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November 2018 Corporate Presentation – Silverbow Resources

Silverbow Resources · Nov 9, 2018 · 30 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. November 2018 Corporate Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation November 2018
  2. November 2018 Corporate Presentation – Silverbow Resources – slide 2
    Company Overview NYSE Symbol: SBOW Market Cap(1): 301 million La Salle Enterprise Value(1): 621 million Live Oak 12/31/17 PV-10 Value(2): 745 million Mc Mullen Production 3Q18(3): 192 MMcfe/d Production Mix(4): 83% Gas Proved…
  3. November 2018 Corporate Presentation – Silverbow Resources – slide 3
    Proven Results Through Repeat Execution 2018 Objectives Highlights Accelerate growth through expanded Added 2nd drilling rig, forecasted production capital program growth of 36% from 2Q18 to 4Q18E(1) EBITDA / Production Achieve Adj.…
  4. November 2018 Corporate Presentation – Silverbow Resources – slide 4
    Portfolio Overview 3Q18 Gross Net Production Undrilled Prod Area (% Avg WI) Acres % Gas (MMcfe/d) Locations(3) Wells(1) Fasken Area 7,722 100% 102.6 (64% - 100%) Lower EF Gas 21 73 Upper EF Gas 69 10 Austin Chalk Gas 60 0 Uno…
  5. November 2018 Corporate Presentation – Silverbow Resources – slide 5
    Building a World Class Eagle Ford Gas Play Fasken Southern Eagle Ford Mc Mullen La Salle La Salle Mc Mullen Oro Grande Uno Mas Live Oak AWP Live Oak Fasken Webb Webb Repeatable Results: Successful Delineation: 8,800…
  6. November 2018 Corporate Presentation – Silverbow Resources – slide 6
    Quality Reservoir With Stacked Pay Potential Lower Eagle Ford Isopach Map SBOWs acreage is among thickest in Lower Eagle A Ford which further supports stacked pay development A A A Cross Section and Targeting Fasken Oro Grande…
  7. November 2018 Corporate Presentation – Silverbow Resources – slide 7
    SilverBow Leads Pack in Top 50 Gas Wells Top 50 Wells First Twelve-Months Cum Gas Prod (MMcf) Top 50 Eagle Ford Gas Locations 4,500 SilverBow Legend Other SBOW 4,000 Benchmarks Top 50 Average Recent Additions (Since 4/16/18)…
  8. November 2018 Corporate Presentation – Silverbow Resources – slide 8
    ...as well as in the Southern Eagle Ford Gas Trend Southern Eagle Ford Gas: First 12 Mo Cum Gas Production Southern Eagle Ford Gas Well Locations Legend Legend SBOW SBOW Offset Operators Recent Additions (Since 4/16/18) Existing…
  9. November 2018 Corporate Presentation – Silverbow Resources – slide 9
    Strong Well Results Across Acreage Position GKT 2 Well Pad (Uno Mas) 30-day rate: 24.6 MMcfe/d (3% Liquids) Bracken 2 Well Pad (AWP) Evans 2 Well Pad (Artesia) 30-day rate: 29.3 MMcfe/d 30-day rate: 15.3 MMcfe/d (37% Liquids)…
  10. November 2018 Corporate Presentation – Silverbow Resources – slide 10
    Fasken Lower Eagle Ford Well Performance Fasken Lower Eagle Ford Wells Daily Gas Production (Normalized to 7,500) Webb 2 3 1 Well Statistics Cumulative Gas Production (Normalized to 7,500) Cluster EUR/ft Well CLAT Prop…
  11. November 2018 Corporate Presentation – Silverbow Resources – slide 11
    Fasken Upper Eagle Ford Well Performance Fasken Upper Eagle Ford Wells Daily Gas Production (Normalized to 7,500) Webb 2 3 1 Well Statistics Cumulative Gas Production (Normalized to 7,500) Cluster EUR/ft Well CLAT Prop…
  12. November 2018 Corporate Presentation – Silverbow Resources – slide 12
    Southern Eagle Ford Gas Well Performance Southern Eagle Ford Gas Wells Daily Production (Normalized to 7,500) La Salle McMullen Live Oak 4 1 2 3 AWP Uno Mas Oro Grande Well Statistics Cumulative Production (Normalized…
  13. November 2018 Corporate Presentation – Silverbow Resources – slide 13
    Large Slickwater Completions Driving Results Fasken Upper Eagle Ford Wells Daily Gas Production (Normalized to 7,500) HY 1,000 1,500 Webb HY 1,500 2,000 HY 2,000 2,500 SW 2,500 3,000 75% Completions Evolution Generation 1…
  14. November 2018 Corporate Presentation – Silverbow Resources – slide 14
