SBOW - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the SilverBow Resources' Fourth Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions] Now, I'd like to hand the call conference over to Mr. Jeff Magids, Director of Finance Investor Relations. sir. ahead, go Please

Jeff Magids

Please today and CFO. this us and note everyone. and for call. references call. and the non-GAAP XXXX Angel, to measure Steve our much presentation our their release. afternoon, Adam, full refer occasionally you we press for conference COO; call on me joining corporate the our make Abundis, will latest we closest earnings our download that With Sean website materials. encourage good may you, to We financial it Woolverton, Thank are new CEO; our morning, listeners Chris measures very year are: GAAP to Yesterday Thank fourth during a reconciled the quarter to certain posted in which to

today file the may call our are which to With described more over our statements, many our turn on which fully and are to that forward-looking are beyond uncertainties, and website. I include the uncertainties with are will in risks SEC, on Our which subject also of available control. Sean. risks These discussion documents

Sean Woolverton

immediate and I you, with oil commodity necessitated the towards been entered everyone to year thank Jeff, has to year. actions global different for SilverBow, second flow half took revise In value. This pandemic everyone return-to-space plan. our our commitment who this of the Thank March, the morning. approach of weather-related volumes of response, generating and strategy. behalf of year in may overview cash XXXX original you results. full our program. It past call last few price have we By the then events the affected review On quarter XXXX are by business joining across environment fourth in target maximize XXXX stakeholder free a a weeks. growing the a brief our by XX% SilverBow's and well. We hope certainly showcased doing south challenging will I been impressive To start, our I provide will

refocused temporarily later schedule thereby profile, recognizing and monetizing and in derivatives second months, the volumes our our prices we changes in higher year. deferred XX we spend. million quarter, Specifically to curtail by the By over the oil D&C cash our production with completion in activity, March. aligning in We drilling forward our excess altered brought next $XX production

Fourth last in $XX million in last have more five capital we to flow the Finally, end, amidst lives. this testament free ahead with cash free quarters on million the over even on hard down to work quarter mission, cash The positive. million call. were on of six cash we dedication XXXX, of their guidance million year our our $XX disruption, team who million two the stated $XX disruptions marks transactions of the the our and of debt. results our daily out quarter. paid reduced executed SilverBow flow impressive which a and we were of also flow $XXX free nearly by we By $XX closed generated A&D second budget than

Our operations savings. service incremental costs team to bottom providers renegotiated find rates from top and reviewed to with our our

for million to of far, we a savings our and Thus identified forward. to G&A work-from-home our cash implemented employees found and XXXX. cost ways office corporate schedule increase Our going protect new activities efficiencies have streamline $X.X

change in proud total operations. the within safety pace at for a operational with here set new and efficiency of remarkable We're We recordable year. also critical reached standards incidents is our This the milestone to SilverBow. for considering zero safety

cash and we completed On workplaces set by thereby costs debt XXXX, SilverBow continued of of top all record foot efficiency day, and year, new This one the well. outlook. reduction, free face Houston stage per and stages commodity safety the improving as more recognized price our to records. from In delivered headwinds more in was lateral our operational per absolute reducing achievements, past itself SilverBow benefit addition, of top flow, feet Chronicle. to an In the capital per SilverBow per drilled positioned

quarter net cubic For production our million averaged gas the natural $XXX feet fourth above of guidance. equivalent the of per day XXXX, of midpoint

of during a and $XX million, performance, value at Our our of $X.XX the $XXX gas $XX year the share XXXX our we debt. and absolute million and equates of favorable debt production generated at of guidance, fourth cash after and oil the CapEx out $XX end, million our PV-XX pricing paid At was down price $XX to $XX which quarter. low approximately with was of coupled million approved end backing free reserves

we As plan year we to ahead, levels hold XXXX capital full at similar to spend look our XXXX.

of to of strip, single another With year Our capital flow time. range and million have flexibility expect real $XXX meaningful to we are growth we $XXX production digit prices, optimize and full maintain strengthening to million $XX million. playbooks budget XXXX cash to range adjust free multiple and mix debt million cadence $XX in cash year to free we reduction. schedule poised be our of and the to pay flow gas of to generate down. the At current hydrocarbon the Signature delivers to SilverBow, debt drill continued

of over gas the heavier a preserving position colors, next to fundamentals. two price Our mix years upside utilizes our [ph] improving gas'

of Included year XXXX this volumes the in constructive gas, Chalk development our our for are approximately well, plan which on gas currently is an XX% Austin unhedged. is Given fundamentals flowback.

