) Cash and cash equivalents, beginning of period 10,838 — — — 10,838 Cash and cash equivalents, end of period $2,004 $— $— $— $2,004 Six Months Ended June 30, 2014 Parent Company Combined Guarantor Subsidiaries Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities from continuing operations ($122,961 ) $318,607 $— $— $195,646 Net cash used in investing activities from (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

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - Carrizo United Kingdom [Member] - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Feb. 22, 2013
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
Liabilities of disposal group, including discontinued operation	$ 8.3	$ 12.8
Huntington Field Development Project Credit Facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Line of Credit Facility, Amount Outstanding			$ 55

Discontinued Operations Discont

Discontinued Operations Discontinued Operations (Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Income (Loss) From Discontinued Operations, Net of Income Taxes	$ 838	$ (895)	$ 1,104	$ (1,540)
Carrizo United Kingdom [Member]
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	0	0	0	0
General and administrative	1,166	466	1,367	903
Increase (decrease) in estimated future obligations	(3,086)	913	(3,695)	1,448
(Gain) loss on derivatives, net	0	(2)	0	18
Income (Loss) From Discontinued Operations Before Income Taxes	1,920	(1,377)	2,328	(2,369)
Income tax (expense) benefit	(1,082)	482	(1,224)	829
Income (Loss) From Discontinued Operations, Net of Income Taxes	$ 838	$ (895)	$ 1,104	$ (1,540)

Property And Equipment, Net Pro

Property And Equipment, Net Property and Equipment, Net (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)$ / Boe	Jun. 30, 2014USD ($)$ / Boe	Jun. 30, 2015USD ($)$ / Boe	Jun. 30, 2014USD ($)$ / Boe
Property, Plant and Equipment [Abstract]
Average Depreciation Depletion And Amortization Per Boe | $ / Boe	23.81	26.34	23.63	26.49
Internal costs capitalized, Oil and Gas Producing Activities	$ 5.1	$ 5.3	$ 10.9	$ 10.7
Capitalized interest	$ 9	$ 8.6	$ 18.7	$ 16.3

Property And Equipment, Net (Sc

Property And Equipment, Net (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Proved properties	$ 3,550,822	$ 3,174,268
Accumulated depreciation, depletion and amortization	(1,238,775)	(1,087,541)
Proved properties, net	2,312,047	2,086,727
Unproved properties, not being amortized
Unevaluated leasehold and seismic costs	382,953	401,954
Exploratory wells in progress	59,485	71,402
Capitalized interest	62,208	61,841
Total unproved properties, not being amortized	504,646	535,197
Other property and equipment	17,190	16,017
Accumulated depreciation	(9,438)	(8,688)
Other property and equipment, net	7,752	7,329
Total property and equipment, net	$ 2,824,445	$ 2,629,253

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015
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 ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before income taxes	$ (73,073)	$ 5,287	$ (105,987)	$ 15,841
Income tax (expense) benefit at the statutory rate	25,575	(1,850)	37,095	(5,544)
State income taxes, net of U.S. Federal income tax benefit	(145)	(222)	(221)	(414)
State franchise tax (expense) benefit	(1,671)	0	(1,671)	0
Other	(998)	(1)	(1,004)	(48)
Total income tax (expense) benefit from continuing operations	$ 26,103	$ (2,073)	$ 37,541	$ (6,006)

