SilverBow Resources, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SilverBow Resources, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

SILVERBOW RESOURCES, INC. filed a Annual Report (10-K) with the SEC on February 29, 2024. SilverBow Resources, Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is crude petroleum and natural gas extraction. SilverBow Resources, Inc. is incorporated in Delaware. The company's business address is 920 Memorial City Way, Suite 850, Houston, TX 77024.

Why It Matters

For investors and stakeholders tracking SILVERBOW RESOURCES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of SilverBow's financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's position within the volatile crude petroleum and natural gas market, highlighting potential challenges and opportunities.

Risk Assessment

Risk Level: medium — SILVERBOW RESOURCES, INC. shows moderate risk based on this filing. The company operates in the crude petroleum and natural gas industry, which is subject to significant price volatility and regulatory changes, posing inherent risks to financial performance and operations.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand SilverBow's operational performance and exposure to market fluctuations in the energy sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-29 — Filing Date (FILED AS OF DATE)
• 1934 Act — SEC Act (SEC ACT)
• 001-08754 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• SILVERBOW RESOURCES, INC. (company) — FILER
• 2023 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-29 (date) — FILED AS OF DATE
• 1311 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (other) — STATE OF INCORPORATION
• 10-K (other) — FORM TYPE
• 920 MEMORIAL CITY WAY SUITE 850 (other) — BUSINESS ADDRESS
• HOUSTON (other) — CITY

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial results are significantly impacted by fluctuations in the prices of crude oil and natural gas, which can adversely affect revenues, profitability, and the value of its reserves.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive federal, state, and local environmental and safety regulations, the costs of compliance with which, or failure to comply, could materially impact the company.
• Operational Risks [medium — operational]: The company faces risks related to exploration, drilling, production, and transportation of oil and gas, including equipment failures, operational disruptions, and unexpected geological conditions.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 2023 Form 10-K.
• 2024-02-29: Filing Date — Date the 2023 Form 10-K was officially filed with the SEC.

Key Financial Figures

• $0.01 — ch Registered: Common Stock, par value $0.01 per share SBOW New York Stock Exchange
• $2.3 billion — liquids) with a Standardized Measure of $2.3 billion and a PV-10 of $2.7 billion at SEC pric
• $2.7 billion — Measure of $2.3 billion and a PV-10 of $2.7 billion at SEC pricing as of December 31, 2023.
• $470 — ur revised 2024 capital budget range of $470 - $510 million is based on our outlook
• $510 million — sed 2024 capital budget range of $470 - $510 million is based on our outlook of commodity pr
• $605.0 million — t production. In total the Company paid $605.0 million in cash related to the Chesapeake Trans
• $97.3 million — ing expenses and fees, of approximately $97.3 million. We plan to continue strategically targ
• $478.0 million — s of December 31, 2023, the Company had $478.0 million in available borrowing capacity under i
• $722.0 million — rities. As of December 31, 2023, we had $722.0 million drawn on our $1.2 billion borrowing bas
• $1.2 billion — 023, we had $722.0 million drawn on our $1.2 billion borrowing base under the Credit Facilit
• $0.40 — l gas basis differentials to NYMEX were $0.40/Mcf discount versus $0.76/Mcf discount
• $0.76 — to NYMEX were $0.40/Mcf discount versus $0.76/Mcf discount for the Permian Basin Inde

Filing Documents

• sbow-20231231.htm (10-K) — 2275KB
• a202310k-exhibit410.htm (EX-4.10) — 49KB
• a202310k-exhibit21.htm (EX-21) — 3KB
• a202310k-exhibit231.htm (EX-23.1) — 5KB
• a202310k-exhibit232.htm (EX-23.2) — 2KB
• a202310k-exhibit311.htm (EX-31.1) — 11KB
• a202310k-exhibit312.htm (EX-31.2) — 11KB
• a202310k-exhibit32.htm (EX-32) — 7KB
• a202310k-exhibit97.htm (EX-97) — 13KB
• a202310k-exhibit991.htm (EX-99.1) — 37KB
• image_1a.jpg (GRAPHIC) — 9KB
• sbow-20231231_g1.jpg (GRAPHIC) — 82KB
• sbow-20231231_g2.jpg (GRAPHIC) — 108KB
• 0000351817-24-000016.txt (&nbsp;) — 10766KB
• sbow-20231231.xsd (EX-101.SCH) — 59KB
• sbow-20231231_cal.xml (EX-101.CAL) — 65KB
• sbow-20231231_def.xml (EX-101.DEF) — 296KB
• sbow-20231231_lab.xml (EX-101.LAB) — 772KB
• sbow-20231231_pre.xml (EX-101.PRE) — 489KB
• sbow-20231231_htm.xml (XML) — 1695KB

Page

Part I Page Items 1 & 2 Business and Properties 6

Risk Factors 23

Item 1A. Risk Factors 23

Unresolved Staff Comments 40

Item 1B. Unresolved Staff Comments 40

Cybersecurity 41

Item 1C. Cybersecurity 41

Legal Proceedings 44

Item 3. Legal Proceedings 44

Mine Safety Disclosures 44

Item 4. Mine Safety Disclosures 44 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

[Reserved] 47

Item 6. [Reserved] 47

Management's Discussion and Analysis of Financial Condition and Results of Operations 48

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 48

Quantitative and Qualitative Disclosures About Market Risk 58

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 58

Financial Statements and Supplementary Data 58

Item 8. Financial Statements and Supplementary Data 58

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 102

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 102

Controls and Procedures 102

Item 9A. Controls and Procedures 102

Other Information 102

Item 9B. Other Information 102

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 104

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 104 Part III

Directors, Executive Officers and Corporate Governance 105

Item 10. Directors, Executive Officers and Corporate Governance 105

Executive Compensation 105

Item 11. Executive Compensation 105

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 105

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 105

Certain Relationships and Related Transactions, and Director Independence 105

Item 13. Certain Relationships and Related Transactions, and Director Independence 105

Principal Accountant Fees and Services 105

Item 14. Principal Accountant Fees and Services 105 Part IV

Exhibits and Financial Statement Schedules 106

Item 15. Exhibits and Financial Statement Schedules 106

10-K Summary 106

Item 16. 10-K Summary 106 3

Forward-Looking Statements

Forward-Looking Statements This report includes forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this report, including those regarding our strategy, future operations, financial position, well expectations and drilling plans, estimated production levels, expected oil and natural gas pricing, estimated oil and natural gas reserves or the present value thereof, reserve increases, service costs, impact of inflation, capital expenditures, budget, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words "will," "could," "believe," "anticipate," "intend," "estimate," "budgeted," "guidance," "expect," "may," "continue," "predict," "potential," "plan," "project," "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following risks and uncertainties: further actions by the members of the Organization of the Petroleum Exporting Countries ("OPEC"), Russia and other allied producing countries (together with OPEC, "OPEC+") with respect to oil production levels and announcements of potential changes in such levels; risks related to recently completed acquisitions and integration of these acquisitions, including the acquisition (the "Chesapeake Transaction") of oil and gas assets (t

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