SBOW Q1

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ChuckGeb
Posts: 945
Joined: Thu Nov 21, 2013 2:46 pm

SBOW Q1

Post by ChuckGeb »

First quarter production increased 35% year-over-year

Two-rig oil development program accelerates oil growth through year-end

Continued cycle time improvements driving greater capital efficiencies

HOUSTON--(BUSINESS WIRE)-- SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the “Company”) today announced operating and financial results for the first quarter of 2023. Highlights include:

Reported net production of 304 million cubic feet of natural gas equivalent per day (“MMcfe/d”) (66% natural gas) for the first quarter of 2023, at the midpoint of guidance
First quarter net oil production of 11.4 thousand barrels of oil per day, above the midpoint of guidance and an increase of 138% year-over-year
Reported net income of $94 million, which includes a net unrealized gain on the value of the Company's derivative contracts of $72 million, and Adjusted EBITDA of $111 million for the first quarter of 2023. Adjusted EBITDA is a non-GAAP measure defined and reconciled in the tables below
Drilling and completion (“D&C”) spend below planned costs during first quarter of 2023; higher pumping efficiencies and lower non-productive time driving costs down compared to 2022 levels
Full year 2023 estimated production of 325-345 MMcfe/d unchanged, a 24% increase year-over-year and compound annual growth rate of more than 20% since full year 2020
Reiterated full year 2023 capital budget guidance range; two-rig program dedicated to oil development expected to deliver 2023 oil production growth of ~100% year-over-year. Optionality to complete up to eight previously drilled but uncompleted Fasken gas wells by year-end, contingent upon commodity prices and takeaway capacity
As of April 28, 2023, gas production is 91% hedged for remainder of 2023 using midpoint of guidance
dan_s
Posts: 34463
Joined: Fri Apr 23, 2010 8:22 am

Re: SBOW Q1

Post by dan_s »

Good quarter and full year production guidance matches my forecast.
Dan Steffens
Energy Prospectus Group
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