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Apr. 28, 2015USD ($)	May. 14, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Rate	Jun. 30, 2014USD ($)	May. 05, 2015USD ($)	Apr. 14, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 10, 2012	Nov. 02, 2010
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (38,137,000)	$ 0	$ (38,137,000)	$ 0
Deferred Purchase Payment [Member]
Debt Instrument [Line Items]
Deferred purchase payment			0		0				$ 150,000,000
Debt Instrument, Unamortized Discount			0		0				1,100,000
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			$ 685,000,000		685,000,000		$ 685,000,000
Ratio of total debt to EBITDA			2.61
Current ratio			2.75
Line of credit facility amount outstanding			$ 117,000,000		$ 117,000,000				0
Debt, Weighted Average Interest Rate			1.67%		1.67%
Letters of credit outstanding amount			$ 560,000		$ 560,000
Pre-Tax SEC PV10 Reserve Value Percentage | Rate					80.00%
Federal funds rate plus percentage			0.50%		0.50%
Adjusted LIBO rate plus percentage			1.00%		1.00%
Senior Secured Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Ratio of total debt to EBITDA			4
Senior Secured Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Current ratio			1
Swing Line Sublimit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 15,000,000
8.625% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage											8.625%
Debt Instrument, Redemption, Cash Consideration		$ 352,600,000
Loss on extinguishment of debt					$ 38,100,000
Write off of Deferred Debt Issuance Cost and Unamortized Discount					11,400,000
Accrued interest paid associated with redemption of debt		2,300,000
Redemption Premium	$ 12,200,000	$ 14,500,000			26,700,000
Accrued interest paid associated with tender offer	822,879
Debt Instrument, Redemption Price, Percentage		104.313%
Debt Instrument, Redemption Price per Note		$ 1,043.13
Long term debt			$ 0		0			$ 600,000,000	600,000,000
Debt Instrument, Unamortized Discount			$ 0		0				3,444,000
Debt Instrument, Cash Consideration for Tender Offer	276,400,000
Debt Instrument, Repurchased Face Amount	264,200,000	335,800,000
Tender Offer Consideration Rate	$ 1,046.13
Principal amount per note		$ 1,000
8.625% Senior Notes [Member] | Minimum [Member] | On and after October 15, 2014 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100.00%
6.25% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.25%
Proceeds from Issuance of Debt	$ 640,300,000
Debt Instrument, Face Amount	$ 650,000,000
Long term debt			$ 650,000,000		650,000,000				0
6.25% Senior Notes [Member] | Prior to April 15, 2018 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100.00%
6.25% Senior Notes [Member] | Maximum [Member] | On and after April 15, 2018 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			104.688%
6.25% Senior Notes [Member] | Minimum [Member] | On and after April 15, 2018 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100.00%
Seven Point Five Percent Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage										7.50%
Long term debt			$ 600,000,000		$ 600,000,000				$ 600,000,000

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Apr. 14, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 1,372,785		$ 1,351,346
Deferred Purchase Payment [Member]
Debt Instrument [Line Items]
Deferred purchase payment	0		150,000
Unamortized discount	0		(1,100)
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility amount outstanding	117,000		0
8.625% Senior Notes [Member]
Debt Instrument [Line Items]
Long term debt	0	$ 600,000	600,000
Unamortized discount	0		(3,444)
Seven Point Five Percent Senior Notes [Member]
Debt Instrument [Line Items]
Long term debt	600,000		600,000
Debt instrument, unamortized premium	1,360		1,465
6.25% Senior Notes [Member]
Debt Instrument [Line Items]
Long term debt	650,000		0
Other Long Term Debt [Member]
Debt Instrument [Line Items]
Long term debt	$ 4,425		$ 4,425

Debt Debt (Interest and Commitm

Debt Debt (Interest and Commitment Fee Rates) (Details)	6 Months Ended
	Jun. 30, 2015
Less than 25 percent [Member]
Interest and Commitment Fee Rates [Line Items]
Margin for base rate loans	0.50%
Margin for eurodollar loans	1.50%
Line of Credit Facility, Commitment Fee Percentage	0.375%
Greater than or equal to 25 percent but less than 50 percent [Member]
Interest and Commitment Fee Rates [Line Items]
Margin for base rate loans	0.75%
Margin for eurodollar loans	1.75%
Line of Credit Facility, Commitment Fee Percentage	0.375%
Greater than or equal to 50 percent but less than 75 percent [Member]
Interest and Commitment Fee Rates [Line Items]
Margin for base rate loans	1.00%
Margin for eurodollar loans	2.00%
Line of Credit Facility, Commitment Fee Percentage	0.50%
Greater than or equal to 75 percent but less than 90 percent [Member]
Interest and Commitment Fee Rates [Line Items]
Margin for base rate loans	1.25%
Margin for eurodollar loans	2.25%
Line of Credit Facility, Commitment Fee Percentage	0.50%
Greater than or equal to 90 percent [Member]
Interest and Commitment Fee Rates [Line Items]
Margin for base rate loans	1.50%
Margin for eurodollar loans	2.50%
Line of Credit Facility, Commitment Fee Percentage	0.50%

