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3Q 2019 Earnings Presentation – Silverbow Resources

Silverbow Resources · Nov 7, 2019 · 28 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. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation November 2019
  2. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 2
    SilverBow Investment Highlights Pure Play Eagle Established operator with deep technical Ford E&P experience and in-basin knowledge Exposure to Competitive advantage from exposure to Premium Markets premium Gulf Coast pricing…
  3. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 3
    Company Overview Dimmit La Salle Live Oak Mc Mullen Strategic Aim Webb Targeted Results SilverBow is an independent E&P Company focused exclusively in the oil and gas window of the Eagle Ford Shale Legend SilverBow…
  4. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 4
    Third Quarter Highlights 3Q19 HIGHLIGHTS Achieved positive free cash flow 4.0 million(1) in 3Q19 Production of 239 MMcfe/d 2% growth Q/Q Exceeded oil production guidance 25% growth Q/Q Adj. EBITDA of 62.9 million 8% growth…
  5. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 5
    Whats Next: 4Q19 Preview & Preliminary 2020 LOOKING AHEAD 2020 BUDGET Land 4Q19 Preview: Other Preliminary Budget: Six-well pad in Webb County Gas D&C 175-195 MM on track for initial production 90% by year-end D&C D&C…
  6. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 6
    Single Basin Focus with Key Themes Diversified Commodity Asset Base Strategic focus on increasing liquids production 35% Liquids Acreage 230+ Locations(1) from existing acreage while expanding drilling McMullen inventory through…
  7. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 7
    Top-Tier Economics in Premier Location World Class Gas Lifting Cost(1) Sources of Demand Growth 3.00 Differentials (/Mcf) 2.58 Petrochemical 2.50 Opex/Production (/Mcfe) Complex 1.93 0.52 +0.5 Bcf/d in D&C/EUR (/Mcfe) 2019 2.00…
  8. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 8
    Premiere Company in SMID Cap E&P Space RETURNS & MARGINS COST STRUCTURE 2 3 1 2 LTM Adj. 3-Year Avg. Cash G&A All-in Cash EBITDA Margin ROCE Expense Operating Costs A truly value-focused company, demonstrating Peer-leader in…
  9. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 9
    Peer-Leading Returns & Cost Structure LTM Adj. EBITDA Margin 3-Year Avg. ROCE(1) RETURNS & MARGINS 100% 25% 80% 74% 20% 15% 60% 15% 40% 10% 20% 5% 0% 0% Cash G&A Expense (/Mcfe) All-in Cash Operating Costs(2)…
  10. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 10
    Top Quartile Metrics & High Quality Inventory Production LTM Adj. EBITDA (MMcfe/d) (MM) 600 375 500 300 GROWTH 400 213 225 300 235 150 200 100 75 0 0 (Bcfe) Undeveloped Reserves(1) Full-Cycle Breakeven Cost(2)…
  11. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 11
    Culture of Cost Reduction and Margin Expansion Adj. EBITDA Margin Recycle Ratio (/Mcfe) RETURNS & MARGINS 90% 3.5x 4.23 5.00 73% 75% 73% 74% 75% 3.72 75% 70% 67% 3.0x 3.60 3.65 3.53 3.68 3.49 65% 3.27 4.00 2.5x 60% 2.0x…
  12. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 12
    Proven Track Record of Growth & Expansion (MMcfe/d) Production (% Liquids) (MM) Adj. EBITDA (/Mcfe) 300 23% 25% 250 2.77 3.00 2.52 250 18% 232 20% 200 2.33 17% 16% 2.50 GROWTH 228 200 15% 150 150 2.00 232 10% 100 100…
  13. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 13
    Strong Well Results Across Acreage Position 1 7 JRED Hayes Single Well (DVO) 2 Well Pad (AWP) 30-day rate: 586 Boe/d 30-day rate: 2,560 Boe/d Zavala Frio Atascosa 81% Liquids 85% Liquids 2 8 JRED 8 SMR Single Well (DVO) 2 Well…
  14. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 14
    La Salle Condensate Area Commentary La Salle Condensate Area Wells Added 3 Briggs wells, 3 Knolle wells, 1 Briggs-Knolle KNOLLE EF 1H West La Salle KNOLLE EF 2H well and 4 Evans wells in liquids rich window in 2019 KNOLLE EF 3H…
  15. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 15
    McMullen Oil Area Commentary McMullen Oil Area Wells Added 2 SMR wells and 2 Hayes wells in 2019 SMR EF 20H McMullen SMR EF 21H Specific targeting of 30 foot brittle zone in LEF HAYES EF A 7H HAYES EF B 8H SMR Successfully testing…
  16. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 16
    Expanding Liquids Footprint: Dimmit Volatile Oil Rapidly Moving From Exploration to Development West Dimmit Leasehold Map Established Position: Acquired 16,000 net acres at Dimmit low cost entry point with 750 gross MMBbls of…
  17. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 17
    Operational Execution Drilling Metrics Drilling Cost Efficiencies Cost per Lateral Ft.(1) 362 283 Decrease in Drill Costs (YTD 2019 / 2018) -22% 2018 YTD 2019 Drilling Faster Lateral Ft. Drilled per Day(2) Increase in…
  18. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 18
    Operational Execution Completion Metrics Completion Cost Efficiencies Completing Faster Completion Costs (MM)(1) Stages Completed per Day(2) 7.2 5.1 Decrease in 3.7 4.4 Completion Cost (YTD 2019 / 2018) -26% Increase in…
  19. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 19
    Why SilverBow: Value Proposition Pure Play Eagle Ford E&P Increasing Liquids Focus on Costs & Leverage Margins Exposure to Returns Driven Premium Markets Unique upstream investment opportunity with a focus on…
  20. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 20
    Appendix Corporate Presentation 21 11/6/2019
  21. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 21
    2019 Key Objectives & Highlights Key Objectives Key Highlights 1 Expand Adj. EBITDA margin with disciplined 75% Adj. EBITDA margin for 3Q19, up from Free Cash 71% for FY18 approach to production growth Flow 4.0 million of cash flow…
  22. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 22
    Financial Discipline is Integral to Strategy Preserve financial flexibility NYSE Symbol SBOW Share Price (11/5/19) 10.68 Strong liquidity position: 121 million(1) Active hedge program to protect cash flows Shares Outstanding 11.784…
  23. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 23
    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 67% of 2019 production…
  24. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 24
    2019 Guidance ACTUAL GUIDANCE 4Q18 FY18 1Q19 2Q19 3Q19 4Q19 FY19 Production Volumes: Oil (Bbls/d) 2,340 1,886 2,850 4,449 5,496 4,600 - 4,700 4,300 - 4,400 Gas (MMcf/d) 191 155 177 180 173 168 - 176 175 - 177 NGL (Bbls/d) 3,586…
  25. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 25
    Capital Structure Revolving Credit Facility (due 2022) 400 million borrowing base 282 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…
  26. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 26
    Adjusted EBITDA & Free Cash Flow Reconciliation (000s, except per unit metrics) 2018 2019 4Q FY 1Q 2Q 3Q Net Income 56,751 74,615 16,053 64,704 27,651 Adjustments to EBITDA DD&A 23,041 68,035 21,805 24,029 24,937 Accretion of ARO…
  27. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 27
    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…
  28. 3Q 2019 Earnings Presentation – Silverbow Resources – slide 28
    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 Finance &…

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