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2Q 2023 Earnings Presentation – Silverbow Resources

Silverbow Resources · Aug 2, 2023 · 32 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. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 1
    SilverBow Resources Corporate Presentation August 2023
  2. 2Q 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. 2Q 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. 2Q 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. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 5
    Executing on 2023 Objectives RECENT HIGHLIGHTS 2Q23 total production of 330 MMcfe/d; 40% increase Y/Y Oil Assets 2Q23 oil production of 12.5 MBbls/d; 184% increase Y/Y Outperforming Oil production above high end of guidance 650…
  6. 2Q 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. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 7
    Disciplined 2023 Budget Objectives Capital Budget 2-RIG OIL DRILLING PROGRAM Central Oil 85% of 2023 D&C budget allocated to oil development; drives 12% oil production 100% higher Y/Y and maximizes cash flows Eastern Extension…
  8. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 8
    Operations Update Corporate Presentation 9 8/2/2023
  9. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 9
    10+ Years of Core Premium Inventory Eastern Extension Net Acres: 17,000 Gross Drilling Inventory: 125 2023 Capex: 100MM Fayette 2023 Net Wells Drilled: 11 Gonzales Lavaca Central Oil Net Acres: 54,000 Gross Drilling…
  10. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 10
    Track Record of South Texas Acquisitions Eagle Ford Shale Play Black Oil Volatile Oil Condensate Wet Gas Dry Gas SilverBow Acquired Assets Private Co. Post Oak Teal SandPoint Sundance Arkoma Undisclosed Acquisition…
  11. 2Q 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 Koerth EF/AC 4 Well Pad (WCG) 3 Well Pad (CO) 30-day rate: 66 MMcf/d 30-day rate: 2,135 Boe/d 100% Gas 81%…
  12. 2Q 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 Zavala Frio Atascosa 120+ (MBo) Central Oil Edmund Tom SilverBow Other Operators Karnes SilverBow Koerth Dimmit La Salle…
  13. 2Q 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. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 14
    Webb County Austin Chalk Commentary Map Successfully completed over 13 Austin Chalk wells including co-development and infill-development with Eagle Ford wells Over 75 Austin Chalk locations remain to be developed in Webb County…
  15. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 15
    Managing Current Operating Environment Continuing to experience added Labor market for service and operational efficiencies from field operations continues to be recent gains in scale, planning tight. Even as costs deflate, and…
  16. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 16
    Peer-Leader in Efficiencies Peer Group Leader in Cost Structure Top Quartile G&A Cost Among Peers Top Quartile Average Operating Cost Among Peers G&A (/Boe) LOE (/Boe) 3.00 20.00 2.50 16.00 2.00 12.00 1.50 8.00 1.00 0.50…
  17. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 17
    Finance Update Corporate Presentation 18 8/2/2023
  18. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 18
    Track Record of Performance Production Oil & Gas Sales (MMcfe/d) (% Gas) (MM) (/Mcfe) 375 100% 300 15.00 315 330 299 304 242 300 90% 250 12.00 250 238 199 226 80% 200 183 212 225 151 9.00 130 140 70% 150 126 150 99 6.00 60% 100…
  19. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 19
    Built to Deliver Strong Margins Corporate Cash Margin (/Mcfe) 7.50 5.75 5.70 5.84 6.00 5.38 5.20 4.80 4.99 4.09 3.79 3.61 4.50 3.20 3.35 3.34 3.46 3.16 2.59 3.00 1.50 0.00 Production Expenses Cash G&A Interest Expense Hedged…
  20. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 20
    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…
  21. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 21
    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% 3Q21…
  22. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 22
    Financial Discipline is Integral to Strategy Maintain strong balance sheet Conservative Leverage Ratio & Balance Sheet(1) Maintaining low leverage while growing via acquisitions Active hedging program to protect returns and minimize…
  23. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 23
    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…
  24. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 24
    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…
  25. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 25
    Appendix Corporate Presentation 26 8/2/2023
  26. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 26
    2023 Guidance ACTUAL GUIDANCE 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 FY23 Production Volumes: Oil (Bbls/d) 8,491 11,119 7,216 11,362 12,491 15,100 - 15,900 13,750 - 15,000 Gas (MMcf/d) 210 208 194 200 210 195 - 210 195 - 205 NGL (Bbls/d)…
  27. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 27
    Capital Structure & Credit Profile Revolving Credit Facility (due Oct-26) Capitalization (MM, except per unit amounts) 775 million borrowing base Share Price (7/28/23) 34.83 Shares Outstanding (7/28/23) (MM) 22.6 576 million…
  28. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 28
    Hedging Summary 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) NYMEX HH GAS Swaps Gas…
  29. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 29
    Calculation of Adjusted EBITDA & Free Cash Flow (000s, except per unit metrics) 2022 2023 3Q 4Q FY 1Q 2Q Net Income / (Loss) 142,541 173,360 340,437 94,492 24,937 Plus: DD&A 41,501 44,886 133,982 43,998 49,853 Accretion of ARO…
  30. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 30
    Calculation of Cash General & Administrative Expenses (000s, except per unit metrics) 2022 2023 3Q 4Q FY 1Q 2Q General and administrative, net 4,344 6,555 21,395 7,664 5,318 Less: Non-cash Equity Compensation (1,188) (1,185)…
  31. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 31
    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…
  32. 2Q 2023 Earnings Presentation – Silverbow Resources – slide 32
    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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