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September 2017 Corporate Presentation – Silverbow Resources

Silverbow Resources · Sep 25, 2017 · 36 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. September 2017 Corporate Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation September 2017
  2. September 2017 Corporate Presentation – Silverbow Resources – slide 2
    Company Overview NYSE Symbol: SBOW Market Cap(1): 302 million Enterprise Value(1): 506 million Strip PV-10 Value(2): 626 million 2Q17 Production(3): 146 MMcfe/d Production Mix(4): 83% Gas 2016 Proved Reserves: 744 Bcfe % Proved…
  3. September 2017 Corporate Presentation – Silverbow Resources – slide 3
    SilverBow Resources Transformation THEN ACTION NOW STATUS Diversified Portfolio Exited Louisiana and Divested Small Pure Play Eagle Ford Including Conventional Assets Non-Core Fields Rightsizing Initiatives G&A reduced 55%…
  4. September 2017 Corporate Presentation – Silverbow Resources – slide 4
    Strong Leadership Team YEARS IN EXECUTIVE TEAM INDUSTRY PREVIOUS EXPERIENCE Sean Woolverton Chief Executive Officer Former COO Samson Resources 24 Former VP at Chesapeake Also held leadership roles at Encana and Burlington Bob…
  5. September 2017 Corporate Presentation – Silverbow Resources – slide 5
    Underexploited Eagle Ford Gas Fairway 1,400 1,171 New Eagle Ford Gas Wells Per 1,200 1,087 965 1,000 818 Annum(1) 800 557 600 391 400 200 121 0 2010 2011 2012 2013 2014 2015 2016 7,000 6,062 6,000 5,446 5,669…
  6. September 2017 Corporate Presentation – Silverbow Resources – slide 6
    Top Tier Gas Well Performance 3,000,000 SilverBow Other Top 50 Wells Average Benchmarks First Six-Months Cumulative Gas Production (MCF) 2,500,000 2,000,000 Top 10% Average 1st Quartile Average 1,500,000 2nd…
  7. September 2017 Corporate Presentation – Silverbow Resources – slide 7
    Best Gas Take-Away Market in the US Sources of Demand Growth(1) +3-4 Bcf/d +7-10 Bcf/d +3 Bcf/d Increasing Demand from Petrochemical Complex, LNG Exports, and Mexico Exports (1) Source: EIA; expected demand growth from…
  8. September 2017 Corporate Presentation – Silverbow Resources – slide 8
    Portfolio Overview SilverBow has a superior Eagle Ford acreage position located in parts Uno Mas of the core gas and condensate windows AWP % Avg Artesia Net Drilling % Producing Area Working Acres Locations(1) Gas Wells…
  9. September 2017 Corporate Presentation – Silverbow Resources – slide 9
    Strong Returns Across Portfolio SINGLE WELL IRR BY AREA (FLAT 3.00/50) 139% 81% 48% 47% 43% 31% 30% Fasken Artesia Oil Oro Grande Uno Mas Gas AWP Gas Fasken AWP Oil Lower EF Gas Upper EF Producing Wells 62 40 1 0 22 1…
  10. September 2017 Corporate Presentation – Silverbow Resources – slide 10
    Enhanced Completion Increases Well Productivity Newest Generation of 4 wells exceeding GENERATION 1 (15 WELLS) expectations Cumulative Gas Production (Bscf) GENERATION 2 (11 WELLS) Gen 3 GENERATION 3 (25 WELLS) Completion 3…
  11. September 2017 Corporate Presentation – Silverbow Resources – slide 11
    Culture of Continuous Cost Optimization DRILLING WELL COST (MM)(1)(2) DRILLING COST PER FOOT(1) 5.0 350 4.561 290 4.5 300 64% Decline 67% Decline 4.0 250 3.5 3.085 184 200 3.0 141 2.317 150 2.5 99 95 2.0 1.717 100 1.650 1.5…
  12. September 2017 Corporate Presentation – Silverbow Resources – slide 12
    Top Quartile on Operating Expenses TOTAL OPERATING EXPENSES 2017 1st QUARTER 3.00 2.50 2.00 Pre-G&A, /Mcfe Peer Group Avg: 1.64 1.50 1.00 0.50 - Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer…
