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Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Dec 4, 2018 · 29 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. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 1
    CAPITAL ONE SECURITIES 13TH ANNUAL ENERGY CONFERENCE Carrizo Oil & Gas December 4-6, 2018 CRZO
  2. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 2
    Carrizo Overview NASDAQ Symbol CRZO Market Capitalization 1.6 BN Enterprise Value 3.1 BN Net Debt/EBITDA1 2.0x Delaware Basin 3Q18 Total Production (MBoe/d) 64.6 3Q18 Crude Oil Production (MBbls/d) 40.8 Eagle Ford Shale YE…
  3. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 3
    Strategic Goals Maximize Allocate capital to highest-return assets Corporate Target double-digit ROCE Returns Generate Target free-cash-flow-positive development program Free Cash Use free cash flow for leverage reduction, share…
  4. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 4
    Successful Portfolio Transformation Focused on High-margin Plays 125 5.50 100 4.50 NYMEX Gas NYMEX Oil 75 3.50 50 2.50 25 1.50 70 60 Divested Barnett assets Divested DJ Basin 60 and downdip Eagle Ford assets 50…
  5. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 5
    Strong Track Record of Growth Total Production Crude Oil Production 70 18% 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…
  6. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 6
    History of Top-tier Margins Oil-focused Assets Drive Outperformance CRZOs focus on the core of plays it targets results in margins Unhedged EBITDA Margin1 that consistently exceed peers 50 CRZO Seaborne-based pricing in the Eagle…
  7. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 7
    Returns Matter Targeting Double-digit ROCE Historical ROCE1 14% ROCE Average NYMEX WTI 120 12% 100 10% 80 NYMEX WTI 8% RCOE 60 6% 40 4% 2% 20 0% 0 2017 ROCE vs. E&P Peers2 2017 S&P Small-cap 600 ROCE by…
  8. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 8
    Balance Sheet Flexibility Leverage Back Below 2x Historical Leverage Metrics1 Revolving Credit Facility 1.1 billion borrowing base commitment with 4.5x Targeting interest rate of LIBOR + 1.25%-2.25% 4.0x Leverage Net Debt /…
  9. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 9
    4Q18 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…
  10. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 10
    2018 Development Plan Synergistic Development of High-quality Assets 800 - 825 MM Capital Budget 4Q18 Program Highlights Focus on high-return oily plays 4-rig development program in the Eagle Ford Shale 90% 2-rig development…
  11. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 11
    Eagle Ford Shale High-return, Free-cash-flow-positive Core Position Overview Acreage almost entirely in the volatile oil window Crude oil receives premium seaborne-based pricing, contributing to strong returns Ample oil and gas…
  12. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 12
    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…
  13. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 13
    Delaware Basin High-return, Stacked-pay Potential Overview Loving Blocky acreage position that supports efficient long-lateral development Ward Potential to provide decades of drilling inventory Infrastructure in place to…
  14. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 14
    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 Locations 4 of 6…
  15. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 15
    Delaware Basin Continued Strong Results from Wolfcamp A and B Ford West Area Phantom Area Culberson Reeves Reeves 8 1 3 4 56 Ward 7 2 Wolfcamp A Wolfcamp B 30-Day Rate* 60-Day Rate* 90-Day Rate* Well Name Zone…
  16. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 16
    Delaware Basin Midstream Ensuring Certainty of Flow Crude Oil Significant Infrastructure and Optionality Cushing Crude Oil Houston/ MEH Oryx system has 650 MBbl/d capacity to Crane / 200 MBbl/d capacity to Midland (expanding to…
  17. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 17
    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…
  18. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 18
    Appendix 19 CRZO
  19. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 19
    Guidance Summary Actual Guidance 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 Production Volumes: Total (Boe/d) 62,417 51,257 57,077 64,627 67,700 - 68,700 60,200 - 60,500 Crude Oil % 64% 67% 66% 63% 63% 64% - 65% NGLs % 15%…
  20. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 20
    Hedge Position Detail Crude Oil 4Q 1Q 2Q 3Q 4Q FY FY 2018 2019 2019 2019 2019 2020 2021 Swaps Daily Volume (Bbl/d) 6,000 Price (/Bbl) 49.55 Three-way Collars Daily Volume (Bbl/d) 24,000 27,000 27,000 27,000 27,000 Floor Price…
  21. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 21
    Hedge Position Detail Natural Gas and Natural Gas Liquids 4Q 2018 Natural Gas Swaps Daily Volume (MMBtu/d) 25,000 Price (/MMBtu) 3.01 Ethane Swaps Daily Volume (Bbl/d) 2,200 Price (/Bbl) 12.01 Propane Swaps Daily Volume…
  22. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 22
    Eagle Ford Shale API Gravity 3Q18 Net Sales Revenue by Product 6% 3% Zavala Frio Atascosa Oil Gas NGL 90% Dimmit La Salle McMullen 3Q18 Volumes by API Gravity Source: DrillingInfo initial completion reports. 50…
  23. Capital One Securities 13th 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. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 24
    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…
  25. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 25
    Delaware Basin - Phantom Area Location, Location, Location CRZO Griffin CRZO Lovelace CRZO Davis CRZO Woodson (WCB) CRZO Christian 30-day rate: 1,929 Boe/d 30-day rate: 1,561 Boe/d 30-day rate: 2,072 Boe/d 30-day rate: 1,603 Boe/d…
  26. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 26
    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…
  27. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 27
    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…
  28. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 28
    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 -…
  29. Capital One Securities 13th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 29
    Social Responsibility at Carrizo Striving to be a Good Corporate Citizen 190 MM paid to fund Responsibility education, safety, 7 MM and infrastructure in our projects for local donated through communities Carrizos Corporate…

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