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December 2017 Corporate Presentation – Silverbow Resources

Silverbow Resources · Dec 13, 2017 · 38 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. December 2017 Corporate Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation December 2017
  2. December 2017 Corporate Presentation – Silverbow Resources – slide 2
    Company Overview NYSE Symbol: SBOW Market Cap(1): 271 million Enterprise Value(1): 515 million Strip PV-10 Value(2): 771 million 3Q17 Production(3): 156 MMcfe/d Production Mix(4): 82% Gas Proved Reserves(2): 922 Bcfe % Proved…
  3. December 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. December 2017 Corporate Presentation – Silverbow Resources – slide 4
    Management Overview 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 Steve…
  5. December 2017 Corporate Presentation – Silverbow Resources – slide 5
    Underexploited Eagle Ford Gas Fairway New Eagle Ford Gas Wells Per Annum(1) 1,400 1,171 1,200 1,087 965 1,000 818 800 557 600 391 Uno Mas 400 228 200 0 AWP 2010 2011 2012 2013 2014 2015 2016 Artesia Average CLAT (feet)…
  6. December 2017 Corporate Presentation – Silverbow Resources – slide 6
    Top Tier Gas Well Performance First Six-Months Cumulative Gas Production (Mmcf) (Mmcf) 3,000 Top 50 Wells Average SilverBow Other 2,500 Benchmarks Top 10% Average 2,000 1st Quartile Average 1,500 2nd Quartile…
  7. December 2017 Corporate Presentation – Silverbow Resources – slide 7
    Best Gas Take-Away Market in the US ( / Mcf) 5.00 SilverBow Realized Natural Gas Sources of Demand Growth(1) Price 4.00 Henry Hub Natural Gas Price 3.00 2.00 1.00 0.00 2014 2015 2016 2017 Natural Gas Basis(2) YTD through…
  8. December 2017 Corporate Presentation – Silverbow Resources – slide 8
    Portfolio Overview Gross Net Undrilled % Prod Area (% Avg WI) Acres Locations(1) Gas Wells(2) Uno Mas Fasken Area 6,477 (64% - 100%) AWP Lower EF Gas 22 100% 65 Upper EF Gas 74 100% 3 La Salle Austin Chalk Gas 60 100% 0 AWP Area…
  9. December 2017 Corporate Presentation – Silverbow Resources – slide 9
    Type Curves Indicate Strong Returns in Current Price Environment IRRs Across SilverBows Portfolio (3.00 gas / 50.00 oil)(1) 124% 94% 60% 43% 41% 41% Fasken Artesia North Oro Grande AWP Gas Uno Mas Fasken Lower EF Lower Gas…
  10. December 2017 Corporate Presentation – Silverbow Resources – slide 10
    Executing on Strategy Daily Production Revenue and Realized Pricing (Mmcfepd) (mm) ( / Mcf) Revenue Realized Gas Pricing 200 60 4.00 3.07 3.16 3.01 2.86 150 50 3.00 100 40 2.00 146 156 49 127 136 46 50 30 43 42 1.00 0 20…
  11. December 2017 Corporate Presentation – Silverbow Resources – slide 11
    Culture of Continuous Capital Cost Optimization Drilling Cost Per Well(1)(2) Average Drilling Cost Per Lateral Foot(1) (000) ( / foot) 6,000 59% Decline 1,000 66% Decline 4,560 788 750 4,000 3,085 500 435 2,317 1,776 1,867 326…
  12. December 2017 Corporate Presentation – Silverbow Resources – slide 12
    Top Quartile Operating Expenses Total Operating Expenses 2017 2nd Quarter (Pre-G&A, / Mcfe) 2.00 1.50 Peer Group Avg. (excl. SBOW) : 1.28 1.00 0.50 Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H SBOW Peer I…
  13. December 2017 Corporate Presentation – Silverbow Resources – slide 13
