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Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Dec 5, 2012 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 1
    Nasdaq: CRZO Wells Fargo Securities 11th Annual Pipeline, MLP and Energy Symposium Carrizo Oil & Gas, Inc. December 5, 2012
  2. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 2
    Operating Areas Net Acreage Summary Eagle Ford Shale 48,000 Niobrara Shale 35,000 Utica Shale Marcellus Barnett Shale 12,500 Niobrara Formation Shale 3Q proved reserves of 2.4 3Q proved Marcellus Shale 100,595 MMBoe(1) reserves…
  3. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 3
    Reserve Growth, Production Growth, and Reserve Replacement 12/31 Proved Reserves (Mboe) Average Daily Production (Boe/d) 180.00 30,000 160.00 25,000 140.00 120.00 20,000 100.00 15,000 80.00 60.00 10,000 40.00 5,000 20.00 -…
  4. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 4
    Liquids Strategy On Track Q3 2012 oil production was 14% sequentially higher than Q2 Q3 2012 revenues from oil production were 73% of total revenue (including hedge gains) 9,000 9,060 8,500 8,652 52.00 8,000 7,500 Net Carrizo…
  5. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 5
    Oil Strategy Results 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 Quarterly…
  6. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 6
    Impact of Non-SEC (2P) Reserves Reserves NPV10 3Q Ceiling 27% 35% Test Proved 52% (SEC) 11% 58% 3% 10% 4% Proved Dev. % 49% Eagle Ford Eagle Ford Niobrara Oil % 29% Niobrara 101 MMBOE 1,305 MM Utica Utica Marcellus…
  7. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 7
    Current Financial Position Revolving Credit Facility (due 2016) - UNDRAWN Facility revised May 1, 2012 to account for Barnett Atlas sale 365 MM initial borrowing base with interest rate of LIBOR + 2.75% Consortium of 9 banks led by…
  8. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 8
    2012 Capital Spending Summary (in thousands) U.S. Drilling & Completion Q1 2012 Q2 2012 Q3 2012 Eagle Ford 102,080 100,510 93,987 Niobrara 15,660 26,228 16,002 Marcellus 24,444 28,929 20,548 Barnett, Gulf Coast, Other, etc. 20,239…
  9. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 9
    Hedge Position Type of Volume Daily Volume Avg. Floor Avg. Ceiling Avg. Short Put Basis % of Q4 Gas Period Contract (MMBtu) (MMBtu/d) Price Price Put Price Spread Differential Forecast* Q4 2012 Total Volume 4,876,000 53,000 56.68%…
  10. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 10
    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 14.3% of 43,000 acres including 24 producing…
  11. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 11
    Liquids Rich Resource Opportunities Reserve Expectations Eagle Ford Shale Net Acres % drillable Spacing Net EUR Gross/Net (Acres) Wells (Gross/Net Reserves MBOE) (MMBOE) 48,000 95 115 396 400 / 300 159 / 118 Downspace 80 570 227…
  12. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 12
    Eagle Ford Shale Overview Well design and expectations: Development well costs of 6.5 - 7.5 million Eagle Ford Net Production Growth (Boe) 5,000 laterals, 20 frac stages 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000…
  13. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 13
    Eagle Ford Shale Gas Condensate Window Economics Well Only Type Curve 700 140 Total well cost 7.0 MM 600 120 Reserves Gross 400 MBOE (Average (320 MBO) GOR= 1,500) 500 100 Average Daily Rate, BOPD Net 300 MBOE Cum…
  14. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 14
    Eagle Ford Shale Normalized Well Performance Through 11/7/2012 Oil Production 140000 56 130000 52 120000 48 110000 44 100000 40 90000 36 80000 32 Well Count CUM BO 70000 28 60000 24 50000 20 40000 16…
  15. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 15
    Eagle Ford Shale Value Components - 400 MBOE Well Reserves Reserves Revenue Wet Gas Residue Gas/NGL 14% 20% 5% 4% 11% 80% 91% 75% Oil Gas NGL Assumptions: Average GOR = 1,500 cf/bbl 85 NYMEX crude price 3 NYMEX gas…
  16. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 16
    Niobrara North-east Colorado Activity Map 35,000 net acres primarily in Weld County, CO OIL (India)/Indian Oil Co. 30% JV partner Haimo O&G 10% JV partner Acreage high-graded using resistivity data from deeper wells Recently…
  17. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 17
    Niobrara Economics Well Only Type Curve 800 80 Total well cost 3.6 MM 700 70 Reserves Gross 250 MBOE 600 60 (GOR=1,500) Net 200 MBOE Cum Oil (MBO) 500 50 Oil Rate (BOPD) F&D Cost 18 / BOE 400 40 IRR (1) 100 NYMEX…
  18. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 18
    Barnett Shale Overview of Carrizos Position Closed sale of 35 Mmcfed to Atlas for net 187 million 12,500 net acres remaining in the Barnett core in SE Tarrant where development economics are among best in industry YE 2011 total…
  19. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 19
    Marcellus Shale Project NE Pennsylvania Susquehanna Operations 58 gross operated well program 21 wells on-line (22 MMcf/d net); flat production 11 wells drilled and waiting on completion Laser Pipeline Gas purchaser has firm…
  20. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 20
    Marcellus Shale NE PA Economics NE PA Marcellus NE PA Type Curve 10000 4.0 Total well cost 6.8 MM 9000 3.6 8000 3.2 Net Reserves 7.0 Bcf 7000 2.8 Avg Rate (MCFD) Cum Gas (BCF) 6000 2.4 F&D Cost 0.97 / Mcf 5000…
  21. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 21
    Utica Shale Area of Activity Carrizo/Avista Utica JV Formed to acquire acres in Utica condensate zone Capitalized from 130 to 200 million Carrizo serves as operator Sold JV acres in Mercer and Trumbull counties for 43 million net…
  22. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 22
    UK North Sea Huntington Development Project Artists concept of Huntington development Huntington development nearing first production 4 production wells and 2 water injection wells drilled 3rd Party gross reserve estimate…
  23. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 23
    Summary Successfully executing strategy: Outstanding organic growth in reserves and production Leveraging Barnett Shale expertise into other shales Maintaining financial liquidity with JVs and asset sales 18.9 Bcf of 2012 gas…
  24. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 24
  25. Wells Fargo Securities 11th Annual Pipeline Services and Utility Symposium – Carrizo Oil & Gas Inc. – slide 25
    Appendix CARRIZO PRODUCTION AND COST ITEMS 1ST, 2ND, AND 3RD QUARTER 2012 ACTUALS 4TH QUARTER AND FULL YEAR 2012 GUIDANCE ACTUAL GUIDANCE 1ST QUARTER 2012 2ND QUARTER 2012 3RD QUARTER 2012 4TH QUARTER 2012 1 FULL YEAR 2012 2…

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