Carrizo Jumps Most in 7 Weeks on Production Boost
Carrizo Oil & Gas Inc. (CRZO), the oil and natural gas producer that has more than tripled output in the past five years, jumped the most in more than seven weeks after raising 2013 production targets.
Carrizo gained 6.5 percent to $27.87 at 11:06 a.m. in New York, the most intraday since April 24.
Results in Texas’ Eagle Ford shale have been “exceeding management’s expectations,” the Houston-based company said in a press release today. Carrizo raised its 2013 production growth target from 28 percent to 40 percent, and forecast second-quarter oil output will reach as much as 11,200 barrels a day, up from a prior estimate of as much as 10,000.
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