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3Q 2021 Investor Presentation – Silverbow Resources

Silverbow Resources · Nov 3, 2021 · 36 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 2021 Investor Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation November 2021
  2. 3Q 2021 Investor Presentation – Silverbow Resources – slide 2
    SilverBow Investment Highlights Established operator with deep technical Pure Play E&P experience and in-basin knowledge Balanced Inventory provides optionality in capital allocation Commodity Mix based on prevailing commodity…
  3. 3Q 2021 Investor Presentation – Silverbow Resources – slide 3
    Company Overview Legend SilverBow Acreage Atascosa Live Oak Fayette Strategic Aim Dimmit La Salle Targeted Results McMullen Live Oak Lavaca Webb SilverBow is an independent oil and gas company with operations…
  4. 3Q 2021 Investor Presentation – Silverbow Resources – slide 4
    3Q21: Strategic M&A and Accretive Financing 3Q21 HIGHLIGHTS Reduced total debt by 55MM YoY, with 3Q21 Balance Sheet leverage ratio(1) of 1.73x vs 2.50x at YE20 Announced two deals in 3Q21; 3rd acquisition M&A / A&D Activity…
  5. 3Q 2021 Investor Presentation – Silverbow Resources – slide 5
    2021: Key Objectives & Looking Ahead Key Objectives Grow Expand Drive De-lever production and high-return inventory peer-leading balance sheet through EBITDA while living through Austin Chalk capital efficiency debt reduction…
  6. 3Q 2021 Investor Presentation – Silverbow Resources – slide 6
    2021: Operational & Financial Summary Operations Capital Budget Eagle Ford Drilling Program 2021 Capital Budget of 115-130 MM Focus on capital efficiencies delivers Plan retains flexibility to 2% on long-term strategy reallocate…
  7. 3Q 2021 Investor Presentation – Silverbow Resources – slide 7
    Inventory Runway Across Eagle Ford & Austin Chalk Atascosa 4,948 net acres Liquids (%): 92% 13 producing wells (1) 26 locations (1) DVO 1 rig-years(2) AWP Eastern EF 15,899 net acres 48,241 net acres 9,844 net acres Liquids…
  8. 3Q 2021 Investor Presentation – Silverbow Resources – slide 8
    Eagle Ford: Geographically Advantaged Regional Pricing Benefits Sources of Demand Growth 100% of oil and gas production receives favorable Gulf LNG exports have rebounded in 1H21 to average 10.5 Coast pricing Bcf/d vs 7.5 Bcf/d in…
  9. 3Q 2021 Investor Presentation – Silverbow Resources – slide 9
    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…
  10. 3Q 2021 Investor Presentation – Silverbow Resources – slide 10
    Transaction Update Corporate Presentation 11 11/3/2021
  11. 3Q 2021 Investor Presentation – Silverbow Resources – slide 11
    Eagle Ford and Austin Chalk Expansion Since inception, SBOW has maintained a successful, consistent track record of both strategic A&D and organic growth within the Eagle Ford DVO Vitruvian Artesia / AWP Acquisition C Entry into…
  12. 3Q 2021 Investor Presentation – Silverbow Resources – slide 12
    Recent SilverBow Transactions Kendall Comal Caldwell Fayette Edwards Real Bandera Val Verde Guadalupe Colorado Bexar Gonzales Lavaca Kinney Uvalde Medina Wharton SilverBow Wilson De Witt Jackson Aquired AcquiredAssets…
  13. 3Q 2021 Investor Presentation – Silverbow Resources – slide 13
    A Webb County Gas Expansion Transaction Overview Map New Acreage Subsequent to 2Q21, SilverBow acquired: 6 LEF / 6 UEF / 4 AC Incremental interest in 12 La Mesa PDP wells (12.5% to 20% WI) Incremental interest in future AC wells…
  14. 3Q 2021 Investor Presentation – Silverbow Resources – slide 14
    B Accretive Oil & Gas Acquisition Transaction Overview Subsequent to 2Q21, SilverBow acquired: 15,000 Net Acres Oil and gas assets in the Eagle Ford from an Avg. 96% Liquids undisclosed seller 41,000 total net acres and 100%…
  15. 3Q 2021 Investor Presentation – Silverbow Resources – slide 15
    C Oil-Weighted Eagle Ford Acquisition Transaction Overview 13,000 In October 2021, SilverBow acquired: Net Acres Oil and gas assets in the Eagle Ford and Austin Chalk from an undisclosed seller 17,000 net acres across oil window in…
  16. 3Q 2021 Investor Presentation – Silverbow Resources – slide 16
    Achieving Key Objectives Through Strategic M&A Key Objectives Acquisitions Announced Since August 2021 Acquired production represents 16% increase to SilverBows Grow production and EBITDA 2Q21 daily production (37% increase to…
  17. 3Q 2021 Investor Presentation – Silverbow Resources – slide 17
    Operations Update Corporate Presentation 18 11/3/2021
  18. 3Q 2021 Investor Presentation – Silverbow Resources – slide 18
    Strong Well Results Across Acreage Position A A B La Salle Cond C D B La Mesa II DVO AWP Atascosa Rio Bravo Austin Chalk 6 Well Pad (La Mesa) Single Well (Rio Bravo) 15,899 net acres 11,666 net acres 48,241 net acres 4,948 net acres…
