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Carrizo Oil & Gas (CRZO) Sylvester P. Johnson on Q3 2015 Results - Earnings Call Transcript


Ladies and gentlemen, thank you for standing by. Welcome to the Carrizo Oil & Gas Third Quarter 2015 Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. As a reminder, this conference is being recorded, Wednesday, November 4, 2015.

I would now like to turn the conference over to Chip Johnson, President and CEO. Please go ahead, sir.

Sylvester P. Johnson - President, Chief Executive Officer & Director

Thank you, moderator, and thank you all for calling in for the third quarter earnings call. Our management team is pleased to report another outstanding quarter for the company. Our net oil production of 23,573 BOPD was up 6% sequentially and represents a record level of oil production for the company. Our team has also done an outstanding job with our expense reduction initiatives such as our saltwater disposal program, which started to bear fruit during the third quarter. And we expect to see results from some of the other expense reduction initiatives this quarter and in 2016, which should further enhance our margins.

We've also recently taken a number of steps to...