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Simmons Annual Energy Conference – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Mar 2, 2018 · 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. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 1
    SIMMONS & COMPANY INTERNATIONAL 18TH ANNUAL ENERGY CONFERENCE Carrizo Oil & Gas March 1, 2018 CRZO
  2. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 2
    Investment Highlights Premier Acreage 122,000 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. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 3
    Carrizo Overview 122,000 net acres across the Eagle Ford Shale and Delaware Basin 1,700 net potential horizontal locations in inventory Poised to deliver prudent long-term production Delaware Basin growth Targeting cash flow…
  4. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 4
    Refocused Portfolio Enhances Long-Term Profitability Q3 Q4 December Pro Forma Actual Actual A&D Activity Production Oil 64% NGL 63% 68% Gas Eagle Ford Delaware Basin 31% 13% 24% 67% DJ Basin 71% 69% Appalachia…
  5. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 5
    2018 Development Program 2018 DC&I Capital Program - 775 MM Program Highlights Continued focus on high-return oily plays 2-rig development program in the Eagle Ford Shale 3-4-rig development program in the Delaware Basin Reflects…
  6. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 6
    Strong Track Record of Growth Total Production Crude Oil Production 70 45 40 60 35 50 Net Daily Prod. (MBoe/d) Net Daily Prod. (MBbl/d) 30 40 25 30 20 15 20 10 10 5 0 0 FY15 FY16 FY17 FY18E FY15 FY16…
  7. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 7
    Strong Liquidity Position No Near-term Maturities and Ample Flexibility on the Revolver Debt Maturities Revolving Credit Facility 900 800 800 million borrowing base commitment with Revolver 800 6.25% interest rate of LIBOR +…
  8. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 8
    Eagle Ford Shale A Premier Industry Asset Acreage almost entirely in the volatile oil window, where returns rank amongst the best in North America Deep drilling inventory with all locations identified, planned, and de-risked…
  9. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 9
    Eagle Ford Shale Increased Performance from 2017 Drilling Program 150 125 Cumulative Production, MBo 100 75 50 25 2017 Quarterly Averages 2016 Quarterly Averages 0 0 30 60 90 120 150 180 210 240 270 300…
  10. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 10
    Eagle Ford Shale Brown Trust Multipad Advantages of Multipad Development Reduces the number of parent-child relationships created over time Reduces the percentage of time wells need to be shut-in for offset completions over the…
  11. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 11
    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…
  12. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 12
    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…
  13. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 13
    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…
  14. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 14
    Delaware Basin Continued Delineation of Wolfcamp A and B Highlights Strong results seen from Wolfcamp A and B wells 1 3 Higher-than-expected flowing pressures from Reeves 2 4 Wolfcamp B wells 5 Ward Processing yields have exceeded…
  15. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 15
    Delaware Basin 3x Contracted Expansion of Piped Water-handling Capacity by Year-end 250,000 Current Disposal Capacity Current Upgrade Forecast year-end capacity: Delaware Zone SWD Well 195,000 BWPD 200,000 DBM Midstream Water…
  16. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 16
    Summary Premier Acreage Positions Top Tier Operator Significant Growth Potential Strong Financial Position Experienced Management Team 17 CRZO
  17. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 17
    Appendix 18 CRZO
  18. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 18
    Guidance Summary Actual Guidance 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 FY 2018 Production Volumes: Total (Boe/d) 46,367 51,019 55,224 62,417 48,600 - 49,800 58,500 - 60,100 Crude Oil % 62% 66% 63% 64% 65% - 67% 65% - 67% NGLs %…
  19. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 19
    Hedge Position Detail Crude Oil Daily Volume Period Type of Contract Floor Price Ceiling Price Sub-floor Price (Bbl/d) Q1 2018 Total Volume 30,000 Swaps 6,000 49.55 3-Way Collars 24,000 49.06 60.14 39.38 Q2 2018 Total Volume…
  20. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 20
    Hedge Position Detail Natural Gas Liquids Daily Volume Period Product Stream Type of Contract Fixed Price (Bbl/d) Q1 2018 Ethane Swaps 2,200 12.01 Propane Swaps 1,500 34.23 Butane Swaps 200 38.85 Isobutane Swaps 600 38.98…
  21. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 21
    Hedge Position Detail Natural Gas Daily Volume Period Type of Contract Floor Price Ceiling Price Sub-floor Price (MMBtu/d) Q1 2018 Total Volume 8,611 Swaps 8,611 3.01 Q2 2018 Total Volume 25,000 Swaps 25,000 3.01 Q3 2018 Total…
  22. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 22
    Eagle Ford Shale API Gravity 4Q17 Net Sales Revenue by Product Zavala Frio Atascosa 91% Oil Gas 4% NGL 6% Dimmit La Salle McMullen 4Q17 Volumes by API Gravity 90% Source: DrillingInfo initial completion reports. 50…
  23. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 23
    Eagle Ford Shale Well Economics Summary Type Curve Core 700 210 Total Well Cost 4.5 MM 600 180 Frac Stages 33 Lateral Length 6,600 ft. 500 150 Gross 502 Mboe Cumulative Oil, MBO 400 120 EUR Oil Only 382 Mbo Oil,…
  24. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 24
    Delaware Basin - Phantom Area Location, Location, Location ExL State CVX APC Irene 30-day rate: 1,494 Boe/d 30-day rate: 1,229 Boe/d ExL Grady State (48% oil) (68% oil) 30-day rate: 1,657 Boe/d (60% oil) CDEV Big House 30-day…
  25. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 25
    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…
  26. Simmons Annual 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 Cumulative Oil MBO, Gas - MBOE Total Well Cost 9.5 MM 9.5 MM 1,000 250 Oil BOPD, Gas - BOEPD Frac Stages 42 42 800…
  27. Simmons Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 27
    Delaware Basin Liberator Area Well Economics Summary Type Curve Wolfcamp A 700 350 Total Well Cost 9.1 MM Frac Stages 42 600 300 Cumulative Oil - MBO, Gas - MBOE Lateral Length 7,000 ft. 500 250 Oil - BOPD, Gas -…

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