SilverBow Resources Announces First Quarter 2022 Results
SilverBow Resources (NYSE: SBOW) reported strong operational and financial results for Q1 2022, achieving a net production of 226 MMcfe/d. Despite a net loss of $64 million, influenced by a $112 million loss on derivative contracts, the company generated $74 million in Adjusted EBITDA and $28 million in free cash flow. Total debt decreased by $27 million, targeting a leverage ratio below 1.0x by year-end. SilverBow announced acquisitions of Sundance Energy and SandPoint Operating, worth a combined $425 million, which are expected to enhance production and financial metrics.
- Achieved net production of 226 MMcfe/d, meeting guidance.
- Generated $28 million in free cash flow.
- Reduced total debt by $27 million quarter-over-quarter.
- Targeting leverage ratio of less than 1.0x by year-end 2022.
- Acquisitions expected to enhance production, Adjusted EBITDA, and free cash flow.
- Reported a net loss of $64 million due to unrealized derivative losses.
- Leverage ratio at 1.24x, although targeting reduction.
Expansion of
Continued success with
Reduced total debt by
Targeting leverage ratio of less than 1.0x by year-end 2022
-
Reported net production of 226 million cubic feet of natural gas equivalent per day (“MMcfe/d”) (
77% natural gas) for the first quarter of 2022, at the midpoint of guidance
-
Reported a net loss of
$64 million $112 million $74 million $28 million
-
Reduced total debt by
$27 million
-
SilverBow's
Austin Chalk wells inWebb County continue to exceed expectations. Brought online in early 2022 the Company's fourthAustin Chalk well, and two moreAustin Chalk wells are currently being completed as part of an eight-well La Mesa pad drilled in the first quarter of 2022
-
Increased borrowing base under SilverBow's senior secured revolving credit facility (“Credit Facility”) to
$525 million April 12, 2022 ; a14% increase from prior borrowing base
-
Announced agreements to acquire the assets of
Sundance Energy, Inc. and certain affiliated entities (collectively, “Sundance”) for a total consideration of approximately$354 million SandPoint Operating, LLC , a subsidiary ofSandPoint Resources, LLC , (collectively, “SandPoint") for a total consideration of approximately$71 million
- The Acquisitions are expected to enhance SilverBow's pro forma production, Adjusted EBITDA, FCF and FCF per share while allowing the Company to achieve a leverage ratio of less than 1.0x by year-end 2022
- Updated full year 2022 guidance and upsized borrowing base amount expected to be announced in conjunction with the closing of the Acquisitions
MANAGEMENT COMMENTS
OPERATIONS HIGHLIGHTS
During the first quarter of 2022, SilverBow drilled nine net wells, completed one well and brought one well online. The Company's first quarter activity focused primarily on its La Mesa area, where one
SilverBow's drilling rig will shift its focus from our
PRODUCTION VOLUMES, OPERATING COSTS AND REALIZED PRICES
SilverBow's total net production for the first quarter of 2022 averaged 226 MMcfe/d. Production mix for the first quarter consisted of
For the first quarter of 2022, lease operating expenses (“LOE”) were
The Company continues to benefit from strong basis pricing in the Eagle Ford. Crude oil and natural gas realizations in the first quarter were
FINANCIAL RESULTS
SilverBow reported total oil and gas sales of
For the first quarter of 2022, SilverBow generated Adjusted EBITDA (a non-GAAP measure) of
Capital expenditures incurred during the first quarter of 2022 totaled
SECOND QUARTER GUIDANCE
For the second quarter of 2022, SilverBow, on a standalone basis (excluding the Acquisitions), is guiding to estimated production of 219-232 MMcfe/d, with natural gas volumes expected to comprise 175-185 MMcf/d or
HEDGING UPDATE
Hedging continues to be an important element of SilverBow's strategy to protect cash flow. The Company's active hedging program provides greater predictability of cash flows and is structured to preserve exposure to higher commodity prices while staying in compliance with the financial covenants under SilverBow's debt facilities. In conjunction with the acquisition announcements, the Company layered on additional commodity derivatives for oil, natural gas and NGLs.
