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January 2018 Corporate Presentation – Silverbow Resources

Silverbow Resources · Jan 31, 2018 · 42 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. January 2018 Corporate Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation January 2018
  2. January 2018 Corporate Presentation – Silverbow Resources – slide 2
    Company Overview NYSE Symbol: SBOW Market Cap(1): 379 million Enterprise Value(1): 623 million Strip PV-10 Value(2): 745 million Production 3Q17(3): 148 MMcfe/d Production Mix(4): 83% Gas Proved Reserves(2): 891 Bcfe % Proved…
  3. January 2018 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. January 2018 Corporate Presentation – Silverbow Resources – slide 4
    Management Overview YEARS IN EXECUTIVE TEAM INDUSTRY PREVIOUS EXPERIENCE Sean Woolverton Chief Executive Officer Former COO Samson Resources 25 Former VP at Chesapeake Also held leadership roles at Encana and Burlington Steve…
  5. January 2018 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. January 2018 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. January 2018 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. January 2018 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 7,718 (64% - 100%) AWP Lower EF Gas 22 100% 65 Upper EF Gas 74 100% 3 La Salle Austin Chalk Gas 60 100% 0 Dimmit…
  9. January 2018 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. January 2018 Corporate Presentation – Silverbow Resources – slide 10
    Executing on Strategy (1) (3) Daily Production Revenue and Realized Pricing (Mmcfepd) (mm) ( / Mcf) Revenue Realized Gas Pricing 180 60 4.00 3.07 3.16 3.01 150 2.86 50 3.00 120 90 40 2.00 134 148 60 123 46 49 114 43 42 30…
  11. January 2018 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. January 2018 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. January 2018 Corporate Presentation – Silverbow Resources – slide 13
    2018 Capital Budget 2018 Capex: 245 265 million 175 195 Mmcfe/d of average net Fasken UEF - production for full year 2018 Fasken LEF - 14% 24% Fasken: 13 wells drilled and 15 completed 70% Oro Grande - Oro Grande: 5 wells…
  14. January 2018 Corporate Presentation – Silverbow Resources – slide 14
    Significantly Expanded Company Portfolio in 2017 Net Acres Uno Mas Area YE 2016 YE 2017 Added % Chg. +9,548 acres AWP Fasken Area +21,463 acres 5,198 7,718 2,520 48.5% La Salle Artesia Dimmit AWP Area +3,066 acres 21,103…
  15. January 2018 Corporate Presentation – Silverbow Resources – slide 15
    Accelerated Development with 2018 Program Net D&C Capital Net Spuds 200,000 (000s) % 180,000 2017 2018 Growth 160,000 Fasken 5.8 13.2 128% 140,000 Artesia 7 4 -43% 120,000 Oro Grande 2 5 150% 100,000 80,000 AWP 2 7 250%…
  16. January 2018 Corporate Presentation – Silverbow Resources – slide 16
    Key Metrics Pro Forma for AWP Olmos Sale (1) 3Q 2017 Metrics 156 (2) 786 922 0.41 148 891 0.30 311 Net Net Production Production Gross OP well Count Gross Net Proved Proved Reserves Reserves LOE LOE (Mmcfe/d)…
  17. January 2018 Corporate Presentation – Silverbow Resources – slide 17
    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…
  18. January 2018 Corporate Presentation – Silverbow Resources – slide 18
    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…
  19. January 2018 Corporate Presentation – Silverbow Resources – slide 19
    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…
  20. January 2018 Corporate Presentation – Silverbow Resources – slide 20
    Financial Overview KEY HIGHLIGHTS NYSE Symbol SBOW Share Price(1) 32.82 Significant Liquidity of 250 Shares Outstanding (9/30/17) 11.551 million Equity Market Capitalization 379.1 No Near-Term Maturities Plus: Debt(2) 257.0 Less:…
  21. January 2018 Corporate Presentation – Silverbow Resources – slide 21
    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…
  22. January 2018 Corporate Presentation – Silverbow Resources – slide 22
    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…
  23. January 2018 Corporate Presentation – Silverbow Resources – slide 23
    Compelling Potential Valuation Acquisitions Leasing Probable Uno Reserves Oro Mas Grande UEF Fasken 745 Current Enterprise Value: 623 million (1) Strip PV10 Value and Growth Investment Opportunity (1) Internally…
  24. January 2018 Corporate Presentation – Silverbow Resources – slide 24
    Financial Summary CORPORATE PRESENTATION PAGE 25 1/22/2018
  25. January 2018 Corporate Presentation – Silverbow Resources – slide 25
    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…
  26. January 2018 Corporate Presentation – Silverbow Resources – slide 26
    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…
  27. January 2018 Corporate Presentation – Silverbow Resources – slide 27
    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…
  28. January 2018 Corporate Presentation – Silverbow Resources – slide 28
    2017 & 2018 Guidance ACTUAL GUIDANCE GUIDANCE 1Q17 2Q17 3Q17 4Q17 FY17 FY18 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…
  29. January 2018 Corporate Presentation – Silverbow Resources – slide 29
    Appendix CORPORATE PRESENTATION PAGE 30 1/22/2018
  30. January 2018 Corporate Presentation – Silverbow Resources – slide 30
    Pro Forma Production SilverBow Resources 2016 2017 Summary Pro Forma Production Q4 Q1 Q2 Q3 As Reported Oil (MBbls) 240 146 139 170 Gas (Mmcf) 9,551 10,104 11,078 11,723 NGL (MBbls) 226 204 228 267 As Reported Sales Volumes…
  31. January 2018 Corporate Presentation – Silverbow Resources – slide 31
    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…
  32. January 2018 Corporate Presentation – Silverbow Resources – slide 32
    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.…
  33. January 2018 Corporate Presentation – Silverbow Resources – slide 33
    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…
  34. January 2018 Corporate Presentation – Silverbow Resources – slide 34
    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…
  35. January 2018 Corporate Presentation – Silverbow Resources – slide 35
    Type Curves CORPORATE PRESENTATION PAGE 36 1/22/2018
  36. January 2018 Corporate Presentation – Silverbow Resources – slide 36
    Fasken Lower Eagle Ford Gas Single Well Economics Type Curve(1) Summary Drilling Locations 22 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…
  37. January 2018 Corporate Presentation – Silverbow Resources – slide 37
    Fasken Upper Eagle Ford Gas Single Well Economics Type Curve(1) Summary 15,000 Drilling Locations 74 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…
  38. January 2018 Corporate Presentation – Silverbow Resources – slide 38
    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…
  39. January 2018 Corporate Presentation – Silverbow Resources – slide 39
    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…
  40. January 2018 Corporate Presentation – Silverbow Resources – slide 40
    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…
  41. January 2018 Corporate Presentation – Silverbow Resources – slide 41
    Uno Mas Lower Eagle Ford Gas Single Well Economics Type Curve(1) Summary Drilling Locations 60 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…
  42. January 2018 Corporate Presentation – Silverbow Resources – slide 42
    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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