2018 Annual Report

Carrizo Oil & Gas - Refined Focus

Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas from resource plays located in the United States. Our current operations are focused in proven, producing hydrocarbon basins in the Eagle Ford Shale in South Texas and the Delaware Basin, a sub-basin of the Permian Basin, in West Texas.

We have successfully grown our production and reserves by being an industry leader in horizontal drilling and completion techniques in unconventional resource plays. To date, we have drilled and completed more than 1,100 horizontal wells across multiple resource plays. We are able to leverage the data we have accumulated from our past developments to help optimize our future results. This has helped us drill wells that continue to rank among the best in our core areas. Additionally, the synergistic nature of our two core plays provides us with significant flexibility, as we can quickly and effectively adjust our activity in response to changes in market dynamics.

Crude oil plays continue to be the driver of our future production and revenue growth. As of March 20, 2019, we had accumulated more than 76,500 net acres in the Eagle Ford Shale and approximately 46,000 net acres in the Delaware Basin. We currently have a drilling inventory of more than 2,000 net potential locations across our acreage position. This provides us with a solid foundation from which to generate long-term growth in our reserves and production. And given the quality of our assets, we are well positioned to be able to deliver this growth while generating free cash flow on average through the commodity price cycles.