Economics : Break-Even

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Eagle Ford Shale Well Economics Summary Type Curve Core 700 210 Total Well Cost 4.5 MM 600 180 Frac Stages 33 Lateral Length 6,600 ft. 500 150 Gross 502 Mboe Cumulative Oil, MBO 400 120 EUR Oil Only 382 Mbo Oil, BOPD Net 376 Mboe 300 90 F&D Cost 11.90 / Boe 200 60 IRR 100% 60 Oil NPV 5.0 MM 100 30 IRR IRR 79% & 55 Oil NPV (1) NPV 4.1 MM 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 IRR 58% Producing Months 50 Oil NPV 3.2 MM Daily Oil Cumulative Oil NYMEX NPV10 Breakeven 32.00 (1) Economics based on NYMEX prices and include 1.00/Bbl deduct for oil, 3.00/Mcf NYMEX gas price, NGL pricing 35% of NYMEX oil price. (2) Total well cost includes 200K for allocated infrastructure. 26 CRZO
Carrizo Oil & Gas Inc.
May 2018

Eagle Ford: Our Position Leads Competitors on Key Metrics Lowest Cost of Supply Highest Oil Rates per Well Highest NPV per Acre 70 120 60 Gross Operated Oil Production per Well (BPD) Average Breakeven Price (/BBL Brent) 60 100 50 50 NPV10 per Acre (M) 80 40 40 60 30 30 40 20 20 20 10 10 0 0 0 Source: Wood Mackenzie Global Economic Model (Aug. 2017) Source: Texas Railroad Commission, 2017 Source: Rystad NasCube (Aug 2017) Competitors1 1 Operators with 100 M acres. UNCONVENTIONAL CONVENTIONAL LNG & OIL SANDS 65
ConocoPhillips
May 2018

Growing Onshore Production While Increasing Low Break-Even Locations Net Production, MBOEPD 100 1,800 Eagle Ford Shale 90 1,600 1,000 Economic Locations* Below 40 WTI 80 1,400 Production, MBOEPD 70 1,200 CAPEX, MM More than 500 Remaining Catarina Locations 60 1,000 50 800 5.3 MM Well Cost 40 600 30 20 400 Kaybob Duvernay 10 200 255 Economic Locations* Below 40 WTI at 0 2012 2015 2013 2016 2014 2017 2018 2019 2020 2021 2022 0 Current Well Cost Eagle Ford Shale Kaybob/Placid CAPEX Multi-Year Plan Assumes WTI 52/BBL & HH 3.00/MCF, Escalated at 5% Targeting Drilling & Completion Cost 6.5 MM 140 Eagle Ford Shale vs Kaybob Duvernay 2017 Well Performance 1,150 Economic Locations* Below 40 WTI at 120 Cumulative Production, MBOE Targeted Well Cost 100 80 60 40 20 0 0 10 20 30 30 40 40 50 50 60 60 70 70 80 80 90 90 100 100 DaysononProduction Days Production *Economic Location Generates 10% IRR Karnes 2017 Avg Karnes 2017 Catarina Avg Catarina 2016-2017 Avg 2016-2017 Duvernay Avg 2017 Wells MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 34
Murphy Oil Corp
May 2018

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