Shareholders' Equity Sharehol37

Shareholders' Equity Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Mar. 20, 2015	Dec. 31, 2014
Shareholders' Equity [Abstract]
Common stock offerings, shares		5,200,000
Shares Issued, Price Per Share			$ 44.75
Proceeds from common stock offerings, net of offering costs		$ 231,316
Issuance of warrants to purchase common stock				118,200
Investment Warrants, Exercise Price	$ 22.09
Conversion of Stock, Shares Issued	71,913

Shareholders' Equity Sharehol38

Shareholders' Equity Shareholders' Equity (Schedule of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost	$ 6,461	$ 19,659	$ 17,885	$ 33,830
Less: amounts capitalized	1,518	2,681	3,089	4,691
Allocated Share-based Compensation Expense	4,943	16,978	14,796	29,139
Income tax benefit	1,731	5,943	5,179	10,199
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	(49)	11,116	5,891	19,572
Restricted Stock Awards And Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost	6,014	8,224	11,229	13,925
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 496	$ 319	$ 765	$ 333

Earnings Per Share Earnings P39

Earnings Per Share Earnings Per Share (Narrative) (Details) - Jun. 30, 2015 - shares	Total	Total
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	661,960	736,703

Earnings Per Share Earnings P40

Earnings Per Share Earnings Per Share (Schedule of Supplemental Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ (46,970)	$ 3,214	$ (68,446)	$ 9,835
Basic weighted average common shares outstanding	51,225	45,213	48,827	45,109
Effect of dilutive instruments	0	945	0	879
Diluted weighted average common shares outstanding	51,225	46,158	48,827	45,988
Income (Loss) from Continuing Operations Per Common Share
Income (loss) from continuing operations - basic (in dollars per share)	$ (0.92)	$ 0.07	$ (1.40)	$ 0.22
Income (loss) from continuing operations - diluted (in dollars per share)	$ (0.92)	$ 0.07	$ (1.40)	$ 0.21

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)bbl / d$ / bbls	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)bbl / d$ / bbls	Jun. 30, 2014USD ($)	Feb. 11, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Maximum Length of Time Hedged in Cash Flow Hedge	36 months
Derivative Asset, Fair Value	$ 134,400		$ 134,400			$ 214,800
(Gain) loss on derivatives, net	12,595	$ 39,950	(13,844)	$ 60,630
Value of Offsetting Derivative Transactions	126,400		126,400		$ 166,400
Gain Recognized on Offsetting Derivative Transaction	$ 40,000		40,000
Value of Offsetting Derivative Transactions Current Asset			106,500
Value of Offsetting Derivative Transactions Non-Current Asset			19,900
Unrealized gain on derivatives			$ 8,400
2015 [Member] | Crude Oil [Member] | Collars [Member]
Derivative [Line Items]
Volumes (in Bbls/d) | bbl / d	16,200		16,200
Weighted Average Floor Price ($/Bbls) | $ / bbls	50		50
Weighted Average Ceiling Price ($/Bbls) | $ / bbls	67.34		67.34
2016 [Member] | Crude Oil [Member] | Collars [Member]
Derivative [Line Items]
Volumes (in Bbls/d) | bbl / d	5,490		5,490
Weighted Average Floor Price ($/Bbls) | $ / bbls	50.96		50.96
Weighted Average Ceiling Price ($/Bbls) | $ / bbls	74.73		74.73

