Sean Woolverton on financial performance
From SilverBow Resources (SBOW) Company Presentation at EnerCom Denver 2023 · · Oil and Gas 360 - EnerCom
“We expect our free cash flow per share to increase 80 percent in 2024. EBITDA margins are projected to increase to 78 percent post-transaction, which will be peer-leading. Additionally, our efficient G&A platform will become even more efficient with the increased scale.”
On , Sean Woolverton, Chief Executive Officer & Director at SILVERBOW RESOURCES INC, spoke about financial performance during SilverBow Resources (SBOW) Company Presentation at EnerCom Denver 2023 on Oil and Gas 360 - EnerCom.
About Sean Woolverton
Sean Woolverton, CEO of SilverBow Resources, presented at the EnerCom Denver 2023 conference on September 17, 2024, following the company's announcement of a $700 million acquisition of Chesapeake's remaining South Texas assets. Woolverton stated that the all-cash transaction would make SilverBow the largest pure public Eagle Ford operator, with over 90,000 barrels of oil equivalent per day in production and a 50% liquids, 50% gas production mix. He said the company was targeting an EBITDA run rate of $900 million over the next 12 months, with line of sight to $1 billion, and that the deal would increase acreage from 180,000 to 225,000 acres with over 1,000 drilling locations. Woolverton noted that the transaction was financed through a $350 million upsizing of a second lien facility and a draw on the company's revolving credit facility, which increased from $775 million to $1.2 billion. He said SilverBow expected free cash flow per share to increase 80% in 2024 and EBITDA margins to reach 78%, which he described as peer-leading. Woolverton added that the company planned to run three to four rigs post-close and that the deal was leverage neutral with a target of one times leverage by the end of 2024. He stated that despite SilverBow's stock being up 45% year-to-date)Skip, the company still traded at a discount relative to peers.