TUDOR PICKERING HOLT 2014 HOTTER N HELL CONFERENCE Carrizo Oil & Gas, Inc. June 18, 2014
Carrizo Today Positioned to Deliver Sustainable Growth High-quality acreage position focused on oil and condensate resource plays Eagle Ford Shale, Utica Shale, and Niobrara Formation Crude oil accounts for 60% of reserves and…
Portfolio of Assets Niobrara 47,500 net acres Utica 5.3 MMBOE Proved 25,700 net acres Marcellus 37,300 net acres 22.2 MMBOE Proved YE13 SEC Proved NPV10 (MM) Eagle Ford Eagle Ford 1,738 67,700 net acres Niobrara 130…
Highlights of 2014 Plan 3 rig program in Eagle Ford Test 330 ft. lateral spacing in Grow oil production by 54% Eagle Ford D&C capex of 665-685 MM 1 rig program in Niobrara Maintain Net Debt-to-EBITDA Test 60- and 40-acre ratio…
2014 Capital Program (All figures in MM) 2013 2014 Est. Continued focus on oily plays Eagle Ford 371 465 Generates strong production growth Funds additional acreage acquisitions Utica 18 100 in Eagle Ford and Utica Niobrara 66…
Carrizo is an Oil Growth Story 35.0 Net Daily Prod, (MBoepd) Oil plays 30.0 expected to 25.0 drive future 20.0 15.0 production 10.0 growth 5.0 0.0 Oil production expected to grow 54% in Eagle Ford Niobrara Utica…
Oil Strategy Production on Track, Driving Higher Margins 20,000 90.00 18,000 Net Carrizo Oil Production 82.00 17,300 Cash Flow/Boe Production 16,000 74.00 15,022 14,000 66.00 13,033 Cash Flow/Boe Production 11,747…
Oil Strategy Revenue and EBITDA Our increased focus on oil has resulted in significant revenue and EBITDA growth, despite multiple asset divestitures Quarterly Revenue by Commodity (MM) (1) Quarterly EBITDA (MM) 180 140 160 157.2…
Sustainable Growth Project Development Summary (1) Undrilled Well Details (PUD & Probable) Net Net Additional Total Effective Well Drillable Proved Proved Net Net Lateral Spacing Spacing Net Net Developed Undeveloped Probable…
Sustainable Growth Significant Undrilled Potential 1,200 1,000 230 800 Net Wells 600 128 498 400 453 200 153 2 98 20 140 10 - 33 21 Eagle Ford Niobrara Utica NE PA Marcellus PDP PUD Probable Downspacing Current…
Analyst Valuations by Region Wall Street Valuations vs. Carrizo Estimates Eagle Ford 2,600 3,171 3,791 4,509 153 Marcellus 90 214 163 Niobrara 316 484 890 923 Utica 214 397 647 1,343 0 500 1,000 1,500…
Eagle Ford Shale Driving Our Business 67,700 net acres Added 5,500 net acres in 2014 to date MRO 10-year drilling inventory (3 rigs) with all locations identified CHK and planned CHK EOG Project To-Date 182 gross / 142 net…
Eagle Ford Shale Type Curve 700 210 Type curve represents a weighted 650 195 average for all remaining drilling locations across various project 600 180 areas; supported by actual well 550 165 performance 500 150 Drilling and…
Eagle Ford Shale Well Economics Summary Type Curve Q1 2014 Net Sales Revenue by Product Total Well Cost 7.5 MM 92% Frac Stages 25.0 Oil Lateral Length 6,005 ft. 4% Gas Gross 523 Mboe 4% NGL EUR Oil Only 418 Mbo Net 400 Mboe…
Utica Shale High-Rate, Rich-Condensate Focus Area 25,700 net acres focused on condensate window 15,000 net acres at 100% W.I. 10,700 net acres in 50/50 JV with Avista (Carrizo operated) Current acreage has potential for 140 net…
Utica Shale Type Curve Economics Type Curve 1,800 450 Total Well Cost 10.1 MM 1,600 400 Gross 1,348 Mboe EUR 1 Condensate Only 455 Mbo 1,400 350 Net 1,092 Mboe 1,200 300 F&D Cost 9.25 / Boe 1,000 250 Cumulative IRR…
Niobrara Formation Northeast Colorado Activity Map Weld County Whiting 47,500 net acres Redtail Confirmed 60-acre spacing Overlap Noble Testing 40-acre downspacing East Pony Participating in Super Pads Noble Overlap West Pony…
Niobrara Formation Acreage Ranking Identified several discreet areas within Niobrara project and evaluated development potential and economics separately Ranking criteria: Geologic / petrophysical quality Activity level…
Niobrara Formation Type Curve Economics 700 70 Type Curve 650 65 Total Well Cost 3.6 MM 600 60 Gross 240 Mboe 550 55 EUR Oil Only 190 Mbo 500 50 Net 192 Mboe Daily Average, BOEPD 450 45 F&D Cost 18.75 / Boe…
Marcellus Shale NE Pennsylvania Giangrieco/Trecoske 4,400 net acres Baker Activity focused on maintaining acreage position Frystak Addressing midstream issues Testing upside from downspacing and Ricci Upper Marcellus…
Marcellus Shale NE PA Economics Robust dry gas economics Wells performing at or above expectations 9,000 3.6 Increasing seasonal price swings 8,000 3.2 Testing infill economics in 2014; based on EUR of 80% of parent 1,000 offsets…
Summary High quality, oil-weighted asset base in premier domestic resource plays Crude oil accounts for 60% of reserves and production Sizeable drilling inventory supports continued strong production growth 6.9 billion in total…
Appendix
Guidance Summary Carrizo Production and Cost Guidance Trailing 4 Quarter Actuals Q2 2014 and FY 2014 Guidance ACTUAL GUIDANCE GUIDANCE Q2 2014 (1) FY 2014 (1) Q2 2013 Q3 2013 Q4 2013 Q1 2014 Production Volumes: Crude Oil…
Financial Position Revolving Credit Facility (due 2018) Facility revised April 10, 2014 570 million borrowing base with interest rate of LIBOR + 2.50% - Undrawn at April 30, 2014 Consortium of 12 banks led by Wells Fargo…
Hedge Position Volume Daily Volume Short Put Put Basis % of Q2 Gas & Period Type of Contract (MMBtu) (MMBtu/d) Floor Price Ceiling Price Price Spread Differential NGL Forecast1 Q2 2014 Total Volume 4,940,000 54,286 73% Swaps…
Carrizo Joint Ventures Significant Experience in the Formation of Joint Ventures Joint Venture with Lanzhou Haimo Technologies Co. in the Niobrara Formation, October 2012 Sold 10% (6,000 net acres) including 24 producing wells for…
Eagle Ford Shale API Gravity Zavala Frio Atascosa McMullen Dimmit LaSalle Webb Source: DrillingInfo initial completion reports. 30 CRZO
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