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2Q 2019 Earnings Presentation – Silverbow Resources

Silverbow Resources · Aug 9, 2019 · 31 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. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation August 2019
  2. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 2
    Company Overview NYSE Symbol SBOW Market Cap(1) 110 million Enterprise Value(1) 580 million La Salle Mc Mullen Live Oak (2) 749 million 12/31/18 PV-10 Value Production 2Q19(3) 235 MMcfe/d Production Mix(4) 77% Gas Proved Reserves (2)…
  3. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 3
    Key Objectives 2019 2019 Objectives Highlights Expand Adj. EBITDA margin with 78% Adj. EBITDA margin for 2Q19, up from disciplined approach to production growth 65% for FY18 Free Cash Flow Target free cash flow positive in 2H19 On…
  4. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 4
    Building Value Across the Organization Production(1) Reserves and PV-10(2) (MMcfe/d) (% Liquids) (Bcfe) (MM) 300 30% 1,500 1,345 1,500 234 250 24% 25% 1,250 1,128 1,250 1,024 18% 230 200 17% 20% 1,000 1,000 16% 805 744 150 15% 750…
  5. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 5
    Executing on Strategy Revenue LOE (MM) (/Mcfe) (MM) (/Mcfe) 100 4.23 5.00 7.5 0.50 0.41 Thousands 3.65 3.53 3.68 3.72 0.34 80 3.42 3.60 3.49 4.00 6.0 0.34 0.40 0.27 0.23 0.23 60 3.00 4.5 0.26 0.24 0.30 88 40 75 2.00 3.0…
  6. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 6
    Single Basin Focus With Key Takeaways Diversified Commodity Asset Base Strategic focus on increasing 2019 liquids 20% Liquids Acreage 98 Locations production from existing acreage and organic McMullen leasing campaign Dimmit La…
  7. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 7
    Top-Tier Economics in Premier Location World Class Gas Lifting Cost(1) Sources of Demand Growth (/Mcfe) Petrochemical Complex +0.5 Bcf/d in 2019 LNG Exports +4-5 Bcf/d in 2019 & 2020 Mexico Exports +1-3 Bcf/d in 2019 &…
  8. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 8
    Portfolio Overview YE18 2Q19 Gross Net % Production Undrilled Prod Area (% Avg WI) Acres Gas (MMcfe/d) Locations(2) Wells Webb County Fasken Area 7,742 100% 103.1 (64% - 100%) Gas Lower EF Gas 20 73 Upper EF Gas 71 13…
  9. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 9
    Strong Well Results Across Acreage Position Wells 1st Delivered in 2Q19 1 Hayes 2 Well Pad (AWP) 30-day rate: 2,560 Boe/d Zavala Frio Atascosa 85% Liquids 2 Briggs 3 Well Pad (Artesia) 30-day rate: 2,930 Boe/d McMullen 75%…
  10. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 10
    La Salle Condensate and McMullen Oil Areas La Salle Condensate Wells La Salle Production vs. Type Curve KNOLLE EF 1H KNOLLE EF 2H La Salle KNOLLE EF 3H EVANS EF A 21H EVANS EF A 22H EVANS EF A 23H EVANS EF A 24H BRIGGS EF 1H…
  11. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 11
    Webb County and Southern Eagle Ford Gas Areas Webb County Gas Wells Webb County Production vs. Type Curve FASKEN STATE 72H FASKEN STATE 73H FASKEN STATE 75H RIO BRAVO 5H Webb Rio Bravo Fasken 5000 ft Southern Eagle…
  12. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 12
    Culture of Continuous Capital Cost Optimization Drilling Faster(1) Drilling Cost Per Lateral Foot(2) (lat ft/d) 800 450 685 362 700 375 309 600 567 300 267 537 500 225 400 150 300 75 200 0 2018 1Q19 2Q19 2018 1Q19…
  13. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 13
    Top Quartile Operating Expenses Total Operating Expenses 1Q19 (Pre-G&A, /Mcfe) 2.00 2.50 1.80 2.25 1.60 2.00 1.40 1.75 1.20 1.50 Peer Group Avg. (excl. SBOW): 1.22 1.00 1.25 0.80 1.00 0.60 0.75 0.40 0.50 0.20 0.25…
  14. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 14
