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First Quarter 2021 Presentation – Silverbow Resources

Silverbow Resources · May 5, 2021 · 35 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. First Quarter 2021 Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation May 2021
  2. First Quarter 2021 Presentation – 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. First Quarter 2021 Presentation – Silverbow Resources – slide 3
    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 130,000 net acres spanning all commodity phase windows of the…
  4. First Quarter 2021 Presentation – Silverbow Resources – slide 4
    1Q21: Building Off a Strong First Quarter 1Q21 HIGHLIGHTS 1Q21 FCF of 24MM; Positive FCF in 6 out of last 7 Free Cash Flow(1) quarters; Increased FY21 guidance by 33%(1) Reduced total debt by 30MM QoQ and 90MM YoY Debt…
  5. First Quarter 2021 Presentation – Silverbow Resources – slide 5
    2021: Key Objectives & Looking Ahead Key Objectives Grow Expand Drive De-lever production and inventory through peer-leading balance sheet EBITDA while living stacked-pay Austin capital efficiency through further debt within…
  6. First Quarter 2021 Presentation – Silverbow Resources – slide 6
    2021: Budget & Production Summary Operations Capital Budget Eagle Ford Drilling Program 2021 Capital Budget of 100-110 MM Focus on capital efficiencies delivers Plan retains flexibility to 2% on long-term strategy reallocate…
  7. First Quarter 2021 Presentation – Silverbow Resources – slide 7
    Financial Discipline is Integral to Strategy Maintain strong balance sheet Reduced RBL Borrowings(1) (MM) Active hedging program to protect returns 325 and minimize downside exposure 300 290 Working capital management 270 275 No…
  8. First Quarter 2021 Presentation – Silverbow Resources – slide 8
    RBL Facility & Spring 2021 Redetermination Bank Syndicate Current Hold Lender Title (MM) % of Total 1 JP Morgan Administrative Agent 45.00 15.00% 2 Truist Co-Syndication Agent 43.75 14.58% 3 Fifth Third Co-Syndication Agent 43.75…
  9. First Quarter 2021 Presentation – Silverbow Resources – slide 9
    Balanced Portfolio Provides Optionality Commentary Diversified Asset Base Development strategy has pivoted between gas and oil 40,000 net liquids acres focus over last 18 months as prices fluctuate 30% of total acreage McMullen…
  10. First Quarter 2021 Presentation – Silverbow Resources – slide 10
    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 4.84 5.00 4.07 4.00 3.79 3.25 3.31 3.32…
  11. First Quarter 2021 Presentation – Silverbow Resources – slide 11
    SilverBow Leads Pack in Top 40 Gas Wells Top 40 Wells First 6 Mo Cum Gas Prod Production Top 40 Eagle Ford Gas Locations (MMcf) SilverBow Legend SilverBow La Mesa SilverBow Other Operators SilverBow La Mesa Benchmarks Other…
  12. First Quarter 2021 Presentation – Silverbow Resources – slide 12
    Strong Well Results Across Acreage Position A A B C B La Mesa II DVO La Salle Condensate AWP Rio Bravo Austin Chalk 6 Well Pad (La Mesa) Single Well (Rio Bravo) 15,899 net acres 12,223 net acres 51,441 net acres 30-day rate: 84…
  13. First Quarter 2021 Presentation – Silverbow Resources – slide 13
    Webb County Austin Chalk Commentary Area Map(3) Successful Austin Chalk test completed in Webb County, establishing future development potential Single well delivered at 6.0 million, expect to achieve 5.5(1) million or better…
  14. First Quarter 2021 Presentation – Silverbow Resources – slide 14
    Eagle Ford Operational Execution Drilling Metrics Drilling Cost Efficiencies Cost per Lateral Ft. (1) 362 276 194 Decrease in Drill Costs (2020 / 2018) -47% 2018 2019 2020 Drilling Faster Lateral Ft Drilled per Day (2)…
  15. First Quarter 2021 Presentation – Silverbow Resources – slide 15
    Eagle Ford Operational Execution Completion Metrics Completion Cost Efficiencies Completing Faster Completion Costs (MM) (1) Stages Completed per Day (2) 5.1 Decrease in 3.9 9.2 9.9 11.6 Completion Cost (2021 / 2018) -34%…
  16. First Quarter 2021 Presentation – Silverbow Resources – slide 16
    Track Record of Performance & Managing Cycles Revenue LOE (MM) (/Mcfe) (MM) (/Mcfe) 100 6.00 7.5 0.60 83 82 6.3 79 78 80 5.00 5.6 5.7 5.8 66 6.0 5.2 5.3 0.50 4.9 5.0 60 54 55 4.00 43 4.5 0.40 40 3.00 3.0 0.30 20 2.00 0 1.00…
  17. First Quarter 2021 Presentation – Silverbow Resources – slide 17
    Built to Deliver Strong Margins at Low Prices Corporate Cash Margin (/Mcfe) 5.50 5.05 5.00 4.50 4.00 3.79 3.70 3.62 3.51 3.50 3.30 3.34 3.18 3.19 3.00 2.44 2.50 2.31 2.29 1.94 1.82 2.00 1.71 1.48 1.50 1.00 0.50…
  18. First Quarter 2021 Presentation – Silverbow Resources – slide 18
