SilverBow Resources, Inc. (NYSE:SBOW) Q4 2022 Earnings Conference Call March 2, 2023 10:00 AM ET
Company Participants
Jeff Magids - Senior Manager, Finance & IR
Sean Woolverton - CEO & Director
Steven Adam - EVP & COO
Christopher Abundis - EVP, CFO, General Counsel & Secretary
Conference Call Participants
Neal Dingmann - Truist Securities
Charles Meade - Johnson Rice & Company
Donovan Schafer - Northland Capital Markets
Noel Parks - Tuohy Brothers
Slate DeMuth - KeyBanc Capital Markets
Operator
Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your operator today. At this time, I would like to welcome everyone to the SilverBow Resources Fourth Quarter and Year-End 2022 Conference Call. [Operator Instructions].
It is now my pleasure to turn today's call over to Jeff Magids with SilverBow Resources. Sir, please go ahead.
Jeff Magids
Thank you, Brent, and good morning, everyone. Thank you very much for joining us for our fourth quarter and full year 2022 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. 2022 was truly an exceptional year for SilverBow with strong execution on our business plan. We grew production and EBITDA by double digits, established new 8 bridge blocks providing for additional inventory, completed 4 accretive acquisitions and realized a 25% increase to our share price. Furthermore, SilverBow was named as one of Houston's top workplaces for the third year in a row.
The 4 acquisitions we completed in 2022 added a deep bench of premium inventory across our portfolio. As of year-end, SilverBow has over a decade of high rate of return drilling locations, 2/3 of which are oil locations. Using SEC pricing, our proved reserves increased nearly 60% year-over-year to 2.2 Tcfe, and our proved PV-10 increased to $5 billion. At recent strip pricing, we estimate our proved PV-10 is just under $3 billion.