IPAA OIL & GAS INVESTMENT SYMPOSIUM Carrizo Oil & Gas, Inc. April 20-22, 2015
Carrizo Today Positioned for a Low Commodity Price Environment Acreage focused on high-quality, low-cost oil and condensate resource plays Eagle Ford Shale, Utica Shale, and Niobrara Formation Solid financial position / liquidity…
Portfolio of Assets Niobrara 35,900 net acres Utica 5.6 MMBOE Proved 28,000 net acres 0.7 MMBOE Proved Marcellus 33,400 net acres 22.3 MMBOE Proved Wolfcamp 17,000 net acres 12/31/14 Proved NPV10 (MM) Eagle Ford 2,967…
Carrizo Acreage is Concentrated in Low-Cost Basins 140 120 Estimated Break-Even WTI (/Boe; 22.5:1 Oil / Gas Ratio) 100 Carrizos Eagle Ford Weighted Average Break-Even Cost is 43/bbl (1) 80 60 40 20 0…
Highlights of 2015 Plan Manage capex to preserve balance sheet and liquidity 2015 capital budget of 495 MM Manage leasehold obligations to preserve assets Keep Net Debt-to-EBITDA ratio below 3.0x Hold oil production flat with…
2015 Capital Program (All figures in MM) Continued focus on oily plays 2014 2015 Est. Holds oil production relatively flat with Q414 Eagle Ford 519 377 Manages leasehold obligations Utica 48 30 Flexibility to adjust should…
Downshifting Production Growth in 2015 40.0 Oil plays have Net Daily Prod, (MBoepd) 35.0 driven growth 30.0 in recent years 25.0 20.0 Plan to hold 15.0 Q414 oil 10.0 production 5.0 roughly flat in - 2015 (equating…
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…
Eagle Ford Shale The Premier Industry Asset 82,000 net acres Acreage almost entirely in MRO the volatile oil window EOG 17-year drilling inventory (3 rigs) with all locations identified, planned, and de- CHK risked EOG CHK…
Eagle Ford Shale Optimizing the Development Program Currently testing 330 ft. spacing on remainder of acreage position Plan to test further downspacing through stagger-stacks in the Lower Eagle Ford Evaluating Upper Eagle…
Eagle Ford Shale PV-10 Break-Even Oil Price by Project Area 25% 60 22% 55.50 54.50 53.50 53.75 55 PV-10 Break-Even Oil Price (/Bbl) 20% 19% 50.75 % Of Total EF Locations 50 15% 13% % Of Total EF Locations 12%…
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 Q4 2014 Net Sales Revenue by Product Total Well Cost 5.8 MM 92% Frac Stages 25.5 Oil Lateral Length 6,120 ft. 4% Gas Gross 510 Mboe 4% EUR Oil Only 393 Mbo NGL Net 380 Mboe…
Eagle Ford Shale Operator Comparison Eagle Ford November 2014 Average Production By Well 400 2400 13000 Source: IHS - Total Volume Divided by Active Wells for Companies with More Than 100 Active Wells 350 2100 12250 300 1800…
Utica Shale High-Rate, Rich-Condensate Focus Area 28,000 net acres 18,200 net acres at 100% W.I. 9,800 net acres in 50/50 JV with Avista Carrizo well tests and competitor offsets validate acreage quality; majority of acreage near…
Utica Shale Guernsey County Type Curve Economics Type Curve Total Well Cost 9.3 MM Gross 898 Mboe EUR Condensate Only 451 Mbo Net 727 Mboe F&D Cost 12.76 / Boe IRR 38% 75 NYMEX Oil NPV 5.0 MM IRR 24% 65 NYMEX Oil IRR…
Niobrara Formation Preserving Option Value 35,900 net acres Slowing 2015 activity due to low oil price Weld County environment Have tested multiple benches and spacing configurations Participating in high- density projects with…
Niobrara Formation Downspacing / A & C Overview Drilling primarily at 40 acre spacing in B-bench Confirmed A-bench viability across a portion of the acreage position Initial C-bench test encouraging Accumulating data from…
Niobrara Formation PV10 Break-Even Oil Price by Area % Of Total Nio Locations 45% 42% 100 PV-10 Break-Even Price 91.50 40% 90 PV-10 Break-Even Oil Price (/Bbl) 35% 80 % Of Total Nio Locations 30% 27% 67.50 70 25%…
Niobrara Formation Type Curve Economics 700 105 Future Well Type 650 Curve 600 90 Total Well Cost 3.3 MM 550 Gross 275 Mboe 500 75 EUR Oil Only 201 Mbo Daily Average Oil, BOPD 450 Cumulative Oil, MBO Net 221 Mboe…
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…
Wolfcamp Shale Industry Well Performance 31 HZ Wolfcamp Wells prior to Oct. 2013 24 HZ Wolfcamp Wells after Oct. 2013 200 200 CRZO EF TC CRZO EF TC 6,000 lateral 6,000 lateral 160 160 Cumulative Oil Production (Mbbls)…
Marcellus Shale NE Pennsylvania Giangrieco/Trecoske 5,000 net acres Baker Productive capacity of 90 MMcf/d net 95% of acreage HBPd on 1,000 spacing Frystak Focus on operational efficiencies and cost control Limit production when…
Summary Acreage position provides years of inventory with a best-in-class breakeven cost Solid financial position provides liquidity to weather a prolonged downturn Ample operational flexibility to reaccelerate or further…
Appendix
Guidance Summary Carrizo Production and Cost Guidance Trailing 4 Quarter Actuals Q1 2015 and FY 2015 Guidance ACTUAL GUIDANCE Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 (1) FY 2015 (1) Production Volumes: Crude Oil (Bbls/d) 15,022…
Financial Position Revolving Credit Facility (due 2018) Facility revised October 24, 2014 685 million borrowing base commitment with interest rate of LIBOR + 1.50% - 2.50% - Undrawn at December 31, 2014 - Minimal change expected…
Hedge Position Cash From Daily Volume Short Put Basis Restructuring % of Q1 Oil Period Type of Contract (Bbl/d) Floor Price Ceiling Price Price Differential (MM) Forecast1 Q1 2015 Total Volume 12,200 60% Swaps 6,883 92.98 Collars…
Eagle Ford Shale API Gravity Zavala Frio Atascosa McMullen Dimmit LaSalle Webb Source: DrillingInfo initial completion reports. 33 CRZO
Utica Shale Point Pleasant Condensate API Gravity API gravities increase from NW to SE with increasing depth and thermal maturity Trend-wise, data are very consistent and over the length of a 10,000 wellbore gravities can change…
Niobrara Formation Acreage Ranking Identified several discreet areas within Niobrara project and evaluated development potential and economics separately Ranking criteria: Geologic / petrophysical quality Activity level…
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