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1Q 2023 Earnings Presentation – Silverbow Resources

Silverbow Resources · May 31, 2023 · 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. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation May 2023
  2. 1Q 2023 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. 1Q 2023 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. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 4
    ESG Embedded Across Our Business SilverBow's corporate culture demonstrates commitment to our people and the communities in which we operate. We call it the SBOWay Released inaugural ESG disclosure report in 2022, aligned with SASB…
  5. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 5
    2023 Oil Development Program Unchanged RECENT HIGHLIGHTS 1Q23 total production of 304 MMcfe/d; 35% increase Y/Y Differentiated 1Q23 oil production of 11.4 MBoe/d; 138% increase Y/Y Growth Strategy FY23 total production expected to…
  6. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 6
    SilverBows Long-Term Strategy ROBUST GROWTH PORTFOLIO EXPANSION 25% 0.5 Bcfe/d 10+ Yrs 50/50 Annual production & Liquids / gas Key scale target Premium inventory life EBITDA growth production mix Deliver differentiated growth…
  7. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 7
    Disciplined 2023 Budget Objectives Capital Budget 2-RIG OIL DRILLING PROGRAM Central Oil 90% of 2023 D&C budget drives oil production 100% higher Y/Y and maximizes cash flows 14% Eastern Extension DEVELOP, DELINEATE & OPTIMIZE 9%…
  8. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 8
    Operations Update Corporate Presentation 9 5/10/2023
  9. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 9
    10+ Years of Core Premium Inventory Eastern Extension Net Acres: 17,000 Gross Drilling Inventory: 119 2023 Capex: 115MM Fayette 2023 Net Wells Drilled: 14 Gonzales Lavaca Central Oil Net Acres: 54,000 Gross Drilling…
  10. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 10
    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 SandPoint Sundance Arkoma Undisclosed Acquisition…
  11. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 11
    Top Tier Assets Across Balanced Commodity Mix Recent Gas Recent Oil Well Results Well Results 1 1 Fasken Austin Chalk ARN 4 Well Pad (WCG) 4 Well Pad (WC) 30-day rate: 66 MMcf/d 30-day rate: 4,308 Boe/d 100% Gas 27% Oil 2 2…
  12. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 12
    Oil Development Map SilverBow Wells & Offset First 12 Month Cum 120 Mbo of Oil First 12 Mo Oil Cum Central Oil Edmund Tom 120+ (Mbo) SilverBow Other Operators SilverBow Bethune Recent Wells Mulholland Bethune Western…
  13. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 13
    Liquids-Rich Eastern Extension Commentary Map First 12 Month Cum 120 Mbo of Oil 17,000 net acre consolidated acreage position across First 12 Mo Oil Cum Fayette 120+ (Mbo) DeWitt, Lavaca and Gonzales counties Gonzales SilverBow High…
  14. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 14
    Webb County Austin Chalk Commentary Map Successfully completed over 13 Austin Chalk wells in testing co-development with Eagle Ford and overlying existing production 82 locations remain to be developed in Webb County Austin Chalk…
  15. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 15
    Managing Current Operating Environment Increased scale and consistent Continuing to promote a mindset activity levels continue to help of professionalism at roughneck drive added operational and roustabout levels. Level- efficiencies…
  16. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 16
    Finance Update Corporate Presentation 17 5/10/2023
  17. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 17
    Track Record of Performance Production Oil & Gas Sales (MMcfe/d) (% Gas) (MM) (/Mcfe) 375 100% 300 10.00 299 315 304 300 250 8.00 250 238 90% 242 226 200 183 213 212 225 199 6.00 151 130 80% 150 150 99 140 4.00 100 70% 70 75 50…
  18. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 18
    Built to Deliver Strong Margins Corporate Cash Margin (/Mcfe) 7.50 5.75 5.70 5.84 6.00 5.38 4.80 4.99 4.09 3.79 3.61 4.50 3.20 3.35 3.34 3.46 3.19 2.59 3.00 1.73 1.50 0.00 Production Expenses Cash G&A Interest Expense Hedged…
  19. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 19
    Access to Premium Gulf Coast Markets Commentary Map Key Surrounding Takeaway Infrastructure SilverBows production is uniquely connected to all major Gulf Coast networks, providing operational flexibility and access to premium…
  20. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 20
    SilverBow Realizes Favorable Pricing Realized Oil Prices (/Bbl) (% of WTI) 98% of WTI Average Over Last 8 Quarters 120.00 120% 97% 98% 98% 101% 100% 99% 96% 96% 100.00 100% 80.00 80% 60.00 60% 40.00 40% 20.00 20% 0.00 0%…
  21. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 21
    Financial Discipline is Integral to Strategy Maintain strong balance sheet De-Levering the Balance Sheet(1) Significant acquisition activity while maintaining leverage Active hedging program to protect returns and minimize downside…
  22. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 22
    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…
  23. 1Q 2023 Earnings Presentation – 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. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 24
    Appendix Corporate Presentation 25 5/10/2023
  25. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 25
    2023 Guidance ACTUAL GUIDANCE 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 FY23 Production Volumes: Oil (Bbls/d) 4,399 8,491 11,119 7,216 11,362 11,900 - 12,300 13,750 - 15,000 Gas (MMcf/d) 186 210 208 194 200 205 - 215 195 - 205 NGL (Bbls/d)…
  26. 1Q 2023 Earnings Presentation – 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 (4/28/23) 23.85 Shares Outstanding (4/28/23) (MM) 22.6 559 million…
  27. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 27
    Hedging Summary 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) (3 Months) NYMEX HH…
  28. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 28
    Calculation of Adjusted EBITDA & Free Cash Flow (000s, except per unit metrics) 2022 2023 2Q 3Q 4Q FY 1Q Net Income / (Loss) 88,790 142,541 173,360 340,437 94,492 Plus: DD&A 26,441 41,501 44,886 133,982 43,998 Accretion of ARO…
  29. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 29
    Calculation of Cash General & Administrative Expenses (000s, except per unit metrics) 2022 2023 2Q 3Q 4Q FY 1Q General and administrative, net 5,709 4,344 6,555 21,395 7,664 Less: Non-cash Equity Compensation (1,667) (1,188)…
  30. 1Q 2023 Earnings Presentation – Silverbow Resources – slide 30
    Calculation of Return on Capital Employed (ROCE) (000s, except per unit metrics) 2022 2021 2020 (Unaudited) FY FY FY Net Income / (Loss) 340,437 86,759 (309,382) Plus: DD&A 133,982 68,629 64,564 Accretion of ARO 534 306 354…
  31. 1Q 2023 Earnings Presentation – 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 Vice President…

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