Carrizo Oil & Gas (CRZO) is fully participating in rising oil prices as its hedges won't start limiting its upside until oil prices get around $10 higher. As well, with the majority of its oil production coming from the Eagle Ford, the impact of volatile Midland Basin differentials is limited. Carrizo claims excellent well-level economics at current strip prices and looks set to generate approximately $120 million in positive cash flow in 2019 at current strip prices. This will help it pay down some of its credit facility and may reduce its leverage below 2.0x