base. see position offset Webb add incremental from inventory We future additions Any this for borrowing County. our in value our and are both to and reserves potential our the acreage the by locations over results encouraged early test

leasing Our strategy and to opportunities ground accretive A&D extend game on focused is locations and lateral lengths. add

recent on M&A. to both the prices in scale up closer Finally, larger we brought believe We disciplined commodity table. and have remain that sellers buyers the move

year. budget on not XXXX one that will add our focused the call is just turning Before over, I

expand and delever efficiencies capital We are sheet. inventory, the in taking drive grow balance the production necessary steps EBITDA, to

culture daily Our value to do empowering incremental organizational focused is they on our basis. on everything drive team in a

of And track continue meeting that, over exceeding corporate or to forward we the a record We have on in I'll to deliver with Steve. our And objectives. hand our ahead. strategy look call to years the demonstrated

Steven Adam

Thank you, Sean.

This our watermarks year, all to team safety operational of on and high Moving disruptions both the results. in new amidst XXXX, efficiency. our set

is team recognized efficiencies is cost At First, I also the go-forward which congratulate team would the a savings. milestone like in standard. same now to XXXX, time, rate of just incident and drive a zero for but operational not a our to continued recordable

more XX our drilling reduced to we by day XX% on As and shown XX% Slide feet presentation, per and of XX foot costs compared per our drilled XXXX.

XX%. pad, first short, to budget. operational drilling our the On The learned X% cost drilled pad fourth day improvement we record achieved we per completed reducing the its cost in La With Mesa significantly $X La three stages Mesa stages XX%. six-well our to and cycle of regards quarter, a Fasken In benefited we was December the process completed per from Mesa and La completion Fasken reduced from track completion second and record-setting demonstrate In day execution. pad. well more XX by began team wells our online per under side, drilling and by we continues second brought our pad, times million and efficiencies

decisions day curtailed during As second defer we made quarter On quarter All and were fourth and barrels net volumes completions. our we per to for production, day oil the producing curtailment back strategic XXXX. of XXXX, per of wells full-year basis, net approximately amounted is production online both which and gas as curtail of program estimate and the cash Sean X% we're expected. mentioned the to XXX mmcf in oil a production, XX of

wells. drilled completed XX we wells net XXXX, full-year net the For and XX

shifted in to oil of in of the the year. Our the from second focus development drilling part the gas development half early year

net to wells to forward net complete and wells. XXXX, we Looking XX plan XX drill

over first term on near of county our year web half focus assets. the will be Our gas the for

liquids-weighted County summer, we gas the area. the capital condensate plan Later Salle area. ship back to to to capital La in Over our to opportunities Webb our in we year, plan allocate

Mesa our development capital optimized their we as and our in our quarter expect debt From to core is higher expect flexibility to on an returns complete million, the we capital single and our we growth, noted, standpoint, investment digit $XXX bring our production $XXX La and range the Sean further As the capture first to wells incurred remaining positive reduction. program highest to deliver flow, be test. year cash budget full-year million Having strategy. Chalk remains which the free Austin throughout

production For are day, of we quarter XX% the guiding XXX gas XXX approximately of of first comprising production midpoint. to per XXXX, mmcfe at the with average to

only up production, midpoint, of to gas full-year, targets increase to back with XXX brought has Salle At recent our XX% production a oil day, average anticipate from weeks quarter wells our Furthermore, up La XXXX. production of we pad. of production approximately guidance first the the XXX our For our gas production La are a in contribution mmcf XX% quarter Note year-over-year. our is comprising in pick that the per production full-year X% few as third online. Mesa in guidance from

February the our optionality value. January, elections in [ph] make we year recovery full to the optimize remainder to rejected to we to and and While of we'll in switch for ethane use continue monthly March

will of and a projects slightly in our portion On higher quarter. have per in result several base, related production the of unit expense cost the production front, which we first maintenance optimization LOE to

in XXXX latest For review our guidance, on website. release of presentation our a press our breakdown please our corporate

progress safe to operations. environmentally-responsible through maintaining is goal efficiencies we and upon the continue to As our year, while our improve

corporate in Ford, shown equivalent ranks the intensity our public private. Slide and both amongst As on operators lowest Eagle emission X in SilverBow the presentation

counting. of our of and at with contractors program flexibility to our the the of safety in personnel of strategy a and will balanced at I'll turn importance. ensure days to the call service our our over paramount to employees, Our Working and continue that, inventory mix be X,XXX now incident record success forward. Chris. core our is and free to safety the XXXX were With This development over of moving integral stands along

