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EX - 99.1 2 sbow_ex991-2q2021.htm EX - 99.1 COMPANY CONTACT : Jeff Magids Director of Finance & Investor Relations ( 281 ) 874-2700 , ( 888 ) 991 - SBOW SilverBow RESOURCES® FOR IMMEDIATE RELEASE • SilverBow Resources Announces Second Quarter 2021 Results Increasing full year 2021 production and free cash flow guidance Lowering full year 2021 per unit expense guidance Continuing to de - lever balance sheet Acquiring non - operated working interest and high rate of return acreage at La Mesa Houston , TX - August 4 , 2021 - SilverBow Resources , Inc. ( NYSE : SBOW ) ( “ SilverBow ” or the “ Company ” ) today announced operating and financial results for the second quarter of 2021. Highlights include : Net production of 213 million cubic feet of natural gas equivalent per day ( " MMcfe / d " ) , at high end of guidance • Full year 2021 production guidance range increased to 200-210 MMcfe / d , an 8 % increase at the midpoint • Full year 2021 free cash flow ( " FCF " ) guidance range increased to $ 45- $ 55 million¹ , a 25 % increase at the midpoint • • Full year 2021 capital guidance range revised to $ 115- $ 130 million ; selective allocation of FCF towards high - return inventory provides for a re - investment rate of approximately 70 % ² Lease operating expenses ( " LOE " ) of $ 0.29 per million cubic feet of natural gas equivalent ( " Mcfe " ) , transportation and processing expenses ( " T & P " ) of $ 0.32 per Mcfe , net general and administrative ( " net G & A " ) expenses of $ 4.8 million and cash general and administrative ( " cash G & A " ) ( a non - GAAP measure ) expenses of $ 3.6 million . LOE , T & P and cash G & A expenses were all below the low end of guidance for the second quarter of 2021 • Reduced full year 2021 LOE and T & P per unit guidance on anticipated cost savings and efficiencies • Reported a net loss of $ 20 million , Adjusted EBITDA of $ 43 million and FCF of $ 7 million . Adjusted EBITDA and FCF are non- GAAP measures defined and reconciled in the tables below • Reduced total debt by $ 2 million quarter - over - quarter and by $ 72 million year - over - year ; leverage ratio of 1.93x³ and liquidity of $ 104 million at quarter - end . Anticipate year - end 2021 leverage ratio below 1.75x³ . Acquired non - operated working interest in SilverBow operated La Mesa property ; adds 10 million cubic feet of natural gas per day ( " MMcf / d " ) of net production , 850 net acres , and 20 gross ( 17 net ) drilling locations in the prolific Eagle Ford and Austin Chalk trends for a total consideration of $ 24 million