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March 2018 Corporate Presentation – Silverbow Resources

Silverbow Resources · Mar 5, 2018 · 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. March 2018 Corporate Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation March 2018
  2. March 2018 Corporate Presentation – Silverbow Resources – slide 2
    Company Overview NYSE Symbol: SBOW Market Cap(1): 321 million Enterprise Value(1): 587 million 12/31/17 PV-10 Value(2): 785 million Production 4Q17(3): 168 MMcfe/d Production Mix(4): 83% Gas Proved Reserves(2): 996 Bcfe % Proved…
  3. March 2018 Corporate Presentation – Silverbow Resources – slide 3
    Key Accomplishments 2017 New executive team in place Rebranded the Company to SilverBow Resources, Inc. Commercial Re-listed on the NYSE as ticker SBOW Streamlined operations with non-core Eagle Ford divestitures 40% production…
  4. March 2018 Corporate Presentation – Silverbow Resources – slide 4
    Executing on Strategy (1) Daily Production Reserves and PV-10 (Bcfe) (mm) (Mmcfepd) 180 1,200 1,000 1,024 150 1,000 800 120 800 744 805 600 90 168 600 148 400 60 123 134 400 442 30 200 200 0 0 -- 1Q17 2Q17 3Q17 4Q17…
  5. March 2018 Corporate Presentation – Silverbow Resources – slide 5
    Key Objectives 2018 Continue leasing program Low cost inventory adds Commercial Be opportunistic on active Eagle Ford acquisitions environment Continue proactive hedging program Estimated production growth of 25% 40% Drive capital…
  6. March 2018 Corporate Presentation – Silverbow Resources – slide 6
    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…
  7. March 2018 Corporate Presentation – Silverbow Resources – slide 7
    Underexploited Eagle Ford Gas Fairway New Eagle Ford Gas Wells Per Annum(1) 1,400 1,171 1,200 1,087 965 1,000 818 800 557 600 391 400 228 Uno Mas 200 129 0 AWP 2010 2011 2012 2013 2014 2015 2016 2017* Average CLAT…
  8. March 2018 Corporate Presentation – Silverbow Resources – slide 8
    Best Gas Take-Away Market in the US SilverBow Gas Differential to Henry Hub ( / Mcf) Sources of Demand Growth(1) 0.00 (0.02) (0.04) (0.06) (0.05) +3-4 Bcf/d (0.08) (0.07) (0.08) (0.10) (0.10) (0.12) 2014 2015 2016 2017…
  9. March 2018 Corporate Presentation – Silverbow Resources – slide 9
    Top Tier Gas Well Performance First Twelve-Months Cumulative Gas Production (Mmcf) SilverBow 4,500 Other Benchmarks 4,000 Top 50 Average 3,500 Top 10% Average 3,000 Top Quartile Average 2,500 2,000 2nd…
  10. March 2018 Corporate Presentation – Silverbow Resources – slide 10
    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…
  11. March 2018 Corporate Presentation – Silverbow Resources – slide 11
    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 South Uno Mas Fasken Lower EF LEF Cond.…
  12. March 2018 Corporate Presentation – Silverbow Resources – slide 12
    Fasken Lower & Upper Eagle Ford 2017 Net Activity Cumulative vs. Lower Eagle Ford Type Curve FASKEN STATE 52H FASKEN STATE 53H 8.3 Lower EF Completions / 1.3 Upper EF Completions 3,500 FASKEN STATE 54H FASKEN STATE 55H FASKEN STATE…
  13. March 2018 Corporate Presentation – Silverbow Resources – slide 13
    Southern Eagle Ford Gas AWP, Oro Grande, Uno Mas 2017 Net Activity Cumulative vs. Type Curve 2 Oro Grande Completions 4,000 BRACKEN JV 21H BRACKEN JV 22H TC Oro Grande 2 AWP Completions 3,500 NMC EF 1H NMC EF 2H 14 Bcfe EUR…
  14. March 2018 Corporate Presentation – Silverbow Resources – slide 14
    Top Quartile Operating Expenses Total Operating Expenses 2017 3rd Quarter (Pre-G&A, / Mcfe) 2.50 2.00 1.50 Peer Group Avg. (excl. SBOW): 1.35 1.00 0.50 - Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H…
  15. March 2018 Corporate Presentation – Silverbow Resources – slide 15
    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…
  16. March 2018 Corporate Presentation – Silverbow Resources – slide 16
    Capital Budget 2018 2018 Capital Budget Activity by Area Net Wells Drilled 2017 2018 Fasken LEF & UEF 5.8 13.2 AWP - 13% AWP 2 7 Oro Grande - 16% Oro Grande 2 5 Uno Mas 1 3 Fasken UEF - 18% Artesia 7 4 Uno Mas, 5% 70% Total…
  17. March 2018 Corporate Presentation – Silverbow Resources – slide 17