Derivative Instruments (Schedul

Derivative Instruments (Schedule of Concentration Risk Percentage) (Details) - Derivative Credit Risk [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Concentration Risk [Line Items]
Concentration Risk, Percentage	100.00%	100.00%
Wells Fargo [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	57.00%	37.00%
Societe Generale [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.00%	26.00%
Regions [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%	8.00%
Union Bank [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	5.00%	4.00%
Credit Suisse [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	0.00%	24.00%
Royal Bank of Canada [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	1.00%	1.00%

Derivative Instruments (Sched43

Derivative Instruments (Schedule Of Crude Oil Derivative Positions) (Details) - Jun. 30, 2015 - Collars [Member] - Crude Oil [Member]	bbl / d$ / bbls
2015 [Member]
Derivative [Line Items]
Volumes (in Bbls/d) | bbl / d	16,200
Weighted Average Floor Price ($/Bbls)	50
Weighted Average Ceiling Price ($/Bbls)	67.34
2016 [Member]
Derivative [Line Items]
Volumes (in Bbls/d) | bbl / d	5,490
Weighted Average Floor Price ($/Bbls)	50.96
Weighted Average Ceiling Price ($/Bbls)	74.73

Derivative Instruments (Sched44

Derivative Instruments (Schedule Of Natural Gas Derivative Positions) (Details) - Jun. 30, 2015 - Swaps [Member] - Natural Gas Derivative Positions [Member] - 2015 [Member]	MMBTU / d$ / MMBTU
Derivative [Line Items]
Volume (in MMBtu/d)	30,000
Weighted Average Floor Price ($/MMBtu) | $ / MMBTU	4.29

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Derivative Asset, Fair Value, Net [Abstract]
Derivative Current Asset, Fair Value	$ 134,400,000	$ 214,800,000
Derivative, Fair Value, Net [Abstract]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	0		$ 0
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Derivative, Fair Value, Net [Abstract]
Derivative Asset, Fair Value, Gross Asset (Liability)	134,235,000	214,585,000
Derivative Asset (Liability), Fair Value, Gross Liability (Asset)	0	0
Derivative, Fair Value, Gross Amount Not Offset Against Collateral, Net	134,235,000	214,585,000
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member]
Derivative Asset, Fair Value, Net [Abstract]
Derivative Current Asset, Fair Value, Gross Asset	123,669,000	183,625,000
Derivative Current Asset, Fair Value, Gross Liability	(9,487,000)	(12,524,000)
Derivative Current Asset, Fair Value	114,182,000	171,101,000
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member]
Derivative Asset, Fair Value, Net [Abstract]
Derivative Current Asset, Fair Value, Gross Asset	20,289,000	44,725,000
Derivative Current Asset, Fair Value, Gross Liability	(118,000)	(1,041,000)
Derivative Current Asset, Fair Value	20,171,000	43,684,000
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Liabilities Current [Member]
Derivative Liability, Fair Value, Net [Abstract]
Derivative Liability, Fair Value, Gross Liability	(9,605,000)	(12,707,000)
Derivative Liability, Fair Value, Gross Asset	9,487,000	12,524,000
Derivative Liability	(118,000)	(183,000)
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member]
Derivative Liability, Fair Value, Net [Abstract]
Derivative Liability, Fair Value, Gross Liability	(118,000)	(1,058,000)
Derivative Liability, Fair Value, Gross Asset	118,000	1,041,000
Derivative Liability	$ 0	$ (17,000)

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Carrying Value and Estimated Fair Value of Debt Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Apr. 14, 2015	Dec. 31, 2014
8.625% Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	$ 0	$ 600,000	$ 600,000
8.625% Senior Notes [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	0		596,555
8.625% Senior Notes [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	0		597,000
Seven Point Five Percent Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	600,000		600,000
Seven Point Five Percent Senior Notes [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	601,360		601,466
Seven Point Five Percent Senior Notes [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	630,000		573,000
6.25% Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	650,000		0
6.25% Senior Notes [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	650,000		0
6.25% Senior Notes [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	648,375		0
Other Long Term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	4,425		4,425
Other Long Term Debt [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	4,425		4,425
Other Long Term Debt [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	4,204		4,071
Deferred Purchase Payment [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	0		148,900
Deferred Purchase Payment [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt	$ 0		$ 148,558

