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1Q 2020 Earnings Results – Silverbow Resources

Silverbow Resources · May 6, 2020 · 29 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 2020 Earnings Results – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation May 2020
  2. 1Q 2020 Earnings Results – Silverbow Resources – slide 2
    SilverBow Investment Highlights Pure Play Eagle Established operator with deep technical Ford E&P experience and in-basin knowledge Balanced Inventory provides optionality in capital allocation Commodity Mix based on prevailing…
  3. 1Q 2020 Earnings Results – Silverbow Resources – slide 3
    Company Overview Dimmit La Salle Live Oak Mc Mullen Strategic Aim Targeted Results Webb SilverBow is an independent oil and gas company with operations across 200,000 net acres spanning all commodity phase windows of the…
  4. 1Q 2020 Earnings Results – Silverbow Resources – slide 4
    ESG: At the Core of Our Business Environmental Social SilverBow is committed to reducing environmental SilverBow incentivizes workforce through cultural impact through sustainable operations values, transparency and rewarding…
  5. 1Q 2020 Earnings Results – Silverbow Resources – slide 5
    1Q20: Rapid Response to Current Market Conditions 1Q20 HIGHLIGHTS Decisive Actions Taken to Capex reduction and production deferrals Combat Volatility laying groundwork for 75% FCF yield Driven by operational efficiencies, 26MM…
  6. 1Q 2020 Earnings Results – Silverbow Resources – slide 6
    2020: SilverBows Strategy in Play Key Objectives Key Actions Taken Reduced FY20 Capex by 55% to 80-95 Free Cash million; 100 million decrease from prior range Flow Curtailed production and deferred completing/TIL Investment…
  7. 1Q 2020 Earnings Results – Silverbow Resources – slide 7
    Operational Evolution Through a Volatile Environment Since inception, SBOW has maintained a successful, consistent track record of both strategic A&D and organic growth within the Eagle Ford Lake Washington Gas Acreage Expansion DVO…
  8. 1Q 2020 Earnings Results – Silverbow Resources – slide 8
    2020 Operating Plan Provides Optionality Commentary Operating & Financial Goals Maximize FCF generation in current environment (e.g. capex reductions, activity deferrals and hedge unwinds) Strategically shift production volumes to…
  9. 1Q 2020 Earnings Results – Silverbow Resources – slide 9
    Diversifying Commodity Mix Commentary Diversified Asset Base 2019/1Q20 liquids development focus broadens 35,000 net liquids acres exposure to PDP production base 20% of total acreage McMullen 81% oil hedged based on midpoint of…
  10. 1Q 2020 Earnings Results – Silverbow Resources – slide 10
    Balanced Portfolio: Returns Driven Strategy Pivoting Between Oil & Gas: New Production and New Wells (2019-2020) (MMcf/d) (Bbls/d) 125 Liquids Focus (2Q/3Q19): 5,000 Liquids development program to Added more than 50 diversify and…
  11. 1Q 2020 Earnings Results – Silverbow Resources – slide 11
    Eagle Ford: Premium Markets Driving Premium Margins Regional Pricing Benefits Providing for Sources of Demand Growth 100% of oil and gas production receives premium Gulf Ideally located to meet growing demands via existing Coast…
  12. 1Q 2020 Earnings Results – Silverbow Resources – slide 12
    SilverBow Realizes Favorable Pricing vs. Peers Realized Oil Prices vs. Peers SBOW Average = 2.29 (/Bbl) per Bbl Advantage (% of WTI) 75 103% 103% 104% 104% 103% 110% 101% 101% 98% 70 100% 65 90% 60 80% 55 70% 50 60% 1Q18…
  13. 1Q 2020 Earnings Results – Silverbow Resources – slide 13
    Culture of Cost Reduction and Margin Expansion Adjusted EBITDA Margin(1) ROCE(2) RETURNS & MARGINS 100% 25% 21% 73% 75% 73% 74% 75% 74% 80% 70% 20% 18% 18% 65% 60% 15% 40% 10% 20% 5% 0% 0% Adj. EBITDA Margin…
  14. 1Q 2020 Earnings Results – Silverbow Resources – slide 14
    Strong Well Results Across Acreage Position A DVO B La Salle Condensate C AWP 15,895 net acres 12,296 net acres 36,435 net acres 100% W.I. (88% - 100%) W.I. 100% W.I. 1 1 La Mesa Liquids (%): 78% Liquids (%): 57% Liquids (%): 55%…
