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1Q 2019 Earnings Presentation – Silverbow Resources

Silverbow Resources · May 9, 2019 · 37 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. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation May 2019
  2. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 2
    Company Overview NYSE Symbol SBOW Market Cap(1) 208 million La Salle Enterprise Value(1) 638 million Live Oak 12/31/18 PV-10 Value(2) 889 million Mc Mullen Production 1Q19(3) 215 MMcfe/d Production Mix(4) 82% Gas Proved Reserves (2)…
  3. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 3
    Key Objectives 2019 Free cash flow generation while realizing double-digit production and EBITDA growth Free Cash Flow Target free cash flow positive in 2H19 Generation Target production growth of 25% based on mid-point of 2019…
  4. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 4
    SilverBow Then and Now 35 6.00 HHUB Gas Price (/Mcf) 32 5.00 SBOW Stock Price 29 4.00 26 3.00 23 2.00 20 1.00 Jan-17 Mar-17 May-17 Jul-17 Oct-17 Dec-17 Feb-18 May-18 Jul-18 Sep-18 Dec-18 Feb-19 Metric Then (1Q17) Now…
  5. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 5
    Building Value Across the Organization Production(1) Reserves and PV-10(2) (MMcfe/d) (Bcfe) 300 1,500 1,345 1,500 250 239 1,250 1,128 1,250 1,024 200 225 1,000 1,000 805 744 150 750 750 442 100 183 500 500 122 143 50 250…
  6. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 6
    Executing on Strategy Revenue LOE (MM) (/Mcfe) (MM) (/Mcfe) 100 5.00 7.5 0.50 4.23 0.41 Thousands 3.68 3.72 0.34 80 3.48 3.42 3.60 3.65 3.53 4.00 6.0 0.36 0.34 0.40 0.27 0.23 60 3.00 0.26 0.24 4.5 0.30 88 40 2.00 3.0…
  7. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 7
    Top-Tier Economics in Premier Location World Class Gas Lifting Cost(1) Henry Hub Breakeven Cost(1)(2) (/Mcfe) (/Mcfe) 3.00 3.00 D&C/EUR (/Mcfe) 2.58 2.75 2.77 2.50 Opex/Production (/Mcfe) 2.75 Differentials (/Mcf) 1.93 0.52 2.00…
  8. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 8
    Eagle Ford Stands Out Amongst Gas Basins SilverBows Characteristic Haynesville Appalachia Western Eagle Ford Competitive Lifting Cost Low Breakeven Cost Low Basis Differential / T&P Proximity to Key Downstream Markets…
  9. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 9
    Quality Reservoir With Stacked Pay Potential Lower Eagle Ford Isopach Map SBOWs acreage A is among the thickest in Lower Eagle Ford which further supports stacked pay development A A A Cross Section and Targeting Fasken Oro…
  10. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 10
    SilverBow Leads Pack in Top 50 Gas Wells Top 50 Wells First 12 Mo Cum Gas Prod Production Top 50 Eagle Ford Gas Locations (MMcf) Legend SilverBow SBOW Other Recent Additions (Since 9/9/18) Existing Wells Benchmarks SilverBow…
  11. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 11
    ...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 (MMcf) Legend Legend SBOW Pre 2017 SBOW Pre 2017 SBOW Post 2017 SBOW Post 2017…
  12. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 12
    Portfolio Overview YE18 1Q19 Gross Net % Production Undrilled Prod Area (% Avg WI) Acres Gas (MMcfe/d) Locations(2) Wells Webb County Fasken Area 7,742 100% 102.1 (64% - 100%) Gas Lower EF Gas 18 77 Upper EF Gas 66 12 Uno…
  13. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 13
    Strong Well Results Across Acreage Position 1 Hayes 2 Well Pad (AWP) 7-day rate: 2,412 Boe/d (88% Liquids) Zavala Frio Atascosa 2 Knolle 3 Well Pad (AWP) 7-day rate: 2,534 Boe/d 3 (60% Liquids) 3 SMR 2 Well Pad (AWP) 1 30-day…
  14. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 14
    Webb County (Upper) Well Performance Webb County Upper Eagle Ford Wells Daily Gas Production (Normalized to 7,500) Webb 4 6 5 3 1 2 Well Statistics Cumulative Gas Production (Normalized to 7,500) Cluster Well CLAT Prop…
  15. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 15
    Southern Eagle Ford Gas Well Performance Southern Eagle Ford Gas Wells Daily Gas Production (Normalized to 7,500) La Salle McMullen Live Oak 2 7 6 1 Uno Mas Oro Grande S-AWP 3 4 5 Well Statistics Cumulative Gas…
  16. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 16
    La Salle Condensate La Salle Eagle Ford Condensate Wells Daily Production (Normalized to 7,500) La Salle 7 1 2 6 8 3 4 5 Well Statistics Cumulative Production (Normalized to 7,500) Cluster Well CLAT Prop Fluid Well…
  17. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 17
    McMullen Oil Well Performance McMullen Eagle Ford Oil Wells Daily Production (Normalized to 7,500) McMullen 1 2 3 4 5 Well Statistics Cumulative Production (Normalized to 7,500) Cluster Well CLAT Prop Fluid Well…
  18. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 18
