SilverBow Q1 earnings beat; raises FY 2024 production and FCF guidance; debt cut $178M

SILVERBOW RESOURCES, INC.

2024-Q1 EPS reported -$0.61 revenue$256,680,000

Net loss of $16M ($0.61/share) includes $90M unrealized derivative loss; record Adj. EBITDA $200M; FCF $56M.
Q1 production 91.4 MBoe/d (upper half of guidance); oil +116% YoY to 24.5 MBbls/d; capex $109M, ~20% below consensus.
Total debt reduced $178M since late-2023 South Texas acquisition; leverage ratio 1.35x, expecting ~1.25x year-end.
Raised 2024 production guidance 5% to 94 MBoe/d midpoint; FCF outlook up $50M to $188M midpoint; capex unchanged at $470-510M.
Operational wins: 30% drilling efficiency on acquired acreage; refrac program >100% IRR; identified 100+ refracs and 30+ horseshoe wells.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SILVERBOW RESOURCES, INC. reported first quarter of 2024 results: net income net loss of $16 million, EPS ($0.61) per diluted share. Guidance raised.

Period: first quarter of 2024
Net income: net loss of $16 million
EPS: ($0.61) per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

reported a net loss of $16 million, or ($0.61) per share

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Source: SEC EDGAR

accession 0000351817-24-000077

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