Condensed Consolidating Finan47

Condensed Consolidating Financial Information (Narrative) (Details)	Jun. 30, 2015
Condensed Consolidating Financial Information [Abstract]
Voting interest of the subsidiary owned by the registrant	100.00%

Condensed Consolidating Finan48

Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Condensed Balance Sheet Statements, Captions [Line Items]
Total current assets	$ 201,464	$ 278,621
Total property and equipment, net	2,824,445	2,629,253
Investment in subsidiaries	0	0
Other assets	51,841	73,602
Total Assets	3,077,750	2,981,476
Current liabilities	341,066	424,304
Long-term liabilities	1,456,671	1,453,731
Total shareholders’ equity	1,280,013	1,103,441
Total Liabilities and Shareholders’ Equity	3,077,750	2,981,476
Eliminations [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Total current assets	(2,281,833)	(2,346,986)
Total property and equipment, net	31,821	26,672
Investment in subsidiaries	(240,306)	(233,173)
Other assets	(90,521)	(67,172)
Total Assets	(2,580,839)	(2,620,659)
Current liabilities	(2,284,846)	(2,346,986)
Long-term liabilities	(69,492)	(50,415)
Total shareholders’ equity	(226,501)	(223,258)
Total Liabilities and Shareholders’ Equity	(2,580,839)	(2,620,659)
Parent Company [Member] | Reportable Legal Entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Total current assets	2,404,178	2,380,445
Total property and equipment, net	31,995	613
Investment in subsidiaries	240,306	233,173
Other assets	142,362	140,774
Total Assets	2,818,841	2,755,005
Current liabilities	173,022	296,686
Long-term liabilities	1,379,611	1,364,793
Total shareholders’ equity	1,266,208	1,093,526
Total Liabilities and Shareholders’ Equity	2,818,841	2,755,005
Combined Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Total current assets	79,119	245,051
Total property and equipment, net	2,757,601	2,562,029
Investment in subsidiaries	0	0
Other assets	0	0
Total Assets	2,836,720	2,807,080
Current liabilities	2,449,862	2,434,649
Long-term liabilities	146,552	139,353
Total shareholders’ equity	240,306	233,078
Total Liabilities and Shareholders’ Equity	2,836,720	2,807,080
Combined Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Total current assets	0	111
Total property and equipment, net	3,028	39,939
Investment in subsidiaries	0	0
Other assets	0	0
Total Assets	3,028	40,050
Current liabilities	3,028	39,955
Long-term liabilities	0	0
Total shareholders’ equity	0	95
Total Liabilities and Shareholders’ Equity	$ 3,028	$ 40,050