  19. 3Q 2021 Investor Presentation – Silverbow Resources – slide 19
    Webb County Austin Chalk Transaction Overview Webb County Map Successfully completed three test wells to date 50+ locations added in 2021 48 locations added through organic exploration 4 locations added through acquisitions 3…
  20. 3Q 2021 Investor Presentation – Silverbow Resources – slide 20
    Eagle Ford Operational Execution Drilling Metrics Drilling Cost Efficiencies Cost per Lateral Ft. (1) 362 276 193 203 Decrease in Drill Costs (2021 / 2018) -44% 2018 2019 2020 2021 Increase in Drilling Faster Lateral Feet…
  21. 3Q 2021 Investor Presentation – Silverbow Resources – slide 21
    Eagle Ford Operational Execution Completion Metrics Completion Cost Efficiencies Completing Faster Completion Costs (MM) (1) Stages Completed per Day (2) 3.5 10.2 9.9 Decrease in 2.9 Completion Cost (2021 / 2020) -17% Increase…
  22. 3Q 2021 Investor Presentation – Silverbow Resources – slide 22
    Finance Update Corporate Presentation 23 11/3/2021
  23. 3Q 2021 Investor Presentation – Silverbow Resources – slide 23
    Track Record of Performance & Managing Cycles Revenue LOE (MM) (/Mcfe) (MM) (/Mcfe) 120 7.50 8.0 7.4 0.60 80 82 6.3 90 78 6.25 6.4 5.7 5.8 5.6 0.50 66 62 5.2 5.3 5.0 60 54 55 5.00 4.8 0.40 43 30 3.75 3.2 0.30 0 2.50 1.6…
  24. 3Q 2021 Investor Presentation – Silverbow Resources – slide 24
    Built to Deliver Strong Margins at Various Prices Corporate Cash Margin (/Mcfe) 5.50 5.05 5.00 4.50 4.09 4.00 3.62 3.51 3.50 3.30 3.34 3.19 3.19 3.18 3.00 2.57 2.50 2.29 1.94 1.82 2.00 1.71 1.73 1.48 1.50 1.00…
  25. 3Q 2021 Investor Presentation – Silverbow Resources – slide 25
    SilverBow Realizes Favorable Pricing Realized Oil Prices (/Bbl) (% of WTI) 94% of WTI Average Over Last 8 Quarters 75.00 120% 98% 98% 96% 96% 97% 92% 91% 60.00 86% 100% 80% 45.00 60% 30.00 40% 15.00 20% - - 4Q19 1Q20 2Q20 3Q20…
  26. 3Q 2021 Investor Presentation – Silverbow Resources – slide 26
    Top Quartile Metrics Compared to Gas E&Ps P/NAV Upside(1) 60% 40% 20% Peer Group Avg. (Excl. SBOW): 5% - (20%) (40%) 2021E FCF Yield(2) 30% 25% 20% Peer Group Avg. (Excl. SBOW): 16% 15% 10% 5% - Cash…
  27. 3Q 2021 Investor Presentation – Silverbow Resources – slide 27
    Financial Discipline is Integral to Strategy Maintain strong balance sheet De-Levering the Balance Sheet(1) Active hedging program to protect returns 3.50x and minimize downside exposure 3.00x 2.51x Working capital management…
  28. 3Q 2021 Investor Presentation – Silverbow Resources – slide 28
    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…
  29. 3Q 2021 Investor Presentation – Silverbow Resources – slide 29
    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…
  30. 3Q 2021 Investor Presentation – Silverbow Resources – slide 30
    Appendix Corporate Presentation 31 11/3/2021
  31. 3Q 2021 Investor Presentation – Silverbow Resources – slide 31
    2021 Guidance ACTUAL GUIDANCE 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 Production Volumes: Oil (Bbls/d) 4,655 4,157 3,497 2,745 4,001 5,250 - 5,350 3,800 - 3,950 Gas (MMcf/d) 130 139 140 174 164 180 - 189 164 - 167 NGL (Bbls/d) 3,248…
  32. 3Q 2021 Investor Presentation – Silverbow Resources – slide 32
    Capital Structure & Credit Profile Revolving Credit Facility (due Apr-24) Capitalization(1) (MM, except per unit amounts) 300 million borrowing base Share Price (10/29/21) 27.60 198 million outstanding Shares Outstanding (10/29/21)…
  33. 3Q 2021 Investor Presentation – Silverbow Resources – slide 33
    Hedging Summary Current Hedge Position(1) 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) NYMEX HH GAS Swaps Gas…
  34. 3Q 2021 Investor Presentation – Silverbow Resources – slide 34
    Calculation of Adjusted EBITDA & Free Cash Flow (000s, except per unit metrics) 2020 2021 4Q FY 1Q 2Q 3Q Net Income / (Loss) 9,348 (309,382) 28,380 (19,951) (35,943) Plus: DD&A 13,434 64,564 13,393 16,039 16,054 Accretion of ARO 91…
  35. 3Q 2021 Investor Presentation – Silverbow Resources – slide 35
    Calculation of Cash General & Administrative Expenses (000s, except per unit metrics) 2020 2021 4Q FY 1Q 2Q 3Q General and administrative, net 4,682 22,608 4,782 4,834 5,257 Less: Non-cash Equity Compensation (1,054) (4,557) (1,070)…
  36. 3Q 2021 Investor Presentation – Silverbow Resources – slide 36
    SBOWay Corporate Information CORPORATE HEADQUARTERS SilverBow Resources, Inc. 920 Memorial City Way, Suite 850 Houston, Texas 77024 (281) 874-2700 or (888) 991-SBOW www.sbow.com CONTACT INFORMATION Jeff Magids Director of…

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