    Peer-Leading Metrics Compared to Gas E&Ps P/NAV Upside(1) 140% 120% 100% 80% 60% 40% Peer Group Avg. (Excl. SBOW): 8% 20% - (20%) (40%) 2021 FCF Yield(2) 60% 40% 20% Peer Group Avg. (Excl. SBOW): 13% -…
  19. First Quarter 2021 Presentation – Silverbow Resources – slide 19
    ESG: At the Core of Our Business Environmental Social SilverBow is committed to reducing environmental impact SilverBow is committed to its workforce through cultural through sustainable operations SBOWay values Focused on reducing…
  20. First Quarter 2021 Presentation – Silverbow Resources – slide 20
    Leading ESG in the Eagle Ford 2019 Eagle Ford Operator Emission Intensity (Kg CO2e per Boe) 90.0 Leader in equivalent emissions intensity 80.0 across all Eagle Ford operators 70.0 60.0 50.0 40.0 SBOW 60% below Eagle Ford…
  21. First Quarter 2021 Presentation – Silverbow Resources – slide 21
    Eagle Ford: Geographically Advantaged Regional Pricing Benefits Sources of Demand Growth 100% of oil and gas production receives favorable Gulf LNG exports have rebounded from summer 2020 lows; Coast pricing averaging 9.7 Bcf/d in…
  22. First Quarter 2021 Presentation – Silverbow Resources – slide 22
    SilverBow Realizes Favorable Pricing Realized Oil Prices 96% of WTI Average Over (/Bbl) Last 8 Quarters (% of WTI) 70.00 103% 120% 101% 98% 98% 96% 60.00 92% 91% 86% 100% 50.00 80% 40.00 60% 30.00 40% 20.00 10.00 20% - - 2Q19…
  23. First Quarter 2021 Presentation – Silverbow Resources – slide 23
    Active Hedging Program to Protects Returns Manage commodity price risk through a disciplined risk management program Maintain a simple hedge portfolio comprised primarily of fixed price swaps and two-way collars Manage potential…
  24. First Quarter 2021 Presentation – Silverbow Resources – slide 24
    SilverBows Navigation Framework Todays E&P Industry is Exposed to Uncertain Fragmented, Debt Capital Intensive Commodity Prices Burdened To Succeed, SBOW Focuses on the Following Characteristics Focus on Capital Single-Basin…
  25. First Quarter 2021 Presentation – Silverbow Resources – slide 25
    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…
  26. First Quarter 2021 Presentation – Silverbow Resources – slide 26
    Appendix Corporate Presentation 27 5/5/2021
  27. First Quarter 2021 Presentation – Silverbow Resources – slide 27
    2021 Guidance ACTUAL GUIDANCE 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 FY21 Production Volumes: Oil (Bbls/d) 2,429 5,127 4,655 4,157 3,497 2,700 - 2,850 3,500 - 3,900 Gas (MMcf/d) 117 129 130 139 140 165 - 175 140 - 156 NGL (Bbls/d) 1,711…
  28. First Quarter 2021 Presentation – Silverbow Resources – slide 28
    Consistent Results Establish Credibility = GUIDANCE RANGE 1Q21 168 179 180 = CONSENSUS Production (MMcfe/d) = ACTUAL RESULTS 4Q20 170 178 183 3Q20 173 180 183 Operating Costs 1Q21 0.69 0.70 0.77 (/Mcfe) 4Q20 0.59…
  29. First Quarter 2021 Presentation – Silverbow Resources – slide 29
    Capital Structure & Credit Profile Revolving Credit Facility (due Apr-24)(4) Capitalization(1) (MM, except per unit amounts) 300 million borrowing base Share Price (5/3/21) 10.44 200 million outstanding Shares Outstanding (4/30/21)…
  30. First Quarter 2021 Presentation – Silverbow Resources – slide 30
    Hedging Summary Current Hedge Position(1) 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) NYMEX HH GAS Swaps Gas (MMBtu) 832,255…
  31. First Quarter 2021 Presentation – Silverbow Resources – slide 31
    Calculation of Adjusted EBITDA & Free Cash Flow (000s, except per unit metrics) 2020 2021 2Q 3Q 4Q FY 1Q Net Income / (Loss) (305,976) (6,896) 9,348 (309,382) 28,380 Plus: DD&A 13,716 13,975 13,434 64,564 13,393 Accretion of ARO…
  32. First Quarter 2021 Presentation – Silverbow Resources – slide 32
    Calculation of Return on Capital Employed (ROCE) (000s, except per unit metrics) 3/31/21 3/31/20 LTM LTM Net Income / (Loss) (275,144) 92,745 Plus: DD&A 54,518 97,550 Accretion of ARO 344 333 Interest Expense 29,841 36,209…
  33. First Quarter 2021 Presentation – Silverbow Resources – slide 33
    Calculation of Cash General & Administrative Expenses (000s, except per unit metrics) 2020 2021 2Q 3Q 4Q FY 1Q General and administrative, net 6,180 5,833 4,682 22,608 4,782 Less: Non-cash Equity Compensation (1,177) (1,066)…
  34. First Quarter 2021 Presentation – Silverbow Resources – slide 34
    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, 2020, is made in accordance with…
  35. First Quarter 2021 Presentation – Silverbow Resources – slide 35
    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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