BARCLAYS CEO ENERGY-POWER CONFERENCE Carrizo Oil & Gas, Inc. September 6-8, 2016
Carrizo Today Well Positioned for a Volatile 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…
Portfolio of Assets Niobrara Formation Utica Shale 32,100 net acres 26,700 net acres 3.9 MMboe Proved 1.9 MMboe Proved Marcellus Shale 17,700 net acres 19.8 MMboe Proved Delaware Basin 22,200 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 Costs and Margin Relative to Peers 13 Peer 7 12 Cost structure ranks in the top tier of peers Peer 11 11 Peer 6 Peer 1 Unit production costs are 12% below peer Peer 13 average 10 Peer 12 Peer 3 9…
Liquidity Position Remains Strong Ample Flexibility to Manage the Current Downturn Debt Maturities as of 7/30/2016 Revolving Credit Facility 700 600 million borrowing base commitment 6.25% Notes 7.5% Notes with interest rate of…
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 - 395 MM Continued focus on oily plays Eagle Ford Manages key leasehold obligations 2016 D&C capital program is…
Positioned to Deliver Growth in 2017 Impact of Potential Eagle Ford Acceleration 10% to 30% 30,000 Production Growth 20,000 Net BOPD 10,000 0 FY14 FY15 FY16E FY17E Carrizo could easily return to rapid growth…
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 BROWN TRUST PILOT 330 280 280 220 220 330 330 165 165 Irvin Ranch Brown Trust Staggered wells produced Staggered wells produced 70 Mbo over initial 180 days 90 Mbo…
Eagle Ford Shale PV-10 Break-Even Oil Price by Project Area Core Tier 1 30% 75 % Of Total EF Locations 69.00 27% 26% 70 PV-10 Break-Even Price PV-10 Break-Even WTI Oil Price (/Bbl) 24% 65 21% 60 % Of Total EF…
Eagle Ford Shale Well Economics Summary Type Curve Core Tier 1 700 210 Total Well Cost 4.1 MM 4.3 MM 650 195 Frac Stages 25.8 26.7 600 180 550 165 Lateral Length 6,200 ft. 6,400 ft. 500 150 Percent of Inventory 82% 18%…
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 and…
Delaware Basin Initial Development Area 12,200 net acres located along Culberson/Reeves border Acreage located near strong industry wells Liberator State 1H tested at a peak 24-hour rate of 1,950 Boe/d (37% oil, 37% NGL, 26%…
Delaware Basin Nearby Industry Well Performance Culberson Horizontal Wolfcamp A Wells Chart Displays Oil Production For: 300 Cimarex Wolfcamp A Bench wells Capitan Wolfcamp A Bench wells BHP 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 price Solid financial position provides liquidity to weather a prolonged downturn and increase activity as commodity prices recover Ample…
Appendix
Guidance Summary Carrizo Production and Cost Guidance Trailing Four Quarter Actuals Q3 2016 and FY 2016 Guidance ACTUAL GUIDANCE1 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 FY 2016 Production Volumes: Crude Oil (Bbls/d) 23,573…
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 2016 Total Volume 13,750 6.5 57% Swaps 9,750 60.03…
Eagle Ford Shale API Gravity Q2 2016 Net Sales Revenue by Product 89% Zavala Frio Atascosa Oil 6% Gas 5% NGL McMullen La Salle Dimmit Q2 2016 Volumes by API Gravity 88% 50 46 - 49 10% 35 - 45 Source: DrillingInfo…
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 3.1 MM 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 Trend-wise, data are very consistent and over the length of a 10,000 wellbore gravities can Brown…
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...
