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CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Feb 25, 2015 · 33 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 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 1
    CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT Carrizo Oil & Gas, Inc. February 25, 2015
  2. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 2
    Carrizo Today Positioned for a Low Commodity Price Environment Acreage focused on high-quality, low-cost oil and condensate resource plays Eagle Ford Shale, Utica Shale, and Niobrara Formation Solid financial position / liquidity…
  3. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 3
    Portfolio of Assets Niobrara 35,900 net acres Utica 5.6 MMBOE Proved 28,000 net acres 0.7 MMBOE Proved Marcellus 33,400 net acres 22.3 MMBOE Proved Wolfcamp 17,000 net acres 12/31/14 Proved NPV10 (MM) Eagle Ford 2,967…
  4. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 4
    Carrizo Acreage is Concentrated in Low Cost Basins 140 120 Break-even WTI (/Boe; 22.5:1 Oil / Gas Ratio) 100 80 60 40 20 0 Source: ITG Investment Research. 5 CRZO
  5. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 5
    Highlights of 2015 Plan Manage capex to preserve balance sheet and liquidity 2015 Capital budget of 495 MM Manage leasehold obligations to preserve assets Keep Net Debt-to-EBITDA ratio below 3.0x Hold oil production flat with…
  6. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 6
    2015 Capital Program (All figures in MM) 2014 2015 Est. Continued focus on oily plays Eagle Ford 519 377 Holds oil production relatively flat with Q414 Utica 48 30 Manages leasehold obligations Niobrara 108 37 Flexibility to…
  7. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 7
    Downshifting Production Growth in 2015 40.0 Oil plays have Net Daily Prod, (MBoepd) 35.0 driven growth 30.0 in recent years 25.0 20.0 Plan to hold 15.0 Q414 oil 10.0 production 5.0 roughly flat in - 2015 (equating…
  8. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 8
    Managing Leverage Remains a Priority Net Debt / LTM EBITDA (1) 5.0x 4.5x 4.0x 4.1x 4.0x Adjusted Net Debt / LTM EBITDA 3.6x 3.4x 3.5x 3.0x 3.0x 2.7x 2.5x 2.4x 2.5x 2.3x 2.2x 2.0x 2.0x 1.9x 2.0x 1.5x…
  9. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 9
    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…
  10. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 10
    Sustainable Growth Project Development Summary (1) Price Sensitivity NPV10 ( Million) 45 Oil 55 Oil 65 Oil 75 Oil Eagle Ford 863 1,958 3,162 4,380 Niobrara 22 86 304 579 Utica 8 145 390 635 Marcellus 90 90 90 90 Total…
  11. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 11
    Eagle Ford Shale The Premier Industry Asset 82,000 net acres Acreage almost entirely in MRO the volatile oil window 17-year drilling inventory (3 EOG rigs) with all locations identified, planned, and de- risked CHK Plan to test…
  12. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 12
    Eagle Ford Shale PV-10 Break-Even Oil Price by Project Area 25% 60 22% 55.50 54.50 53.50 53.75 55 PV-10 Break-Even Oil Price (/Bbl) 20% 19% 50.75 % Of Total EF Locations 50 15% 13% % Of Total EF Locations 12%…
  13. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 13
    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 CRZO well…
  14. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 14
    Eagle Ford Shale Well Economics Summary Type Curve Q4 2014 Net Sales Revenue by Product Total Well Cost 5.8 MM 92% Frac Stages 25.5 Oil Lateral Length 6,120 ft. 4% Gas Gross 510 Mboe 4% EUR Oil Only 393 Mbo NGL Net 380 Mboe…
  15. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 15
    Eagle Ford Shale High Returns Achievable at Low Oil Prices 140% 120% 100% 80% IRR 60% 40% 20% 0% 45 55 65 75 85 95 NYMEX Oil Price (/Bbl) 2014 Cost Level 10% Cost Reduction 20% Cost Reduction 30% Cost…
  16. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 16
    Eagle Ford Shale Operator Comparison 400 2400 13000 Sorted by BOPD per well 350 2100 12250 300 1800 11500 250 1500 10750 Eagle Ford Deth, Ft. MCFD 200 1200 10000 BOPD 150 900 9250 100 600 8500 50 300…
  17. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 17
    Utica Shale High-Rate, Rich-Condensate Focus Area 28,000 net acres 18,200 net acres at 100% W.I. 9,800 net acres in 50/50 JV with Avista Carrizo well tests and competitor offsets validate acreage quality; majority of acreage near…