Christopher Abundis

In oil of my will year $XX fourth Thanks, capital our gas comments excluding as as and hedging morning, program and full XX% our Fourth were XX% production well I results highlight and operating with structure. of sales quarter representing sales. Steve. quarter financial gas derivatives and million, natural this costs,

During realized XX% oil the was price of WTI. NYMEX quarter, our

of quarter the Our commodity XXXX, of realized WTI. Henry our prices, third XXXX. in higher realized gas $X.XX was the $X.XXX Due Hub mcfe was from quarter of hedges excluding per per price XX% mcfe in an per of was increased fourth XXX% realized NGL NYMEX our $X.XX and and NYMEX to price price mcfe,

the Our for inclusive and contracts contracts. was of million cash million $XX derivative fourth gain $X hedged full-year, monetized on the quarter for the settled

total of for the production midpoint XX% production guidance. had As of of SilverBow February estimated using volumes the XX, full-year XXXX, hedged

Our $XX.XX is expected with oil hedged of production per barrel XX% oil. price weighted average a of

XX% expected price Our a per production $X.XX average weighted of mmbtu. is hedged gas with

production XX% weighted $XX.XX NGL of NGL. hedged per Our with expected is of average a barrel price

weighted ceiling calendar price role Our the aspect hedges business collars and price for are a strategy. our adding supplement Management to the a and of in are and is of in with our average key hedging combination proactive basis swaps and month further swaps Risk average factoring we oil a gas collars.

to We manage continue exposure our swaps differentials. basis to to use

XXX benchmark differential $X.XX. also full-year we basis on a XXXX, hedges per For weighted mmcf average from prices. guest SilverBow's with XXXX day relief hedges provided negative of have

per an gas an Including mcf, per price Excluding mcf total mcfe. $XX.XX a equivalency per oil hedges, gas, on for were total $X.XX of price average price derivatives, mcfe $X.XX per per settled of of basis. the impact oil, barrel cash our average a equivalent per of and $X.XX prices realized $XX.XX realized barrel, the impact hedge $X.XX for of and average we

realized of $XX first resulting This not the a of in hedge the production million price in and realized our does our XXXX. $X.XX during monetization oil hedges a combination uplift for SilverBow's the $XX impact and received of uplift include Our price, in year. timing quarter full our gas of

quarter fourth capital encouraged investment are in in improvement we in returns. the our locking pricing we and the XXXX, While early conservative benchmark plan in and judicious to in remain favorable relative by during

Coast to NYMEX As on close Slide maintain of our prices and Gulf XX the asset shown corporate This base. favorable basis competitive we advantage premiums. of presentation, a benchmarks key is consistently realize

quarter, the to Turning for and and mcfe mcfe taxes costs fourth or were per $X.XX per $X.XX fourth expenses. processing $X.XX per the Transportation quarter. cost mcfe. of sales were was production LOE for while X.X%

of trend expenses producing these of $X we which of of of guidance favorably All the compensation stands and continuing including $X.X the million total fourth our year production prior to of for we compared XX% operating prior less amongst cash LOE, compared production mcfe than out million quarter, below excludes our G&A and expenses the based ranges, tiers. mcfe stock totaled $X.XX Cash $X believe costs T&P midpoint $X.X our was mcfe, to production per gas more adding our guidance than the quarter. G&A total reduction periods. cash total which per taxes a achieved and per and and together, production expenses of for expenses Total quarter

profitability portfolio [ph] XX% XXXX. of to lien decrease periods year which sustain at advantage of during commodity XXXX, consider volatile be we from G&A a are For We competitive for million prices. cash full-year the allows a guiding cost midpoint, to our $XX.X us structure

was $X approximately and of of $XX Adjusted oil for amounts able gains amortize Adjusted In and purposes identify our unwinding derivative calculation discrete over as derivative important to ratio of And our XX the April leverage million. EBITDA full-year further to from per add analysts covenant same period million. December the was therefore As XXXX $XX through into the includes received our for in calculating contracts adjusted with EBITDA to investors to SilverBow EBITDA back or time we million, of amortized we purposes understand XXXX, move month, which our leverage XXXX. basis, hedged add amortized back SilverBow's leverage extending LTM periods quarter intend ratio XXXX through backs was in On tracking and $XXX million. was XXXX, savings. gain fourth production when approximately adjusted the ratio. for million. is conjunction we in research EBITDA The $XX March add $XX related million XXXX for factor last XXXX

purposes receive calculating approximately ratio an leverage of year-end our $XX X.Xx. of back benefit we was for XXXX, will ratio. Our leverage In add million

to the XXXX. With we generation, are our on exiting closer continued cash flow sheet targeting balance focus and free leverage Xx

