CITI 2018 GLOBAL ENERGY AND UTILITIES CONFERENCE Carrizo Oil & Gas May 15-16, 2018 CRZO
Carrizo Overview 118,000 net acres across the Eagle Ford Shale and Delaware Basin Proximity and operational similarity of plays allows for shifting of capital and equipment relatively easily Delaware Basin 1,700 net potential…
Successful Portfolio Transition Completing the Shift to Higher-margin Plays 700 Strategic Actions 600 3Q17 Transaction Amount (MM) AUGUST / Acquired Delaware Basin assets from ExL 500 400 4Q17 NOVEMBER / Divested Marcellus…
2018 Development Plan Synergistic Development of High-quality Assets 750 - 800 MM Capital Budget Program Highlights Focus on high-return oily plays 2-rig development program in the Eagle Ford Shale 85%-90% 3-4-rig development…
Strong Track Record of Growth Total Production Crude Oil Production 70 17% 45 19% CAGR CAGR 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…
Delivering Continued Execution Disciplined Takeaway Hedging Strategy Optionality Long-Term Financial Service Strength Contracts/ Relationships Operational Flexibility 7 CRZO
Strong Liquidity Position No Near-term Maturities and Ample Flexibility on the Revolver Revolving Credit Facility Historical Leverage Metrics1 900 million borrowing base commitment with 4.5x Targeting interest rate of LIBOR +…
Hedging Program Disciplined Strategy Protects Operating Margins Mitigating 2018 price Oildifferential risk through basis swap hedges NGL Gas 6,000 Bbl/d LLS-WTI +2.91/Bbl 6,000 Bbl/d Midland-WTI -0.10/Bbl Proactively adding 2019…
Eagle Ford Shale High-return, Free-cash-flow-positive Core Position Overview Acreage almost entirely in the volatile oil window Crude oil receives premium LLS-based pricing, contributing to strong returns Ample oil and gas takeaway…
Eagle Ford Shale Strong Performance from Brown Trust Multipad Gross Production 14 12 MBbls/d, MMcf/d 10 8 6 4 Crude Oil 2 Wet Gas 0 3/31 4/5 4/10 4/15 4/20 4/25 4/30 Existing Wells Summary Multipad Wells 16…
Eagle Ford Shale Midstream Ample Takeaway Capacity Crude Oil Significant Infrastructure and Optionality Houston Market Company-owned in-field and third-party gathering move 70% of oil on pipelines; Gardendale projects in-progress…
Delaware Basin High-return, Stacked-pay Potential Overview Blocky acreage position that supports efficient long-lateral development Potential to provide decades of drilling inventory Infrastructure in place to support future…
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 Net Derisked Thickness Drilling through the Wolfcamp D (ft.) Locations 4 of 6…
Delaware Basin Strong Results from Wolfcamp A and B Cumulative Production 200 175 1 150 Reeves 3 4 2 125 MBoe* 5 6 Ward 100 75 50 WCA 25 WCB Wolfcamp A Wolfcamp B 0 0 30 60 90 120 Producing Days 30-Day…
Delaware Basin Water Management Initiatives Providing Capacity to Meet Future Phantom Area Growth Needs Water-management Strategy Water-disposal Capacity Expansion 300K 250K Company Third Water Gross Volumes (Bbls/d) Owned…
Delaware Basin Midstream Ensuring Certainty of Flow Crude Oil Significant Infrastructure and Optionality Cushing Crude Oil Houston/ MEH Oryx system has 200 MBbl/d capacity with Corpus plans to double by late 2019 Christi Current…
Investment Highlights Premier Acreage 118,000 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…
Hedge Position Detail Crude Oil Daily Volume Floor Price Ceiling Price Sub-floor Price Period Type of Contract (Bbl/d) (/Bbl) (/Bbl) (/Bbl) Q2 2018 Swaps 6,000 49.55 3-Way Collars 24,000 49.06 60.14 39.38 Q3 2018 Swaps 6,000…
Hedge Position Detail Crude Oil Basis Swaps Daily Volume Differential Period Type of Contract (Bbl/d) /Bbl Q2 2018 LLS-WTI 6,000 2.91 Midland-WTI 6,000 (0.10) Q3 2018 LLS-WTI 6,000 2.91 Midland-WTI 6,000 (0.10) Q4 2018…
Hedge Position Detail Natural Gas Liquids Weighted Daily Volume Period Product Stream Type of Contract Average Price (Bbl/d) (/Bbl) Q1 2018 Ethane Swaps 2,200 12.01 Propane Swaps 1,500 34.23 Butane Swaps 200 38.85 Isobutane…
Hedge Position Detail Natural Gas Daily Volume Floor Price Ceiling Price Sub-floor Price Period Type of Contract (MMBtu/d) /MMBtu /MMBtu /MMBtu Q3 2018 Swaps 25,000 3.01 Q4 2018 Swaps 25,000 3.01 Note: Carrizo also sold…
Eagle Ford Shale API Gravity 1Q18 Net Sales Revenue by Product 4% 5% Zavala Frio Atascosa Oil Gas NGL 91% Dimmit La Salle McMullen 1Q18 Volumes by API Gravity 0% 8% Source: DrillingInfo initial completion reports.…
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,…
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 - 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…
Delaware Basin Ford West Area Strong Well Results Along the Culberson/Reeves Border XEC California Chrome 39 1H XEC Venetian Way 38 1H Capitan Dorothy St. 12 1H 30-day rate: 1,404 Boe/d 30-day rate: 1,573 Boe/d 30-day rate: 1,021…
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…
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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