As of
Please see SilverBow's Corporate Presentation and Form 10-Q filing for the first quarter of 2022, which the Company expects to file on
CAPITAL STRUCTURE AND LIQUIDITY
As of
In conjunction with its regularly scheduled semi-annual redetermination, SilverBow entered into the Ninth Amendment to its Credit Facility, effective
As of
CONFERENCE CALL AND UPDATED INVESTOR PRESENTATION
SilverBow will host a conference call for investors on
ABOUT
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management's expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this press release, including those regarding our strategy, the benefits of the recently announced Sundance and SandPoint transactions, future operations, 2022 guidance, financial position, well expectations and drilling plans, estimated production levels, expected oil and natural gas pricing, estimated oil and natural gas reserves or the present value thereof, reserve increases, service costs, impacts of inflation, future free cash flow and expected leverage ratio, capital expenditures, budget, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words “will,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “budgeted,” “guidance,” “expect,” “may,” “continue,” “predict,” “potential,” “plan,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following risks and uncertainties: the severity and duration of world health events, including the COVID-19 pandemic, related economic repercussions, including disruptions in the oil and gas industry; actions by the members of the
All forward-looking statements speak only as of the date of this news release. You should not place undue reliance on these forward-looking statements. The Company’s capital budget, operating plan, service cost outlook and development plans are subject to change at any time. The issuance of the stock consideration in the Sundance transaction requires approval of SilverBow stockholders in accordance with the listing rules of the
All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. We undertake no obligation to publicly release the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.
(Additional Information and Where to Find It)
This communication does not constitute an offer to buy, or solicitation of an offer to sell, any securities of SilverBow. This communication relates to a proposed transaction involving SilverBow and Sundance that is the subject of a proxy statement filed with the
(Participants in the Solicitation)
SilverBow and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from shareholders in respect of the transaction under the rules of the
(Footnotes)
1 Leverage ratio is defined as total long-term debt, before unamortized discounts, divided by Adjusted EBITDA for Leverage Ratio (a non-GAAP measure defined and reconciled in the tables included with today's news release) for the trailing twelve-month period.
(Financial Highlights to Follow)
Condensed Consolidated Balance Sheets (Unaudited)
|
|||||||
|
|
|
|
||||
ASSETS |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
1,645 |
|
|
$ |
1,121 |
|
Accounts receivable, net |
|
46,095 |
|
|
|
49,777 |
|
Fair value of commodity derivatives |
|
1,679 |
|
|
|
2,806 |
|
Other current assets |
|
2,164 |
|
|
|
1,875 |
|
Total Current Assets |
|
51,583 |
|
|
|
55,579 |
|
Property and Equipment: |
|
|
|
||||
Property and equipment, full cost method, including |
|
1,651,497 |
|
|
|
1,611,953 |
|
Less – Accumulated depreciation, depletion, amortization & impairment |
|
(891,158 |
) |
|
|
(869,985 |
) |
Property and Equipment, Net |
|
760,339 |
|
|
|
741,968 |
|
Right of use assets |
|
16,163 |
|
|
|
16,065 |
|
Fair value of long-term commodity derivatives |
|
76 |
|
|
|
201 |
|
Other long-term assets |
|
3,629 |
|
|
|
5,641 |
|
Total Assets |
$ |
831,790 |
|
|
$ |
819,454 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current Liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
41,909 |
|
|
$ |
35,034 |
|
Fair value of commodity derivatives |
|
140,941 |
|
|
|
47,453 |
|
Accrued capital costs |
|
11,128 |
|
|
|
7,354 |
|
Accrued interest |
|
862 |
|
|
|
697 |
|
Current lease liability |
|
7,998 |
|
|
|
7,222 |
|
Undistributed oil and gas revenues |
|
18,731 |
|
|
|
23,577 |
|
Total Current Liabilities |
|
221,569 |
|
|
|
121,337 |
|
Long-term debt, net |
|
346,003 |
|
|
|
372,825 |
|
Non-current lease liability |
|
8,427 |
|
|
|
9,090 |
|
Deferred tax liabilities |
|
3,613 |
|