    Guidance 2018 ACTUAL GUIDANCE 1Q17 2Q17 3Q17 4Q17 FY17 1Q18 FY18 Production Volumes: Oil (bbls/d) 1,624 1,532 1,852 2,486 1,876 1,900 2,000 1,600 1,800 NGL (bbls/d) 2,267 2,505 2,900 3,796 2,866 3,000 3,100 2,575 2,900 Gas (MMcf/d)…
  18. March 2018 Corporate Presentation – Silverbow Resources – slide 18
    Financial Summary CORPORATE PRESENTATION PAGE 19 2/28/2018
  19. March 2018 Corporate Presentation – Silverbow Resources – slide 19
    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…
  20. March 2018 Corporate Presentation – Silverbow Resources – slide 20
    8 Strong Liquidity Provides Financial Flexibility Significant Liquidity of 250 million NYSE Symbol SBOW Share Price (2/15/18) 27.22 No Near-Term Maturities Shares Outstanding (12/31/17) 11.571 Revolving Credit Facility (due…
  21. March 2018 Corporate Presentation – Silverbow Resources – slide 21
    Culture of Continuous Capital Cost Optimization Drilling Cost Per Well(1)(2) Average Drilling Cost Per Lateral Foot(1) (000) ( / foot) 6,000 58% Decline 1,000 67% Decline 4,560 788 4,000 750 3,085 2,317 500 435 1,776 1,933 326…
  22. March 2018 Corporate Presentation – Silverbow Resources – slide 22
    Hedging Summary(1) SilverBow actively hedges expected to protect project returns and support planned capital expenditures Bias towards swaps and collars Hedge volumes for balance of 2018 cover 55% of 2018 production guidance midpoint…
  23. March 2018 Corporate Presentation – Silverbow Resources – slide 23
    Conclusion CORPORATE PRESENTATION PAGE 24 2/28/2018
  24. March 2018 Corporate Presentation – Silverbow Resources – slide 24
    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…
  25. March 2018 Corporate Presentation – Silverbow Resources – slide 25
    Compelling Potential Valuation Acquisitions Leasing Probable Southern Reserves Uno AWP Oro Mas Grande UEF Fasken 785 Current Enterprise Value: 587 million (1) SEC PV10 Value and Growth Investment Opportunity (1)…
  26. March 2018 Corporate Presentation – Silverbow Resources – slide 26
    Appendix CORPORATE PRESENTATION PAGE 27 2/28/2018
  27. March 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. March 2018 Corporate Presentation – Silverbow Resources – slide 28
    Pro Forma Production SilverBow Resources 2016 2017 Summary Pro Forma Production Q4 Q1 Q2 Q3 Q4 As Reported Oil (MBbls) 240 146 139 170 229 Gas (Mmcf) 9,551 10,104 11,078 11,723 12,841 NGL (MBbls) 226 204 228 267 349 As Reported…
  29. March 2018 Corporate Presentation – Silverbow Resources – slide 29
    Key Metrics Pro Forma for AWP Olmos Sale (1) 4Q 2017 Metrics 177 786 1,024 0.34 168 996 0.26 311 NetNet Production Production Gross OP well Count Gross Net Proved Proved Reserves Reserves LOE LOE (Mmcfe/d) Well…
  30. March 2018 Corporate Presentation – Silverbow Resources – slide 30
    Adjusted EBITDA Reconciliation ( thousands) 2017 Q1 Q2 Q3 Q4 Net Income 17,710 16,241 12,884 25,137 Adjustments to EBITDA DD&A 9,715 10,828 11,832 14,558 Accretion of ARO 564 576 582 600 Interest, net 3,607 4,642 2,868…
  31. March 2018 Corporate Presentation – Silverbow Resources – slide 31
    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, 2017 is made in accordance with…
  32. March 2018 Corporate Presentation – Silverbow Resources – slide 32
    Type Curves CORPORATE PRESENTATION PAGE 33 2/28/2018
  33. March 2018 Corporate Presentation – Silverbow Resources – slide 33
    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…
  34. March 2018 Corporate Presentation – Silverbow Resources – slide 34
    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…
  35. March 2018 Corporate Presentation – Silverbow Resources – slide 35
    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…
  36. March 2018 Corporate Presentation – Silverbow Resources – slide 36
    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…
  37. March 2018 Corporate Presentation – Silverbow Resources – slide 37
    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…
  38. March 2018 Corporate Presentation – Silverbow Resources – slide 38
    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…

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