Revenue during the quarter surged 44.67 percent to $143.83 million from $99.42 million in the previous year period. Gross margin for the quarter expanded 366 basis points over the previous year period to 80.78 percent.

Operating income for the quarter was $39.07 million, compared with an operating loss of $419.48 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $118.12 million compared with $112.12 million in the prior year period.

S.P. “Chip” Johnson, IV, Carrizo’s president and chief executive officer, commented on the results, "We finished 2016 with another strong quarter operationally, with production again exceeding our forecast. During the commodity price downturn of the last couple of years our primary focus was on managing our balance sheet, while remaining in a strong operational position that would allow us to quickly re-accelerate production growth as prices improved. And I believe our team did a great job on both fronts. As a result, we recently elected to add a third full-time rig to our Eagle Ford Shale properties, which should drive a crude oil production growth rate for 2017 that is approximately twice the rate we grew last year."

The company has spent $619.83 million cash to meet investing activities during the year as against cash outgo of $676.05 million in the last year. It has incurred net capital expenditure of $618.89 million on net basis during the year, down 7.59 percent or $50.84 million from year ago.

Cash flow from financing activities was $308.34 million for the year, down 6.78 percent or $22.43 million, when compared with the last year.

Cash and cash equivalents stood at $4.19 million as on Dec. 31, 2016, down 90.23 percent or $38.72 million from $42.92 million on Dec. 31, 2015.

Working capital remains negative
Working capital of Carrizo Oil & Gas, Inc was negative $138.97 million on Dec. 31, 2016 compared with negative $53.30 million on Dec. 31, 2015. Current ratio was at 0.34 as on Dec. 31, 2016, down from 0.81 on Dec. 31, 2015.