|
|
6,516 |
|
Asset retirement obligations |
|
5,644 |
|
|
|
5,526 |
|
Fair value of long-term commodity derivatives |
|
19,089 |
|
|
|
8,585 |
|
Other long-term liabilities |
|
1,663 |
|
|
|
3,043 |
|
Commitments and Contingencies |
|
|
|
||||
Stockholders' Equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
171 |
|
|
|
168 |
|
Additional paid-in capital |
|
414,127 |
|
|
|
413,017 |
|
|
|
(6,592 |
) |
|
|
(2,984 |
) |
Accumulated deficit |
|
(181,924 |
) |
|
|
(117,669 |
) |
Total Stockholders’ Equity |
|
225,782 |
|
|
|
292,532 |
|
Total Liabilities and Stockholders’ Equity |
$ |
831,790 |
|
|
$ |
819,454 |
|
Condensed Consolidated Statements of Operations (Unaudited)
|
|||||||
|
Three Months
|
|
Three Months
|
||||
Revenues: |
|
|
|
||||
Oil and gas sales |
$ |
129,656 |
|
|
$ |
86,741 |
|
|
|
|
|
||||
Operating Expenses: |
|
|
|
||||
General and administrative, net |
|
4,786 |
|
|
|
4,782 |
|
Depreciation, depletion, and amortization |
|
21,154 |
|
|
|
13,393 |
|
Accretion of asset retirement obligations |
|
99 |
|
|
|
75 |
|
Lease operating expenses |
|
9,125 |
|
|
|
6,274 |
|
Workovers |
|
647 |
|
|
|
13 |
|
Transportation and gas processing |
|
6,352 |
|
|
|
5,056 |
|
Severance and other taxes |
|
7,764 |
|
|
|
3,489 |
|
Total Operating Expenses |
|
49,927 |
|
|
|
33,082 |
|
|
|
|
|
||||
Operating Income |
|
79,729 |
|
|
|
53,659 |
|
|
|
|
|
||||
Non-Operating Income (Expense) |
|
|
|
||||
Gain (loss) on commodity derivatives, net |
|
(140,242 |
) |
|
|
(18,259 |
) |
Interest expense, net |
|
(6,557 |
) |
|
|
(7,019 |
) |
Other income (expense), net |
|
61 |
|
|
|
(1 |
) |
|
|
|
|
||||
Income (Loss) Before Income Taxes |
|
(67,009 |
) |
|
|
28,380 |
|
|
|
|
|
||||
Provision (Benefit) for Income Taxes |
|
(2,754 |
) |
|
|
— |
|
|
|
|
|
||||
Net Income (Loss) |
$ |
(64,255 |
) |
|
$ |
28,380 |
|
|
|
|
|
||||
Per Share Amounts: |
|
|
|
||||
|
|
|
|
||||
Basic Earnings (Loss) Per Share |
$ |
(3.84 |
) |
|
$ |
2.36 |
|
|
|
|
|
||||
Diluted Earnings (Loss) Per Share |
$ |
(3.84 |
) |
|
$ |
2.31 |
|
|
|
|
|
||||
Weighted-Average Shares Outstanding - Basic |
|
16,719 |
|
|
|
12,029 |
|
|
|
|
|
||||
Weighted-Average Shares Outstanding - Diluted |
|
16,719 |
|
|
|
12,294 |
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|||||||
|
Three Months Ended |
|
Three Months Ended |
||||
Cash Flows from Operating Activities: |
|
|
|
||||
Net income (loss) |
$ |
(64,255 |
) |
|
$ |
28,380 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|
|
|
||||
Depreciation, depletion, and amortization |
|
21,154 |
|
|
|
13,393 |
|
Accretion of asset retirement obligations |
|
99 |
|
|
|
75 |
|
Deferred income taxes |
|
(2,902 |
) |
|
|
— |
|
Share-based compensation |
|
1,047 |
|
|
|
1,070 |
|
(Gain) Loss on derivatives, net |
|
140,242 |
|
|
|
18,259 |
|
Cash settlement (paid) received on derivatives |
|
(24,554 |
) |
|
|
(3,063 |
) |
Settlements of asset retirement obligations |
|
(38 |
) |
|
|
(104 |
) |
Other |
|
1,138 |
|
|
|
344 |
|
Change in operating assets and liabilities: |
|
|
|
||||
(Increase) decrease in accounts receivable and other current assets |
|
2,794 |
|
|
|
(878 |
) |
Increase (decrease) in accounts payable and accrued liabilities |
|
(10,144 |
) |
|
|
10,301 |
|
Increase (decrease) in income taxes payable |
|
149 |
|
|
|
— |
|
Increase (decrease) in accrued interest |
|
165 |
|
|
|
69 |
|
Net Cash Provided by (Used in) Operating Activities |
|
64,895 |
|
|
|
67,846 |
|
Cash Flows from Investing Activities: |
|
|
|
||||
Additions to property and equipment |
|
(35,228 |
) |
|
|
(35,852 |
) |
Acquisition of oil and gas properties, net of purchase price adjustments |
|
436 |
|
|
|
(205 |
) |
Net Cash Provided by (Used in) Investing Activities |
|
(34,792 |
) |
|
|
(36,057 |
) |
Cash Flows from Financing Activities: |
|
|
|
||||
Proceeds from bank borrowings |
|
122,000 |
|
|
|
57,000 |
|
Payments of bank borrowings |
|
(149,000 |
) |
|
|
(87,000 |
) |
Purchase of treasury shares |
|
(2,462 |
) |
|
|
(488 |
) |
Payments of debt issuance costs |
|
(117 |
) |
|
|
— |
|
Net Cash Provided by (Used in) Financing Activities |
|
(29,579 |
) |
|
|
(30,488 |
) |
|
|
|
|
||||
Net Increase (Decrease) in Cash and Cash Equivalents |
|
524 |
|
|
|
1,301 |
|
Cash and Cash Equivalents at Beginning of Period |
|
1,121 |
|
|
|
2,118 |
|
Cash and Cash Equivalents at End of Period |
$ |
1,645 |
|
|
$ |
3,419 |
|
Supplemental Disclosures of Cash Flow Information: |
|
|
|
||||