    Accelerated Capital Budget 2017 Capex: 205 215 million Oro Grande - 12% 150 152 Mmcfe/d of average production for full year 2017 Fasken - 22% Uno Mas - 6% Oro Grande: 2 wells drilled and 2 completed Cap G&A - 1% Uno Mas: 1 well…
  14. December 2017 Corporate Presentation – Silverbow Resources – slide 14
    Oro Grande Lower Eagle Ford Fasken Technology Transfer Oro Grande Acreage Map Position was originally built from 3-D seismic and a detailed evaluation of offset cores, logs, geo-steering and completion design Analysis confirms a very…
  15. December 2017 Corporate Presentation – Silverbow Resources – slide 15
    Oro Grande Tracking Towards Fasken Performance Key Takeaways Production Rate vs. Time Gas Rate (Mscfpd) NMC 1H produced 941 Mmcf in first 90 days Fasken 14 Bcf Avg (2015 Wells - 14 Wells) 16,000 Fasken 16 Bcf Avg (2016 Wells - 8…
  16. December 2017 Corporate Presentation – Silverbow Resources – slide 16
    Fasken Upper Eagle Ford Performance Fasken State 63H Performance Fasken State 63H vs. 4-well pad Partial Upper EF Landing (psi) Pressure Gas rate production 21,000 100,000 Hybrid well with lateral 25% in Upper EF and 75% Flowback…
  17. December 2017 Corporate Presentation – Silverbow Resources – slide 17
    Financial Overview KEY HIGHLIGHTS NYSE Symbol SBOW Share Price(1) 23.49 Significant Liquidity of 250 Shares Outstanding 11.551 million Equity Market Capitalization 271.3 No Near-Term Maturities Plus: Debt(2) 257.0 Less: Cash(2)…
  18. December 2017 Corporate Presentation – Silverbow Resources – slide 18
    Hedging Summary(1) SilverBow actively hedges expected to protect project returns and support planned capital expenditures Bias towards swaps and collars Fourth Quarter 2017 weighted average natural gas and crude oil hedges of 3.09 and…
  19. December 2017 Corporate Presentation – Silverbow Resources – slide 19
    Why Invest in SilverBow Resources Pure Play Eagle Ford Operator with Premier Record of Drilling Gas Wells Best Gas Take-Away Market in USA Strong Balance Sheet, Low Cost Structure, and Favorable Midstream Contracts Positioned as Low…
  20. December 2017 Corporate Presentation – Silverbow Resources – slide 20
    Compelling Potential Valuation Acquisitions Leasing Probable Uno Reserves Oro Mas Grande UEF Fasken 771 Current Enterprise Value: 515 million (1) Strip PV10 Value and Growth Investment Opportunity (1) Monthly…
  21. December 2017 Corporate Presentation – Silverbow Resources – slide 21
    Financial Summary CORPORATE PRESENTATION PAGE 22 12/17/2017
  22. December 2017 Corporate Presentation – Silverbow Resources – slide 22
    Financial Discipline is Integral to Strategy Preserve financial flexibility Maintain strong liquidity position Active hedge program to protect cash flows Patient capital structure Relentless focus on driving down costs Monetize…
  23. December 2017 Corporate Presentation – Silverbow Resources – slide 23
    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…
  24. December 2017 Corporate Presentation – Silverbow Resources – slide 24
    Summary Terms: Second Lien Notes Borrower SilverBow Resources, Inc. All existing or future direct or indirect wholly-owned U.S. Guarantors subsidiaries of the Borrower Facility 200 million Senior Secured Second Lien Notes Maturity…
  25. December 2017 Corporate Presentation – Silverbow Resources – slide 25
