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Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Jun 19, 2013 · 30 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. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 1
    Putting All the Right Pieces Together Tudor, Pickering, Holt Hotter N Hell Energy Conference Carrizo Oil & Gas, Inc. June 19, 2013
  2. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 2
    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…
  3. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 3
    Q1 2013 Summary of Key Results Achieved Company records: Production 9,311 Bopd; +57% versus 1Q 2012 Revenue 118 MM; +39% versus 1Q 2012 EBITDA 93 MM; +33% versus 1Q 2012 Operated drilling and completion CAPEX of 127.7 MM within…
  4. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 4
    Portfolio of Assets Niobrara 40,800 net acres 2 MMBOE Proved Utica 14,500 net acres Marcellus 68,200 net acres 13 MMBOE Proved Barnett 9,000 net acres 51 MMBOE Proved 3/31/2013 SEC NPV10 (Million) Eagle Ford 1,205…
  5. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 5
    Oil Strategy Production On Track 12,000 70.00 11,000* 11,000 Net Carrizo Oil Production 65.00 10,000 Cash Flow/Boe of Production 60.00 9,033 9,311 8,652 9,000 55.00 7,616 Cash Flow/Boe Production 8,000 50.00 Oil…
  6. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 6
    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 (…
  7. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 7
    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…
  8. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 8
    Highlights of 2013 Plan 3 drilling rig program in Eagle Ford Grow oil production by 40% Test 500 ft. lateral spacing in Eagle Ford Drilling CAPEX of 530 2 drilling rig program in 540 MM Niobrara (partner carry) Drill required…
  9. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 9
    2013 Capital Program Million 2013 % Continued focus on oily plays 2012 Est. Change Accounts for 28 MM partner carry Eagle Ford 402 380 -5 received in Niobrara and 23 MM carry paid Marcellus 79 70 -11 out in Eagle Ford Maintains gas…
  10. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 10
    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…
  11. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 11
    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…
  12. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 12
    Eagle Ford Shale Driving Our Business 2010-2012 Fully delineated acreage position RPG Built 10-year drilling inventory (3 rigs) North LaSalle Demonstrated superior Irvin economics improving Pena- Winfield with longer lateral…
  13. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 13
    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…
  14. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 14
    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…
  15. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 15
    Niobrara Northeast 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 56 gross/22.5…
  16. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 16
    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…
  17. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 17
    Marcellus Shale Project NE Pennsylvania Giangrieco/Trecoske 2010-2012 Focus Baker Delineate/hold acreage position Frystak Optimize drilling & completion techniques Implement water management strategy Address midstream issues…
  18. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 18
    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…
  19. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 19
    Utica Shale 1,000 BCPD Focus Area 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…
  20. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 20
    Utica Shale Acreage Target Area Displays montage of Point Pleasant net thickness, TOC and thermal maturity Carrizo targeted within these criteria to acquire acreage: 100 ft. Point Pleasant 2% TOC high oil/condensate content…
  21. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 21
    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 Significant flexibility in capital program Conservatively…
  22. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 22
    Eagle Ford Completion 23
  23. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 23
    Appendix 24
  24. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 24
    CARRIZO PRODUCTION AND COST ITEMS TRAILING 4 QUARTER ACTUALS Q2 2013 GUIDANCE ACTUAL GUIDANCE 2ND QUARTER 3RD QUARTER 4TH QUARTER 1ST QUARTER Q2 2013 1 2012 2012 2012 2013 Production Volumes: Crude Oil (Bbls/d) 7,618 8,652 9,033…
  25. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 25
    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…
  26. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 26
    Financial Position Revolving Credit Facility (due 2016) UNDRAWN at end of Q1 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:…
  27. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 27
    Hedge Position Volume Daily Volume Avg.. Floor Avg.. Ceiling Avg.. Short Put Basis % of Q2 Gas Period Type of Contract (MMBtu) (MMBtu/d) Price Price Put Price Spread Differential Forecast1 Q2 2013 Total Volume 5,005,000 55,000 59.8%…
  28. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 28
    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…
  29. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 29
    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…
  30. Tudor Pickering Holt Company 9th Annual Summer Energy Conference – Carrizo Oil & Gas Inc. – slide 30
    Eagle Ford Shale API Gravity Zavala Frio Atascosa McMullen Dimmit LaSalle Webb Source: DrillingInfo initial completion reports 31

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