Putting All the Right Eagle Ford Pieces Together Utica GHS 2nd Annual Southern California Energy Day Carrizo Oil & Gas, Inc. January 16, 2014 Niobrara
Strategy Sustainable Growth Continued emphasis on development of premier liquids plays Begin development in emerging Utica Shale Disciplined use of financial resources Prudently manage asset portfolio Deliver predictable…
Q3 2013 Summary of Key Results Achieved Company records: Production 12,228 Bopd; +41% versus 3Q 2012 Revenue 145 MM; +37% versus 3Q 2012 EBITDA 115 MM; +33% versus 3Q 2012 Drilling and completion CAPEX of 126.5 MM; under…
Portfolio of Assets Niobrara 47,250 net acres 3.5 MMBOE Proved Utica 21,700 net acres Marcellus 49,200 net acres 17.9 MMBOE Proved 9/30/2013 SEC Proved NPV10 (MM) Eagle Ford 1,401 Niobrara 104 Eagle Ford Marcellus…
Oil Strategy Production On Track 14,000 80.00 12,800 13,000 Net Carrizo Oil Production 75.00 12,228 11,747 12,000 Cash Flow/Boe Production 70.00 11,000 65.00 PF Margin for 10,000 Barnett Sale 60.00 8,652 9,033 9,311 Cash…
Oil Strategy Revenue and EBITDA Our increased focus on oil has resulted in significant revenue and EBITDA growth, despite multiple asset divestitures Quarterly Revenue by Commodity 1 Quarterly EBITDA ( in millions) ( in millions)…
Improved Financial Leverage Net Debt / Adjusted LTM EBITDA Ratio 5.0x 4.5x 4.2x 4.1x 4.1x 4.0x 4.0x 3.7x 3.7x 3.6x 3.5x 2.9x 3.0x Leverage Ratio 2.6x 2.5x 2.4x 2.5x 2.0x 1.8x 1.5x 1.0x PF for Asset Sales, Utica…
Targeting Growth Opportunities Proved and Probable Reserves & Valuation Company-estimated proved and probable reserves and associated NPV10 as of 9/30/13 based on SEC Total Reserves Total PV10 500 7.0 pricing Current asset base…
Highlights of 2013 Plan 3 drilling rig program in Eagle Ford Grow oil production by 47% Test 500 ft. lateral spacing in Drilling CAPEX of 550 Eagle Ford 560 MM 2 drilling rig program in Sequentially grow quarterly Niobrara…
2013 Capital Program Million 2013 % Continued focus on oily plays 2012 Est. Change Eagle Ford includes 42 million frac Eagle Ford 402 407 +1 acceleration in 2013 Maintains gas option in Marcellus Marcellus 79 56 -29 Further builds…
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 58,000 net acres MRO Added 9,000 net acres from RPG Q1-Q313 North 12-year drilling inventory (3 LaSalle rigs) with all locations CHK Irvin identified and planned Pena- Winfield EOG Brown…
Eagle Ford Shale Type Curves 700 175.0 Type curve represents a weighted 650 average for all remaining drilling 600 150.0 locations across various project 550 areas; supported by actual well performance 500 125.0 450 Drilling…
Eagle Ford Shale Well Economics Summary Type Curve Q3 2013 Net Sales Revenue by Product Total Well Cost 8.0 MM 92% Frac Stages 23.3 Lateral Length 5,600 ft. Oil 5% Gross 495 Mboe Gas 3% EUR Oil Only 395 Mbo NGL Net 370 Mboe…
Utica Shale High-Rate, Rich-Condensate Focus Area 21,700 net acres focused on condensate window Recently acquired 5,900 net acres from Avista Acreage located in Guernsey and northern Noble Counties, Ohio Following the acquisition,…
Utica Shale Economics Type Curve Total Well Cost 10.1 MM 1,800 400 Gross 1,348 Mboe 1,600 350 EUR 1 Condensate Only 455 Mbo 1,400 300 Net 1,092 Mboe Cum. Prod, Mboe 1,200 Daily Prod, Boepd 250 F&D Cost 9.25 / Boe…
Niobrara Northeast Colorado Activity Map Whiting 47,250 net acres Weld County Redtail Whiting and Noble recently Overlap announced strong results Noble East Pony Potential upside from downspacing Noble Overlap and A&C benches West…
Niobrara Economics Type Curve Total Well Cost 3.6 MM 800 80 Gross 235 Mboe 700 70 EUR Avg. GOR=1,500 185 Mbo 600 60 Net 188 Mboe 500 50 Cum. Prod, Mbo Daily Prod, Bopd F&D Cost 19.15 / Boe 400 40 100 NYMEX Oil 56%…
Marcellus Shale NE Pennsylvania Giangrieco/Trecoske 3,400 net acres Baker Activity focused on maintaining acreage position Addressing midstream issues Frystak Testing upside from downspacing and Upper Marcellus Bonnice Ricci…
Marcellus Shale NE PA Economics Superior dry gas economics Wells performing at or above 9,000 3.6 expectations 8,000 3.2 Increasing seasonal price swings 7,000 2.8 Potential frac cost reduction 6,000 2.4 Gas Rate (Mcfd)…
Summary High quality, oil-weighted asset base in premier domestic resource plays Crude oil accounts for 55% of reserves and production Sizeable drilling inventory supports continued strong production growth 6.2 billion in total…
Eagle Ford Completion 23
Appendix 24
Q4 Guidance CARRIZO PRODUCTION AND COST ITEMS TRAILING 4 QUARTER ACTUALS Q4 2013 GUIDANCE ACTUAL GUIDANCE 4TH QUARTER 1ST QUARTER 2ND QUARTER 3RD QUARTER Q4 2013 1 2012 2013 2013 2013 Production Volumes: Crude Oil (Bbls/d) 9,033…
Analyst Valuations by Region Wall Street Valuations vs. Carrizo Estimates Eagle Ford 1,677 2,473 2,857 3,974 Marcellus 99 163 251 172 Niobrara 277 372 700 838 Utica 117 356 651 1,256 0 500 1,000 1,500…
Financial Position Revolving Credit Facility (due 2018) Facility revised October 9, 2013 470 million borrowing base with interest rate of LIBOR + 2.50% Undrawn revolver as of November 1, 2013 Consortium of 12 banks led by Wells…
Hedge Position Volume Daily Volume Short Put Put Basis % of Q4 Gas & Period Type of Contract (MMBtu) (MMBtu/d) Floor Price Ceiling Price Price Spread Differential NGL Forecast1 Q1 2014 Total Volume 4,345,000 48,278 68% Swaps 4,345,000…
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…
Eagle Ford Shale API Gravity Zavala Frio Atascosa McMullen Dimmit LaSalle Webb Source: DrillingInfo initial completion reports 30
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