As our reconciled $XX million free flow. earnings we materials, cash generated in of

last positive this noted six the quarters free earlier, Sean As marks of out five cash flow. of

year, For million $XX cash SilverBow million $XX than flow, the of full above more generated free guidance.

deficit inflow in calculation. $XX quarter-over-quarter. are capital changes million cash $XX note working was at net our and cash capital flow million Please excluded year-end working free Our from that

an the total the liquidity. our and between disbursements We a development standpoint manage continue timing accrual to our as basis from $XX for we optimize activity cash needs receipts and balance million CapEx capital associated and Nearly CapEx $XX million dry quarter for in representing quarter Webb gas full-year, County the our a reduction was XX% the in full-year drilling. year-over-year. all investment with of fourth our on

on Our to on with XXXX spend reinvestment capital gas modest XX% plan, his comments recently production spurred the online. our have XX%. wells similar growth Steve that detailed at between targets XXXX which come is guidance, current a levels Based our in rate by and XXXX

was effective $X of cash interest These XX% our expense full-year reductions fourth XX% were and down million management LIBOR realize approximately favorable ago, we expense and cash decline overhead down was XXXX, year our full-year interest G&A to tranche to savings. and a as XXXX. In due we to from quarter Our interest cash down compared to and rates. further expect continue debt prioritize lower borrowings, pay

compared to Turning credit under $XX of reduced the our sheet. the debt reductions quarter, our our by of XXXX. to facility $XX balance million approximately million further totaling revolving total during end We

outstanding $X As million cash of under of had hand $XXX and $XX approximately our we on of December liquidity. million XX, credit million facility,

J.P. had and with provide wrap on support. discussions prepared their extend for like up additional We our our of our conjunction it As call. full will facility execute with and to our Morgan conference and sufficient financial plan credit credit year-end, to bank to our full first that, headroom maturity there thank And the strategy. compliance Sean with to details redetermination. our to our lenders been to were in syndicate dialogue in with turn to our remarks. I continued it facility, semi-annual quarter At would I over positive relates we covenants our have active date

Sean Woolverton

which for growth to to in Chris. CapEx To free debt summarize, reduction XXXX. XXXX, up similar with flow cash and set is SilverBow Thanks, leads

We expect continue cap outperform other small to to SilverBow peers.

our on on next Encouraging cash By dynamics stakeholder operations, look of with as next a Our the a results to from further to operator balanced and support we our prices, structure. cash efficient returns. us allowing our strengthening a greater higher focused joining gas returns, cost Austin for winning on factors outlook supply debt We several capital balance you hold our back our forward constructive SilverBow for face results. call test, strategy that is Chalk that, of higher uncertainty, domestic expands as In inventory is control. well discipline, on reduction portfolio, to low over focused positioned and share playbook and And demand on within oil and We Thank morning our the drilling are as updates this our well call. strategic sheet our will call as concentrating I years. turn for providing the questions. prices. the

Operator

Instructions] comes [Operator our of And the Dun go JRCO. first ahead. with question Please, McIntosh from line

Duncan McIntosh

Sean. morning, Good

Sean Woolverton

Good Hey. Dun. morning,

Duncan McIntosh

confidence a on kind for I from things should challenging guess just And was little in is as the we going what term year. that big SilverBow, XXXX kind see are of a But that of debt forward? can to program of getting And debt, we expect particularly XXXX? to kind and I growth, what down digit we mid-single think there. longer of start paying all you in picture. wanted it for Congrats the that down start give repeatability you some

Sean Woolverton

Yes.

characterized think you spot our strategy I long on. term

XX% deliver, and flow then both best on and flow production cash using probably XX% debt of to think to while our we probably That's from the to growth, value to range. cash return pay is X% in proceeds the the spending EBITDA the remaining way within plan to modest as to that's down Our XX% shareholders.

