PETERS & CO. 2018 ENERGY CONFERENCE Carrizo Oil & Gas September 11-13, 2018 CRZO
Carrizo Overview 123,000 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 2,100 net potential…
Successful Portfolio Transition Focusing on Higher-margin Plays 1,000 Strategic Actions 900 3Q17 Transaction Amount (MM) 800 215mm recently-announced bolt-on AUGUST / Acquired Delaware Basin assets from ExL 700 acquisition from…
The Eagle Ford Pivot Shifting Capital to the Eagle Ford Drives Enhanced Results Plan Summary LLS/Midland Basis Differentials 10 Shift two of the four rigs that were LLS-Cushing originally planned to be drilling in the 0 Delaware…
2018 Development Plan Synergistic Development of High-quality Assets 800 - 825 MM Capital Budget 2H18 Program Highlights Focus on high-return oily plays 4-rig development program in the Eagle Ford Shale 90% 2-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) 30 Net Daily Prod. (MBbl/d) 40 25 30 20 15 20 10 10 5 0 0 FY15 FY16 FY17…
Positioned for Future Execution Disciplined Takeaway Hedging Strategy Optionality Long-Term Financial Service Strength Contracts/ Relationships Operational Flexibility 8 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 +…
2H18 Hedging Program Overview 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…
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 16 Downtime for facilities/tubing 14 Production (MBbls/d, MMcf/d) 12 10 8 6 4 Crude Oil 2 Wet Gas 0 3/31 4/14 4/28 5/12 5/26 6/9 6/23 7/7 7/21…
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 Loving Blocky acreage position that supports efficient Ward long-lateral development Potential to provide decades of drilling inventory Infrastructure in place to…
Delaware Basin Bolt-on Acquisition Excellent Fit with Existing Phantom Position Acquisition Highlights Carrizo Acreage Devon Acreage Carrizo Gathering 215 MM purchase price Carrizo Water 9,600 net acres Devon Gathering Net…
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 through the Wolfcamp D (ft.) Drilling Locations1 4 of 6…
Delaware Basin Strong Results from Wolfcamp A and B 225 Reeves 200 8 Cumulative Production, Mboe* 175 150 1 34 2 56 125 Ward 100 7 75 50 WCA 25 WCB Wolfcamp A Wolfcamp B 0 0 30 60 90 120 Producing Days…
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 plans to double by late 2019 Corpus Christi Current…
Investment Highlights Premier Acreage 123,000 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) Q3 2018 Swaps 6,000 49.55 3-Way Collars 24,000 49.06 60.14 39.38 Q4 2018 Swaps 6,000…
Hedge Position Detail Crude Oil Basis Swaps Daily Volume Differential Period Type of Contract (Bbl/d) /Bbl Q3 2018 LLS-WTI 18,000 5.11 Midland-WTI 6,000 (0.10) Q4 2018 LLS-WTI 18,000 5.11 Midland-WTI 6,000 (0.10) Q1 2019…
Hedge Position Detail Natural Gas Liquids Weighted Daily Volume Period Product Stream Type of Contract Average Price (Bbl/d) (/Bbl) Q3 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 2Q18 Net Sales Revenue by Product 4% 3% Zavala Frio Atascosa Oil Gas NGL 92% Dimmit La Salle McMullen 2Q18 Volumes by API Gravity Source: DrillingInfo initial completion reports. 50…
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 Successful Wells in Multiple Wolfcamp Horizons CRZO CRZO CRZO CRZO CRZO CRZO CRZO CRZO CRZO Well 1 Well 2 Well 3 Well 4 Well 5 Well 6 Well 7 Well 8 Well 9 BS3 A A X/Y WCA WCBU WCBL WCC WCD…
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. Gross 1,684 Mboe 500 250 Oil -…
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