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Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Nov 28, 2017 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 1
    JEFFERIES 2017 ENERGY CONFERENCE Carrizo Oil & Gas November 28-29, 2017 CRZO
  2. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 2
    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…
  3. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 3
    Carrizo Overview 145,000 net acres across the Eagle Ford Shale and Delaware Basin 2,200 net potential horizontal locations in inventory Poised to deliver prudent long-term production Delaware Basin growth Targeting cash flow…
  4. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 4
    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%…
  5. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 5
    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 30%-50% 34% 11% NE LaSalle…
  6. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 6
    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…
  7. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 7
    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…
  8. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 8
    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…
  9. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 9
    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…
  10. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 10
    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,…
  11. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 11
    Eagle Ford Shale Enhanced Completions Driving Improved Well Performance 55 50 Jasik 10 Pad Jasik Existing Wells 45 40 Cumulative Oil, MBO 35 30 25 20 15 10 5 0 0 10 20 30 40 50 60 70 80 All wells normalized…
  12. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 12
    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…
  13. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 13
    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 through the Wolfcamp D (ft.) Drilling Locations 4 of 6…
  14. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 14
    Delaware Basin Successful Wells in Four Out of Six Wolfcamp Horizons BS3_MID_SHALE [PCF] 9 5/8 IN 10000 A 2100 Sacks of Cement 10000 10000 BS_SAND_3 [PCF] 10000 99 5/8 5/8 IINN BS3 2060 Sacks 2060 Sacks ofof…
  15. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 15
    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…
  16. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 16
    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…
  17. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 17
    Summary Premier Acreage Positions Top Tier Operator Significant Growth Potential Strong Financial Position Experienced Management Team 18 CRZO
  18. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 18
    Appendix 19 CRZO
  19. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 19
    Guidance Summary Actual Guidance 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 Production Volumes: Crude Oil (Bbls/d) 28,727 28,844 33,629 34,903 40,400 - 40,800 34,400 - 34,600 NGLs (Bbls/d) 5,048 4,508 4,982 6,777 8,200 -…
  20. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 20
    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…
  21. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 21
    Eagle Ford Shale API Gravity 3Q17 Net Sales Revenue by Product Zavala Frio Atascosa 90% Oil Gas NGL 5% 5% Dimmit La Salle McMullen 3Q17 Volumes by API Gravity 98% 50 Source: DrillingInfo initial completion reports.…
  22. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 22
    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…
  23. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 23
    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…
  24. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 24
    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…
  25. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 25
    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…
  26. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 26
    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…
  27. Jefferies 2017 Energy Conference – Carrizo Oil & Gas Inc. – slide 27
    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 -…

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