Duncan McIntosh

Okay, great. you the you could if far? Chalk days in early kind that that a What find do gives Thanks. see I you encouraging then room there? you you of think test. What color little could on Austin And guess provide more you have running do so

Sean Woolverton

the out starting the extremely dry stamp-paid and our Webb potential excited inventory and specifically of County. the in inventory window We're expanding the EOG into Chalk Austin Ford [ph] the the We're programs more about Yes. operators of Energy SM adding delineation the Both is Austin and our with had to now see that gas Chalk more are in and western to on success. and SilverBow Eagle fast come same path. have successful development shifting

So operators below the their are as cost other actually first target drilled delineation we came well, in start. what our capital and expected signaling

think, far, expectation the low already we're but continue we the very operator the in we'll lead and to thus on we're Chalk. do as our back, So exceeding on cost flow well. of days early the Austin Results in we that basin IP

And plan conservatively, think County. future high Webb delineation strict years in locations first test think And in projects across adds we success so, is additional to it return this rates position to be that XX a the in wells will that our another at we of drill pricing. XX probably

Duncan McIntosh

then M&A And landscape. right, in the great. kind if last for All one, one of give some guess, you're color could seeing that's what on just you I

in year. context there, could the peers were at the and in of guess successful it quarter in then fourth you Some how great. current I that, be smaller that inventory of little but done getting bit your feel you put a on if comfortable the would with beginning cap kind your deals of and

Sean Woolverton

that. appreciate I Yes.

for the believe us continue existing more of looking we that and of generating the publics. as of being basin do on our down of in our our Eagle We're exits the gaining to one one focus returns as a solely stakeholders. companies can up as the traded operators both privates the think critical scale asset well that of in low-cost driving consolidation company base. the the to platform publicly sets that few in out participate cost on Eagle and Ford for focuses firm I But that Ford is believers that are

do So folks and comments in that's I that, think our closer [ph]. prices stability strategy. bringing as commodity more my together bids that on is I noted

and market, it So of we Eagle will do right people the will to be makes at to right the lot valuations a at the across if SilverBow. talk deals time continue in continue active with sense the to Ford

Duncan McIntosh

All right. you. Thank

Sean Woolverton

Thank good you, morning. Dun. a Have

Operator

line [Operator Truist. of Instructions] Our with Please, go Neil next question comes ahead. a Dingmann from

Neal Dingmann

all. morning, for Good details. Thanks

Sean, or For What's other me, nuts that? it what's of that one what that your a M&A. your interest Dun quick Remind to more NRI out the your bigger working with Is interest? just with Is on to is a have your M&A? bolt-ons that? the and a for And is get of of saying some approximate with lot for areas? folks continue kind was web in there can't your you opportunities What it that hands of possible add on of just it?

Sean Woolverton

our positions, Yes, honest just all of with be XXX% working interest. across to hold about we you,

the non-operated given be So, on of no continue property. point We're one in pleased to to asset this and asset, we slightly interest interest [ph], in one of The time. is terms where very the with area, they below have acquire. and not SAKA partners have much at the working with selling Fasken our XXX% positions

non-opposition. to love I So would acquire more

it's most of at own. and think point, I that we efficient way do acquisitions. control everything But XXX% we about this to the just own

Neal Dingmann

you still see maybe of but and larger expecting little know, is the you'd of rest staying time, maybe they one what I release mentioned very just prices the is the now? kind inflation when low, Permian you think and where OFS with of And wondering, year bit suggests about just talking. you maybe one, then the high. pretty I rigs some Last guys -- in the do Permian availability couple your for about bit still right still that then potential, it inflation. And versus we talk called a maybe the tracks, I'm press more, what that or a were [ph] little Okay. are talked 'Goldilocks',

have just you cost bit? lock of sort availability? and move I'm Or frac do curious of that if So you So both to some on and wanted to longer rigs the kind on in a little operations?

Sean Woolverton

everyone started DUCs were our DUCs, one completing Yes. back our brought we back July probably early rig in completing And in in and We of movers of is the different. our drilling on October. terms then

point fourth the reference is until at where go the quarter others back the of early later this So I'll from activity and up. in maybe low waited the market, year to pick their

seeing So to again, at seeing of the relative, did space across what just we're reality. that and we're inflation what probably relative to up is of we pick the the expect just to in quarter and is range, XXXX. fourth quarter in starting activity And a fourth were where increases XX% mid-year XXXX X% to we