Cash paid during period for interest, net of amounts capitalized |
$ |
5,816 |
|
|
$ |
6,424 |
|
Non-cash Investing and Financing Activities: |
|
|
|
||||
Changes in capital accounts payable and capital accruals |
$ |
5,037 |
|
|
$ |
(3,588 |
) |
Non-cash equity consideration for acquisitions |
$ |
1,134 |
|
|
$ |
— |
|
Definition of Non-GAAP Measures as Calculated by the Company (Unaudited)
The following non-GAAP measures are presented in addition to financial statements as SilverBow believes these metrics and performance measures are widely used by the investment community, including investors, research analysts and others, to evaluate and useful in comparing investments among upstream oil and gas companies in making investment decisions or recommendations. These measures, as presented, may have differing calculations among companies and investment professionals and may not be directly comparable to the same measures provided by others. A non-GAAP measure should not be considered in isolation or as a substitute for the related GAAP measure or any other measure of a company's financial or operating performance presented in accordance with GAAP. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure or measures is presented below. These measures may not be comparable to similarly titled measures of other companies.
Adjusted EBITDA: The Company presents Adjusted EBITDA attributable to common stockholders in addition to reported net income (loss) in accordance with GAAP. Adjusted EBITDA is calculated as net income (loss) plus (less) depreciation, depletion and amortization, accretion of asset retirement obligations, interest expense, impairment of oil and natural gas properties, net losses (gains) on commodity derivative contracts, amounts collected (paid) for commodity derivative contracts held to settlement, income tax expense (benefit); and share-based compensation expense. Adjusted EBITDA excludes certain items that SilverBow believes affect the comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. Adjusted EBITDA is used by the Company's management and by external users of SilverBow's financial statements, such as investors, commercial banks and others, to assess the Company's operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. It is also used to assess SilverBow's ability to incur and service debt and fund capital expenditures. Adjusted EBITDA should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA is important as it is considered among the financial covenants under the Company's First Amended and Restated Senior Secured Revolving Credit Agreement with
Adjusted EBITDA for Leverage Ratio: In accordance with the Leverage Ratio calculation for SilverBow's Credit Facility, the Company makes certain adjustments to its calculation of Adjusted EBITDA. Adjusted EBITDA for Leverage Ratio is calculated as Adjusted EBITDA (defined above) plus (less) amortization of derivative contracts and pro forma EBITDA contributions related to closed acquisitions. The Company believes that Adjusted EBITDA for Leverage Ratio is useful to investors because it reflects the last twelve months EBITDA used by the administrative agent for SilverBow's Credit Facility in the calculation of its leverage ratio covenant.
Cash General and Administrative Expenses: Cash G&A expenses is a non-GAAP measure calculated as net general and administrative costs less share-based compensation. The Company reports cash G&A expenses because it believes this measure is commonly used by management, analysts and investors as an indicator of cost management and operating efficiency on a comparable basis from period to period. In addition, SilverBow believes cash G&A expenses are used by analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas industry to allow for analysis of G&A spend without regard to stock-based compensation which can vary substantially from company to company. Cash G&A expenses should not be considered as an alternative to, or more meaningful than, total G&A expenses. The Company has provided forward-looking Cash G&A expenses estimates; however, SilverBow is unable to provide a quantitative reconciliation of these forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure because the items necessary to estimate such forward-looking GAAP measure are not accessible or estimable at this time without unreasonable efforts. The reconciling items in future periods could be significant.
