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RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Jun 1, 2015 · 34 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. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 1
    RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE Carrizo Oil & Gas, Inc. June 1-2, 2015
  2. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 2
    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, Delaware Basin, and Niobrara Formation Solid financial…
  3. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 3
    Portfolio of Assets Niobrara 34,700 net acres Utica 6.0 MMBOE Proved 27,500 net acres 0.8 MMBOE Proved Marcellus 33,200 net acres 21.7 MMBOE Proved Wolfcamp 20,000 net acres 3/31/15 Proved NPV10 (MM) Eagle Ford 2,612…
  4. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 4
    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 42/bbl (1) 80 60 40 20 0…
  5. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 5
    Highlights of 2015 Plan Manage capex to preserve balance sheet and liquidity Manage leasehold obligations to 2015 capital budget of 515 MM preserve assets Keep Net Debt-to-EBITDA ratio Hold full-year average oil below 3.0x…
  6. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 6
    2015 Capital Program (All figures in MM) 2014 2015 Est. Continued focus on oily plays Holds full-year 2015 oil production relatively Eagle Ford 519 375 flat with Q414 Utica 48 30 Manages leasehold obligations Niobrara 108 35…
  7. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 7
    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 Targeting crude 15.0 oil production 10.0 growth of 18% 5.0 Y-o-Y in 2015 -…
  8. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 8
    Managing Leverage Remains a Priority Net Debt / LTM EBITDA (1) 5.0x 4.5x 4.1x 4.0x Adjusted Net Debt / LTM EBITDA 3.6x 3.4x 3.5x 3.0x 3.0x 2.7x 2.5x 2.4x 2.5x 2.3x 2.3x 2.2x 2.0x 2.0x 1.9x 2.0x 1.5x…
  9. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 9
    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…
  10. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 10
    Eagle Ford Shale The Premier Industry Asset 82,500 net acres Acreage almost entirely in MRO the volatile oil window EOG 16-year drilling inventory (3 rigs) with all locations identified, planned, and de- CHK risked EOG CHK…
  11. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 11
    Eagle Ford Shale Optimizing the Development Program Performance of 330 ft. spaced wells looks very similar to wells drilled at wider spacing in each area tested Plan to test further downspacing through stagger-stacks in the…
  12. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 12
    Eagle Ford Shale PV-10 Break-Even Oil Price by Project Area 25% 60 22% 55.00 55.50 55 20% 19% 52.25 52.50 PV-10 Break-Even Oil Price (/Bbl) 50.25 50 % Of Total EF Locations 15% 13% % Of Total EF Locations 12% PV-10…
  13. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 13
    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…
  14. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 14
    Eagle Ford Shale Well Economics Summary Type Curve Q1 2015 Net Sales Revenue by Product Total Well Cost 5.6 MM 90% Frac Stages 25.5 Oil Lateral Length 6,120 ft. 6% Gas Gross 510 Mboe EUR Oil Only 393 Mbo 4% NGL Net 380 Mboe…
  15. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 15
    Eagle Ford Shale High Returns Achievable at Low Oil Prices 140% 120% 100% 80% IRR 60% 40% 20% 0% 45 55 65 75 85 95 NYMEX Oil Price (/Bbl) 2014 Cost Level 10% Cost Reduction 20% Cost Reduction 30% Cost…
  16. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 16
    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…
  17. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 17
    Utica Shale High-Rate, Rich-Condensate Focus Area 27,500 net acres 17,900 net acres at 100% W.I. 9,600 net acres in 50/50 JV with Avista Wagler wells each produced 500 Bbls/d of condensate on a restricted choke over entire 17- day…
  18. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 18
    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 IRR 24% & 65 NYMEX…
  19. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 19
    Niobrara Formation Preserving Option Value 34,700 net acres Slowing 2015 activity due to low oil price environment Weld County Have tested multiple benches and spacing configurations Participating in high- density projects with…
  20. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 20
    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…
  21. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 21
    Niobrara Formation PV-10 Break-Even Oil Price by Area % Of Total Nio Locations 50% PV-10 Break-Even Price 100 45% 43% 86.75 90 40% PV-10 Break-Even Oil Price (/Bbl) % Of Total Nio Locations 35% 80 28% 30% 70 25%…
  22. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 22
    Niobrara Formation Type Curve Economics 700 105 Future Well Type 650 Curve 600 90 Total Well Cost 3.1 MM 550 Gross 275 Mboe 500 75 EUR Oil Only 201 Mbo Daily Average Oil, BOPD 450 Cumulative Oil, MBO Net 221 Mboe…
  23. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 23
    Wolfcamp Shale Delaware Basin Focus Area 20,000 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…
  24. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 24
    Delaware Basin Farm-out Related Drilling Plans Farm-out Overview Right to earn 2,800 net acres adjacent to existing position Creates contiguous 9 section unit allowing for 48 wells on 660 spacing (7,500 laterals) Acreage located…
  25. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 25
    Delaware Basin Nearby Industry Well Performance Culberson Horizontal Wolfcamp A Wells Chart Displays Oil Production For: 250 6 Cimarex Wolfcamp A Bench wells (3 are 2015 completions) 3 Capitan Wolfcamp A Bench wells 200 1 BHP…
  26. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 26
    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…
  27. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 27
    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…
  28. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 28
    Appendix
  29. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 29
    Guidance Summary Carrizo Production and Cost Guidance Trailing Four Quarter Actuals Q2 2015 and FY 2015 Guidance ACTUAL GUIDANCE Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 (1) FY 2015 (1) Production Volumes: Crude Oil (Bbls/d)…
  30. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 30
    Financial Position Revolving Credit Facility (due 2018) Facility revised May 5, 2015 685 million borrowing base commitment with interest rate of LIBOR + 1.50% - 2.50% - Undrawn at April 30, 2015; 96.2 million would have been drawn…
  31. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 31
    Hedge Position Cash From Daily Volume Short Put Basis Restructuring % of Q2 Oil Period Type of Contract (Bbl/d) Floor Price Ceiling Price Price Differential (MM) Forecast1 Q2 2015 Total Volume 14,881 40.0 69% Collars 14,881 50.00…
  32. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 32
    Eagle Ford Shale API Gravity Zavala Frio Atascosa McMullen Dimmit LaSalle Webb Source: DrillingInfo initial completion reports. 33 CRZO
  33. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 33
    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…
  34. RBC CAPITAL MARKETS GLOBAL ENERGY AND POWER EXECUTIVE CONFERENCE – Carrizo Oil & Gas Inc. – slide 34
    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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