SilverBow Resources Corporate Presentation May 2022
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…
Company Overview Fayette Legend Colorado SilverBow Acreage Gonzales Lavaca Strategic Aim De Witt Atascosa Karnes Targeted Results Dimmit La Salle SilverBow is an independent oil and gas company with Live Oak…
1Q22: Strategic Consolidation in Eagle Ford RECENT HIGHLIGHTS Announced acquisitions of Sundance and SandPoint Acquisition Meaningfully increases net production and cash flow Activity Acreage highly contiguous with existing…
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…
Eagle Ford and Austin Chalk Expansion SilverBow has maintained a successful, consistent track record of both strategic M&A / A&D and organic growth within the Eagle Ford DVO Vitruvian Artesia / AWP Teal Sundance Entry into…
Expanding on Track Record of South Texas Acquisitions Eagle Ford Shale Play Black Oil Volatile Oil Condensate Wet Gas SilverBow Dry Gas Acquired Assets Private Co. Post Oak Teal Sundance SandPoint Acquisition…
Transaction Overview: Sundance and SandPoint Sundance Energy SandPoint Resources SilverBow has entered into a definitive SilverBow has entered into a definitive agreement to acquire the assets of Sundance agreement to acquire the…
Achieving Key Objectives Through Strategic M&A Key Objectives Sundance & SandPoint Increases FY22E net production by 33% relative to Increase scale through double digit standalone SilverBow (132% increase to oil production)…
Sundance Overview Asset Overview Eagle Ford Shale Play Black Oil Premium asset located along the core fairway of the Volatile Oil Condensate volatile oil and condensate windows Wet Gas Dry Gas Acreage contiguous with SilverBows…
SandPoint Overview Asset Overview Eagle Ford Shale Play Black Oil Premium asset located in liquids rich window Volatile Oil Condensate Acreage contiguous with SilverBows existing Wet Gas Dry Gas footprint across La Salle and…
Strong Operating and Financial Metrics Key metrics increase by 50%-100%, while shares outstanding only increase by 33%. YE22 leverage ratio expected to…
Inventory Runway Across Eagle Ford & Austin Chalk Key Asset Statistic SilverBow Sundance SandPoint Total Net Acres 132,000 39,000 27,000 198,000 % Gas / Liquids (Reserves) 80% Gas 83% Liquids 60% Gas 59% Gas Gross Producing Wells…
Accretive, Strategic Consolidation in Eagle Ford Significantly Increases Scale ___________________________ Note: Projections based on strip pricing as of 1/25/22. Free cash flow calculated as EBITDA less interest expense and…
2022: Key Objectives & Looking Ahead Key Objectives Increase Expand Optimize De-lever scale through double high-return inventory capital efficiency and balance sheet through digit production and through leasing and cost metrics…
Top Tier Assets Across Balanced Commodity Mix Recent Gas Recent Oil Well Results Well Results 1 1 Rio Bravo Austin Chalk Briggs Knolle Single Well (Rio Bravo) 4 Well Pad (Artesia) 30-day rate: 13 MMcf/d 30-day rate: 4,202 Boe/d…
Webb County Austin Chalk Commentary Webb County Map Successfully completed four test wells to date 49 locations remain to be developed at Rio Bravo, Fasken and La Mesa Four single wells delivered to-date with average development…
Eagle Ford: Geographically Advantaged Regional Pricing Benefits 100% of oil and gas production receives favorable Gulf LNG exports in 2021 increased to average 10.7 Bcf/d Coast pricing vs 7.3 Bcf/d in 2020 Access to premium markets…
SilverBow Realizes Favorable Pricing Realized Oil Prices (/Bbl) (% of WTI) 94% of WTI Average Over Last 8 Quarters 105.00 120% 96% 96% 97% 98% 98% 90.00 92% 91% 86% 100% 75.00 80% 60.00 60% 45.00 40% 30.00 15.00 20% - -…
Financial Discipline is Integral to Strategy Maintain strong balance sheet De-Levering the Balance Sheet(1) 3.50x Active hedging program to protect returns and minimize downside exposure 3.00x 2.51x 2.50x Working capital…
Capital Structure & Credit Profile Revolving Credit Facility (due Apr-24) Capitalization(1) (MM, except per unit amounts) 525 million borrowing base Share Price (4/29/22) 36.60 Shares Outstanding (4/29/22) 16.850 200 million…
Attractive Valuation vs. Peers Increased scale achieved through accretive acquisitions positions SilverBow for re-rating in line with peer medians on multiple metrics EV / 2022E EBITDA(1) 2022E FCF Yield(1)(2) 6.0x 30% 5.0x…
SilverBows Value Proposition Pure Play Eagle Balanced Focus on Costs & Ford E&P Commodity Mix Margins Established operator with deep Inventory provides optionality in Competitive cost structure with technical experience and capital…
Calculation of Adjusted EBITDA & Free Cash Flow (000s, except per unit metrics) 2021 2022 2Q 3Q 4Q FY 1Q Net Income / (Loss) (19,951) (35,943) 114,274 86,759 (64,255) Plus: DD&A 16,039 16,054 23,144 68,629 21,154 Accretion of ARO…
Calculation of Cash General & Administrative Expenses (000s, except per unit metrics) 2021 2022 2Q 3Q 4Q FY 1Q General and administrative, net 4,834 5,257 6,927 21,799 4,786 Less: Non-cash Equity Compensation (1,189) (1,191)…
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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