Putting All the Right Pieces Together Robert W. Baird Growth Conference Carrizo Oil & Gas, Inc. May 8, 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…
Q1 2013 Summary of Key Results Achieved Company records: Production 9,311 Bopd an increase of 57% versus 1Q 2012 Revenue 112 MM an increase of 39% versus 1Q 2012 EBITDA 93 MM an increase of 33% versus 1Q 2012 Operated drilling…
Portfolio of Assets Niobrara 35,000 net acres 2 MMBOE Proved Utica 14,000 net acres Marcellus 80,500 net acres 13 MMBOE Proved Barnett 9,000 net acres 51 MMBOE Proved 3/31/2013 SEC NPV10 (Million) Eagle Ford 1,205…
Oil Strategy Production On Track 11,000 60.00 10,000 Net Carrizo Oil Production 9,800* 9,311 55.00 Cash Flow/Boe of Production 9,033 9,000 8,652 50.00 8,000 7,616 45.00 Cash Flow/Boe Production 7,000 Oil Production…
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 28% Test 500 ft. lateral spacing in Eagle Ford Drilling CAPEX of 500 MM 2 drilling rig program in Niobrara (partner carry) Sequentially grow…
2013 Capital Program Million 2013 % Continued focus on oily plays 2012 Est. Change Accounts for 28 MM partner carry Eagle Ford 402 385 -4 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 ensure acreage positions 160 held in all plays 140 2013 CAPEX 120 Increased capital flexibility CAPEX,…
2013 Capital Program 1Q Detailed Forecast Q2 2013 Drilling and Completion CAPEX, Million Drill and Facilities/ Eagle Ford Q1 & Q2 Case Complete Other Total spending has larger Eagle Ford 26.0 53.3 9.2 88.6 infrastructure component…
Sustainable Growth Project Development Summary(1) Undrilled Well Details (PUD & Probable) Net Net Additional Effective Well Drillable Proved Proved Net Total Lateral Spacing Spacing Net Net 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 Demonstrated superior LaSalle economics improving Pena- Irvin Winfield with longer lateral…
Eagle Ford Shale Type Curves 700 175 Activity driven type curve approach 650 600 150 2010 2012 appraisal drilling 550 has allowed the creation of 500 125 several area specific oil type 450 curves across Carrizos acreage…
Eagle Ford Shale Well Economic Summary Prior Type 2013 All Future Curve Program Undrilled Q1 2013 Net Sales Revenue by Product Total well cost 7.0 MM 9.0 8.0 Frac Stages 20 27.5 23.3 95% Lateral Length 4,800 ft. 6,600 5,600 3% Oil…
Niobrara North-east 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 49 gross/20.0…
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) Net 188 Mboe Oil Rate (Bopd) 500 50 F&D Cost 19.2 / Boe 400 40 IRR* 100…
Marcellus Shale Project NE Pennsylvania Giangrieco/Trecoske Baker 2010-2012 Focus 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 Additional upside on Sullivan County 7,000 2.8 leasehold Gas Rate (Mcfd) Cum. Gas…
Utica Shale Area of Activity 29,000 acres in JV with Avista Capital in southern area of play; Carrizo is operator Carrizo has exercised its option to raise ownership to 50% of total acreage purchased Net ownership now 14,500…
Summary High quality asset base in premier domestic resource plays Clear focus on sustainable growth in key areas: High margin oil production Key financial metrics Balanced approach with significant flexibility in capital…
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Appendix 24
CARRIZO PRODUCTION AND COST ITEMS 2012 ACTUALS Q1 2013 GUIDANCE ACTUAL GUIDANCE 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Q1 2013 1 2012 2012 2012 2012 Production Volumes: Crude Oil (Bbls/d) 5,945 7,618 8,652 9,033 8,800 -…
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…
Current Financial Position Revolving Credit Facility (due 2016) - UNDRAWN Facility revised May 1, 2013 530 MM borrowing base with interest rate of LIBOR + 2.75% Consortium of 10 banks led by Wells Fargo Restrictive covenant: Debt <…
Hedge Position Volume Daily Volume Avg.. Floor Avg.. Ceiling Avg.. Short Put Basis % of Q1 Gas Period Type of Contract (MMBtu) (MMBtu/d) Price Price Put Price Spread Differential Forecast* Q1 2013 Total Volume 4,500,000 50,000…
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 remaining 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…
Eagle Ford Shale API Gravity Zavala Frio Atascosa McMullen Dimmit LaSalle Webb Source: DrillingInfo initial completion reports 31
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