CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT Carrizo Oil & Gas, Inc. February 12, 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 Significant resource potential 380 MMBoe of…
Portfolio of Assets Niobrara 47,500 net acres Utica 5.2 MMBOE Proved 22,000 net acres Marcellus 37,300 net acres 22.6 MMBOE Proved YE13 SEC Proved NPV10 (MM) Eagle Ford Eagle Ford 1,341 62,200 net acres Niobrara 119…
Review of 2013 Goals / Accomplishments Continue to rebalance portfolio toward oil Crude oil now accounts for 55% of reserves and production Increase low-risk drilling inventory Added 13,000 net acres in the Eagle Ford, 11,000…
Highlights of 2014 Plan 3 rig program in Eagle Ford Test 330 ft. lateral spacing in Grow oil production by 50% Eagle Ford D&C capex of 650-670 MM 1 rig program in Niobrara Maintain Net Debt-to-EBITDA Begin 1 rig program in…
2014 Capital Program (All figures in MM) 2013 Est. 2014 Est. Continued focus on oily plays Eagle Ford 407 440 Generates strong production growth Funds additional acreage acquisitions Utica 16 110 in Eagle Ford and Utica…
Carrizo is an Oil Growth Story 35.0 Net Daily Prod, (MBoepd) Oil plays 30.0 expected to 25.0 20.0 drive future 15.0 production 10.0 growth 5.0 0.0 Oil production expected to grow 50% in Eagle Ford Niobrara Utica…
Oil Strategy Production on Track, Driving Higher Margins 15,000 85.00 14,300 14,000 Net Carrizo Oil Production 80.00 13,029 13,000 Cash Flow/Boe Production 75.00 11,747 12,228 12,000 70.00 11,000 65.00 PF Margin for 10,000…
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) 160 120 114.8…
Sustainable Growth Project Development Summary (1) Undrilled Well Details (PUD & Probable) Net Net Additional Effective Well Drillable Proved Proved Net Total Lateral Spacing Spacing Net Net Developed Undeveloped Probable Undrilled…
Sustainable Growth Significant Undrilled Potential 1,000 900 800 211 700 600 Net Wells 500 461 106 400 300 304 200 115 2 100 96 51 123 10 - 33 21 Eagle Ford Niobrara Utica NE PA Marcellus PDP PUD Probable…
Analyst Valuations by Region Wall Street Valuations vs. Carrizo Estimates Eagle Ford 2,293 2,662 3,054 4,155 136 Marcellus 99 193 173 Niobrara 280 348 668 863 Utica 172 347 634 1,256 0 500 1,000 1,500 2,000…
Eagle Ford Shale Driving Our Business 62,200 net acres Added 13,000 net acres in 2013 MRO 10-year drilling inventory (3 rigs) with all locations identified CHK and planned CHK EOG Project To-Date 158 gross / 123 net wells…
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 Q3 2013 Net Sales Revenue by Product Total Well Cost 7.5 MM 92% Frac Stages 25.0 Oil Lateral Length 6,005 ft. 5% Gas Gross 523 Mboe 3% NGL EUR Oil Only 418 Mbo Net 400 Mboe…
Utica Shale High-Rate, Rich-Condensate Focus Area 22,000 net acres focused on condensate window 12,000 net acres at 100% W.I. 10,000 net acres in 50/50 JV with Avista (Carrizo operated) Recently acquired 5,900 net acres from…
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 Shale Northeast Colorado Activity Map Weld County Whiting 47,500 net acres Redtail Testing 60-acre spacing Overlap Participating in Super Pads Noble East Pony with Noble and Whiting to Noble Overlap test A,B, and C…
Niobrara Shale Type Curve Economics Type Curve 700 70 650 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 Cumulative Oil, MBOE 450 45 F&D Cost…
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 55% of reserves and production Sizeable drilling inventory supports continued strong production growth 6.4 billion in total…
Appendix
Guidance Summary Carrizo Production and Cost Guidance Trailing 4 Quarter Actuals Q4 2013, Q1 2014 and FY 2014 Guidance ACTUAL GUIDANCE GUIDANCE GUIDANCE Q4 2013 (1) Q1 2014 (2) FY 2014 (2) Q4 2012 Q1 2013 Q2 2013 Q3 2013…
Financial Position Revolving Credit Facility (due 2018) Facility revised October 9, 2013 470 million borrowing base with interest rate of LIBOR + 2.50% - Undrawn revolver as of November 1, 2013 Consortium of 12 banks led by Wells…
Hedge Position Volume Daily Volume Short Put Put Basis % of Q1 Gas & Period Type of Contract (MMBtu) (MMBtu/d) Floor Price Ceiling Price Price Spread Differential NGL Forecast1 Q1 2014 Total Volume 4,345,000 48,278 77% 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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