  13. September 2017 Corporate Presentation – Silverbow Resources – slide 13
    Accelerated Capital Budget 2017 Capex: 190 200 million Oro Grande 13% Fasken 21% 146.5 150.5 Mmcfe/d of average production for full year 2017 Oro Grande: 2 wells drilled and Uno Mas 6% 2 completed Artesia 23% 73% D&C Uno Mas: 1…
  14. September 2017 Corporate Presentation – Silverbow Resources – slide 14
    Financial Overview KEY HIGHLIGHTS NYSE Symbol SBOW Share Price(1) 26.16 Credit facility only debt 600 million commitment Shares Outstanding(1) 11.526 Equity Market Capitalization 301.5 330 million borrowing base Pricing at L +…
  15. September 2017 Corporate Presentation – Silverbow Resources – slide 15
    Hedging Position(1) SilverBow actively hedges expected to protect project returns and support planned capital expenditures Bias towards swaps and collars Second Half 2017 weighted average natural gas and crude oil hedges of 3.06 and…
  16. September 2017 Corporate Presentation – Silverbow Resources – slide 16
    Why Invest in SilverBow Resources Pure Play Eagle Ford Operator with Premier Record of Drilling Gas Wells Best Gas Take-Away Market in USA Restructured Balance Sheet, Cost Structure, and Midstream Contracts Positions as Low Cost…
  17. September 2017 Corporate Presentation – Silverbow Resources – slide 17
    Compelling Potential Valuation Acquisitions Leasing Probable Reserves Uno Oro Mas Capital Grande Constrained PUDs 184 Current Enterprise Value: 506 million 442 SEC PV10 Strip PV10 Current Enterprise Value Value and…
  18. September 2017 Corporate Presentation – Silverbow Resources – slide 18
    Financial Summary CORPORATE PRESENTATION PAGE 19 9/22/2017
  19. September 2017 Corporate Presentation – Silverbow Resources – slide 19
    Financial Strategy Preserve Financial Flexibility Maintain Strong Liquidity Position Refinanced RBL with New Syndicate of Lenders Conservative Target Leverage Persistent Focus on Driving Down Costs Continually Hedge to Protect…
  20. September 2017 Corporate Presentation – Silverbow Resources – slide 20
    Summary Terms: Revolving Credit Facility Borrower SilverBow Resources, Inc. All existing or future direct or indirect wholly-owned U.S. Guarantors subsidiaries of the Borrower Facility 330 million Borrowing Base Maturity April 2022…
  21. September 2017 Corporate Presentation – Silverbow Resources – slide 21
    Guidance ACTUAL GUIDANCE 1Q17 2Q17 3Q17 FY17 Production Volumes: Oil (bbls/d) 1,624 1,532 1,735 1,800 1,750 1,820 NGL (bbls/d) 2,267 2,505 2,655 2,750 2,640 2,740 Gas (MMcf/d) 112.3 121.7 123 125 120 123 Total Production (MMcfe/d)…
  22. September 2017 Corporate Presentation – Silverbow Resources – slide 22
    Appendix CORPORATE PRESENTATION PAGE 23 9/22/2017
  23. September 2017 Corporate Presentation – Silverbow Resources – slide 23
    Maintaining Safety While Driving Down Costs CORPORATE TOTAL RECORDABLE INCIDENT RATE SOUTH TEXAS LEASE OPERATING COSTS (/MCFE) 2.0 1.00 0.96 1.8 0.91 1.8 1.6 0.90 1.6 1.4 0.80 1.2 0.67 1.0 1.0 0.70 1.0 0.8 0.60 0.6 0.6 0.52…
  24. September 2017 Corporate Presentation – Silverbow Resources – slide 24
    Highly Experienced Board of Directors YEARS IN BOARD OF DIRECTORS INDUSTRY PREVIOUS EXPERIENCE Marc Rowland Chairman, Nominating & Strategy Committee Founder and Senior Managing Director of IOG Capital, LP Former CEO of FTS Intl. 40…
  25. September 2017 Corporate Presentation – Silverbow Resources – slide 25