Condensed Consolidating Finan49

Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Income Statements, Captions [Line Items]
Total revenues	$ 123,494	$ 193,475	$ 223,544	$ 350,687
Total costs and expenses	196,567	188,188	329,531	334,846
Income (loss) from continuing operations before income taxes	(73,073)	5,287	(105,987)	15,841
Income tax (expense) benefit	26,103	(2,073)	37,541	(6,006)
Equity (deficit) in income of subsidiaries	0	0	0	0
Income (loss) from continuing operations	(46,970)	3,214	(68,446)	9,835
Income (loss) from discontinued operations, net of income taxes	838	(895)	1,104	(1,540)
Net Income (loss)	(46,132)	2,319	(67,342)	8,295
Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Total revenues	0	0	0	0
Total costs and expenses	(6,469)	1,011	(5,301)	2,209
Income (loss) from continuing operations before income taxes	6,469	(1,011)	5,301	(2,209)
Income tax (expense) benefit	(1,737)	400	(1,410)	312
Equity (deficit) in income of subsidiaries	(10,817)	(53,800)	(7,132)	(96,797)
Income (loss) from continuing operations	(6,085)	(54,411)	(3,241)	(98,694)
Income (loss) from discontinued operations, net of income taxes	0	0	0	0
Net Income (loss)	(6,085)	(54,411)	(3,241)	(98,694)
Parent Company [Member] | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Total revenues	660	1,206	1,250	2,772
Total costs and expenses	96,843	78,089	123,511	133,640
Income (loss) from continuing operations before income taxes	(96,183)	(76,883)	(122,261)	(130,868)
Income tax (expense) benefit	33,664	26,908	42,792	45,803
Equity (deficit) in income of subsidiaries	10,817	53,800	7,132	96,797
Income (loss) from continuing operations	(51,702)	3,825	(72,337)	11,732
Income (loss) from discontinued operations, net of income taxes	838	(895)	1,104	(1,540)
Net Income (loss)	(50,864)	2,930	(71,233)	10,192
Combined Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Total revenues	122,891	192,269	222,294	347,915
Total costs and expenses	106,409	109,088	211,321	198,997
Income (loss) from continuing operations before income taxes	16,482	83,181	10,973	148,918
Income tax (expense) benefit	(5,769)	(29,381)	(3,841)	(52,121)
Equity (deficit) in income of subsidiaries	0	0	0	0
Income (loss) from continuing operations	10,713	53,800	7,132	96,797
Income (loss) from discontinued operations, net of income taxes	0	0	0	0
Net Income (loss)	10,713	53,800	7,132	96,797
Combined Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Total revenues	(57)	0	0	0
Total costs and expenses	(216)	0	0	0
Income (loss) from continuing operations before income taxes	159	0	0	0
Income tax (expense) benefit	(55)	0	0	0
Equity (deficit) in income of subsidiaries	0	0	0	0
Income (loss) from continuing operations	104	0	0	0
Income (loss) from discontinued operations, net of income taxes	0	0	0	0
Net Income (loss)	$ 104	$ 0	$ 0	$ 0

Condensed Consolidating Finan50

Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities - continuing operations	$ 165,652	$ 195,646
Net cash used in investing activities - continuing operations	(382,567)	(465,039)
Net cash provided by (used in) financing activities - continuing operations	210,238	126,158
Net cash provided by (used in) discontinued operations	(2,157)	(5,582)
Net Decrease in Cash and Cash Equivalents	(8,834)	(148,817)
Cash and Cash Equivalents, Beginning of Period	10,838	157,439
Cash and Cash Equivalents, End of Period	2,004	8,622
Eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities - continuing operations	0	0
Net cash used in investing activities - continuing operations	297,646	167,235
Net cash provided by (used in) financing activities - continuing operations	(297,646)	(167,235)
Net cash provided by (used in) discontinued operations	0	0
Net 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
Parent Company [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities - continuing operations	(29,397)	(122,961)
Net cash used in investing activities - continuing operations	(337,518)	(146,432)
Net cash provided by (used in) financing activities - continuing operations	360,238	126,158
Net cash provided by (used in) discontinued operations	(2,157)	(5,582)
Net Decrease in Cash and Cash Equivalents	(8,834)	(148,817)
Cash and Cash Equivalents, Beginning of Period	10,838	157,439
Cash and Cash Equivalents, End of Period	2,004	8,622
Combined Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities - continuing operations	195,049	318,607
Net cash used in investing activities - continuing operations	(342,695)	(464,288)
Net cash provided by (used in) financing activities - continuing operations	147,646	145,681
Net cash provided by (used in) discontinued operations	0	0
Net 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
Combined Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities - continuing operations	0	0
Net cash used in investing activities - continuing operations	0	(21,554)
Net cash provided by (used in) financing activities - continuing operations	0	21,554
Net cash provided by (used in) discontinued operations	0	0
Net 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