    Guidance ACTUAL GUIDANCE 1Q17 2Q17 3Q17 4Q17 FY17 Production Volumes: Oil (bbls/d) 1,624 1,532 1,852 2,100 2,225 1,780 1,810 NGL (bbls/d) 2,267 2,505 2,900 3,100 3,500 2,700 2,800 Gas (MMcf/d) 112 122 127 129 137 123 125 Total…
  26. December 2017 Corporate Presentation – Silverbow Resources – slide 26
    Appendix CORPORATE PRESENTATION PAGE 27 12/17/2017
  27. December 2017 Corporate Presentation – Silverbow Resources – slide 27
    Maintaining Safety While Driving Down Costs CORPORATE TOTAL RECORDABLE INCIDENT RATE(1) 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…
  28. December 2017 Corporate Presentation – Silverbow Resources – slide 28
    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.…
  29. December 2017 Corporate Presentation – Silverbow Resources – slide 29
    Adjusted EBITDA Reconciliation ( thousands) 2016 2017 Q4 Q1 Q2 Q3 Net Income (7,081) 17,710 16,241 12,884 Adjustments to EBITDA DD&A 9,815 9,715 10,828 11,832 Accretion of ARO 947 564 576 582 Interest, net 5,173 3,607 4,642…
  30. December 2017 Corporate Presentation – Silverbow Resources – slide 30
    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…
  31. December 2017 Corporate Presentation – Silverbow Resources – slide 31
    Type Curves CORPORATE PRESENTATION PAGE 32 12/17/2017
  32. December 2017 Corporate Presentation – Silverbow Resources – slide 32
    Fasken Lower Eagle Ford Gas Single Well Economics Type Curve(1) Summary Drilling Locations 23 20,000 Target D&C (mm) (2) 4.7 NPV 10 (mm) 6.3 15,000 Restricted Rate IRR (%) 124% Mcfe/D 10,000 14 BCFE Type Curve Type Well…
  33. December 2017 Corporate Presentation – Silverbow Resources – slide 33
    Fasken Upper Eagle Ford Gas Single Well Economics Type Curve(1) Summary 15,000 Drilling Locations 76 Pressure Managed Target D&C (mm) (2) 4.7 12 BCFE Type Curve NPV 10 (mm) 2.5 3.2 10,000 Mcfe/D IRR (%) 41% 53% Type Well…
  34. December 2017 Corporate Presentation – Silverbow Resources – slide 34
    Artesia Eagle Ford North Condensate Single Well Economics Type Curve(1) Summary Pressure Managed Drilling Locations 22 Target D&C (mm) (2) 5.0 1,612 MBOE (376 MBO) NPV 10 (mm) 8.2 9.6 Type Curve IRR (%) 94% 115% Type Well…
  35. December 2017 Corporate Presentation – Silverbow Resources – slide 35
    Oro Grande Eagle Ford Gas Single Well Economics Type Curve(1) Summary 20,000 Drilling Locations 104 Target D&C (mm) (2) 7.9 15,000 16 BCFE Type Curve NPV 10 (mm) 6.9 11.4 Pressure Managed 60% 90% Mcfe/D IRR (%) 10,000 Type Well…
  36. December 2017 Corporate Presentation – Silverbow Resources – slide 36
    AWP South Lower Eagle Ford Gas Single Well Economics Type Curve(1) Summary Pressure Managed Drilling Locations 169 11.1 BCFE (10 BCF) Type Curve Target D&C (mm) (2) 6.0 - NGL Yield = 36 bbl/mmcf NPV 10 (mm) 5.4 5.6 IRR (%) 43% 43% Type…
  37. December 2017 Corporate Presentation – Silverbow Resources – slide 37
    Uno Mas Eagle Ford Gas Single Well Economics Type Curve(1) Summary Drilling Locations 31 Target D&C (mm) (2) 7.9 Pressure Managed NPV 10 (mm) 4.7 7.0 IRR (%) 41% 61% 12 BCFE (12 BCF) Type Curve Type Well Assumptions Completed Lateral…
  38. December 2017 Corporate Presentation – Silverbow Resources – slide 38
    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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