    Strong Returns in Current Price Environment IRRs Across SilverBows Portfolio 3.00 gas / 55.00 oil(1) 81% 63% 41% 36% (2) La Salle Condensate McMullen Oil Webb County Gas Southern EF Gas Producing Wells(3) 46 78 89 37 (3)(4)…
  19. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 19
    2019 Capital Budget 2019 Capital Budget Activity by Area Net Wells Drilled 2018 2019E Webb County Gas 14 1 Facilities, Optimization Southern EF Gas 9 5 & Other Land McMullen Oil 5 5 Oro La Salle Condensate 5 15-16 Grande Total…
  20. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 20
    2019 Guidance ACTUAL GUIDANCE 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 FY19 Production Volumes: Oil (Bbls/d) 1,549 1,685 2,340 1,886 2,850 3,900 - 4,050 3,500 - 3,800 Gas (MMcf/d) 137 160 191 155 177 174 - 180 176 - 187 NGL (Bbls/d) 2,319…
  21. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 21
    Financial Summary CORPORATE PRESENTATION Page 22 5/8/2019
  22. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 22
    Top Quartile Operating Expenses Total Operating Expenses 4Q18 (Pre-G&A, /Mcfe) 2.00 2.50 2.25 1.75 2.00 1.50 1.75 1.25 1.50 1.00 1.25 Peer Group Avg. (excl. SBOW): 1.08 1.00 0.75 0.75 0.50 0.50 0.25 0.25 0.00…
  23. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 23
    Financial Discipline is Integral to Strategy Preserve financial flexibility NYSE Symbol SBOW Share Price (5/1/19) 17.73 Strong liquidity position: 180 million(1) Shares Outstanding 11.743 Active hedge program to protect cash flows…
  24. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 24
    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 2019 cover 68% of 2019 production…
  25. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 25
    Conclusion CORPORATE PRESENTATION Page 26 5/8/2019
  26. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 26
    Attractive Valuation vs. Natural Gas Peers EV/2019E EBITDA(1) LTM EBITDA Margin(2) 9.0x 80% 8.0x 70% 7.0x 60% 6.0x 50% 5.0x 40% 4.0x 30% 3.0x 20% 2.0x 1.0x 10% 0.0x 0% Peer I Peer C Peer D Peer H Peer…
  27. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 27
    Investment Highlights: Why SilverBow Pure Play 100,161 net acres in core gas and condensate windows of Eagle Ford Shale Eagle Ford Acute focus on production and EBITDA growth while prudently delineating position Operator Access to…
  28. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 28
    Type Curves CORPORATE PRESENTATION Page 29 5/8/2019
  29. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 29
    La Salle Condensate Single Well Economics(1) Type Curve(1) Summary 2019 Spuds Per Year (Gross) 22 Development D&C (MM)(2) 6.0 NPV 10 (MM) 8.7 Rate vs. Time IRR (%) 81% 4,500 900 LaSalle Gas Type Well Assumptions 4,000 800 Completed…
  30. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 30
    McMullen Oil Single Well Economics(1) Type Curve(1) Summary 2019 Spuds Per Year (Gross) 2 Development D&C (MM)(2) 6.0 NPV 10 (MM) 4.7 Rate vs. Time IRR (%) 63% 4,000 1000 McMullen Gas Type Well Assumptions 3,600 900 Completed Lateral…
  31. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 31
    Webb County Eagle Ford Gas Single Well Economics(1) Type Curve(1) Summary 2019 Spuds Per Year (Gross) 1 Development D&C (MM)(2) 6.0 NPV 10 (MM) 2.9 Rate vs. Time IRR (%) 41% 15,000 14,000 Webb County Gas Type Well Assumptions 13,000…
  32. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 32
    Southern Eagle Ford Gas Single Well Economics(1) Type Curve(1) Summary 2019 Spuds Per Year (Gross) 5 Development D&C (MM)(2) 8.4 NPV 10 (MM) 5.2 Rate vs. Time IRR (%) 36% 15,000 14,000 Southern EF Gas Type Well Assumptions 13,000…
  33. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 33
    Appendix CORPORATE PRESENTATION Page 34 5/8/2019
  34. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 34
    Capital Structure Revolving Credit Facility (due 2022) 410 million borrowing base 231 million outstanding 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…
  35. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 35
    Adjusted EBITDA Reconciliation ( thousands) 2018 2019 2Q 3Q 4Q FY 1Q Net Income 2,320 7,080 56,749 74,615 16,053 Adjustments to EBITDA DD&A 13,095 18,766 23,042 68,035 21,805 Accretion of ARO 84 87 89 419 83 Interest, net…
  36. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 36
    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, 2018 is made in accordance with…
  37. 1Q 2019 Earnings Presentation – Silverbow Resources – slide 37
    Corporate Information CORPORATE HEADQUARTERS SilverBow Resources, Inc. 575 North Dairy Ashford, Suite 1200 Houston, Texas 77079 (281) 874-2700 or (888) 991-SBOW www.sbow.com CONTACT INFORMATION Jeff Magids Senior Manager…

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