Putting All the Right Pieces Together Wells Fargo 4th Annual Exploration & Production Forum Carrizo Oil & Gas, Inc. March 6, 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…
2012 Results Operational Highlights Achieved Company records: Oil production 7,820 BOPD average up 256% versus 2011 Total production 25,781 BOEPD average up 26% versus 2011 Operated Wells drilled and fracd Drilled 120 gross wells…
2012 Results Financial Highlights Achieved Company records: Revenue 368 MM an increase of 82% versus 2011 EBITDA 319 MM an increase of 85% versus 2011 Year-end SEC proved NPV10 1.4 B increase of 64% versus YE 2011* Exited 2012…
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 12/31/2012 SEC NPV10 (Million) Eagle Ford 1,172…
Oil Strategy Production On Track 10,000 60.00 Net Carrizo Oil Production 9,039 9,000* 9,000 8,652 55.00 Cash Flow/Boe of Production 8,000 7,616 50.00 7,000 45.00 Cash Flow/Boe Production Oil Production (Bopd) 5,947…
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 Total Reserves Total PV10 probable reserves and associated NPV10 as 450 4.5 of 12/31/12 based on strip pricing 400 4.0 Current…
Highlights of 2013 Plan 3 drilling rig program in Eagle Ford Grow oil production by 28% 2 drilling rig program in Niobrara (partner carry) Drilling CAPEX of 500 MM Drill required lease management wells in Marcellus Sequentially…
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 160 ensure acreage positions 140 held in all plays 120 2013 CAPEX CAPEX, MM 100 Increased capital…
2013 Capital Program 1Q Detailed Forecast Q1 2013 Capital Program, Million Drill and Facilities/ Eagle Ford Q1 & Q2 spending Case Complete Other Total has larger infrastructure Eagle Ford 25.2 51.9 12.8 89.9 component than 2H 2013 -…
Sustainable Growth Project Development Summary* Addl Effective Well YE 2012 YE 2012 YE 2012 Net Net Probable Lateral Lateral Spacing YE 2012 Probable Proved Probable Drillable PD PUD Net Length Spacing (Acres/ Proved Reserves NPV10…
Eagle Ford Shale Driving Our Business 2010-2012 Fully delineated acreage position RPG Built 10-year drilling inventory (3 rigs) North Demonstrated superior Pena- LaSalle economics improving Winfield with longer lateral length…
Eagle Ford Shale Type Curves 700 175 New activity driven type curve 650 approach 600 150 2010 2012 appraisal drilling has 550 allowed the creation of several 500 125 area specific type curves across 450 Cum. Prod, Mbo…
Eagle Ford Shale Typical 2013 Well Summary 2012 Net Sales Revenue by Product 2013 Prior Total well cost 9.0 MM 7.0 MM 95% Frac Stages 27.5 20 Oil 3% Reserves Gross 540 Mboe 400 Mboe 2% Gas (Avg.. GOR= 2,100) (400 Mbo) (320 Mbo) NGL…
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 41 gross/18.7 net…
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 (1) 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 28,000 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 14,000…
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 25
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, 2012 to account for Barnett Atlas sale 365 MM borrowing base with interest rate of LIBOR + 2.75% Consortium of 10 banks led by Wells…
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…
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