SilverBow Resources, Inc. (SBOW) Tops Q2 EPS by 17c, Revenues Beat

SilverBow Resources, Inc. (NYSE: SBOW) reported Q2 EPS of $0.92, $0.17 better than the analyst estimate of $0.75. Revenue for the quarter came in at $51.35 million versus the consensus estimate of $48.05 million.

Sean Woolverton, SilverBow’s Chief Executive Officer, commented, "The second quarter marked another solid performance for the Company as we continued to deliver consistent results across our asset base. While we are encouraged by results to date, the third quarter results will be a pivot point in the growth trajectory of the Company and will more fully reflect the pace and nature of our drilling program. The midpoint of our third quarter 2018 guidance reflects a significant increase in production over our second quarter 2018 results. Additionally, our two-rig program has allowed us to secure key completion services, which greatly enhance our ability to control the quality, timing and costs of our capital program."

“While our drilling and completion activities have increased, our team continues to find efficiencies in our business to lower our cost structure. Our lease operating expenses on a per unit basis were $0.26/Mcfe in the second quarter compared to $0.36/Mcfe in the same period a year ago - a 28% decrease. Our general and administrative costs on a per unit basis declined 22% year-over-year to $0.40/Mcfe. Additionally, our results in the quarter benefited from strong crude oil and natural gas differentials resulting from advantaged pricing dynamics in the Eagle Ford. We continue to advance our Eagle Ford growth strategy and believe we are positioned for an impressive production ramp over the back half of this year. Our operations team is executing on several growth initiatives, including testing stacked pay zones on our acreage, optimizing stimulations and further delineating the Southern Eagle Ford gas fairway. The improved performance of our Upper Eagle Ford wells at Fasken reflect our completion optimization efforts. Our goal to be a leading low-cost gas company is now being realized with our intense focus on per unit costs. We are excited about where the Company is now positioned.”

For earnings history and earnings-related data on SilverBow Resources, Inc. (SBOW) click here.

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