Neal Dingmann

appear do about position, of you're Got thinking you And flow the policy cash then the does still to ways Xx a would have your a I'm Or how you little hedging if would you'll bit that's -- even once just be year. like maybe your the if around could talk better you because going hedging little leveraged if end of it it. you're banks We is you have, think free you a better much. case the or with order. do by definitely I'm continuing thinking looking plan? year it of the on aren't as a quite forward, to still down just are of type I'm pushing bit wondering think hedging? differently? in in a wondering, just same about sort next certainly wondering bit sort you be

Sean Woolverton

the hedging drilling strategy that make in we returns pricing basis the upon of to of we based years. allocation capital over the and is can couple first our our decisions Kind look Yes. of at our lock think

look advance always first months. the our we lock in to capital program of So, XX in

that. achieves usually XX% So

volumes the don't so, returns change I is the in over our We're that to walking hedge, think first going us. look XX And months. appropriate always going to to for strategy

Neal Dingmann

Okay. one more. And maybe I can get just

expectations look Just Salle, County I quite don't says just gas your the run think wondering, up La any $X.XX, today expectations? Could you more When of give Chalk area I versus to your it in for Webb all. I a too you we've see returns strong early be oil, Webb. returns? continues on Webb a it's had I maybe How bit to even big even if on know still you -- though my now in think math is are -- have even at a at

So just returns what if give on go Sean, some that's maybe at, you're I forward, strip guess, you on how broad us thinking or could I'm Salle. a just color for La getting and currently, around Webb

Sean Woolverton

Yes, appreciate of is Webb commodity returns north essentially $X.XX in and even gas, of makeup that. at The are higher. XX% and dry there XXX%

we're seeing commodity all a third, a third So, that's And of third, La strong a good benchmark really is on a move NGLs. prices return for Webb County at [ph]. strong phases, $X.XX. Salle, up mix including the commodity a

probably the why there to planning project So, and drilling that's of capital are we're summer our our returns prices. current La XX% season the Salle commodity that at to allocate north

Neal Dingmann

details. much so Thanks the good. Very for

Sean Woolverton

good a appreciate day. Have Neal. questions, Yes, the

Operator

question Please, next Jeff of a our Robertson with Water ahead. go And line Tower Research. from comes

Jeff Robertson

Thanks. A leverage returns you toward your or processing the development question to existing Chalk? program on Either if there opportunities surface Chalk. the locations gas Are just on the move to Austin a infrastructure? drilling enhance

Sean Woolverton

one definitely of stacked development. on existing And reasons is, Eagle Jeff. top we're question, the excited Ford it's the Appreciate all it Yes. of our about

the the the lines, existing that pads we're be well stations in our able to leverage compressor both have infrastructure, we as So as to gathering place. going

enhances the that returns So there for sure.

Jeff Robertson

just area? there's how dry Are develop I that guess, minimal constraints gas in there so Or any there processing. versus constraints would in But the and processing? Chalk would you it's you develop how Fasken? gathering manage any Or are would gathering you

Sean Woolverton

South we time, is like No, and takeaway we've in always about why infrastructure point points. plenty of at this Texas something said and there's

could And so, that by Austin other production from we growth increased sufficient to the take there's with play. and us the the development even operators see of away and we capacity think Chalk,

Jeff Robertson

wells additional will XXXX And capital then that Chalk? be lastly, to talk any can to program target about in the you

Sean Woolverton

with. our think I mentioned CapEx, pleased I is we're very what

thing very developing are with So kind understand so is the box We as new checked were correct? first pleased you target, about that a our capital think our well, on first expectations to we on there. your the of you want performance

is Next in. the getting IP

mentioned IP I target. think we're our above I

now, four if been in initial six So see to Austin have decline going probably at give it we understand than to declines it's decline, to see though, Chalk similar of operators, we're least, Ford. which wells other months the Eagle to flatter

as out we'll long the delineation that, Fasken, and last north, drilling east we we'll Bravo, that look to sits year. be in acquired another Webb. La year second across And take probably Austin part of the of type approach the Mesa, so the half Chalk exhibit that Rio And the we our in as acreage back

Jeff Robertson

thank you much. very Great,

Sean Woolverton

good Yes. Appreciate day. a the Have questions.

Operator

I to over And now for any would to Sean conference back like closing turn Woolverton remarks. the

Sean Woolverton

doing and Again, appreciate everyone's look results. sharing forward everyone well is you interest first SilverBow. giving in update Hope again, speak we our to when an quarter

Operator

conclude your you thank for participation. This gentlemen, today's call. conference and does Ladies

now may disconnect. You

SilverBow Resources (SBOW) 4 Mar 212020 Q4 Earnings call transcript