    Best Gas Take-Away Market in the U.S. SBOW Unhedged Gas Differential to Henry Hub (/Mcf) Sources of Demand Growth(1) +3-4 Bcf/d 2017 Natural Gas Basis(2) Full Year 2017 +4-8 Bcf/d Rockies Chicago (0.41) Marcellus…
  15. November 2018 Corporate Presentation – Silverbow Resources – slide 15
    Executing on Strategy Daily Production(1) LOE (MMcfe/d) (mm) (/Mcfe) 0.47 280 7.0 0.41 0.50 233 6.0 0.36 240 0.34 0.34 0.40 200 5.0 203 0.26 0.24 160 4.0 0.30 0.23 120 3.0 5.8 5.8 5.5 0.20 192 4.8 5.0 80 148 168 154 160 2.0…
  16. November 2018 Corporate Presentation – Silverbow Resources – slide 16
    Updated 2018 Capital Budget Commentary Increase in Proppant Intensity Revised 2018 Capital Program: 290-310 million (lb per foot) Increased capital allocation to drilling and 3,500 3,000 completions from 70% to 83% 2,500 2,000…
  17. November 2018 Corporate Presentation – Silverbow Resources – slide 17
    2018 Guidance ACTUAL GUIDANCE 4Q17 FY17 1Q18 2Q18 3Q18 4Q18 FY18 Production Volumes: Oil (Bbls/d) 2,489 1,874 1,967 1,549 1,685 1,780 2,060 1,745 1,815 NGL (Bbls/d) 3,772 2,866 2,756 2,319 3,630 3,400 3,920 3,030 3,160 Gas (MMcf/d)…
  18. November 2018 Corporate Presentation – Silverbow Resources – slide 18
    Financial Summary CORPORATE PRESENTATION PAGE 19 11/6/2018
  19. November 2018 Corporate Presentation – Silverbow Resources – slide 19
    Top Quartile Operating Expenses Total Operating Expenses 2Q18 (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 Peer I…
  20. November 2018 Corporate Presentation – Silverbow Resources – slide 20
    Culture of Continuous Capital Cost Optimization Drilling Cost Per Well(1)(2) Completion Well Cost(1) (000) (000) 6,000 61% Decline 6,000 33% Decline 4,560 4,395 4,533 4,000 4,000 3,550 3,085 3,091 2,966 2,637 2,317 1,776 1,924…
  21. November 2018 Corporate Presentation – Silverbow Resources – slide 21
    Financial Discipline is Integral to Strategy Preserve financial flexibility NYSE Symbol SBOW Share Price (11/1/18) 25.76 Strong liquidity position: 290MM(1)(2) Shares Outstanding (9/30/18) 11.692 Active hedge program to protect cash…
  22. November 2018 Corporate Presentation – Silverbow Resources – slide 22
    Hedging Summary(1) SilverBow actively hedges expected production to protect project returns and support planned capital expenditures Bias towards swaps and collars Hedge volumes for balance of 2018 cover 70% of 2018 production…
  23. November 2018 Corporate Presentation – Silverbow Resources – slide 23
    Conclusion CORPORATE PRESENTATION PAGE 24 11/6/2018
  24. November 2018 Corporate Presentation – Silverbow Resources – slide 24
    Attractive Valuation vs. Natural Gas Peers EV/2019E EBITDA(1) EBITDA Margin(2) 8.0x 80% 7.0x 70% 6.0x 60% 5.0x 50% 4.0x 40% 3.0x 30% 2.0x 20% 1.0x 10% - 0% Source: FactSet Peers (in alphabetical order)…
  25. November 2018 Corporate Presentation – Silverbow Resources – slide 25
    Investment Highlights: Why SilverBow 101,000 net acres in core gas and condensate windows of Eagle Ford shale Pure Play Acute focus on production and EBITDA growth while prudently delineating position Eagle Ford Operator Access to…
  26. November 2018 Corporate Presentation – Silverbow Resources – slide 26
    Appendix CORPORATE PRESENTATION PAGE 27 11/6/2018
  27. November 2018 Corporate Presentation – Silverbow Resources – slide 27
    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. Lower EF LEF Gas…
  28. November 2018 Corporate Presentation – Silverbow Resources – slide 28
    Capital Structure Revolving Credit Facility (due 2022) 410 million borrowing base LIBOR + 2.00%-3.00% 12 banks led by J.P. Morgan Total Debt / LTM Adj. EBITDA < 4.0x Second Lien Facility (due 2024) 200 million outstanding LIBOR…
  29. November 2018 Corporate Presentation – Silverbow Resources – slide 29
    Adjusted EBITDA Reconciliation ( thousands) 2017 2018 4Q 1Q 2Q 3Q Net Income 25,137 8,466 2,319 7,080 Adjustments to EBITDA DD&A 14,558 13,131 13,096 18,766 Accretion of ARO 600 159 84 87 Interest, net 3,953 5,890 6,585…
  30. November 2018 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, 2017 is made in accordance with…

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