SilverBow Resources, Inc. (SBOW) Tops Q4 Revenues Estimates

SilverBow Resources, Inc. (NYSE: SBOW) reported Q4 EPS of $4.82, $2.91 better than the analyst estimate of $1.91. Revenue for the quarter came in at $88.2 million versus the consensus estimate of $76.35 million.

Sean Woolverton, SilverBow’s Chief Executive Officer, commented, "2018 proved to be another great year for SilverBow. We pursued a more active drilling program specifically designed to delineate our asset base. We completed more wells than originally planned and selectively moved toward high intensity slickwater fracs resulting in better well results. Our fourth quarter numbers were bolstered by successful liquids drilling, furthering the Company\'s move toward a more a balanced production mix. By leveraging our competitive lifting costs and taking advantage of our proximity to key downstream markets and favorable basis differentials, we continue to create sustainable value for our shareholders."

Woolverton commented further, “By focusing on repeatable results and continual per-unit cost reductions, we achieved our goal of expanding our full year Adjusted EBITDA margin to 65% of oil and gas sales. Our full year 2018 production increased 20%, and our lease operating expenses declined 33% on a per unit basis compared to full year 2017. Our growth profile is further supported by a deep inventory of high quality drilling locations providing over 15 years of development at a two-rig pace. As of year-end 2018, our proved reserves were 1.3 Tcfe with a PV-10 of $1.1 billion, an increase of 31% and 40%, respectively, from 2017. With a strong balance sheet and ongoing cost initiatives, our 2019 capital program should allow us to reach cash flow positive in the second half of 2019 while still generating meaningful annual production growth."

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

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