    Proved Reserves Growth PROVED RESERVES GROWTH 2016 YEAR-END RESERVES HIGHLIGHTS Natural Gas Price 744 Reserve volumes increased 76% year-over-year despite drop Bcfe in SEC pricing 2.61 +76% 2015 Bankruptcy filing triggered…
  26. September 2017 Corporate Presentation – Silverbow Resources – slide 26
    Adjusted EBITDA Reconciliation ( thousands) 2016 2017 Q2(1) Q3 Q4 Q1 Q2 Net Income 810,312 394 (7,081) 17,710 16,241 Adjustments to EBITDA DD&A 16,528 13,287 9,815 9,715 10,828 Accretion of ARO 1,151 1,099 947 564 576 Interest,…
  27. September 2017 Corporate Presentation – Silverbow Resources – slide 27
    Reconciliation of PV-10 to Standardized Measure Estimates of future net revenues from our proved reserves, Standardized Measure and PV-10 (PV-10 is a non-GAAP measure defined below), as of December 31, 2016 is made in accordance with…
  28. September 2017 Corporate Presentation – Silverbow Resources – slide 28
    Type Curves CORPORATE PRESENTATION PAGE 29 9/22/2017
  29. September 2017 Corporate Presentation – Silverbow Resources – slide 29
    Fasken Lower Eagle Ford Gas Single Well Economics Type Curve(1) Restricted Rate Summary 16,000 Drilling Locations(1) 23 14,000 Target D&C (mm) 5.4 12,000 NPV 10 (mm) 5.8 10,000 IRR (%) 139% Mcf/D 8,000 Type Well Assumptions…
  30. September 2017 Corporate Presentation – Silverbow Resources – slide 30
    Fasken Upper Eagle Ford Gas Single Well Economics Type Curve(1) Summary 15,000 Drilling Locations(1) 72 Target D&C (mm) 5.4 12,000 Restricted Rate NPV 10 (mm) 2.2 IRR (%) 31% 9,000 Mcf/D Type Well Assumptions 6,000 Completed…
  31. September 2017 Corporate Presentation – Silverbow Resources – slide 31
    AWP South Eagle Ford Gas Single Well Economics Type Curve(1) Summary 9,000 Drilling Locations(1) 78 Target D&C (mm) 6.9 7,500 NPV 10 (mm) 5.7 IRR (%) 43% 6,000 Mcfe/d 4,500 Type Well Assumptions Completed Lateral Length (ft)…
  32. September 2017 Corporate Presentation – Silverbow Resources – slide 32
    AWP North Eagle Ford Oil Single Well Economics Type Curve(1) Summary 600 Restricted Rate Drilling Locations(1) 42 Target D&C (mm) 5.3 500 NPV 10 (mm) 2.1 400 IRR (%) 30% BOE/D 300 Type Well Assumptions Completed Lateral Length…
  33. September 2017 Corporate Presentation – Silverbow Resources – slide 33
    Artesia Eagle Ford Oil Single Well Economics Type Curve(1) Summary 1,100 Restricted Rate Drilling Locations(1) 39 1,000 Target D&C (mm) 5.5 900 800 NPV 10 (mm) 7.8 700 BOE/D IRR (%) 81% 600 500 Type Well Assumptions 400…
  34. September 2017 Corporate Presentation – Silverbow Resources – slide 34
    Oro Grande Eagle Ford Gas Single Well Economics Type Curve(1) Summary 15,000 Restricted Rate Drilling Locations(1) 111 Target D&C (mm) 8.8 12,000 NPV 10 (mm) 4.0 IRR (%) 48% Mcf/D 9,000 Type Well Assumptions 6,000 Completed…
  35. September 2017 Corporate Presentation – Silverbow Resources – slide 35
    Uno Mas Eagle Ford Gas Single Well Economics Type Curve(1) Summary 15,000 Restricted Rate Drilling Locations(1) 21 Target D&C (mm) 7.3 12,000 NPV 10 (mm) 4.9 IRR (%) 47% 9,000 Mcf/D Type Well Assumptions 6,000 Completed Lateral…
  36. September 2017 Corporate Presentation – Silverbow Resources – slide 36
    Corporate Information CORPORATE HEADQUARTERS SilverBow Resources, Inc. 575 North Dairy Ashford, Suite 1200 Houston, Texas 77079 (281) 874-2700 or (800) 777-2412 www.sbow.com CONTACT INFORMATION Doug Atkinson, CFA Senior Manager…

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