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EX - 99.1 2 sbow_ex991-1q2021.htm EX - 99.1 鍋 SilverBow RESOURCES® COMPANY CONTACT : Jeff Magids Director of Finance & Investor Relations ( 281 ) 874-2700 , ( 888 ) 991 - SBOW FOR IMMEDIATE RELEASE SilverBow Resources Announces First Quarter 2021 Results Houston , TX - May 5 , 2021 - SilverBow Resources , Inc. ( NYSE : SBOW ) ( " SilverBow ” or the “ Company ” ) today announced operating and financial results for the first quarter of 2021. Highlights include : • • • Net production averaged approximately 180 million cubic feet of natural gas equivalent per day ( " MMcfe / d " ) , above the high end of guidance Reported net income of $ 28 million , Adjusted EBITDA of $ 63 million and free cash flow ( " FCF " ) of $ 24 million . Adjusted EBITDA and FCF are non - GAAP measures defined and reconciled in the tables below Increased full year 2021 FCF guidance range by $ 10 million at the midpoint to a range of $ 30- $ 50 million¹ • • • • • Reduced total debt by $ 30 million quarter - over - quarter and by $ 90 million year - over - year ; leverage ratio of 2.1x² and liquidity of $ 113 million at quarter - end . Anticipated year - end 2021 leverage ratio below 2.0x² Success of first Austin Chalk well supports further delineation across SilverBow's acreage in 2021 ; potential to expand existing inventory with additional high - return locations The Company's second La Mesa pad , as pre - released , achieved a peak pad production rate of 90 million cubic feet of natural gas per day ( " MMcf / d " ) , further reduced drilling times by 10 % , and capital costs were 13 % below authorization for expenditure ( " AFE " ) Extended the maturity of SilverBow's $ 600 million senior secured revolving credit facility ( the “ Credit Facility ” ) , governed by a borrowing base of $ 300 million , to April 2024 ; provides ample liquidity to execute business strategy Expanded and accelerated mid - year liquids - focused drilling program beginning in April with incremental oil locations added ; corresponding production uplift expected in the third quarter of 2021 Full year 2021 total production guidance range unchanged at 180-200 MMcfe / d ; expected full year 2021 oil production increased by 12 % at the midpoint reflecting the shift in mid - year development Full I year 2021 capital guidance unchanged at $ 100- $ 110 million , inclusive of expanded oil drill schedule 1