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Post by ChuckGeb »

They're reading Dan's Forum and thank god they are nimble.

"Full year 2022 production increased 26% year-over-year; oil production increased 80%

Over 650 high return drilling locations provide 10+ years of inventory life

2023 capital budget supports two-rig drilling program focused on oil development

Full year 2023 production guidance implies ~25% growth year-over-year"

All that and more.
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Post by dan_s »

SBOW should be at least a double for us this year.

Q4: Recorded net income of $173 million, Adjusted EBITDA of $119 million and free cash flow ("FCF") of $2 million for the fourth quarter of 2022.

For full year 2022, SilverBow recorded net income of $340 million, Adjusted EBITDA of $393 million and FCF of $22 million. Adjusted EBITDA and FCF are non-GAAP measures defined and reconciled in the tables below

2023 Capital Program and Guidance:

Full year estimated production of 325 - 345 MMcfe/d, representing a 24% increase year-over-year and a compound annual growth rate of more than 20% since full year 2020; third consecutive year of double digit growth

Full year capital program of $450-$475 million with two rigs dedicated to oil development, in accordance with SilverBow's strategy of allocating capital towards highest return projects given prevailing commodity prices; maintaining flexibility to adjust as commodity prices dictate < As I posted here before, they told me that this year's drilling program would focus on increasing oil production. One of the things I like most about this Company is their flexibility.

Based on 2023 capital budget and operating plan, full year oil production is expected to increase by 100% year-over-year; focus on developing acquired assets and expanding oil inventory through Austin Chalk delineation < This is a SIGNIFICANT CHANGE in my forecast.

Increased oil and NGL production as a percentage of total production to drive higher cash margins per Mcfe; liquids production expected to comprise approximately 40%-50% of total production by year-end 2023

As of February 24, 2023, SilverBow had 89% of 2023 gas volumes hedged based on the midpoint of full year guidance.

I will focus on updating my forecast/valuation model for SBOW on Thursday morning.
Dan Steffens
Energy Prospectus Group
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