|Over a month ago|
SilverBow Resources falls -6.4% » 09:4705/1405/14/21
SilverBow Resources is…
SilverBow Resources is down -6.4%, or -$1.00 to $14.61.
|Over a quarter ago|
Fly Intel: After-Hours Movers » 18:4003/0303/03/21
AEO, RMNI, SPLK, HRTG, SBOW, SNOW, KNSA, YEXT, VRM, OKTA, AES, MRVL, CFMS, RADA, LASR
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SilverBow provided its 2021 capital budget range of $100-$110 million (93% alloc » 16:0803/0303/03/21
SilverBow provided its…
SilverBow provided its 2021 capital budget range of $100-$110 million (93% allocated to D&C activity). The budget provides for 20 gross (19 net) operated wells completed, compared to 16 gross (15 net) operated wells completed in 2020. The cadence of quarterly spending in 2021 is expected to be similar to 2020, and supports gas production growth of approximately 8% year-over-year.
SilverBow Resources sees Q1 production 168-179 MMcfe/d » 16:0803/0303/03/21
For the first quarter of…
For the first quarter of 2021, SilverBow is guiding for estimated production of 168 - 179 MMcfe/d, with gas volumes expecting to comprise 130 - 140 MMcf/d. For the full year 2021, the Company is guiding for estimated production of 180 - 200 MMcfe/d, with gas volumes expecting to comprise 142 - 160 MMcf/d or 79% of full year production at the midpoint. SilverBow anticipates full year 2021 FCF of $20 to $40 million.
SilverBow Resources reports Q4 EPS 77c, consensus $1.01 » 16:0703/0303/03/21
Reports Q4 revenue…
Reports Q4 revenue $53.47M, two estimates $53.35M. Sean Woolverton, SilverBow's Chief Executive Officer, commented, "We demonstrated resilience and resolve during a pivotal year for our industry. The Company took immediate actions early in 2020 to accelerate our free cash flow generation and pay down debt. These actions included production curtailments, capex reductions and unwinding excess oil derivative contracts. Combined with our relentless focus on cost management and production optimization, we generated over $60 million of free cash flow and reduced total debt by roughly $50 million in 2020. In the second quarter of 2020, we closed on the acquisition of producing assets in the Southern gas window of our acreage position and divested non-core interests in Wyoming to supplement our cash balance. Amidst all the disruptions of 2020, we were able to execute on our operational plan while maintaining a high level of safety. To this end, we achieved a milestone, zero recordable incidents for the year, while setting new efficiency records for the Company in both drilling and completions ("D&C"). This time last year, we had just finished our first six-well La Mesa pad which at the time set many Company records from an execution standpoint. I am proud to say that our second six-well La Mesa pad, which we recently brought online, set new Company records in D&C costs and cycle times."
SilverBow Resources sees Q4 production 170-183 MMcfe/d » 16:0711/0411/04/20
For the fourth quarter,…
For the fourth quarter, SilverBow is guiding for estimated production of 170-183 MMcfe/d, with natural gas volumes expected to comprise 125-133 MMcf/d, although commodity prices or other impacts from the Coronavirus Disease 2019 ("COVID-19") pandemic could affect production guidance. The Company carefully considers the production economics and the net benefit to its borrowing base and its financials before committing to future capital investment. For the full year 2020, SilverBow's capital expenditure guidance of $95-$100 million is $3 million lower at the midpoint compared to prior guidance of $95-$105 million. As planned, the Company added a rig at the beginning of the fourth quarter, commencing the nine-well gas development program in Webb County. For the full year, SilverBow is guiding to a production range of 181-184 MMcfe/d with natural gas volumes expected to comprise 138-140 MMcf/d. Commodity prices or other impacts from the COVID-19 pandemic could result in lower full year production and adversely affect the Company's ability to achieve FCF and other guidance. SilverBow anticipates FCF to be approximately $50 million, at the high end of its previously stated guidance range of $40-$50 million for the full year. While still finalizing the 2021 budget, SilverBow is planning for single digit production growth, capital expenditures consistent with 2020 levels, and FCF1 generation of $20-$40 million, implying a greater than 50% FCF yield with strip pricing.
SilverBow Resources reports Q3 EPS (58c), consensus 80c » 16:0711/0411/04/20
Reports Q3 revenue…
Reports Q3 revenue $45.7M, two estimates $48.2M. Sean Woolverton, SilverBow's Chief Executive Officer, commented, "As year-end quickly approaches, SilverBow is well-positioned to benefit from higher natural gas prices with exposure to unconstrained, premium Gulf Coast markets. Our team continues to execute on the factors within our control by driving down costs, optimizing our production and generating free cash flow to reduce absolute debt. 2020 has presented unique challenges to the oil and gas industry due to the ongoing global pandemic and extreme volatility in commodity prices, and these challenges are not likely to abate in the near term. In the face of it all, SilverBow generated $9 million of free cash flow during the third quarter, marking our third consecutive quarter of positive free cash flow, and we are on pace to deliver full year free cash flow of approximately $50 million. During the third quarter, we completed and turned to sales eight wells one month ahead of schedule. Compared to the first quarter of 2020, we have reduced our revolver borrowings by $37 million to $253 million at quarter-end."
SilverBow Resources falls -9.0% » 12:0008/2108/21/20
SilverBow Resources is…
SilverBow Resources is down -9.0%, or -43c to $4.34.
SilverBow Resources reports Q2 revenue $24.85M, consensus $31.3M » 16:1708/0408/04/20
Reports Q2 EPS ($25.69).…
Reports Q2 EPS ($25.69). Reports net production averaged approximately 142 million cubic feet of natural gas equivalent per day. The company said, "Over the course of the second quarter, the SilverBow team was focused on production management, cost reduction initiatives and optimizing multiple playbooks for various commodity price scenarios. The second quarter will mark the low point in our production profile for 2020. Looking forward to the remainder of the year, we will be returning the remainder of our curtailed volumes to sales and are currently in the process of bringing online our inventory of drilled but uncompleted wells in the third quarter. Our plan is to restart our drilling program during the fourth quarter of 2020, targeting the development of our high rate of return gas projects. Over the next 18 months, our goal remains to maximize our free cash flow generation and protect our balance sheet. We are on track to achieve our stated objective of $40-$50 million of free cash flow for full year 2020, inclusive of the additional gas development expenditures we have allocated to our capital budget. The planned increase in capital expenditures in the fourth quarter of 2020 bolsters our preliminary 2021 free cash flow target of $20-$40 million at current strip prices, with potential tailwinds from higher gas prices this winter and through next year. Our visibility into cash flows over the near-term is supported by our hedged position on oil, which covers a substantial portion of our forecasted oil production through year-end 2021, as well as our gas hedging strategy, which has utilized a heavier weighting of two-way collars next year and intentionally preserves meaningful upside exposure to any improvement in 2021 gas strip from current levels. Additionally, at the midpoint of our production guidance, we would reach quarterly highs on our oil production combined with rising gas production rates as we exit the year. Moving into 2021, we have the flexibility to allocate capital across a well-balanced portfolio of gas and liquids development locations."