SILVERBOW RESOURCES, INC.: M&A transaction — SilverBow closes $700M Chesapeake South Texas Eagle Ford asset acquisition; provides historical financials

SILVERBOW RESOURCES, INC.

Acquired ~42,000 net acres and ~540 wells for $700M: $650M cash at close and $50M on first anniversary, plus up to $50M contingent on commodity price triggers.
Acquired assets generated $483.4M revenue in FY2022, $347.5M in FY2021; excess of revenue over direct op ex of $294.4M and $201.1M, respectively.
For nine months ended Sep 30, 2023, revenue of $291.8M, excess over direct op ex of $169.4M.
Proved reserves at Dec 31, 2022: 315.1 Bcf natural gas, 30.5 MMbbl oil, 41.3 MMbbl NGL (746.2 Bcfe total).
Transaction closed Nov 30, 2023; initial 8-K now supplemented with required financial statements.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SILVERBOW RESOURCES, INC. completed an acquisition involving Chesapeake Energy Corporation (through subsidiaries Chesapeake Exploration, L.L.C., Chesapeake Operating, L.L.C., Chesapeake Energy Marketing, L.L.C. and Chesapeake Royalty, L.L.C.) (closed 2023-11-30).

Action: acquisition
Counterparty: Chesapeake Energy Corporation (through subsidiaries Chesapeake Exploration, L.L.C., Chesapeake Operating, L.L.C., Chesapeake Energy Marketing, L.L.C. and Chesapeake Royalty, L.L.C.)
Closing: 2023-11-30

Exact text from the filing

on November 30, 2023, the Company and its operating subsidiary, SilverBow Resources Operating, LLC, closed the previously announced acquisition of Chesapeake Energy Corporation's oil and gas assets in South Texas (the "South Texas Rich Properties")

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Source: SEC EDGAR

accession 0000351817-23-000109

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