Free Cash Flow and Free Cash Flow per Share: Free cash flow is calculated as Adjusted EBITDA (defined above) plus (less) monetized derivative contracts, cash interest expense, capital expenditures and current income tax (expense) benefit. The Company believes that free cash flow is useful to investors and analysts because it assists in evaluating SilverBow's operating performance, and the valuation, comparison, rating and investment recommendations of companies within the oil and gas industry. Free cash flow per share is calculated by taking free cash flow divided by the number of common shares outstanding of the Company at a given date. Free cash flow should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.
Total Debt to Adjusted EBITDA (Leverage Ratio): Leverage Ratio is calculated as total debt, defined as long-term debt excluding unamortized discount and debt issuance costs, divided by Adjusted EBITDA (defined above) for the most recently completed 12-month period. The Company has provided a forward-looking Leverage Ratio estimate; however, SilverBow is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure because the items necessary to estimate such forward-looking GAAP measure are not accessible or estimable at this time without unreasonable efforts. The reconciling items in future periods could be significant.
Net Debt: Net debt is calculated as the total principal amount of second lien notes plus borrowings on the Company's Credit Facility less cash and cash equivalents.
Calculation of Adjusted EBITDA and Free Cash Flow (Unaudited)
|
||||||
The below tables provide the calculation of Adjusted EBITDA and Free Cash Flow for the following periods (in thousands). |
||||||
|
Three Months Ended |
Three Months Ended |
||||
Net Income (Loss) |
$ |
(64,255 |
) |
$ |
28,380 |
|
Plus: |
|
|
||||
Depreciation, depletion and amortization |
|
21,154 |
|
|
13,393 |
|
Accretion of asset retirement obligations |
|
99 |
|
|
75 |
|
Interest expense |
|
6,557 |
|
|
7,019 |
|
Loss (gain) on commodity derivatives, net |
|
140,242 |
|
|
18,259 |
|
Realized gain (loss) on commodity derivatives, net (1) |
|
(28,201 |
) |
|
(4,782 |
) |
Income tax expense/(benefit) |
|
(2,754 |
) |
|
— |
|
Share-based compensation expense |
|
1,047 |
|
|
1,070 |
|
Adjusted EBITDA |
$ |
73,889 |
|
$ |
63,414 |
|
Plus: |
|
|
||||
Cash interest expense and bank fees, net |
|
(5,816 |
) |
|
(6,424 |
) |
Capital expenditures(2) |
|
(40,358 |
) |
|
(32,961 |
) |
Current income tax (expense)/benefit |
|
(149 |
) |
|
— |
|
| Free Cash Flow | $ |
27,566 |
|
$ |
24,029 |
|
| (1) Amounts relate to settled contracts covering the production months during the period. | ||||||
| (2) Excludes proceeds/(payments) related to the divestiture/(acquisition) of oil and gas properties and equipment, outside of regular way land and leasing costs. | ||||||
|
Last Twelve Months
|
Last Twelve Months
|
||||
Net Income (Loss) |
$ |
(5,875 |
) |
$ |
(275,144 |
) |
Plus: |
|
|
||||
Depreciation, depletion and amortization |
|
76,391 |
|
|
54,518 |
|
Accretion of asset retirement obligations |
|
330 |
|
|
344 |
|
Interest expense |
|
28,667 |
|
|
29,841 |
|
Impairment of oil and gas properties |
|
— |
|
|
260,342 |
|
Loss (gain) on commodity derivatives, net |
|
245,001 |
|
|
45,241 |
|
Realized gain (loss) on commodity derivatives, net (1) |
|
(96,675 |
) |
|
22,030 |
|
Income tax expense/(benefit) |
|
3,644 |
|
|
22,152 |
|
Share-based compensation expense |
|
4,622 |
|
|
4,366 |
|
Adjusted EBITDA |
$ |
256,105 |
|
$ |
163,690 |
|
Plus: |
|
|
||||
Cash interest expense and bank fees, net |
|
(30,317 |
) |
|
(27,306 |
) |
Capital expenditures(2) |
|
(137,900 |
) |
|
(77,497 |
) |
Current income tax (expense)/benefit |
|
(335 |
) |
|
