RAYMOND JAMES 38TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE Carrizo Oil & Gas March 5-8, 2017 CRZO
Carrizo Overview Deep Inventory of highly-economical drilling locations Utica Shale 180,000 net acres across the Eagle Ford Shale, Delaware Basin, Niobrara Formation, and Utica Shale Niobrara Formation 2,200 net horizontal locations…
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 12/31/2016 Revolving Credit Facility 700 600 million borrowing base commitment with 6.25% Notes 7.5% Notes…
2017 Capital Program 2017 Planned Capital Program - 560 MM Continued focus on high-return oily plays 3 rig program development program in the Eagle Ford Eagle Ford Further development / delineation of D&C Delaware Basin assets…
Strong Multi-year Production Outlook Total Production Crude Oil Production 60 50 Marcellus Utica / Other Delaware Basin Niobrara 50 Eagle Ford 40 40 Net Daily Prod. (MBoe/d) Net Daily Prod. (MBbls/d) 30 30 20…
Eagle Ford Shale A Premier Industry Asset Acreage almost entirely in the volatile oil window 10-15 year drilling inventory with all locations identified, planned, and de-risked Multiple inventory expansion and completion…
Eagle Ford Shale Optimizing Development Spacing Early stagger-stack results have been positive Prior development spacing was 330 between laterals Successful results at Brown Trust, RPG, and Irvin Ranch testing effective lateral…
Eagle Ford Shale Optimizing Completion Techniques Performance of Pena 40 vs. Pena 50 Pad Completed 28 wells with tighter frac stage spacing 90 200 stage-spaced wells have outperformed 240 80 stage-spaced wells by 10% 70 Tighter…
Eagle Ford Shale Inventory Detail Inventory by Area Inventory by IRR ( 55/Bbl NYMEX) Area IRR Arnold Winfield 9% Brown Trust 10% 100% 59% Gardendale 3% Irvin 15% NE LaSalle 3% 75%-100% 25% North LaSalle 22% 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 31.6 32.1 600 180 550 165 Lateral Length 6,300 ft. 6,400 ft. 500 150 Percent of Inventory 84% 16%…
Delaware Basin High-return, Stacked-pay Potential Targeting Wolfcamp formation in areas with potential for stacked pay development Recent strong well results have delineated northern acreage position Nearby industry activity…
Delaware Basin Potential Hydrocarbon Column of More Than 4,000 Five to seven potential development targets exist across the acreage position Current inventory count assumes development of only three layers 1st Bone Spring Carrizo…
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 Q1 2017 and FY 2017 Guidance ACTUAL GUIDANCE* Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 FY 2017 Production Volumes: Crude Oil (Bbls/d) 25,806…
Hedge Position Cash From Daily Volume Restructuring % of Q1 Oil Period Type of Contract (Bbl/d) Floor Price Ceiling Price (MM) Forecast* Q1 2017 Total Volume 12,000 2.3 43% Swaps 12,000 50.13 Q2 2017 Total Volume 12,000 (0.6) 43%…
Eagle Ford Shale API Gravity 4Q 2016 Net Sales Revenue by Product Zavala Frio Atascosa 91% Oil Gas NGL McMullen 5% La Salle Dimmit 4% 4Q 2016 Volumes by API Gravity 96% 50 3% 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 4,300 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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