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3Q 2022 Earnings Presentation – Silverbow Resources

Silverbow Resources · Dec 15, 2022 · 33 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 2022 Earnings Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation November 2022
  2. 3Q 2022 Earnings 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 2022 Earnings Presentation – Silverbow Resources – slide 3
    Company Overview Fayette Legend Colorado SilverBow Acreage Gonzales Lavaca Strategic Aim De Witt Targeted Results Atascosa Karnes Dimmit La Salle SilverBow is an independent oil and gas company with Live Oak…
  4. 3Q 2022 Earnings Presentation – 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. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 5
    3Q22: Executing on M&A / Accretive Growth RECENT HIGHLIGHTS Closed 87MM acquisition of incremental WI and new Acquisition adjacent acreage in DeWitt and Gonzales counties Activity Closed 35MM acquisition of oil and gas assets in…
  6. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 6
    SilverBow Setting Multi-Year Expectations Key Objectives Key Targets Deliver strong production and EBITDA Robust growth while living within cash flow 25%…
  7. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 7
    Track Record of South Texas Acquisitions Acquisition Highlights(1) Key Asset Statistic Private Co. Post Oak Teal SandPoint Sundance Arkoma Undisclosed Total Closed Date Aug-21 Oct-21 Nov-21 May-22 Jun-22 Aug-22 Oct-22 -- 24 75…
  8. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 8
    Unlocking Value Through Drillbit & Acquisitions 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…
  9. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 9
    Pathway to Scale Through Drillbit & Acquisitions Production(1) (MMcfe/d) 410 191 SBOW Private Co. Post Oak Teal SandPoint Sundance Arkoma Undisclosed Organic SBOW 7/31/21 Growth 2023E Jul-21 2023E Share Price Market…
  10. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 10
    Robust Growth Over Near-Term Adjusted EBITDA and Leverage(1) (MM) Average Daily Production (MMcfe/d) 1,000 143 185 231 183 214 272 410 3.0x Adj. EBITDA Total Debt / EBITDA 2.5x 800 700 2.0x 600 1.5x 400 - 450 400 1.0x 200…
  11. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 11
    Operations Update Corporate Presentation 12 11/3/2022
  12. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 12
    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 within…
  13. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 13
    10+ Years of Core Premium Inventory Eastern Extension Net Acres: 18,000 Fayette Gross Drilling Inventory: 125 Gonzales Lavaca Central Oil Wilson De Witt Net Acres: 60,000 Gross Drilling Inventory: 200 Karnes Zavala…
  14. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 14
    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%…
  15. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 15
    Top Tier Dry Gas Assets U.S. Onshore Gas Plays 15% Full-Cycle IRR Gas Breakeven Prices(1) (/Mcf) 4.00 SBOWs Webb County Austin Chalk is among the 3.43 3.43 3.50 highest quality across all U.S. gas basins 3.32 3.37 3.20 2.87…
  16. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 16
    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…
  17. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 17
    Webb County Austin Chalk Commentary Webb County Map Successfully completed seven Austin Chalk tests and moving to multi-well development 72 locations remain to be developed in Webb County Past wells delivered at an average cost of 6.4…
  18. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 18
    Liquids-Weighted Position in Karnes Trough Commentary Map - First 12 Month Cum 130 Mbo of Oil On 10/31/22, SilverBow closed an acquisition of oil and gas assets in DeWitt and Gonzales counties 87 million purchase price 5,200 net…
  19. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 19
    Managing Current Operating Environment Increased scale, activity and Supports drilling, completion and service demands drive added construction activities with an operational efficiencies integrative combination of highly- trained…
  20. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 20
    Finance Update Corporate Presentation 21 11/3/2022
  21. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 21
    Track Record of Performance Production Revenue (MMcfe/d) (% Gas) (MM) (/Mcfe) 375 100% 300 7.50 116 299 300 200 110 158 6.00 250 238 90% 82 101 213 212 226 80 225 100 54 55 62 4.50 183 178 180 80% 150 0 3.00 70% 75 (100) 1.50 0…
  22. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 22
    Built to Deliver Strong Margins Corporate Cash Margin (/Mcfe) 6.25 5.38 5.75 5.05 4.80 4.99 5.00 4.09 3.51 3.79 3.34 3.20 3.35 3.34 3.75 3.19 2.59 1.94 1.73 2.50 1.25 0.00 Production Expenses Cash G&A Interest Expense Hedged…
  23. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 23
    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…
  24. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 24
    SilverBow Realizes Favorable Pricing Realized Oil Prices (/Bbl) (% of WTI) 97% of WTI Average Over Last 8 Quarters 120.00 120% 97% 98% 98% 101% 100% 96% 96% 91% 100.00 100% 80.00 80% 60.00 60% 40.00 40% 20.00 20% 0.00 -…
  25. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 25
    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…
  26. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 26
    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…
  27. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 27
    Appendix Corporate Presentation 28 11/3/2022
  28. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 28
    2022 Guidance ACTUAL GUIDANCE 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 Production Volumes: Oil (Bbls/d) 5,750 4,005 4,769 4,399 8,491 10,100 - 10,300 6,950 - 7,050 Gas (MMcf/d) 184 166 173 186 210 218 - 230 197 - 200 NGL (Bbls/d) 5,258…
  29. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 29
    Capital Structure & Credit Profile Revolving Credit Facility (due Oct-26) Capitalization (MM, except per unit amounts) 775 million borrowing base Share Price (10/28/22) 33.77 Shares Outstanding (10/28/22) (MM) 22.3 494 million…
  30. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 30
    Current Hedge Position 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) NYMEX HH GAS Swaps Gas (MMBtu)…
  31. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 31
    Calculation of Adjusted EBITDA & Free Cash Flow (000s, except per unit metrics) 2021 2022 4Q FY 1Q 2Q 3Q Net Income / (Loss) 114,274 86,759 (64,255) 88,790 142,541 Plus: DD&A 23,144 68,629 21,154 26,441 41,501 Accretion of ARO 80…
  32. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 32
    Calculation of Cash General & Administrative Expenses (000s, except per unit metrics) 2021 2022 4Q FY 1Q 2Q 3Q General and administrative, net 6,927 21,799 4,786 5,709 4,344 Less: Non-cash Equity Compensation (1,195) (4,645)…
  33. 3Q 2022 Earnings Presentation – Silverbow Resources – slide 33
    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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