  18. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 18
    Utica Shale Guernsey County Type Curve Economics Type Curve Total Well Cost 9.3 MM Gross 898 Mboe EUR Condensate Only 451 Mbo Net 727 Mboe F&D Cost 12.76 / Boe IRR 38% 75 NYMEX Oil NPV 5.0 MM IRR 24% 65 NYMEX Oil IRR…
  19. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 19
    Niobrara Shale Preserving Option Value 35,900 net acres Slowing 2015 activity due to low oil price Weld County environment Have tested multiple benches and spacing configurations Participating in high- density projects with…
  20. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 20
    Niobrara Shale Downspacing / A & C Overview Drilling primarily at 40 acre spacing in B-bench Confirmed A-bench viability across a portion of the acreage position Initial C-bench test encouraging Accumulating data from both…
  21. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 21
    Niobrara Shale PV10 Break-Even Oil Price by Area % Of Total Nio Locations 45% 42% 100 PV-10 Break-Even Price 91.50 40% 90 PV-10 Break-Even Oil Price (/Bbl) 35% 80 % Of Total Nio Locations 30% 27% 67.50 70 25%…
  22. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 22
    Niobrara Shale Type Curve Economics 700 105 Future Well Type 650 Curve 600 90 Total Well Cost 3.3 MM 550 Gross 275 Mboe 500 75 EUR Oil Only 201 Mbo Daily Average Oil, BOPD 450 Cumulative Oil, MBO Net 221 Mboe 400…
  23. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 23
    Wolfcamp Shale Delaware Basin Focus Area 17,000 net acres in Culberson and Reeves counties targeting the oil and condensate windows Recent industry results have been strong following changes in completion techniques Targeting…
  24. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 24
    Wolfcamp Shale Industry Well Performance 31 HZ Wolfcamp Wells prior to Oct. 2013 24 HZ Wolfcamp Wells after Oct. 2013 200 200 CRZO EF TC CRZO EF TC 6,000 lateral 6,000 lateral 160 160 Cumulative Oil Production (Mbbls)…
  25. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 25
    Marcellus Shale NE Pennsylvania Giangrieco/Trecoske 5,000 net acres Baker Productive capacity of 90 MMcf/d net 95% of acreage HBPd on 1,000 spacing Frystak Focus on operational efficiencies and cost control Limit production when…
  26. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 26
    Summary Acreage position provides years of inventory with a best-in-class breakeven cost Solid financial position provides liquidity to weather a prolonged downturn Ample operational flexibility to reaccelerate or further…
  27. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 27
    Appendix
  28. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 28
    Guidance Summary Carrizo Production and Cost Guidance Trailing 4 Quarter Actuals Q1 2015 and FY 2015 Guidance ACTUAL GUIDANCE Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 (1) FY 2015 (1) Production Volumes: Crude Oil (Bbls/d) 15,022…
  29. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 29
    Financial Position Revolving Credit Facility (due 2018) Facility revised October 24, 2014 800 million borrowing base with interest rate of LIBOR + 1.50% - 2.50% - CRZO elected to limit commitment to 685 million - Undrawn at…
  30. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 30
    Hedge Position Cash From Daily Volume Short Put Basis Restructuring % of Q1 Gas & Period Type of Contract (MMBtu/d) Floor Price Ceiling Price Price Differential (MM) NGL Forecast1 Q1 2015 Total Volume 30,000 44% Swaps 30,000 4.29…
  31. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 31
    Eagle Ford Shale API Gravity Zavala Frio Atascosa McMullen Dimmit LaSalle Webb Source: DrillingInfo initial completion reports. 32 CRZO
  32. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 32
    Utica Shale Point Pleasant Condensate API Gravity API gravities increase from NW to SE with increasing depth and thermal maturity Trend-wise, data are very consistent and over the length of a 10,000 wellbore gravities can change…
  33. CREDIT SUISSE 20TH ANNUAL ENERGY SUMMIT – Carrizo Oil & Gas Inc. – slide 33
    Niobrara Shale Acreage Ranking Identified several discreet areas within Niobrara project and evaluated development potential and economics separately Ranking criteria: Geologic / petrophysical quality Activity level…

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