Putting All the Right Pieces Together Credit Suisse 4th Annual Small/Mid Cap Conference Carrizo Oil & Gas, Inc. September 17-18, 2013
Strategy Sustainable Growth Continued emphasis on development of premier liquids plays Disciplined use of financial resources Prudently manage asset portfolio Preserve natural gas optionality Evaluate emerging growth area…
Q2 2013 Summary of Key Results Achieved Company records: Production 11,747 Bopd; +54% versus 2Q 2012 Revenue 137 MM; +49% versus 2Q 2012 EBITDA 103 MM; +48% versus 2Q 2012 Drilling and completion CAPEX of 133.2 MM; under…
Portfolio of Assets Niobrara 40,800 net acres 2 MMBOE Proved Utica 15,500 net acres Marcellus 49,200 net acres 13 MMBOE Proved Barnett 9,000 net acres 51 MMBOE Proved 3/31/2013 SEC NPV10 Under sales agreement (Million)…
Oil Strategy Production On Track 13,000 75.00 11,747 12,000* 12,000 Net Carrizo Oil Production 70.00 11,000 Cash Flow/Boe of Production 65.00 10,000 9,311 60.00 9,033 Cash Flow/Boe Production 9,000 55.00 8,294 Oil…
Oil Strategy Revenue and EBITDA Our increased focus on oil has resulted in significant revenue and EBITDA growth since the beginning of 2011, despite multiple asset divestitures Quarterly Revenue by Commodity 1 Quarterly EBITDA (…
Targeting Growth Opportunities Proved and Probable Reserves & Valuation SEC proved and company-estimated probable reserves and associated NPV10 as of 12/31/12 Total Reserves Total PV10 450 5.0 based on strip pricing 4/1/13 Current…
Highlights of 2013 Plan 3 drilling rig program in Eagle Ford Grow oil production by 45% Test 500 ft. lateral spacing in Drilling CAPEX of 530 Eagle Ford 540 MM 2 drilling rig program in Sequentially grow quarterly Niobrara…
2013 Capital Program Million 2013 % Continued focus on oily plays 2012 Est. Change Accounts for 28 MM partner carry Eagle Ford 402 380 -5 received in Niobrara and 23 MM carry paid Marcellus 79 70 -11 out in Eagle Ford Maintains gas…
2013 Capital Program Progress on Spending.. Drilling & Completion CAPEX, Million 2012 CAPEX 180 Spending accelerated to 160 ensure acreage positions 140 held in all plays 120 2013 CAPEX CAPEX, MM 100 Increased capital…
Sustainable Growth Project Development Summary(1) Undrilled Well Details (PUD & Probable) Net Net Additional Effective Well Proved Proved Net Total Lateral Spacing Spacing Net Drillable Developed Undeveloped Probable Undrilled…
Eagle Ford Shale Driving Our Business 2010-2012 Fully delineated acreage position RPG Built 10-year drilling inventory (3 rigs) North LaSalle Demonstrated superior Irvin economics improving Pena- Winfield with longer lateral…
Eagle Ford Shale Type Curves 700 175 650 Activity driven type curve approach 600 150 2010 2013 drilling has 550 allowed the creation of 500 125 several area specific oil 450 type curves across Carrizos acreage position…
Eagle Ford Shale Well Economic Summary Prior Type Current Type Curve Curve Q2 2013 Net Sales Revenue by Product Total well cost 7.0 MM 8.0 Frac Stages 20 23.3 96% Lateral Length 4,800 ft. 5,600 2% Oil Reserves Gross 400 Mboe 495…
Niobrara Northeast Colorado Activity Map 2010-2012 Focus Delineate/hold acreage position 28,000 net acres within OIP cut-off Optimize drilling & completion techniques Streamline regulatory process Current Operated 70 gross/26.2…
Niobrara Economics Type Curve Total well cost 3.6 MM 800 80 Reserves Gross 235 Mboe 700 70 (Avg. GOR=1,500) (185 Mbo) 600 60 Cum Oil (Mbo) Oil Rate (Bopd) Net 188 Mboe 500 50 F&D Cost 19.2 / Boe 400 40 IRR* 100 NYMEX 56%…
Marcellus Shale Project NE Pennsylvania Giangrieco/Trecoske 2010-2012 Focus Baker Delineate/hold acreage position Frystak Optimize drilling & completion techniques Implement water management strategy Address midstream issues…
Marcellus Shale NE PA Economics Superior dry gas economics Wells performing at or above Type Curve 9,000 3.6 expectations 8,000 3.2 7,000 2.8 Total well cost 6.8 MM Gas Rate (Mcfd) Cum. Gas (Bcf) 6,000 2.4 Gross…
Utica Shale 1,000 BCPD Focus Area 31,000 acres in JV with Avista Capital in southern area of play; Carrizo is operator Net ownership now 15,500 acres; actively buying additional acres in southern area as part of second JV option…
Summary High quality, oil-weighted asset base in premier domestic resource plays Pro forma for Barnett sale, crude oil accounts for 55% of reserves and production Clear focus on sustainable growth in key areas: High margin oil…
Eagle Ford Completion 22
Appendix 23
CARRIZO PRODUCTION AND COST ITEMS TRAILING 4 QUARTER ACTUALS Q3 2013 GUIDANCE ACTUAL GUIDANCE 3RD QUARTER 4TH QUARTER 1ST QUARTER 2ND QUARTER Q3 2013 1 2012 2012 2013 2013 Production Volumes: Crude Oil (Bbls/d) 8,652 9,033 9,311…
Reserve Growth, Production Growth and Reserve Replacement 12/31 Proved Reserves (Mboe) Average Daily Production (Boe/d) 160.0 30,000 140.0 25,000 120.0 20,000 100.0 80.0 15,000 60.0 10,000 40.0 5,000 20.0 - - 2003 2004 2005…
Financial Position Revolving Credit Facility (due 2016) Facility revised May 1, 2013 530 MM borrowing base with interest rate of LIBOR + 2.75% 28 MM drawn at end of Q2 Consortium of 12 banks led by Wells Fargo Restrictive covenant:…
Hedge Position Volume Daily Volume Avg. Floor Avg. Ceiling Avg. Short Put Basis % of Q3 Gas Period Type of Contract (MMBtu) (MMBtu/d) Price Price Put Price Spread Differential Forecast1 Q3 2013 Total Volume 5,060,000 55,000 55.0%…
Carrizo Joint Ventures Carrizo Has Significant Experience in the Formation of Joint Ventures Joint Venture with Lanzhou Haimo Technologies Co. in the Niobrara Formation, October 2012 Sold 10% (6,000 net acres) including 24 producing…
Barnett Shale Overview of Carrizos Position 9,000 net acres in the Barnett core in SE Tarrant where development economics are among best in industry YE 2012 total proved reserves of 305 Bcfe Low-risk probable inventory represents…
Eagle Ford Shale API Gravity Zavala Frio Atascosa McMullen Dimmit LaSalle Webb Source: DrillingInfo initial completion reports 30
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