SilverBow Resources Corporate Presentation August 2020
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…
Company Overview Mc Mullen Dimmit La Salle Live Oak Strategic Aim Targeted Results Webb SilverBow is an independent oil and gas company with operations across 167,000 net acres spanning all commodity phase windows of the…
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…
2Q20: Sticking to the Plan 2Q20 HIGHLIGHTS Driven by hedging gains, lower capex and 14MM of Free Cash Flow(1) continued operational efficiencies Reduced total debt by 20MM QoQ; Balance Sheet cash interest expense savings…
2020: SilverBows Strategy in Play Key Objectives Key Actions Taken Reduced FY20 Capex by 60% to 95-105 Free Cash million; 160 million decrease from FY19 Flow Curtailed production and deferred completing/TIL Investment Aligning 8…
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…
2020 Operating Plan Supported by Returns Commentary Operating & Financial Goals Maximize FCF generation in current environment (e.g., capex reductions, activity deferrals and hedge unwinds) Strategically shift production volumes to…
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 93% oil hedged based on midpoint of…
Macro Natural Gas Thoughts Key Highlights Natural Gas Futures Strip 10% reduction in natural gas production exiting 2020 3.30 versus 2019YE 3.00 Reduced oil targeted D&C activity driving decline in 2.70 associated gas supply 2.40…
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…
Eagle Ford: Geographically Advantaged Regional Pricing Benefits Sources of Demand Growth 100% of oil and gas production receives favorable Gulf LNG exports expected to rebound, projected to reach Coast pricing 7.3 Bcf/d in 2021…
SilverBow Realizes Favorable Pricing vs. Peers Realized Oil Prices vs. Peers SBOW Average = 2.14 (/Bbl) per Bbl Advantage (% of WTI) 80 103% 104% 104% 103% 110% 101% 101% 98% 98% 100% 70 90% 60 80% 50 70% 40 60% 2Q18 3Q18…
Strong Well Results Across Acreage Position A DVO B La Salle Condensate C AWP 15,895 net acres 12,202 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%…
Wells Undamaged by Production Shut-ins Example of Eagle Ford Dry Gas Wells Example of Eagle Ford Oil Wells (Mcf/d) Choke/64 (Bbl/d) Choke/64 35,000 60 1,600 60 30,000 1,400 50 50 1,200 25,000 40 40 1,000 20,000 30 800 30…
Webb County Gas Area - Average Production Commentary Map Locator 7,600 net acres across Webb County 84 future development locations(1) yielding 35% ROR(2) Facilities and infrastructure are already in place Track record of cost…
Operational Execution Drilling Metrics Drilling Cost Efficiencies Cost per Lateral Ft. (1) 362 275 198 Decrease in Drill Costs (2020 / 2018) -45% 2018 2019 2020 Drilling Faster Lateral Ft Drilled per Day (2) Increase in…
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…
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…
Appendix Corporate Presentation 22 8/4/2020
Financial Discipline is Integral to Strategy Preserve financial flexibility Capitalization (MM, except per unit amounts) Sufficient liquidity position Share Price (7/31/20) 3.57 Shares Outstanding (7/31/20) 11.934 Active hedge…
Hedging Summary Current Hedge Position(1) 2020 2021 2022 (Last 6 Months) (Full Year) (Full Year) NYMEX HH GAS Swaps Gas (MMBtu) 15,702,000 3,850,333 Wt Avg Price 2.60 2.65 Collars Gas (MMBtu) 310,000 20,629,975 4,415,000 Wt Avg…
Capital Structure & Credit Profile Revolving Credit Facility (due 2022) Debt Maturity Profile(1) (MM) 330 million borrowing base 400 270 million outstanding 300 Undrawn 270 LIBOR + 2.75%-3.75% 200 11 banks led by J.P. Morgan…
Calculation of Adjusted EBITDA & Free Cash Flow (000s, except per unit metrics) 2019 2020 (Unaudited) 3Q 4Q FY 1Q 2Q Net Income / (Loss) 27,651 6,248 114,656 (5,858) (305,976) Plus: DD&A 24,937 25,145 95,915 23,439 13,716…
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…
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…
Loading...
