SIMMONS & COMPANY 16TH ANNUAL ENERGY CONFERENCE Carrizo Oil & Gas, Inc. March 2-4, 2016
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, Niobrara Formation, and Utica Shale Solid financial…
Portfolio of Assets Niobrara Formation Utica Shale 33,600 net acres 27,300 net acres 3.9 MMboe Proved 1.9 MMboe Proved Marcellus Shale 19,300 net acres 19.8 MMboe Proved Delaware Basin 22,000 net acres Deep Inventory of…
Acreage Concentrated in Low-cost Basins 140 Estimated Break-Even WTI (/Boe) 120 Carrizos Eagle Ford Weighted Average 100 Break-Even Cost…
Carrizo is a Low Cost Producer 2015 Costs and Margin Relative to Peers 16 Cost structure ranks in the top tier of peers and 14 Peer 7 lowest amongst companies with 50% of Peer 14 12 Peer 12 Peer 1 production from crude oil Peer 9…
Liquidity Position Remains Strong Ample Flexibility to Manage a Prolonged Downturn Debt Maturities As of 12/31/2015 Revolving Credit Facility 800 685 million borrowing base commitment with 700 6.25% Notes interest rate of LIBOR +…
Highlights of 2016 Plan Protect the balance sheet Manage leasehold obligations to preserve assets Hold full-year average oil production roughly flat with 4Q 2015 Drive further cost reductions and efficiencies throughout…
Efficient Capital Program Y/Y Production Growth Despite Significantly Reduced Spending 2016 Planned Capital Program - 295 MM Continued focus on oily plays Eagle Ford Manages key leasehold obligations 2016 D&C capital program…
Eagle Ford Shale The Premier Industry Asset Acreage almost entirely in the volatile oil window 15-20 year drilling inventory with all locations identified, planned, and de-risked Multiple inventory expansion initiatives…
Eagle Ford Shale Testing the Stagger-stack Concept IRVIN RANCH PILOT 330 280 280 220 220 BROWN TRUST PILOT 330 330 165 165 Irvin Ranch Brown Trust 11 CRZO
Eagle Ford Shale Potential to Materially Expand Inventory 2,500 50 2,100 385 2,000 275 Net Locations 1,500 220 65 190 1,000 915 500 Estimated Incremental Stagger Stack Locations 0 Current Inventory Full 330'…
Eagle Ford Shale PV-10 Break-Even Oil Price by Project Area Core Tier 1 20% 75 % Of Total EF Locations 18% 18% 17% 68.00 PV-10 Break-Even Price 16% 65 PV-10 Break-Even WTI Oil Price (/Bbl) 14% % Of Total EF Locations…
Eagle Ford Shale Well Economics Summary Type Curve Core Tier 1 700 210 Total Well Cost 4.6 MM 4.7 MM 650 195 Frac Stages 25.4 25.4 600 180 550 165 Lateral Length 6,100 ft. 6,100 ft. 500 150 Percent of Inventory 81% 19%…
Delaware Basin Wolfcamp Shale Focus Area Targeting Upper Wolfcamp A in areas with potential for stacked pay development Bone Springs Wolfcamp B Wolfcamp C Wolfcamp D / Cline Recent industry results have been strong following…
Delaware Basin Initial Development Area 12,900 net acres located along Culberson/Reeves border either closed or expected to close Seek to create operated drilling units that support at least 7,500 ft. laterals Acreage located…
Delaware Basin Nearby Industry Well Performance Culberson Horizontal Wolfcamp A Wells Chart Displays Oil Production For: 300 6 Cimarex Wolfcamp A Bench wells 3 are 2015 completions 8 Capitan Wolfcamp A Bench wells 250 Cumulative…
Niobrara Formation Preserving Option Value Minimal drilling obligations as acreage position is mostly held by production Stacked-pay nature provides development potential in the Niobrara A, B, and C benches Nearby industry…
Utica Shale High-Rate, Rich-Condensate Focus Area Acreage focused on the condensate window Production from operated wells confirms quality of rich condensate window acreage Minimizing spending in the current commodity price…
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 quickly adjust to changes in…
Appendix
Guidance Summary Carrizo Production and Cost Guidance Trailing Four Quarter Actuals Q1 2016 and FY 2016 Guidance ACTUAL GUIDANCE1 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 FY 2016 Production Volumes: Crude Oil (Bbls/d) 21,373…
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 2016 Total Volume 18,000 18.3 72% Swaps 8,000 60.03…
Eagle Ford Shale API Gravity Q4 2015 Net Sales Revenue by Product 91% Zavala Frio Atascosa Oil 4% Gas 5% NGL McMullen Dimmit LaSalle Q4 2015 Volumes by API Gravity 95% 50 46 - 49 Webb 35 - 45 4% 1% Source:…
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…
Niobrara Formation Type Curve Economics Type Curve Core/Tier 1 Total Well Cost 2.4 MM Gross 289 Mboe EUR Oil Only 217 Mbo Net 243 Mboe F&D Cost 9.88 / Boe IRR 100% 75 Oil NPV 3.1MM IRR 59% IRR 65 Oil NPV 2.1 MM & IRR…
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…
Utica Shale Rich Condensate Type Curve Economics Type Curve 3-String 2-String Total Well Cost 9.0 MM 8.2 MM Gross 950 Mboe EUR Condensate Only 450 Mbo Net 770 Mboe F&D Cost 11.69 / Boe 10.65 / Boe IRR 45% 57% 75 Oil NPV…
Marcellus Shale NE Pennsylvania 5,000 net acres Productive capacity of 80 MMcf/d net 95% of acreage HBPd on 1,000 spacing Focus on operational efficiencies and cost control Limit production when local gas prices are especially…
Loading...
