BARCLAYS CEO ENERGY-POWER CONFERENCE Carrizo Oil & Gas, Inc. September 8-10, 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, Delaware Basin, Utica Shale, and Niobrara Formation Solid financial…
Portfolio of Assets Niobrara Formation 35,600 net acres Utica Shale 6.0 MMBOE Proved 28,900 net acres 1.8 MMBOE Proved Marcellus Shale 32,400 net acres 20.1 MMBOE Proved Delaware Basin 26,000 net acres 6/30/15 Proved…
5 Estimated Break-Even WTI (/Boe; 22.5:1 Oil / Gas Ratio) 0 100 120 20 40 60 80 SCOOP Eagle Ford Delaware Wolfcamp Hz NW Shelf Hz Midland Vt (1) Based on internal estimates. Bone Spring Hz Source: ITG…
Highlights of 2015 Plan Manage capex to preserve balance sheet and liquidity Financial leverage is below peer average and significant liquidity is available on the borrowing base Manage leasehold obligations to preserve assets…
2015 Capital Program (All figures in MM) 2014 2015 Est. Continued focus on oily plays Results in growth vs. Q4 2014 Eagle Ford 519 375 Manages leasehold obligations Utica 48 25 Flexibility to adjust should commodity prices…
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 19% 5.0 Y-o-Y in 2015 -…
Financial Leverage is Below Peer Average Net Debt / LTM EBITDA 7.0x 6.0x 5.0x Adjusted Net Debt / LTM EBITDA 4.0x 3.0x 2.0x 1.0x 0.0x Note: CRZO EBITDA computed in accordance with debt covenants and…
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 84,000 net acres Acreage almost entirely in MRO the volatile oil window EOG 15+ year drilling inventory with all locations identified, planned, and de-risked CHK EOG CHK Project…
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…
Eagle Ford Shale Stagger Stack Potential to Materially Expand Inventory Current development 100 330 ft. effective spacing 150 ft. 1,090 total locations at 330 ft. 330 ft. 330 ft. 330 ft. full 330 ft. spacing Full stagger stack 165…
Eagle Ford Shale PV-10 Break-Even Oil Price by Project Area 25% 55 22% 51.25 50.50 20% 19% 49.25 50 48.50 PV-10 Break-Even Oil Price (/Bbl) 47.50 % Of Total EF Locations 15% 45 13% % Of Total EF Locations 12% 40.50…
Eagle Ford Shale Well Economics Summary Type Curve 700 210 650 195 Total Well Cost 4.8 MM 600 180 Frac Stages 25.5 550 165 Lateral Length 6,120 ft. 500 150 Gross 510 Mboe Daily Average Oil, BOPD Cumulative Oil, MBO…
Delaware Basin Wolfcamp Shale Focus Area 26,000 net acres in Culberson and Reeves counties targeting the oil and condensate windows Initial development targeting Culberson/Reeves border Continuing to block up other acreage…
Delaware Basin Initial Development Area 12,400 net acres located Culberson Reeves along Culberson/Reeves border either closed or expected to close Cimarex Capitan Seek to create operated drilling units that support at BHP…
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) 5 Capitan Wolfcamp A Bench wells 200 2 BHP wells…
Utica Shale High-Rate, Rich-Condensate Focus Area 28,900 net acres Wagler wells produced 470 Bbls/d of condensate per well on a restricted choke over initial 90 days; both wells currently producing into sales Evaluating potential…
Utica Shale Guernsey County Type Curve Economics Type Curve 3-String 2-String Total Well Cost 9.0 MM 8.2 MM Gross 898 Mboe EUR Condensate Only 451 Mbo Net 727 Mboe F&D Cost 12.38 / Boe 11.28 / Boe IRR 43% 54% 75 NYMEX…
Niobrara Formation Preserving Option Value 35,600 net acres Recently added 1,300 net acres in core of Area 1 position Weld County Have tested multiple benches and spacing configurations Participating in high- density projects…
Niobrara Formation PV-10 Break-Even Oil Price by Area 50% % Of Total Nio Locations 100 PV-10 Break-Even Price 45% 45% 90 40% PV-10 Break-Even Oil Price (/Bbl) 35% 80 % Of Total Nio Locations 30% 29% 26% 70 25%…
Niobrara Formation Type Curve Economics Area 1 / 2A Type Curve Total Well Cost 2.8 MM Gross 289 Mboe EUR Oil Only 217 Mbo Net 243 Mboe F&D Cost 11.52 / Boe IRR 75% 75 NYMEX Oil NPV 2.9 MM IRR IRR 46% & 65 NYMEX Oil NPV…
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 Four Quarter Actuals Q3 2015 and FY 2015 Guidance ACTUAL GUIDANCE Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 FY 2015 Production Volumes: Crude Oil (Bbls/d) 20,000…
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% - 117.0 million drawn at June 30, 2015 Consortium of 19 banks led…
Hedge Position Cash From Daily Volume Short Put Basis Restructuring % of Q3 Oil Period Type of Contract (Bbl/d) Floor Price Ceiling Price Price Differential (MM) Forecast1 Q3 2015 Total Volume 16,200 40.0 72% Collars 16,200 50.00…
Eagle Ford Shale Operator Comparison Eagle Ford March 2015 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…
Eagle Ford Shale API Gravity Q2 2015 Net Sales Revenue by Product Zavala Frio Atascosa 93% Oil 3% Gas 4% NGL McMullen Dimmit LaSalle Q2 2015 Volumes by API Gravity 86% Webb 50 46 - 49 13% 35 - 45 Source:…
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…
Marcellus Shale NE Pennsylvania Giangrieco/Trecoske 5,000 net acres Baker Productive capacity of 80 MMcf/d net 95% of acreage HBPd on 1,000 spacing Frystak Focus on operational efficiencies and cost control Limit production when…
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