SilverBow Resources, Inc. (NYSE:SBOW) Q3 2023 Earnings Conference Call November 2, 2023 10:00 AM ET

Corporate Participants

Jeff Magids - VP, Finance and IR

Sean Woolverton - Chief Executive Officer

Steve Adam - Chief Operating Officer

Chris Abundis - Chief Financial Officer

Conference Call Participants

Tim Rezvan - KeyBanc Capital Markets

Charles Meade - Johnson Rice

Donovan Schafer - Northland Capital Markets

Noel Parks - Tuohy Brothers

Jeff Robertson - Water Tower Research

Operator

Thank you for standing by. At this time, I would like to welcome everyone to the SilverBow Resources Third Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

And at this time, I would like to turn the call over to Jeff Magids, Vice President of Finance and Investor Relations. Jeff, please go ahead.

Jeff Magids

Thank you, Greg, and good morning, everyone. Thank you very much for joining us for our third 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 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.

Third quarter results highlight the success of SilverBow's growth strategy. Production increased approximately 20% compared to a year ago and exceeded the high-end of guidance. Our oil focused development program has resulted in a year-over-year increase of 80% in oil and a 25% increase in NGL production. Driven by the increase in our liquids production, adjusted EBITDA of $141 million with the highest quarterly EBITDA in SilverBow's history. At the same time, we generated $18 million of free cash flow and reduced debt by $78 million during the quarter.