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Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Mar 28, 2019 · 31 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. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 1
    SCOTIA HOWARD WEIL 2019 ENERGY CONFERENCE Carrizo Oil & Gas March 24-27, 2019 CRZO
  2. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 2
    Carrizo Overview NASDAQ Symbol CRZO Market Capitalization 1.2 BN Enterprise Value 3.1 BN Net Debt/EBITDA1 2.4x Delaware Basin 4Q18 Total Production (MBoe/d) 68.3 4Q18 Crude Oil Production (MBbls/d) 43.0 Eagle Ford Shale YE…
  3. Scotia Howard Weil 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. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 4
    Strategic Evolution Transitioning to a Sustainable Free Cash Flow Program Generate Focus on Deliver Growth Synergies and Highest-margin within Operational Plays Cash Flow Efficiencies Jan-17 Jan-18 Jan-19…
  5. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 5
    Proved Reserves Provide Strong Value Support Proved Reserve Growth PV-10 Growth 350 4.5 75 25% 200% Total 4.0 PV-10 70 300 CAGR 20% 3.5 30% 65 PDP WTI 250 3.0 60 Reserves (MMBoe) WTI Oil Price (/Bbl) PV-10 ( BN)…
  6. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 6
    Recent Growth Driven by High-margin Oil Plays Total Production Crude Oil Production 80 50 17% 18% Total 45 Total 70 CAGR CAGR 40 28% 22% 60 Core Core 35 Net Daily Prod. (MBoe/d) Net Daily Prod. (MBbl/d) 50…
  7. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 7
    History of Top-tier Margins Oil-focused Assets Drive Outperformance EBITDA Margin1 Advantage CRZOs focus on the core of plays it targets 10 results in margins that consistently exceed peers CRZO vs. Peers (/Boe) Seaborne-based…
  8. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 8
    Returns Matter Targeting Double-digit ROCE Historical ROCE1 CRZOs ROCE ranks in the top tier of E&P peers 15% Only allocating capital to projects that deliver a double-digit corporate-level return assuming a Targeting mid-50s oil…
  9. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 9
    Balance Sheet Improvement Remains a Focus Free Cash Flow Targeted for Debt Reduction Historical Leverage Metrics1 Revolving Credit Facility 3.5x Targeting 1.1 billion borrowing base commitment Leverage Net Debt / Adjusted…
  10. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 10
    Hedging Program Disciplined Strategy Protects Cash Flows 2019 Program 2020+ Program Goals Hedge 50%-75% of crude oil production Hedge 50% of crude oil production Target floor price 50/Bbl Target floor price 55/Bbl Protect…
  11. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 11
    2019 Development Plan Paving the Way to Free Cash Flow 525-575 Million Budget Plan Details Eagle Ford Shale Drill 50-55 gross / 45-50 net operated wells Complete 75-80 gross / 70-75 net operated wells Drive development-scale…
  12. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 12
    Commitment to Operational Excellence Reducing Cycle Times Across the Asset Portfolio Eagle Ford Drilling Improvement Delaware Basin Pad Development 3,000 100% Effective Lateral Footage per Day 2,500 80% Percent of Wells…
  13. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 13
    Well Economics Overview Core Assets Generate Compelling Returns Eagle Ford Shale Type Curve Range Delaware Basin Type Curve Range 35 90 80 30 MBoe per 1,000 ft. Lateral MBoe per 1,000 ft. Lateral 70 25 60 20 50 15 40…
  14. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 14
    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…
  15. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 15
    Eagle Ford Shale Development of Additional Large-scale Multipad Projects RPG Pena Pena Highlights 15-well project at Pena has begun flowback 21-well project at RPG being completed Scheduled to begin flowback in 2Q…
  16. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 16
    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…
  17. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 17
    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 5 of 6…
  18. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 18
    Delaware Basin Conducting Cube Tests to Optimize Development St. Clair Pad Crowley Pad Frac Sequencing Design WCA WCA WCA Bounded Unbounded Bounded 11H WCA 11H 11H 11H WCBU WCBU Bounded Unbounded WCB 12H WCBL Upper 150…
  19. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 19
    Delaware Basin Target Horizon by Operator Percentage of Drilled Wells by Zone CRZO is at the forefront of multi-layer Peer 9 development in the Delaware Basin Peer 15 Peer 3 CRZOs early focus on testing multiple Peer 4 horizons…
  20. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 20
    Delaware Basin Continued Strong Results from Wolfcamp Targets Ford West Area Phantom Area Culberson Reeves Reeves 1 2 4 3 5 67 Ward 8 9 Wolfcamp A Wolfcamp B Wolfcamp C 30-Day Rate* 60-Day Rate* 90-Day Rate* Well…
  21. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 21
    Investment Highlights Premier 120,000 net acres across the Eagle Ford Shale and Acreage Delaware Basin, two of the highest-return plays in North America Positions Significant Deep inventory of locations that generate strong Growth…
  22. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 22
    Appendix 23 CRZO
  23. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 23
    Guidance Summary Actual Guidance 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 FY 2019 Production Volumes: Total (Boe/d) 51,257 57,077 64,627 68,328 61,100 - 62,100 66,800 - 67,800 Crude Oil % 67% 66% 63% 63% 64% 63% NGLs % 16% 16% 18%…
  24. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 24
    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 6,000 Floor Price (/Bbl) 50.96 50.96…
  25. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 25
    Eagle Ford Shale API Gravity 4Q18 Net Sales Revenue by Product 3% 6% Zavala Frio Atascosa Oil Gas NGL 91% Dimmit La Salle McMullen 4Q18 Volumes by API Gravity Source: DrillingInfo initial completion reports. 50…
  26. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 26
    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…
  27. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 27
    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…
  28. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 28
    Delaware Basin - Phantom Area Location, Location, Location CRZO Griffin CRZO Lovelace CRZO Woodson (WCC) CRZO Woodson (WCB) CRZO Christian 30-day rate: 1,929 Boe/d 30-day rate: 1,561 Boe/d 30-day rate: 1,585 Boe/d 30-day rate: 1,603…
  29. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 29
    Delaware Basin Ford West Area Strong Well Results Along the Culberson/Reeves Border XEC California Chrome XEC Venetian Capitan Dorothy 30-day rate: 1,404 Boe/d 30-day rate: 1,573 Boe/d 30-day rate: 1,021 Boe/d (48% oil) (51% oil)…
  30. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 30
    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…
  31. Scotia Howard Weil Energy Conference – Carrizo Oil & Gas Inc. – slide 31
    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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