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2Q22 Earnings – Silverbow Resources

Silverbow Resources · Aug 4, 2022 · 31 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. 2Q22 Earnings – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation August 2022
  2. 2Q22 Earnings – 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. 2Q22 Earnings – Silverbow Resources – slide 3
    Company Overview Fayette Legend Colorado SilverBow Acreage Gonzales Lavaca Strategic Aim Atascosa Karnes De Witt Targeted Results Dimmit La Salle SilverBow is an independent oil and gas company with Live Oak…
  4. 2Q22 Earnings – Silverbow Resources – slide 4
    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…
  5. 2Q22 Earnings – Silverbow Resources – slide 5
    2Q22: Shifting Into Higher Gear RECENT HIGHLIGHTS Closed SandPoint and Sundance acquisitions Acquisition Meaningfully increases production and cash flows Activity Acreage highly contiguous with existing footprint Drilled 7 net…
  6. 2Q22 Earnings – Silverbow Resources – slide 6
    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 Bastrop Caldwell Fayette Teal Colorado SandPoint Gonzales…
  7. 2Q22 Earnings – Silverbow Resources – slide 7
    SilverBow Transactions Unlocking Value Building Scale Through M&A ___________________________ Note: Projections based on strip pricing as of 1/25/22. Free cash flow calculated as EBITDA less interest expense and capex…
  8. 2Q22 Earnings – Silverbow Resources – slide 8
    Robust Growth Over Two Year Period Adjusted EBITDA and Leverage(1) (MM) 1,000 3.0x Adj. EBITDA Total Debt / EBITDA 2.5x 800 700 2.0x 600 400 - 450 1.5x 400 1.0x 1.0x 200 0.5x 0.5x 0 0.0x 2017 2018 2019 2020 2021…
  9. 2Q22 Earnings – Silverbow Resources – slide 9
    Operations Update Corporate Presentation 10 8/16/2022
  10. 2Q22 Earnings – Silverbow Resources – slide 10
    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…
  11. 2Q22 Earnings – Silverbow Resources – slide 11
    2022 Budget & Preliminary 2023 Operations Capital Budget Two-Rig Program Beginning 2H22 2022 Capital Budget of 300-330 MM 1 rig drilling liquids-weighted inventory and Webb County Gas 1 rig drilling gas-weighted inventory 4% 1%…
  12. 2Q22 Earnings – Silverbow Resources – slide 12
    Areas of Focus / Activity Eastern Extension Net Acres: 15,547 Gross Drilling Inventory: 79 2022 Capex: 13 MM 2022 Net Wells Drilled: 2 Fayette Gonzales Lavaca Central Oil Net Acres: 58,648 Gross Drilling Inventory: 188 2022…
  13. 2Q22 Earnings – Silverbow Resources – slide 13
    Top Tier Assets Across Balanced Commodity Mix Recent Gas Recent Oil Well Results Well Results 1 1 Rio Bravo Austin Chalk Evans Single Well (WCG) 3 Well Pad (WC) 30-day rate: 13 MMcf/d 30-day rate: 3,780 Boe/d 100% Gas 58%…
  14. 2Q22 Earnings – Silverbow Resources – slide 14
    Webb County Gas SilverBow Leads Pack in Top Wells Top 50 Wells First 3 Mo Cum Gas Production Top 50 Eagle Ford & Austin Chalk Gas Wells (MMcf) SilverBow Dimmit Other Operators Benchmarks La Salle Webb SilverBow Top 50…
  15. 2Q22 Earnings – Silverbow Resources – slide 15
    Webb County Austin Chalk Commentary Webb County Map Successfully completed six Austin Chalk tests and moving to multi-well development 46 locations remain to be developed at Rio Bravo, Fasken and La Mesa Most recent three wells…
  16. 2Q22 Earnings – Silverbow Resources – slide 16
    Finance Update Corporate Presentation 17 8/16/2022
  17. 2Q22 Earnings – Silverbow Resources – slide 17
