Economics : Break-Even

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OIL BREAKEVENS BY SHALE PLAY IN NORTH AMERICA 50 Breakeven Oil Price (/BBL) 40 30 20 10 - Midland Basin considered the top oil shale play in North America with a breakeven oil price of 24/BBL Source: Citi Research Report (9/13/2017) Breakeven oil price assumes 3/MMBtu flat gas price 8
Pioneer Natural Resources Co.
December 2017

Deep Inventory of High Rate-of-Return Drilling Locations Inventory by Area Inventory by IRR ( 45/Bbl NYMEX) Area IRR Arnold Winfield 7% 75% 19% Brown Trust 7% 50%-75% 35% Gardendale 2% Irvin 30%-50% 34% 11% NE LaSalle 2% <30% 12% Eagle Ford Core North LaSalle 16% Eagle Ford Tier 1 Delaware Basin Pena Jasik 6% Returns by Area RPG 11% IRR Breakeven Area Mumme 2% 45 oil NPV Gardendale 75% 27.50 Mumme East 1% Pena Jasik 75% 30.75 Brown Trust 75% 35.75 Pierce 3% RPG 75% 30.25 SE Cotulla 5% Arnold Winfield 50-75% 33.75 Irvin 50-75% 32.75 E Delaware WCA 7% Western Wolfcamp A 50-75% 23.75 Eastern Wolfcamp A 50-75% 27.00 E Delaware WCB 15% N LaSalle 30-50% 31.50 W Delaware WCA 3% NE LaSalle 30-50% 36.00 Eastern Wolfcamp B 30-50% 32.00 Note: Locations reflect de-risked inventory assumptions only. IRRs assume 3/Mcf NYMEX gas price. 6 CRZO
Carrizo Oil & Gas Inc.
November 2017

Robust Reserves & resources Deep water unit development costs development Billion boe per boe potential -45% COG operated unit development costs per boe Conventional Deep water Shales oil & gas -45% Discovered resources Reserves (SEC proved) (2P+2C development pending) Significant discovered resources pending development Shales break-even price (Permian example) Project costs down dramatically with room for further per barrel reduction 40 Competitive project funnel to develop 20 0 0 1300 2600 Net risked well count <40 40-50 Royal Dutch Shell November 28-29, 2017 54
Royal Dutch Shell
November 2017

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