CREDIT SUISSE 22ND ANNUAL ENERGY SUMMIT Carrizo Oil & Gas February 13-16, 2017
Carrizo Overview Deep Inventory of highly-economical drilling Utica Shale locations 180,000 net acres across the Eagle Ford Shale, Delaware Basin, Niobrara Formation, and Utica Shale Niobrara Formation 2,100 net horizontal…
High Margin Operations Costs and Margin Relative to Peers Historical Cash Operating Costs (per Boe) Efficient operations and lean overhead lead 18 to cash operating costs consistently below 16 peers 14 Q316 unit cash costs were 15%…
Liquidity Position Remains Strong No Near-term Maturities and Ample Flexibility on the Revolver Debt Maturities as of 10/28/2016 Revolving Credit Facility 700 Reaffirmed 600 million borrowing base 6.25% Notes 7.5% Notes commitment…
Efficient Capital Program Y/Y Production Growth Despite Significantly Reduced Spending 2016 Planned Capital Program - 430 MM Continued focus on oily plays Managed 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 Inventory Detail Inventory by Area Inventory by IRR ( 55/Bbl NYMEX) Area IRR Arnold Winfield 11% Brown Trust 10% 100% 55% Gardendale 2% Irvin 14% NE LaSalle 4% 50%-100% 29% North LaSalle 25% Pena Jasik…
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…
Summary Acreage position provides years of high- return drilling inventory Solid financial position allows for acceleration of activity Top-tier operational team with significant experience in unconventional plays Positioned…
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 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…
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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