NOVEMBER 2017 INVESTOR PRESENTATION Carrizo Oil & Gas 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 Core Positions in Two Basins and Delaware Basin 2,200 net potential horizontal locations in Niobrara Formation inventory Poised to deliver prudent long-term…
Refocused Portfolio Enhances Long-Term Profitability CRZO Pro Forma Pro Forma Actual ExL Acquisition ExL Acquisition + Divestitures Production Oil 62% 70% NGL 63% Gas Eagle Ford 21% Delaware Basin 13% 17% DJ Basin 71%…
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…
2017 Development Program 2017 DC&I Capital Program - 610 MM Program Highlights Continued focus on high-return oily plays Current 2-rig development program in the Eagle Ford Current 5-rig development program in the Delaware Basin…
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 9/30/17 Revolving Credit Facility 900 800 800 million borrowing base commitment with Revolver 800 6.25% interest rate of…
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 Multiple pilots currently online Successful results seen at Brown Trust, RPG,…
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 section from the Avalon Gross Section Derisked Thickness Drilling through the Wolfcamp D (ft.) Locations 4 of 6 target…
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…
Delaware Basin Strong Results from Recent Northwestern Wells Performance of recent Christian and State CVX wells supports Carrizos evaluation of GOR profile on northwestern portion of Phantom acreage 3 Christian 2 1T 1 2 5 4 6…
Delaware Basin Driving Operational Efficiencies 0 1,000 Since taking over operations in August, ExlLangford OperatedB89 1 2,000 ExL Operated CRZO has been able to significantly improve CRZO Operated CRZO Operated Zeman-State…
Summary Premier Acreage Positions Top Tier Operator Significant Growth Potential Strong Financial Position Experienced Management Team 18 CRZO
Hedge Position Detail Crude Oil Period Type of Contract Daily Volume (Bbl/d) Floor Price Ceiling Price Sub-floor Price Q4 2017 Total Volume 15,000 Swaps 15,000 53.44 FY 2018 Total Volume 30,000 Swaps 6,000 49.55 3-Way Collars…
Eagle Ford Shale API Gravity 3Q 2017 Net Sales Revenue by Product Zavala Frio Atascosa 90% Oil Gas NGL 5% Dimmit La Salle McMullen 5% 2Q 2017 Volumes by API Gravity 98% 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 - Phantom Area Location, Location, Location CRZO State CVX CRZO Christian APC Irene 30-day rate: 1,473 Boe/d 30-day rate: 1,623 Boe/d 30-day rate: 1,229 Boe/d (56% oil) (51% oil) (68% oil) ExL State CVX CDEV Iceman…
Delaware Basin - Western Area 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…
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…
Delaware Basin - Phantom Area 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…
Delaware Basin Western Area 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 -…
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…
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