SilverBow Resources, Inc. (SBOW) Tops Q3 EPS by 54c

SilverBow Resources, Inc. (NYSE: SBOW) reported Q3 EPS of $2.35, $0.54 better than the analyst estimate of $1.81. Revenue for the quarter came in at $72.01 thousand versus the consensus estimate of $74.9 million.

Sean Woolverton, SilverBow’s Chief Executive Officer, commented, "Our third quarter results demonstrate the resilience of our low-cost Eagle Ford asset base and our ability to generate returns in a challenging commodity price cycle. We continue to execute on our organic leasing campaign, and this quarter announced our newest acreage position in Dimmit County which significantly increases our oil location inventory. Our acreage additions this year in Webb and Dimmit counties highlight our returns-focused approach towards growth and our ability to sustain free cash flow, ultimately creating long-term shareholder value."

"Our preliminary 2020 capital budget represents a 30% reduction in projected spend year-over-year, and targets over 25% oil production growth and positive free cash flow. At the forefront of our strategy is the proactive management and protection of our balance sheet, borrowing base, and liquidity. At a one-rig pace, we will focus on returns while assessing opportunities to grow where valuations are attractive. As we work to finalize our formal 2020 budget, we have unique optionality as we focus on diversifying our commodity mix as well as maintaining our ability to respond quickly to the commodity price environment and pursue strategic expansions."

Mr. Woolverton commented further, "SilverBow is a premiere small-cap company in the E&P space, with an exclusive focus in the Eagle Ford. We are a returns-focused operator uniquely positioned to adjust capital allocation based on prevailing product prices. We have a low-cost structure and proximity to premium Gulf Coast markets. As such, we have consistently delivered industry leading margins and top-decile returns on capital employed.”

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

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