FOR IMMEDIATE RELEASE COMPANY CONTACT: Jeff Magids Vice President of Finance & Investor Relations (281) 874-2700, (888) 991-SBOW SilverBow Resources Announces First Quarter 2024 Financial and Operating Results Results top consensus expectations driven by higher production and lower capital expenditures generating record quarterly EBITDA and strong quarterly free cash flow Total debt reduced by $178 million since closing its South Texas acquisition in late 2023 ; First quarter 2024 leverage ratio of 1.35x lo ...

Production and Sales - SilverBow's net oil production for 2023 was 5,347 MBbls, a significant increase from 2,634 MBbls in 2022, representing a growth of approximately 103%[66] - Total net production volume for natural gas in 2023 was 79,900 MMcf, up from 70,958 MMcf in 2022, indicating an increase of approximately 12%[66] - In the Western Condensate Area, net oil production reached 1,003 MBbls in 2023, compared to 697 MBbls in 2022, marking an increase of approximately 44%[70] - SilverBow's oil sales increased significantly to $402.7 million in 2023 from $239.2 million in 2022, while natural gas sales decreased to $187.3 million from $451.9 million[314] Financial Performance - SilverBow Resources reported total oil, natural gas, and NGLs sales of $652.4 million, a decrease from $753.4 million in 2022[314] - Net income for 2023 was $297.72 million, a decrease of 12.5% compared to $340.44 million in 2022[291] - The company’s basic net income per share was $12.74 for 2023, down from $17.24 in 2022[291] - Total operating expenses increased to $432.42 million in 2023, up 50.4% from $287.65 million in 2022[291] - SilverBow's cash flows from operating activities increased to $447.11 million in 2023, compared to $331.24 million in 2022[294] Costs and Expenses - Average production cost per Boe sold increased to $6.88 in 2023 from $5.48 in 2022, representing a rise of about 25%[66] - The company incurred transportation expenses of $14.0 million for the year ended December 31, 2023[373] - Total costs incurred for oil and natural gas operations in 2023 amounted to $1.07 billion, up from $921.5 million in 2022[423] Assets and Liabilities - SilverBow Resources reported total current assets of $261,451,000 as of December 31, 2023, compared to $145,726,000 in 2022, representing an increase of 79.5%[290] - The company's property and equipment, net, increased to $2,373,919,000 in 2023 from $1,525,179,000 in 2022, reflecting a growth of 55.7%[290] - Total liabilities rose to $1,545,790,000 in 2023, up from $1,042,000,000 in 2022, indicating a 48.5% increase[290] - The total assets of SilverBow Resources reached $2,734,462,000 in 2023, compared to $1,716,362,000 in 2022, reflecting a growth of 59.1%[290] Equity and Stock - Stockholders' equity increased significantly to $1,189,328,000 in 2023 from $791,579,000 in 2022, marking a growth of 50.1%[290] - The weighted average shares outstanding for basic earnings per share increased to 23.37 million in 2023 from 19.75 million in 2022[291] - The company repurchased 131,951 treasury shares in 2023 to satisfy withholding tax obligations, compared to 120,350 shares in 2022[325] Debt and Interest - The company incurred $1.2 billion in drawn amounts under its Credit Facility and Second Lien Notes, which are subject to interest rate fluctuations[267] - Long-term debt as of December 31, 2023, was $1.2 billion, up from $688.5 million in 2022[343] - Total interest expense on the Credit Facility was $55.7 million for the year ended December 31, 2023, compared to $26.9 million in 2022[352] Derivative Instruments and Risk Management - SilverBow has derivative instruments in place to protect a significant portion of its production against declines in oil and natural gas prices through Q4 2026[73] - The Company has a price-risk management policy using derivative instruments to protect against declines in oil and natural gas prices[362] - The Company recorded gains of $235.8 million from commodity derivative activities for the year ended December 31, 2023, compared to losses of $78.0 million in 2022[363] Workforce and Diversity - SilverBow's workforce increased by 63.4% from December 31, 2022, to December 31, 2023, with a net addition of 52 employees[88] - As of December 31, 2023, women represented 27% of the total workforce and 30% of executive and senior management positions[85] - Minorities accounted for 52% of the total workforce and 30% of executive and senior management positions as of December 31, 2023[85] Community Engagement and Corporate Responsibility - The SBOW Cares initiative supported over forty charities in 2023, emphasizing community relations and employee engagement[91] - The company has implemented health, safety, and environmental management processes to promote workplace safety, aiming for an incident-free environment[86] Compliance and Audit - The company maintained effective internal control over financial reporting as of December 31, 2023, according to the audit opinion[273] - The audit report expressed an unqualified opinion on the consolidated financial statements for the years ended December 31, 2023, 2022, and 2021[280] - The critical audit matter identified was the estimation of proved oil and natural gas reserves, which significantly impacts depreciation, depletion, and amortization expenses[286]

