SilverBow Resources Corporate Presentation November 2023
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 Targeted Results Atascosa Karnes Dimmit La Salle SilverBow is an independent oil and gas company with Live Oak…
Delivering on 2023 Objectives RECENT HIGHLIGHTS 3Q23 total production of 357 MMcfe/d; 20% increase Y/Y Differentiated 3Q23 oil production of 15.3 MBbls/d; 80% increase Y/Y Growth Strategy FY23 production guidance implies 25% annual…
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 Delivering differentiated…
Strategic Acquisition of Chesapeake South Texas Assets On August 14th, SilverBow announced an agreement to acquire the remaining oil and gas assets in South Texas held by Chesapeake 700 million(1) purchase price, including a 50…
South Texas Acquisition Transaction Rationale Compelling Strategic Fit That Significantly Enhances Scale Materially expands footprint with 42,000 contiguous, operated net acres in South Texas core (100% operated) Asset produced 32…
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 Chesapeake…
Preeminent South Texas Position Combined Asset Highlights Premier Austin Chalk Position in the South Texas Core Regional activity by major operators prioritizes near- term Austin Chalk development 60,000 net acres spanning the highly…
Disciplined 2023 Budget Objectives Capital Budget 2-RIG OIL DRILLING PROGRAM Central Oil 90% of 2023 D&C budget allocated to oil development; drives oil production 100% higher Y/Y and maximizes cash flows 13% Eastern Extension 10%…
Contiguous Acreage Allows For Development Flexibility Atascosa Karnes Zavala Frio F Fayette D Gonzales McMullen Lavaca Dimmit La Salle De Witt Live Oak C A E 19% 27% B 8% 222,000 Webb Duval Net Acres 8% Pro…
Top-Tier Performance Across Balanced Commodity Mix Recent Gas Recent Oil Well Results SilverBow Well Results Chesapeake 1 Phase Window 1 Fasken AC Black Oil Bethune 4 Well Pad Volatile Oil 2 Well Pad 6 30-day rate: 66 MMcf/d…
Oil Development Map SilverBow Wells & Offset First 12 Month Cum 120 MBo of Oil First 12 Mo Oil Cum Zavala Frio Atascosa Karnes 120+ (MBo) Central Oil Guy Phillip SilverBow Other Operators Koerth SilverBow Dimmit La Salle…
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…
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…
Managing Current Operating Environment Continuing to experience added operational efficiencies from Labor market for services and continued gains in scale, field operations improving but planning and overall process continues to be…
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 3.0x and…
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…
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…
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…
Appendix Corporate Presentation 28 10/31/2023
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…
Calculation of Adjusted EBITDA & Free Cash Flow (000s, except per unit metrics) 2022 2023 4Q FY 1Q 2Q 3Q Net Income / (Loss) 173,360 340,437 94,492 24,937 (4,771) Plus: DD&A 44,886 133,982 43,998 49,853 53,186 Accretion of ARO…
Calculation of Cash General & Administrative Expenses (000s, except per unit metrics) 2022 2023 4Q FY 1Q 2Q 3Q General and administrative, net 6,555 21,395 7,664 5,318 4,438 Less: Non-cash Equity Compensation (1,185) (5,086)…
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…
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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