BMO CAPITAL MARKETS 2017 GLOBAL ENERGY LEADERSHIP FORUM Carrizo Oil & Gas May 31 - June 1, 2017 CRZO
Carrizo Overview Deep Inventory of highly-economical drilling locations Utica Shale 160,000 net acres across the Eagle Ford Shale, Delaware Focus Areas Basin, and Niobrara Formation Niobrara Formation 2,000 net horizontal locations…
Liquidity Position Remains Strong No Near-term Maturities and Ample Flexibility on the Revolver Debt Maturities as of 3/31/2017 Revolving Credit Facility 900 800 million borrowing base commitment with 800 interest rate of LIBOR +…
2017 Capital Program 2017 Planned DC&I Capital Program - 540 MM Continued focus on high-return oily plays 3-rig development program in the Eagle Ford Further development / delineation of Delaware Basin assets Eagle Ford D&C Funds…
Strong Multi-year Production Growth 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…
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 50 vs. Pena 40 Pad Completed 28 wells with tighter frac stage 110 spacing 100 200 stage-spaced wells have outperformed 240 90 stage-spaced wells by 18% 80…
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 Consistent Focus on Efficiency Gains Effective Lateral Drilled per Rig-Month (6-month Avg.) Operational efficiencies in Q117 more 30 than offset a double-digit increase in frac prices 25 Dedicated frac crew…
Eagle Ford Shale Well Economics Summary Type Curve Core Tier 1 700 210 Total Well Cost 4.0 MM 4.2 MM 650 195 600 180 Frac Stages 31.6 32.1 550 165 Lateral Length 6,300 ft. 6,400 ft. 500 150 Percent of Inventory 84% 16% 450…
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 provides ample flexibility to fund growth Top-tier operational team with significant experience in unconventional plays…
Appendix
Guidance Summary Carrizo Production and Cost Guidance Trailing Four Quarter Actuals Q2 2017 and FY 2017 Guidance ACTUAL GUIDANCE* Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 FY 2017 Production Volumes: Crude Oil (Bbls/d) 23,942…
Hedge Position Daily Volume % of Q2 Oil Period Type of Contract (Bbl/d) Floor Price Ceiling Price Sub-floor Price Forecast* Q2 2017 Total Volume 12,000 38% Swaps 12,000 50.13 Q3 2017 Total Volume 12,000 38% Swaps 12,000 53.71 Q4…
Eagle Ford Shale API Gravity 1Q 2017 Net Sales Revenue by Product Zavala Frio Atascosa 91% Oil Gas NGL Dimmit La Salle McMullen 4% 5% 1Q 2017 Volumes by API Gravity 95% Source: DrillingInfo initial completion…
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…
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