》》》》》》》》》 》》》》》》》》》 2 2/28/2024 YE23 YE23 $479 MM Liquidity February 2024 THE PRESENTATION MATERIAL INCLUDED herein which is not historical fact constitutes "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 statements, opinions, forecasts, scenarios and projections relate to, among other things, the long-term objectives of SilverBow Resources, Inc. ("SilverBow" or the "Company"), ...

Operator Operator Your next question comes from the line of Leo Mariani with ROTH MKM. Please go ahead. And a lot of that is coming from the base performance on that asset. We were seeing the asset performing in line with what we modeled during our underwrite of the acquisition. So we exited the year where we were expecting and come in really with having our hands on the asset for 30 days with a lot of ideas, including getting some work over rigs onto the property to try to enhance that base production. We ...

COMPANY CONTACT: Jeff Magids Vice President of Finance & Investor Relations (281) 874-2700, (888) 991-SBOW FOR IMMEDIATE RELEASE SilverBow Resources Announces Fourth Quarter and Full Year 2023 Results and 2024 Outlook 2023 performance advances business strategy with strong free cash flow generation, ef icient production growth and lower than expected capital investments 2024 outlook to benefit from recent transformational acquisition that brings ef icient, high-margin production, product diversification, ad ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 Commission File Number 1-8754 SILVERBOW RESOURCES, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 20-3940661 (State of Incorporation) (I.R.S. Employer Identification No.) 920 Memorial City Way, Suite 850 Houston, Texas 77024 (281) 874-2700 (Address and telephone num ...

Corporate Participants Conference Call Participants Operator And at this time, I would like to turn the call over to Jeff Magids, Vice President of Finance and Investor Relations. Jeff, please go ahead. Thank you, Greg, and good morning, everyone. Thank you very much for joining us for our third quarter 2023 conference call. With me on the call today are Sean Woolverton, our CEO, Steve Adam, our COO, and Chris Abundis, our CFO. Our discussion today may include forward-looking statements, which are subject t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 Commission File Number 1-8754 SILVERBOW RESOURCES, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 20-3940661 (State of Incorporation) (I.R.S. Employer Identification No.) 920 Memorial City Way, Suite 850 Houston, Texas 77024 (281) 874-2700 (Address and telephone number o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 Commission File Number 1-8754 SILVERBOW RESOURCES, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 20-3940661 (State of Incorporation) (I.R.S. Employer Identification No.) 920 Memorial City Way, Suite 850 Houston, Texas 77024 (281) 874-2700 (Address and telephone number ...

(Exact Name of Registrant as Specified in Its Charter) Delaware 20-3940661 (State of Incorporation) (I.R.S. Employer Identification No.) 920 Memorial City Way, Suite 850 Houston, Texas 77024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2022 Commission File Number 1-8754 SILVERBOW RESOURCES, INC. (281) 874-2700 (Address and telephone number of princi ...