ENERCOM THE OIL & GAS CONFERENCE Carrizo Oil & Gas August 13-17, 2017 CRZO
Investment Highlights Premier Acreage 145,000 net acres across the Eagle Ford Shale and Delaware Basin, two of the highest return plays in Positions North America Top Tier Track record of delivering EURs that rank among the…
Carrizo Overview 145,000 net acres across the Eagle Ford Shale and Core Positions in Two Basins Utica Shale Delaware Basin 2,200 net potential horizontal locations in inventory Niobrara Formation Poised to deliver prudent…
Refocused Portfolio Enhances Long-Term Profitability CRZO Pro Forma Pro Forma Actual ExL Acquisition ExL Acquisition + Divestitures Oil NGL 66% 64% 74% Gas Eagle Ford 18% Delaware Basin 4% 14% DJ Basin Appalachia 75% 67%…
Deep Inventory of High Rate-of-Return Drilling Locations Inventory by Area Inventory by IRR ( 45/Bbl NYMEX) Area IRR Arnold Winfield 7% 75% 19% Brown Trust 7% 50%-75% 35% Gardendale 2% Irvin 11% 30%-50% 34% NE LaSalle…
Efficiency Gains Drive Enhanced Returns Eagle Ford Lateral Drilled per Rig-Month (6-month Avg.) Operational efficiencies drove a 30 percentage point improvement in Eagle Ford margins since late 2014 30 assuming a flat price…
2017 Development Program 2017 DC&I Capital Program - 600 MM Continued focus on high-return oily plays 2-3-rig development program in the Eagle Ford 3-rig development program in the Delaware Basin post acquisition close Funds…
Strong Track Record of Growth Total Production Crude Oil Production 60 40 35 50 30 Net Daily Prod. (MBoe/d) Net Daily Prod. (MBoe/d) 40 25 30 20 15 20 10 10 5 0 0 FY14 FY15 FY16 FY17E FY14 FY15 FY16…
Strong Liquidity Position No Near-term Maturities and Ample Flexibility on the Revolver Debt Maturities as of 6/30/2017 Revolving Credit Facility 900 800 800 million borrowing base commitment with Revolver 800 interest rate of LIBOR…
Eagle Ford Shale A Premier Industry Asset Acreage almost entirely in the volatile oil window, where returns rank amongst the best in North America 15-20 year drilling inventory with all locations identified, planned, and…
Eagle Ford Shale Optimizing Development Spacing Early stagger-stack results have been positive Prior development spacing was 330-500 between laterals 14 pilots currently online Successful results seen at Brown Trust, RPG, and…
Eagle Ford Shale Optimizing Completion Techniques Performance of Pena 50 vs. Pena 40 Pad 200 stage-spaced wells have outperformed 240 stage-spaced wells by 10% 120 110 Tighter stage spacing also appears to minimize frac…
Delaware Basin High-return, Stacked-pay Potential Blocky acreage position that supports efficient long-lateral development Acreage contains more than 3,800 of stacked pay targeting up to 10 potential zones Potential to provide…
Delaware Basin High-Quality Stacked Pay with Large Inventory Upside Up to 10 potential targets across a 3,800-ft. section from the Avalon Gross Section Derisked Thickness Drilling through the Wolfcamp D (ft.) Locations 4 of 6…
Eastern Delaware Basin CLARK JUDY STATE C19 1H 0 42389334600000 GR_PCF 200 1 ILD_PCF 1000 0.3 DPHI_PCF -0.1 MCGARY STATE UNIT 10 1161 0 42389352920000 GR_PCF 200 1 ILD_PCF 1000 0.3 DPHI_PCF -0.1 0 STATE CVX 22 2266…
Western Delaware Basin Strong Well Results Along the Culberson/Reeves Border XEC Venetian Way 38 1H Capitan Dorothy St. 12 1H 30-day rate: 1,573 Boe/d 30-day rate: 1,021 Boe/d (51% oil) (50% oil) Capitan Cliff Fee 4 1H 30-day rate:…
Summary Premier Acreage Positions Top Tier Operator Significant Growth Potential Strong Financial Position Experienced Management Team 19 CRZO
Guidance Summary Carrizo Production and Cost Guidance Trailing Four Quarter Actuals Q3 2017 and FY 2017 Guidance ACTUAL GUIDANCE* Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 FY 2017 Production Volumes: Crude Oil (Bbls/d) 24,488…
Hedge Position Daily Volume % of Q3 Oil Period Type of Contract (Bbl/d) Floor Price Ceiling Price Sub-floor Price Forecast* Q3 2017 Total Volume 12,000 34% Swaps 12,000 53.71 Q4 2017 Total Volume 9,000 25% Swaps 9,000 53.86 Q3-Q4…
Eagle Ford Shale API Gravity 2Q 2017 Net Sales Revenue by Product Zavala Frio Atascosa 92% Oil Gas NGL 4% Dimmit La Salle McMullen 5% 2Q 2017 Volumes by API Gravity 95% 50 Source: DrillingInfo initial completion…
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 Gross 553 Mboe 403 Mboe 450 135…
Delaware Basin Offset Operators are Targeting Multiple Horizons APC CDEV CXO DVN EGN FANG JAG NBL OXY PDCE Brushy Canyon P P Y Avalon Shale Y P P P P P 1st Bone Spring Sand P Y P P P 2nd Bone Spring Shale Y Y Y P P 2nd Bone…
Eastern Delaware Basin Well Economics Summary Wolfcamp A Type Curve Wolfcamp A Wolfcamp B 1,200 300 Total Well Cost 8.1 MM 8.1 MM Cumulative Oil MBO, Gas - MBOE 1,000 250 Oil BOPD, Gas - BOEPD Frac Stages 42 42 800 200…
Western 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,…
DJ Basin 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 industry…
DJ Basin Acreage Ranking Identified several discreet areas within Niobrara project and evaluated development potential and economics separately Ranking criteria: Geologic / petrophysical quality Activity level Production…
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