The following is a summary of the SilverBow Resources, Inc. (SBOW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SilverBow started 2024 strong, focusing on strengthening its balance sheet and maximizing free cash flow.

• The company generated $56 million in Q1 free cash flow which is attributed to gains in capital efficiencies, production, and product pricing.

• Full-year free cash flow estimate has been increased, and the year-end leverage ratio target has been lowered to 1.25 times.

• SilverBow witnessed a record EBITDA quarter at $200 million, which has an annual run rate of $800 million.

• They significantly reduced their debt, even while leveraging it for growth and acquisitions over the past couple of years.

Business Progress:

• SilverBow completed the final stage of a multi-year effort to assemble a 25,000-acre position in the liquids window of the Eagle Ford without new capital.

• The company initiated a refracturing program, with the first wells yielding encouraging results and more than 100 opportunities across their portfolio.

• Strong well productivity and the success of refracturing have increased confidence in the company's forecast.

• The company drilled its first horseshoe well, resulting in reduced costs and improved cycle times.

• Significant operational improvements were made in reducing gross drilling costs, drilling days, and cost per foot.

• The company strategically improved its scale via acquisitions, which has resulted in increased investor interest.

• SilverBow plans to achieve a sub one times leverage ratio and introduce a shareholder return program.

More details: SilverBow Resources IR

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