    Strong Returns in Current Price Environment IRRs Across SilverBows Portfolio 2.75 gas / 55.00 oil(1) 77% 63% 32% 28% (2) La Salle Condensate McMullen Oil Webb County Gas Southern EF Gas Producing Wells(3) 56 85 86 39 (3)(4)…
  15. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 15
    2019 Capital Budget 2019 Capital Budget Activity by Area 2019 Drilled Completed Facilities, Webb County Gas 7 9 Optimization Southern EF Gas 3 2 & Other Land McMullen Oil 5 8 Webb County Gas La Salle Condensate 11-12 11-12…
  16. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 16
    2019 Guidance ACTUAL GUIDANCE 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 FY19 Production Volumes: Oil (Bbls/d) 1,685 2,340 1,886 2,850 4,449 5,300 - 5,400 4,450 - 4,550 Gas (MMcf/d) 160 191 155 177 180 172 - 175 175 - 178 NGL (Bbls/d) 3,630…
  17. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 17
    Financial Summary CORPORATE PRESENTATION Page 18 8/7/2019
  18. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 18
    Financial Discipline is Integral to Strategy Preserve financial flexibility NYSE Symbol SBOW Share Price (8/1/19) 9.33 Strong liquidity position: 140 million(1) Shares Outstanding 11.758 Active hedge program to protect cash flows…
  19. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 19
    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…
  20. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 20
    Conclusion CORPORATE PRESENTATION Page 21 8/7/2019
  21. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 21
    Investment Highlights: Why SilverBow Pure Play 100,000 net acres(1) 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…
  22. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 22
    Type Curves CORPORATE PRESENTATION Page 23 8/7/2019
  23. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 23
    La Salle Condensate Single Well Economics(1) Type Curve(1) Summary 2019 Spuds Per Year (Gross) 11 Development D&C (MM)(2) 6.0 NPV-10 (MM) 8.4 Rate vs. Time IRR (%) 77% 4,500 900 LaSalle Gas Type Well Assumptions 4,000 800 Completed…
  24. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 24
    McMullen Oil Single Well Economics(1) Type Curve(1) Summary 2019 Spuds Per Year (Gross) 6 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…
  25. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 25
    Webb County Eagle Ford Gas Single Well Economics(1) Type Curve(1) Summary 2019 Spuds Per Year (Gross) 7 Development D&C (MM)(2) 6.0 NPV-10 (MM) 2.1 Rate vs. Time IRR (%) 32% 15,000 14,000 Webb County Gas Type Well Assumptions 13,000…
  26. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 26
    Southern Eagle Ford Gas Single Well Economics(1) Type Curve(1) Summary 2019 Spuds Per Year (Gross) 4 Development D&C (MM)(2) 8.4 NPV-10 (MM) 3.8 Rate vs. Time IRR (%) 28% 15,000 14,000 Southern EF Gas Type Well Assumptions 13,000…
  27. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 27
    Appendix CORPORATE PRESENTATION Page 28 8/7/2019
  28. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 28
    Capital Structure Revolving Credit Facility (due 2022) 410 million borrowing base 273 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…
  29. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 29
    Adjusted EBITDA Reconciliation ( thousands) 2018 2019 3Q 4Q FY 1Q 2Q Net Income 7,080 56,751 74,615 16,053 64,704 Adjustments to EBITDA DD&A 18,766 23,041 68,035 21,805 24,029 Accretion of ARO 87 88 419 83 86 Interest, net…
  30. 2Q 2019 Earnings 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, 2018 is made in accordance with…
  31. 2Q 2019 Earnings Presentation – Silverbow Resources – slide 31
    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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