SilverBow Resources, Inc. (NYSE:SBOW) Q1 2024 Earnings Conference Call May 2, 2024 10:00 AM ET

Company Participants

Jeff Magids - Vice President of Finance and Investor Relations
Sean Woolverton - Chief Executive Officer

Conference Call Participants

Tim Rezvan - KeyBanc Capital Markets
Charles Meade - Johnson Rice
Leo Mariani - ROTH MKM
Kevin MacCurdy - Pickering Energy Partners
Paul Diamond - Citi
Donovan Schafer - Northland Capital

Operator

Good day and welcome to the SilverBow Resources First Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator instructions] And finally I would like to advise all participants that this call is being recorded. Thank you.

I'd now like to welcome Jeff Magids, Vice President of Finance and Investor Relations, to begin the conference. Jeff, over to you.

Jeff Magids

Thanks, operator, and good morning, everyone. Welcome to our first quarter 2024 conference call. With me on the call today are Sean Woolverton, our CEO; Steve Adam, our COO; and Chris Abundis, our CFO. Yesterday, we posted a new presentation to our website, and we'll refer to it during this call.

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.

As a reminder, please limit your time during Q&A to one question and one follow-up. This will allow us to get more of your questions in this morning.

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

Sean Woolverton

Good morning, everyone. As you can see from our results, SilverBow is off to a very strong start in 2024. We continue to prove the merits of our long-term business strategy and build on our effective track record of creating value for shareholders.

Our call today will cover three primary topics. First, our year-to-date results, which are ahead of plan. Early this year, we optimized our 2024 operating plans, capitalizing on our diversified portfolio to reduce investments in dry gas and focus on our profitable liquids development.

Our goal was to maximize free cash flow and rapidly strengthen our balance sheet. Our plan is working. Today, we are raising our full year free cash flow estimate and lowering our year-end leverage ratio target to 1.25 times. More importantly, we now have line of sight to reach our target of one times leverage next year.