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August 2018 Enercom Conference – Silverbow Resources

Silverbow Resources · Aug 21, 2018 · 25 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. August 2018 Enercom Conference – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation August 2018
  2. August 2018 Enercom Conference – Silverbow Resources – slide 2
    Company Overview NYSE Symbol: SBOW Market Cap(1): 357 million Enterprise Value(1): 633 million 12/31/17 PV-10 Value(2): 731 million Production 2Q18(3): 160 MMcfe/d Production Mix(4): 86% Gas Proved Reserves(2): 994 Bcfe % Proved…
  3. August 2018 Enercom Conference – 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. August 2018 Enercom Conference – Silverbow Resources – slide 4
    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 22% 37% Drive capital…
  5. August 2018 Enercom Conference – Silverbow Resources – slide 5
    Executing on Strategy (1) Daily Production LOE (Mmcfepd) (mm) (/Mcfe) 7.0 0.41 0.45 270 231 0.36 0.34 0.40 240 6.0 0.34 210 204 0.35 214 5.0 0.26 0.27 180 0.30 187 4.0 150 0.25 120 0.26 0.20 3.0 5.8 5.5 90 4.8 5.0 0.15…
  6. August 2018 Enercom Conference – Silverbow Resources – slide 6
    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 (feet)…
  7. August 2018 Enercom Conference – Silverbow Resources – slide 7
    Best Gas Take-Away Market in the US SilverBow Gas Differential to Henry Hub ( / Mcf) 0.00 Sources of Demand Growth(1) (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…
  8. August 2018 Enercom Conference – Silverbow Resources – slide 8
    Top Tier Gas Well Performance First Twelve-Months Cumulative Gas Production (Mmcf) 4,500 SilverBow Other Top 50 Average 4,000 Benchmarks 3,500 Top 10% Average 3,000 Top Quartile Average 2,500 2,000 2nd…
  9. August 2018 Enercom Conference – Silverbow Resources – slide 9
    Portfolio Overview Gross Net Undrilled % Prod Area (% Avg WI) Acres Locations(1) Gas Wells(2) Uno Mas Fasken Area 7,722 (64% - 100%) AWP Lower EF Gas 20 100% 68 Upper EF Gas 73 100% 6 La Salle Austin Chalk Gas 60 100% 0 AWP Area…
  10. August 2018 Enercom Conference – Silverbow Resources – slide 10
    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…
  11. August 2018 Enercom Conference – Silverbow Resources – slide 11
    Fasken Lower & Upper Eagle Ford Cumulative vs. Lower EF Type Curve 2017 & 2018 Activity 4,500 Prop Stage Cluster Delivery 4,000 Wells Area /ft. Spacing Spacing Constrained+ 3,500 52H LEF 1,440 301 36 Partial Gas Volume…
  12. August 2018 Enercom Conference – Silverbow Resources – slide 12
    Southern Eagle Ford Gas Oro Grande, Uno Mas, & AWP 2017 & 2018 Activity Cumulative vs. Type Curve 7 Oro Grande (NMC) Spuds and 7 Completions 4,000 TC Oro Grande 5 Uno Mas (GKT) Spuds and 3 Completions 3,500 14 Bcfe EUR 6 AWP…
  13. August 2018 Enercom Conference – Silverbow Resources – slide 13
    Top Quartile Operating Expenses Total Operating Expenses 1st Quarter 2018 (Pre-G&A, / Mcfe) 2.50 2.00 1.50 Peer Group Avg. (excl. SBOW) : 1.40 1.00 0.50 - Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer…
  14. August 2018 Enercom Conference – Silverbow Resources – slide 14
    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…
  15. August 2018 Enercom Conference – Silverbow Resources – slide 15
    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…
  16. August 2018 Enercom Conference – Silverbow Resources – slide 16
    Guidance 2018 ACTUAL GUIDANCE 3Q17 4Q17 FY17 1Q18 2Q18 3Q18 FY18 Production Volumes: Oil (bbls/d) 1,852 2,486 1,876 1,968 1,546 1,475 1,600 1,625 1,750 NGL (bbls/d) 2,900 3,773 2,866 2,759 2,313 2,825 3,050 2,615 2,850 Gas (MMcf/d)…
  17. August 2018 Enercom Conference – Silverbow Resources – slide 17
    Financial Summary CORPORATE PRESENTATION PAGE 18 8/20/2018
  18. August 2018 Enercom Conference – Silverbow Resources – slide 18
    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…
  19. August 2018 Enercom Conference – Silverbow Resources – slide 19
    Strong Liquidity Provides Financial Flexibility Significant Liquidity of 255 million(1) NYSE Symbol SBOW Share Price (8/1/18) 30.61 No Near-Term Maturities Shares Outstanding (8/1/18) 11.667 Revolving Credit Facility (due 2022)…
  20. August 2018 Enercom Conference – Silverbow Resources – slide 20
    Hedging Summary(1) SilverBow actively hedges in order to protect projected returns and support planned capital expenditures Bias towards swaps and collars Hedge volumes for balance of 2018 cover 70% of 2018 production guidance…
  21. August 2018 Enercom Conference – Silverbow Resources – slide 21
    Conclusion CORPORATE PRESENTATION PAGE 22 8/20/2018
  22. August 2018 Enercom Conference – Silverbow Resources – slide 22
    Compelling Potential Valuation Acquisitions Leasing Probable Southern Reserves Uno AWP Oro Mas Grande UEF Fasken 731 Current Enterprise Value: 633 million (1) Strip PV10 Value and Growth Investment Opportunity (1)…
  23. August 2018 Enercom Conference – Silverbow Resources – slide 23
    Appendix CORPORATE PRESENTATION PAGE 24 8/20/2018
  24. August 2018 Enercom Conference – Silverbow Resources – slide 24
    Adjusted EBITDA Reconciliation ( thousands) 2017 2018 Q3 Q4 Q1 Q2 Net Income 12,884 25,137 8,466 2,319 Adjustments to EBITDA DD&A 11,832 14,558 13,131 13,096 Accretion of ARO 582 600 159 84 Interest, net 2,868 3,953 5,890…
  25. August 2018 Enercom Conference – Silverbow Resources – slide 25
    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…

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