304 |
|
Free Cash Flow |
$ |
87,553 |
|
$ |
59,191 |
|
|
|
|
||||
Adjusted EBITDA |
$ |
256,105 |
|
$ |
163,690 |
|
Amortization of derivative contracts |
|
— |
|
|
28,605 |
|
Pro forma contribution from closed acquisitions |
|
25,343 |
|
|
— |
|
Adjusted EBITDA for Leverage Ratio (3) |
$ |
281,448 |
|
$ |
192,295 |
|
(1) Amounts relate to settled contracts covering the production months during the period. |
||||||
(2) Excludes proceeds/(payments) related to the divestiture/(acquisition) of oil and gas properties and equipment, outside of regular way land and leasing costs. |
||||||
(3) Adjusted EBITDA for Leverage Ratio, which is calculated in accordance with SilverBow's Credit Facility, includes pro forma EBITDA contributions reflecting the results of acquired assets' operations for referenced time periods preceding the acquired assets' close date. For referenced last twelve month periods prior to 2022, proceeds from the amortization of previously unwound derivative contracts are also included in the Adjusted EBITDA for Leverage Ratio in accordance with the calculation in its Credit Facility. |
||||||
Production Volumes & Pricing (Unaudited)
|
|||||||
|
|
Three Months Ended |
Three Months Ended |
||||
Production volumes: |
|
|
|
||||
Oil (MBbl) (1) |
|
|
429 |
|
|
315 |
|
Natural gas (MMcf) |
|
|
15,587 |
|
|
12,624 |
|
Natural gas liquids (MBbl) (1) |
|
|
359 |
|
|
285 |
|
Total (MMcfe) |
|
|
20,319 |
|
|
16,224 |
|
|
|
|
|
||||
Oil, natural gas and natural gas liquids sales (in thousands): |
|
|
|
||||
Oil |
|
$ |
39,741 |
|
$ |
17,466 |
|
Natural gas |
|
|
77,372 |
|
|
62,914 |
|
Natural gas liquids |
|
|
12,543 |
|
|
6,361 |
|
Total |
|
$ |
129,656 |
|
$ |
86,741 |
|
|
|
|
|
||||
Average realized price: |
|
|
|
||||
Oil (per Bbl) |
|
$ |
92.59 |
|
$ |
55.49 |
|
Natural gas (per Mcf) |
|
|
4.96 |
|
|
4.98 |
|
Natural gas liquids (per Bbl) |
|
|
34.89 |
|
|
22.30 |
|
Average per Mcfe |
|
$ |
6.38 |
|
$ |
5.35 |
|
|
|
|
|
||||
Price impact of cash-settled derivatives: |
|
|
|
||||
Oil (per Bbl) |
|
$ |
(30.04 |
) |
$ |
(12.75 |
) |
Natural gas (per Mcf) |
|
|
(0.84 |
) |
|
(0.01 |
) |
Natural gas liquids (per Bbl) |
|
|
(6.11 |
) |
|
(2.07 |
) |
Average per Mcfe |
|
$ |
(1.39 |
) |
$ |
(0.29 |
) |
|
|
|
|
||||
Average realized price including impact of cash-settled derivatives: |
|
|
|
||||
Oil (per Bbl) |
|
$ |
62.55 |
|
$ |
42.74 |
|
Natural gas (per Mcf) |
|
|
4.12 |
|
|
4.97 |
|
Natural gas liquids (per Bbl) |
|
|
28.78 |
|
|
20.23 |
|
Average per Mcfe |
|
$ |
4.99 |
|
$ |
5.06 |
|
|
|
|
|
||||
(1) Oil and NGLs are converted at the rate of one barrel to six Mcfe. Bbl refers to barrels, and MBbl refers to one thousand barrels. MMcf refers to one million cubic feet. |
|||||||
Second Quarter 2022 Guidance |
||
|
|
Guidance |
|
|
2Q 2022 |
Production Volumes: |
|
|
Oil (Bbls/d) |
|
3,850 - 4,050 |
Natural Gas (MMcf/d) |
|
175 - 185 |
NGLs (Bbls/d) |
|
3,550 - 3,700 |
Total Reported Production (MMcfe/d) |
|
219 - 232 |
% Gas |
|
|
|
||
Product Pricing: |
|
|
Crude Oil NYMEX Differential ($/Bbl) |
|
( |
Natural Gas NYMEX Differential ($/Mcf) |
|
( |
Natural Gas Liquids (% of WTI) |
|
|
|
||
Operating Costs & Expenses: |
|
|
Lease Operating Expenses ($/Mcfe) |
|
|
Transportation & Processing ($/Mcfe) |
|
|
Production Taxes (% of Revenue) |
|
|
Cash G&A, net ($MM) |
|
|
|
|
|
Note: 2Q 2022 guidance reflects standalone SilverBow only; does not include announced transactions. Updated guidance will be provided upon closing of the Acquisitions. |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220504006027/en/
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW
Source:
FAQ
What were SilverBow's production metrics for Q1 2022?
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