  15. 1Q 2020 Earnings Results – Silverbow Resources – slide 15
    Top-Tier Dry Gas Assets U.S. Onshore Gas Plays 15% Full-Cycle IRR Gas Breakeven Prices(1) (/Mcf) 6.00 SBOWs Webb County Dry Gas is among the highest quality across all U.S. gas basins 5.13 5.00 4.36 4.08 4.00 3.54 3.60 3.61…
  16. 1Q 2020 Earnings Results – Silverbow Resources – slide 16
    Webb County Gas Area Commentary Map Locator Contiguous position spanning 8,000 net acres Facilities and infrastructure already in place Excellent track record of cost efficiency and well performance 84 future development…
  17. 1Q 2020 Earnings Results – Silverbow Resources – slide 17
    Operational Execution Drilling Metrics Drilling Cost Efficiencies Cost per Lateral Ft. (1) 362 275 198 Decrease in Drill Costs (1Q20 / 2018) -45% 2018 2019 2020 Drilling Faster Lateral Ft Drilled per Day (2) Increase in…
  18. 1Q 2020 Earnings Results – Silverbow Resources – slide 18
    Operational Execution Completion Metrics Completion Cost Efficiencies Completing Faster Completion Costs (MM) (1) Stages Completed per Day (2) 5.1 9.6 Decrease in 3.8 3.8 9.2 Completion Cost (1Q20 / 2018) -25% 4.4 Increase…
  19. 1Q 2020 Earnings Results – Silverbow Resources – slide 19
    SilverBows Navigation Framework Todays E&P Industry is Exposed to Uncertain Fragmented, Debt Capital Intensive Commodity Prices Burdened To Succeed, SilverBows Decision-Making Must Center Around These Characteristics Full-Cycle…
  20. 1Q 2020 Earnings Results – Silverbow Resources – slide 20
    SilverBows Value Proposition Pure Play Eagle Balanced Focus on Costs & Ford E&P Commodity Mix Margins Established operator with deep Inventory provides optionality in Peer-leading cost structure with technical experience and capital…
  21. 1Q 2020 Earnings Results – Silverbow Resources – slide 21
    Appendix Corporate Presentation 22 5/5/2020
  22. 1Q 2020 Earnings Results – Silverbow Resources – slide 22
    Financial Discipline is Integral to Strategy Preserve financial flexibility Net Debt / LTM Adjusted EBITDA 4.00x Strong liquidity position: 146 million(1) 3.50x Active hedge program to protect cash flows 3.00x and minimize…
  23. 1Q 2020 Earnings Results – Silverbow Resources – slide 23
    Hedging Summary Current Hedge Position(1) 2020 2021 2022 (Last 9 Months) (Full Year) (Full Year) NYMEX HH GAS Swaps Gas (MMBtu) 22,512,000 3,350,333 Wt Avg Price 2.63 2.66 Collars Gas (MMBtu) 310,000 20,629,975 3,150,000 Wt Avg…
  24. 1Q 2020 Earnings Results – Silverbow Resources – slide 24
    Capital Structure & Credit Profile Revolving Credit Facility (due 2022) Capitalization (MM, except per unit amounts) 400 million borrowing base Share Price (5/1/20) 5.25 Shares Outstanding (5/1/20) 11.887 279 million outstanding…
  25. 1Q 2020 Earnings Results – Silverbow Resources – slide 25
    2020 Guidance ACTUAL GUIDANCE 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 FY20 Production Volumes: Oil (Bbls/d) 4,449 5,496 4,760 4,397 4,402 1,000 - 2,200 3,400 - 4,200 Gas (MMcf/d) 180 173 175 176 181 105 - 120 130 - 145 NGL (Bbls/d) 4,664…
  26. 1Q 2020 Earnings Results – Silverbow Resources – slide 26
    Calculation of Adjusted EBITDA & Free Cash Flow (000s, except per unit metrics) 2019 2020 (Unaudited) 2Q 3Q 4Q FY 1Q Net Income / (Loss) 64,704 27,651 6,248 114,656 (5,858) Plus: DD&A 24,029 24,937 25,145 95,915 23,439 Accretion…
  27. 1Q 2020 Earnings Results – Silverbow Resources – slide 27
    Calculation of Return on Capital Employed (ROCE) (000s, except per unit metrics) 2019 2018 2017 (Unaudited) FY FY FY Net Income 114,656 74,615 71,971 Plus: DD&A 95,915 68,035 46,933 Accretion of ARO 329 419 2,322 Interest…
  28. 1Q 2020 Earnings Results – Silverbow Resources – slide 28
    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, 2019, is made in accordance with…
  29. 1Q 2020 Earnings Results – Silverbow Resources – slide 29
    SBOWay 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 Director of…

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