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US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Jan 20, 2016 · 32 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. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 1
    U.S. CAPITAL ADVISORS 4TH ANNUAL E&P CORPORATE ACCESS DAY Carrizo Oil & Gas, Inc. January 20, 2016
  2. US Capial Advistor Annual Corporate Access – 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, Delaware Basin, Utica Shale, and Niobrara Formation Solid financial…
  3. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 3
    Portfolio of Assets Niobrara Formation 35,100 net acres Utica Shale 5.9 MMBOE Proved 28,700 net acres 1.6 MMBOE Proved Marcellus Shale 32,800 net acres 18.5 MMBOE Proved Delaware Basin 26,000 net acres 9/30/15 Proved…
  4. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 4
    Carrizo Acreage is Concentrated in Low-Cost Basins 140 120 Estimated Break-Even WTI (/Boe) 100 Carrizos Eagle Ford Weighted Average Break-Even Cost…
  5. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 5
    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…
  6. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 6
    2015 Capital Program (All figures in MM) 2014 2015 Est. Continued focus on oily plays Results in growth vs. Q4 2014 Eagle Ford 519 380 Manages leasehold obligations Utica 48 25 2016 D&C capital program expected to be Niobrara…
  7. US Capial Advistor Annual Corporate Access – 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 21% 5.0 Y-o-Y in 2015 -…
  8. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 8
    Financial Leverage is Below Peer Average Net Debt / LTM EBITDA 9.0x 8.0x 7.0x 6.0x Adjusted Net Debt / LTM EBITDA 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x Note: CRZO EBITDA computed in accordance with debt…
  9. US Capial Advistor Annual Corporate Access – 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. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 10
    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…
  11. US Capial Advistor Annual Corporate Access – 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 Testing further downspacing through stagger-stacks in the Lower…
  12. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 12
    Eagle Ford Shale Stagger Stack Potential to Materially Expand Inventory Current development 100 330 ft. effective spacing 150 ft. 1,070 total locations at 330 ft. 330 ft. 330 ft. 330 ft. full 330 ft. spacing Full stagger stack 165…
  13. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 13
    Eagle Ford Shale PV-10 Break-Even Oil Price by Project Area 25% 50 48.50 22% 47.50 47.00 48 45.75 20% 19% 45.00 46 PV-10 Break-Even WTI Oil Price (/Bbl) 44 % Of Total EF Locations 15% 42 13% % Of Total EF Locations…
  14. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 14
    Eagle Ford Shale Well Economics Summary Type Curve 700 210 650 195 Total Well Cost 4.6 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…
  15. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 15
    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…
  16. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 16
    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…
  17. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 17
    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…
  18. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 18
    Utica Shale High-Rate, Rich-Condensate Focus Area 28,700 net acres Wagler wells condensate production exceeded type curve over first 170 days by 15% CGR remained strong at 225 Bbls/MMcf Evaluating potential for future well cost…
  19. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 19
    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…
  20. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 20
    Niobrara Formation Preserving Option Value 35,100 net acres Have tested multiple benches and spacing configurations Weld County Participating in high- density projects with Noble and Whiting to test A, B, and C benches Plan to…
  21. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 21
    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 WTI Oil Price (/Bbl) 35% 80 % Of Total Nio Locations 30% 29% 26% 70 25%…
  22. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 22
    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…
  23. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 23
    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…
  24. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 24
    Appendix
  25. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 25
    Guidance Summary Carrizo Production and Cost Guidance Trailing Four Quarter Actuals Q4 2015 and FY 2015 Guidance ACTUAL GUIDANCE1 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 FY 2015 Production Volumes: Crude Oil (Bbls/d) 22,130…
  26. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 26
    Financial Position Revolving Credit Facility (due 2018) Facility revised October 30, 2015 685 million borrowing base commitment with interest rate of LIBOR + 1.50% - 2.50% - Undrawn at October 30, 2015 Consortium of 19 banks led by…
  27. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 27
    Hedge Position Cash From Daily Volume Short Put Basis Restructuring % of Q4 Oil Period Type of Contract (Bbl/d) Floor Price Ceiling Price Price Differential (MM) Forecast1 Q4 2015 Total Volume 16,200 39.0 67% Collars 16,200 50.00…
  28. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 28
    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…
  29. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 29
    Eagle Ford Shale API Gravity Q3 2015 Net Sales Revenue by Product 92% Zavala Frio Atascosa 3% Oil Gas 5% NGL McMullen Dimmit LaSalle Q3 2015 Volumes by API Gravity 97% 50 46 - 49 Webb 35 - 45 3% 0% Source:…
  30. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 30
    Utica Shale Point Pleasant Condensate API Gravity API gravities increase from NW to SE with increasing depth and thermal maturity Brown Trend-wise, data are very consistent and over Waglers the length of a 10,000 wellbore…
  31. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 31
    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…
  32. US Capial Advistor Annual Corporate Access – Carrizo Oil & Gas Inc. – slide 32
    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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