SilverBow Resources, Inc. (NYSE:SBOW) Q2 2022 Results Conference Call August 4, 2022 12:00 PM ET

Company Participants

Jeff Magids - Senior Manager, Finance & IR

Sean Woolverton - CEO & Director

Steve Adam - EVP & COO

Chris Abundis - EVP, CFO, General Counsel & Secretary

Conference Call Participants

Bertrand Donnes - Truist Securities

Michael Furrow - Johnson Rice

Operator

Good day, and welcome to the SilverBow Resources Second Quarter 2022 Earnings Conference Call. Please note, today's conference call is being recorded. [Operator Instructions] Thank you.

At this time, I turn the conference over to Jeff Magids, Director of Finance and Investor Relations at SilverBow Resources.

Jeff Magids

Thank you, Erica, and good morning, everyone. Thank you very much for joining us for our second quarter 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.

It has been a dynamic first half of the year to say the least. While commodity prices have marked steadily higher in 2022, the degree of market volatility underscores the importance of remaining disciplined. Our accomplishments in the second quarter were critical to our strategy and mark an inflection point for our growth going forward.

To briefly recap the quarter, we closed the SandPoint and Sundance transactions, marking the fourth and fifth acquisitions we have closed in the last 12 months. The largest of these was our Sundance transaction, which closed on June 30. In conjunction, our borrowing base was upsized approximately 50% to $775 million and we added a second rig to our drilling program which is dedicated to developing these oil weighted assets.

We funded the cash portion of the purchase price through our credit facility and operating cash flows, while also ending the quarter with more liquidity than we had at the end of the first quarter.