SilverBow Resources, Inc. (NYSE:SBOW) Q1 2023 Earnings Conference Call May 4, 2023 10:00 AM ET

Company Participants

Jeff Magids - Vice President, Finance and Investor Relations

Sean Woolverton - Chief Executive Officer

Steve Adam - Chief Operating Officer

Chris Abundis - Chief Financial Officer

Conference Call Participants

Donovan Schafer - Northland Capital Markets

Charles Meade - Johnson Rice

Neal Dingmann - Truist Securities

Tim Rezvan - KeyBanc

Noel Parks - Tuohy Brothers

Geoff Jay - Daniel Energy Partners

Operator

Good morning. My name is David and I’ll be your conference operator today. At this time, I’d like to welcome everyone to the SilverBow Resources First Quarter 2023 Earnings Conference Call. Today’s conference is being recorded. [Operator Instructions] I will now turn the call over to Jeff Magids, Vice President of Finance and Investor Relations. You may begin your conference.

Jeff Magids

Thank you, David and good morning everyone. Thank you very much for joining us for our first quarter 2023 conference call. With me on the call today are Sean Woolverton, our CEO; Steve Adam, our COO; and Chris Abundis, our CFO.

Yesterday afternoon, we posted a new corporate presentation to our website and will occasionally refer to it during this call. We encourage listeners to download the latest materials. Please note that we may make references to certain non-GAAP financial measures, which are reconciled to their closest GAAP measure in the earnings press release. Our discussion today may include forward-looking statements, which are subject to risks and uncertainties, many of which are beyond our control. These risks and uncertainties are described more fully in our documents on file with the SEC, which are also available on our website.

With that, I will now turn the call over to Sean.

Sean Woolverton

Thank you, Jeff, and thank you, everyone, for joining our call this morning. SilverBow is off to a great start as our team continues to execute on our 2023 plan. Our development plan remains the same with both of our drilling rigs dedicated to our oil assets through the end of the year. Our full year production and capital budget guidance also remains the same from last quarter’s update. As Steve will further detail, our team continues to drive operational efficiencies and identify D&C cost savings. Costs have come down to begin the year, and we expect to see continued cost deflation as we progress throughout the year.