    Track Record of Performance Revenue LOE (MM) (/Mcfe) (MM) (/Mcfe) 200 116 7.00 15.0 0.70 110 150 101 6.00 12.0 0.60 82 10.3 80 9.8 100 5.00 54 55 62 9.0 8.4 0.50 7.4 50 4.00 6.3 5.2 5.3 5.6 6.0 0.40 0 3.00 (50) 2.00 3.0 0.30…
  18. 2Q22 Earnings – Silverbow Resources – slide 18
    Built to Deliver Strong Margins Corporate Cash Margin (/Mcfe) 6.00 5.38 5.05 4.99 5.00 4.80 3.51 4.09 4.00 3.20 3.35 3.34 3.19 3.34 3.19 2.59 3.00 1.94 1.71 1.73 2.00 1.00 0.00 Production Expenses Cash G&A Interest Expense…
  19. 2Q22 Earnings – Silverbow Resources – slide 19
    Geographically Advantaged to Meet Growing Demand Regional Pricing Benefits Sources of Demand 100% of oil and gas production receives favorable Gulf U.S. natural gas demand is expected to increase by Coast pricing over 10 Bcf/d by…
  20. 2Q22 Earnings – Silverbow Resources – slide 20
    SilverBow Realizes Favorable Pricing Realized Oil Prices (/Bbl) (% of WTI) 96% of WTI Average Over Last 8 Quarters 120.00 120% 97% 98% 98% 101% 96% 96% 92% 91% 100.00 100% 80.00 80% 60.00 60% 40.00 40% 20.00 20% 0.00 -…
  21. 2Q22 Earnings – Silverbow Resources – slide 21
    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 2.5x 2.50x Working capital…
  22. 2Q22 Earnings – Silverbow Resources – slide 22
    Top Quartile Metrics Compared to Gas E&Ps Increased scale achieved through accretive acquisitions positions SilverBow for a re-rating in line or above peer medians on multiple metrics P/NAV Upside(1) 2023E FCF Yield(2) 40% 45%…
  23. 2Q22 Earnings – Silverbow Resources – slide 23
    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…
  24. 2Q22 Earnings – Silverbow Resources – slide 24
    Appendix Corporate Presentation 25 8/16/2022
  25. 2Q22 Earnings – Silverbow Resources – slide 25
    2022 Guidance ACTUAL GUIDANCE 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 FY22 Production Volumes: Oil (Bbls/d) 4,001 5,750 4,005 4,769 4,399 9,700 - 10,100 7,900 - 8,200 Gas (MMcf/d) 164 184 166 173 186 200 - 210 194 - 200 NGL (Bbls/d) 4,038…
  26. 2Q22 Earnings – Silverbow Resources – slide 26
    Capital Structure & Credit Profile Revolving Credit Facility (due Oct-26) Capitalization (MM, except per unit amounts) 775 million borrowing base Share Price (7/29/22) 45.19 Shares Outstanding (7/29/22) (MM) 22.3 494 million…
  27. 2Q22 Earnings – Silverbow Resources – slide 27
    Borrowing Base Upsize and RBL Extension Bank Syndicate Current Hold Lender Title (MM) % of Total 1 JP Morgan Admin Agent / Joint Lead Arranger 70.0 9.0% 2 Bank of America Joint Lead Arranger 65.0 8.4% 3 Barclays Joint Lead Arranger…
  28. 2Q22 Earnings – Silverbow Resources – slide 28
    Current Hedge Position 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) NYMEX HH GAS Swaps…
  29. 2Q22 Earnings – Silverbow Resources – slide 29
    Calculation of Adjusted EBITDA & Free Cash Flow (000s, except per unit metrics) 2021 2022 3Q 4Q FY 1Q 2Q Net Income / (Loss) (35,943) 114,274 86,759 (64,255) 88,790 Plus: DD&A 16,054 23,144 68,629 21,154 26,441 Accretion of ARO…
  30. 2Q22 Earnings – Silverbow Resources – slide 30
    Calculation of Cash General & Administrative Expenses (000s, except per unit metrics) 2021 2022 3Q 4Q FY 1Q 2Q General and administrative, net 5,257 6,927 21,799 4,786 5,709 Less: Non-cash Equity Compensation (1,191) (1,195)…
  31. 2Q22 Earnings – Silverbow Resources – slide 31
    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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