SEAPORT GLOBAL 5TH ANNUAL SOUTHERN CALIFORNIA ENERGY 1X1 DAY Carrizo Oil & Gas January 11, 2017
Carrizo Today Positioned to Capitalize on a Commodity Price Recovery Acreage focused on high-return oil and condensate resource plays Eagle Ford Shale, Delaware Basin, Niobrara Formation, and Utica Shale Solid financial position /…
Portfolio of Assets Niobrara Formation Utica Shale 31,900 net acres 26,500 net acres 3.9 MMboe Proved 1.9 MMboe Proved Marcellus Shale 16,000 net acres 19.8 MMboe Proved Delaware Basin 22,200 net acres Deep Inventory of…
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 12 11 Peer 6 Unit production costs are 11% below peer Peer 1 average 10 Peer 3 Peer 14 9 Peer 15…
Liquidity Position Remains Strong Ample Flexibility to Manage the Current Downturn Debt Maturities as of 10/28/2016 Revolving Credit Facility 700 Reaffirmed 600 million borrowing base 6.25% Notes 7.5% Notes commitment with interest…
Efficient Capital Program Y/Y Production Growth Despite Significantly Reduced Spending 2016 Planned Capital Program - 430 MM Continued focus on oily plays Manages key leasehold obligations Eagle Ford 2016 D&C capital program was…
Eagle Ford Shale A 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 and completion…
Eagle Ford Shale Recent Acquisition Fits in Well with Existing Position Acquisition Highlights Closed on December 14 153 MM purchase price 13,500 net acres primarily located in the volatile oil window 112 gross / 93 net operated…
Eagle Ford Shale Inventory Detail Inventory by Area Inventory by PV10 Breakeven Arnold Winfield 11% Brown Trust…
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 31 32 600 180 550 165 Lateral Length 6,200 ft. 6,400 ft. 500 150 Percent of Inventory 84% 16% Daily…
Delaware Basin High-return, Stacked-pay Potential Targeting Wolfcamp formation in areas with potential for stacked Initial Development Area pay development Recent strong well results have delineated northern acreage position…
Delaware Basin Well Economics Summary Type Curve Wolfcamp A Total Well Cost 7.0 MM 700 350 Frac Stages 31 600 300 Lateral Length 7,000 ft. Cumulative Oil - MBO, Gas - MBOE Gross 1,862 Mboe 500 250 Oil - BOPD, Gas -…
Niobrara Formation Materially Improving Economics Acreage mostly HBPd Stacked-pay nature provides development potential in the Niobrara A, B, and C benches New completion designs resulting in 20%-30% uplift in productivity Nearby…
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 allows for acceleration of activity as commodity prices recover Ample operational flexibility to quickly adjust…
Appendix
Guidance Summary Carrizo Production and Cost Guidance Trailing Four Quarter Actuals Q4 2016 and FY 2016 Guidance ACTUAL GUIDANCE* Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 FY 2016 Production Volumes: Crude Oil (Bbls/d) 24,942…
Hedge Position Cash From Daily Volume Restructuring % of Q4 Oil Period Type of Contract (Bbl/d) Floor Price Ceiling Price (MM) Forecast* Q4 2016 Total Volume 13,750 7.9 50% Swaps 9,750 60.03 Collars 4,000 50.00 76.50 Q1 2017 Total…
Eagle Ford Shale API Gravity 3Q 2016 Net Sales Revenue by Product Zavala Frio Atascosa 89% Oil Gas 5% NGL McMullen 6% La Salle Dimmit 3Q 2016 Volumes by API Gravity 93% 6% 50 1% 46-49 Source: DrillingInfo initial…
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 2.2 MM Gross 289 Mboe EUR Oil Only 217 Mbo Net 243 Mboe F&D Cost 9.05 / Boe IRR 146% 75 Oil NPV 3.2 MM IRR 103% IRR 65 Oil NPV 2.3 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…
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