STEPHENS 2014 FALL INVESTMENT CONFERENCE Carrizo Oil & Gas, Inc. November 11-12, 2014
Carrizo Today Positioned to Deliver Sustainable Growth High-quality acreage position focused on oil and condensate resource plays Eagle Ford Shale, Utica Shale, and Niobrara Formation Crude oil accounts for 60% of reserves and…
Portfolio of Assets Niobrara 39,300 net acres Utica 5.5 MMBOE Proved 27,300 net acres 0.4 MMBOE Proved Marcellus 33,300 net acres 18.9 MMBOE Proved Wolfcamp 17,000 net acres 9/30/14 Proved NPV10 (MM) Eagle Ford 2,631…
Highlights of 2014 Plan 3-4 rig program in Eagle Ford Test 330 ft. lateral spacing in Grow oil production by 63% Eagle Ford D&C capex of 690-710 MM 1 rig program in Niobrara Target Net Debt-to-EBITDA Test down to 40-acre…
2014 Capital Program (All figures in MM) 2013 2014 Est. Continued focus on oily plays Eagle Ford 371 515 Generates strong production growth Funds additional acreage acquisitions Utica 18 55 in Eagle Ford and Utica Niobrara 66…
Carrizo is an Oil Growth Story 40.0 Net Daily Prod, (MBoepd) 35.0 Oil plays 30.0 expected to 25.0 drive future 20.0 production 15.0 growth 10.0 5.0 - Oil production expected to grow 63% in Eagle Ford Niobrara Utica…
Oil Strategy Production on Track, Driving Higher Margins 24,000 75.00 21,950 22,000 Net Carrizo Oil Production 70.00 Cash Flow/Boe Production 20,000 20,000 65.00 18,440 18,000 60.00 16,000 55.00 Cash Flow/Boe Production…
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 (MM) (1) Quarterly EBITDA (MM) 220 160 200 193.5…
Sustainable Growth Project Development Summary (1) Undrilled Well Details (PUD & Probable) Net Net Additional Total Effective Well Drillable Proved Proved Net Net Lateral Spacing Spacing Net Net Developed Undeveloped Probable…
Sustainable Growth Significant Undrilled Potential 1,400 1,200 116 1,000 Net Wells 800 724 600 191 400 195 484 200 2 163 12 150 3 - 47 1 28 Eagle Ford Niobrara Utica NE PA Marcellus PDP PUD Probable Add'l…
Analyst Valuations by Region Wall Street Valuations vs. Carrizo Estimates Eagle Ford 3,003 3,575 4,416 6,039 159 Marcellus 100 278 135 Niobrara 355 544 1,109 968 Utica 227 438 650 1,443 0 1,000 2,000…
Eagle Ford Shale Driving Our Business 81,000 net acres Added 19,000 net acres in MRO 2014 to date 16-year drilling inventory (3 EOG rigs) with all locations identified, planned, and de- risked CHK Confirmed 330 ft. spacing in…
Eagle Ford Shale Eagle Ford Minerals, LLC Transaction Acquisition Highlights Added 6,820 net acres, Pena primarily located in 3 of Irvin RPG CRZOs 4 highest-return Ranch areas Increased CRZO W.I. from approximately 75% to…
Eagle Ford Shale Type Curve 700 210 Type curve represents a weighted 650 195 average for all remaining drilling locations across various project 600 180 areas; supported by actual well 550 165 performance 500 150 CRZO well…
Eagle Ford Shale Well Economics Summary Type Curve Q3 2014 Net Sales Revenue by Product Total Well Cost 7.5 MM 92% Frac Stages 25.5 Oil Lateral Length 6,100 ft. 4% Gas Gross 499 Mboe 4% NGL EUR Oil Only 378 Mbo Net 384 Mboe…
Utica Shale High-Rate, Rich-Condensate Focus Area 27,300 net acres focused on condensate window 16,500 net acres at 100% W.I. 10,800 net acres in 50/50 JV with Avista (Carrizo operated) Current acreage has potential for 150 net…
Utica Shale Type Curve Economics Type Curve 1,800 450 Total Well Cost 10.1 MM 1,600 400 Gross 1,348 Mboe EUR 1 Condensate Only 455 Mbo 1,400 350 Net 1,092 Mboe 1,200 300 F&D Cost 9.25 / Boe 1,000 250 Cumulative IRR…
Niobrara Formation Northeast Colorado Activity Map 39,300 net acres Weld County Whiting Redtail Confirmed 60-acre spacing Overlap Evaluating 40-acre spacing Noble Initial A bench wells had an East Pony Noble Overlap average peak…
Niobrara Formation Type Curve Economics 800 80 Type Curve 750 75 Total Well Cost 3.6 MM 700 70 Gross 253 Mboe 650 65 600 60 EUR Oil Only 184 Mbo 550 55 Daily Average, BOEPD Net 203 Mboe Cumulative, MBOE 500 50 F&D…
Wolfcamp Shale Delaware Basin Focus Area 17,000 net acres in Culberson and Reeves counties targeting the oil and condensate windows Recent industry results have been strong following changes in completion techniques Targeting…
Marcellus Shale NE Pennsylvania Giangrieco/Trecoske 5,500 net acres Baker Activity focused on maintaining acreage position Frystak Addressing midstream issues Testing upside from downspacing and Ricci Upper Marcellus…
Marcellus Shale NE PA Economics Robust dry gas economics Wells performing at or above expectations 9,000 3.6 Increasing seasonal price swings 8,000 3.2 Testing infill economics in 2014; based on EUR of 80% of parent 1,000 offsets…
Summary High quality, oil-weighted asset base in premier domestic resource plays Crude oil accounts for 60% of reserves and production Sizeable drilling inventory supports continued strong production growth 8.6 billion in total…
Appendix
Guidance Summary Carrizo Production and Cost Guidance Trailing 4 Quarter Actuals Q4 2014 and FY 2014 Guidance ACTUAL GUIDANCE GUIDANCE Q4 2014 (1) FY 2014 (1) Q4 2013 Q1 2014 Q2 2014 Q3 2014 Production Volumes: Crude Oil…
Financial Position Revolving Credit Facility (due 2018) Facility revised October 24, 2014 800 million borrowing base with interest rate of LIBOR + 1.50% - 2.50% - CRZO elected to limit commitment to 685 million - Undrawn at October…
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 Q4 2014 Total Volume 5,003,000 54,380 64% Swaps…
Eagle Ford Shale API Gravity Zavala Frio Atascosa McMullen Dimmit LaSalle Webb Source: DrillingInfo initial completion reports. 30 CRZO
Niobrara Formation Acreage Ranking Identified several discrete areas within Niobrara project and evaluated development potential and economics separately Ranking criteria Geologic / petrophysical quality Activity level…
Loading...
