Skip to main content Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. Investor Presentation | Shale Experts
Loading...
Pm

Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Feb 13, 2019 · 25 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. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 1
    CREDIT SUISSE 24TH ANNUAL ENERGY SUMMIT Carrizo Oil & Gas February 10-13, 2019 CRZO
  2. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 2
    Carrizo Overview NASDAQ Symbol CRZO Market Capitalization 1.2 BN Enterprise Value 2.7 BN Net Debt/EBITDA1 2.0x Delaware Basin 4Q18E Total Production (MBoe/d) 68.3 4Q18E Crude Oil Production (MBbls/d) 43.0 Eagle Ford Shale…
  3. Credit Suisse 24th Annual Energy Summit – 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. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 4
    Successful Portfolio Transformation Focused on High-margin Plays 125 5.50 NYMEX Gas 100 4.50 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. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 5
    Strong Track Record of Growth Total Production Crude Oil Production 18% 80 17% 45 CAGR CAGR 70 40 35 60 Net Daily Prod. (MBoe/d) Net Daily Prod. (MBbl/d) 30 50 25 40 20 30 15 20 10 10 5 0 0 FY16 FY17…
  6. Credit Suisse 24th Annual Energy Summit – 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 EBITDA Margin (/Boe)…
  7. Credit Suisse 24th Annual Energy Summit – 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. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 8
    Balance Sheet Update Targeting Long-term Leverage 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% Leverage Net Debt /…
  9. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 9
    2019 Hedging Program Overview Disciplined Strategy Protects Operating Margins Mitigating 2018 price differential risk through basis swap hedges 1Q 2Q 3Q 4Q 6,000 Bbl/d LLS-WTI Oil Hedges +2.91/Bbl 2019 2019 2019 2019 6,000 Bbl/d…
  10. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 10
    2019 Development Plan Paving the Way to Free-cash-flow Neutrality 2018: Pivot to Highest-return Areas 2019: Focus on Optimal Path to FCF 844 MM Capex 525-575 MM Budget 90% 90% Drilling & Drilling & 35% Reduction Completion…
  11. Credit Suisse 24th Annual Energy Summit – 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. Credit Suisse 24th Annual Energy Summit – 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. Credit Suisse 24th Annual Energy Summit – 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. Credit Suisse 24th Annual Energy Summit – 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 Drilling through the Wolfcamp D (ft.) Locations 4 of 6…
  15. Credit Suisse 24th Annual Energy Summit – 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. Credit Suisse 24th Annual Energy Summit – 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. Credit Suisse 24th Annual Energy Summit – 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. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 18
    Appendix 19 CRZO
  19. Credit Suisse 24th Annual Energy Summit – 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 68,328 60,381 Crude Oil % 64% 67% 66% 63% 63% 65% NGLs % 15% 16% 16% 18% 17% 17%…
  20. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 20
    Hedge Position Detail 1Q 2Q 3Q 4Q FY FY 2019 2019 2019 2019 2020 2021 Swaps Daily Volume (Bbl/d) 3,000 Price (/Bbl) 55.06 Three-way Collars Daily Volume (Bbl/d) 27,000 27,000 27,000 27,000 Floor Price (/Bbl) 50.96 50.96 50.96…
  21. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 21
    Eagle Ford Shale API Gravity 3Q18 Net Sales Revenue by Product 3% 6% Zavala Frio Atascosa Oil Gas NGL 91% Dimmit La Salle McMullen 3Q18 Volumes by API Gravity Source: DrillingInfo initial completion reports. 50…
  22. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 22
    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…
  23. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 23
    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…
  24. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 24
    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…
  25. Credit Suisse 24th Annual Energy Summit – Carrizo Oil & Gas Inc. – slide 25
    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…

From the store

Browse maps, data & reports in the Shale Experts store