Full year 2021 free cash flow of $84 million
and free cash flow yield of 22%
Year-end 2021 PV-10 of $1.8 billion, a 245%
increase year-over-year
Year-end 2021 leverage ratio of 1.25x
Full year 2022 production guidance implies ~15%
growth year-over-year
Full year 2022 free cash flow guidance of
$70-$100 million1
SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the
Company”) today announced operating and financial results for the
fourth quarter and full year 2021. Highlights include:
- Reported net production of 250 million cubic feet of natural
gas equivalent per day (“MMcfe/d”) (74% natural gas) for the fourth
quarter of 2021, at the high end of guidance. Oil and gas sales
increased 52% quarter-over-quarter driven by increased production
and higher commodity prices
- Recorded net income of $114 million, Adjusted EBITDA of $82
million and free cash flow (“FCF”) of $53 million1 for the fourth
quarter of 2021. For full year 2021, SilverBow recorded net income
of $87 million, Adjusted EBITDA of $246 million and FCF of $84
million1, representing a FCF yield of 22%2. Adjusted EBITDA and FCF
are non-GAAP measures defined and reconciled in the tables
below
- Delivered double digit growth for full year net production and
Adjusted EBITDA, year-over-year, as the Company scales in an
efficient manner
- Capital expenditures of $131 million, on an accrual basis,
representing a full year 2021 re-investment rate of 60%3. This is
the second consecutive year delivering a re-investment rate of
approximately 60%
- Closed three accretive acquisitions during the second half of
2021 for a total consideration of $138 million, which significantly
increased SilverBow's cash flow, its year-end reserves and its
de-levering efforts. The acquisitions added over 215 net locations
across a balanced commodity mix spanning both the Eagle Ford and
Austin Chalk
- Increased borrowing base under the Company's senior secured
revolving credit facility (“Credit Facility”) to $460 million, an
increase of nearly 50%, and repaid $50 million of SilverBow's
Senior Second Lien Notes (“Second Lien”) in the fourth quarter of
2021
- Reduced leverage ratio to 1.25x4 at year-end 2021, down from
2.5x at year-end 2020. Reduced outstanding long-term debt from $430
million to $377 million, a 12% decrease year-over-year
- Increased liquidity by more than $150 million, or nearly 200%,
for full year 2021, with $233 million available under the Credit
Facility as of December 31, 2021
- Deep inventory of high quality drilling locations providing
over 10 years of development at a 1-rig pace
- Year-end 2021 total estimated proved reserves were 1.4 trillion
cubic feet of gas equivalent (“Tcfe”) (46% proved developed; 82%
natural gas), a Standardized Measure of $1.6 billion and a pre-tax
present value of future net cash flows discounted at 10% (“PV-10
Value,” a non-GAAP measure) of $1.8 billion utilizing Securities
and Exchange Commission (“SEC”) pricing. Proved reserves and PV-10
Value increased 28% and 245% year-over-year, respectively
2022 Capital Program and
Guidance:
- Full year estimated production of 235 - 255 MMcfe/d, growth of
approximately 15% year-over-year, with natural gas representing 77%
at the midpoint of full year guidance
- Full year capital program of $180-$200 million, with
flexibility to adjust as commodity prices dictate
- Based on its 2022 capital budget, operating plan, and service
cost outlook, the Company anticipates full year FCF of $70-$100
million1 with a re-investment rate of approximately 70%3 and
targeted year-end leverage below 1.0x4
MANAGEMENT COMMENTS
Sean Woolverton, SilverBow’s Chief Executive Officer, commented,
“This past year presented a number of challenges which SilverBow
turned into opportunities. We were well positioned to take
advantage of rising commodity prices given our lean cost structure
and our hedge strategy utilizing more two-way collars to fulfill
hedge requirements. As a result, we delivered record free cash flow
of $84 million for the fiscal year, cut our leverage ratio in half
to a conservative level of 1.25x and increased our liquidity by
$150 million year-over-year. Furthermore, the three acquisitions we
closed in the second half of the year allowed us to quickly scale
our cash flow without having to expand our capital guidance for the
year. Through organic development and the aforementioned
acquisitions, we expanded our drilling inventory of high-return oil
and gas wells across the Eagle Ford and Austin Chalk, the latter of
which have shown promising returns within our portfolio. The market
began to take note of our successes this year as SilverBow's share
price increased over 300% in 2021.”
Mr. Woolverton stated further, “As we look to 2022 and beyond,
there is a rich opportunity set for SilverBow. Our full year
guidance implies a free cash flow yield of approximately 20%, which
would fund our current development plan and provide for further
debt reduction. SilverBow remains active in identifying
opportunistic acquisitions that increase the Company's scale and
bolster its inventory over the long-term. The momentum of our
recent acquisition announcements and ability to consummate the
right transactions at the right time and at the right price is a
conduit for SilverBow to continue consolidating its South Texas
position. Our decision to run at a full-rig pace for the entire
year will result in further operational efficiencies and supports
organic double-digit growth while re-investing approximately 70% of
our cash flow. Our Webb County Austin Chalk and growing portfolio
of liquids-rich assets will be a focal point of our 2022 operating
plan. Maintaining a conservative balance sheet and leverage profile
remain a top priority, and thus we expect to achieve a sub-1.0x
leverage ratio by the end of the year.”
OPERATIONS HIGHLIGHTS
During the fourth quarter of 2021, SilverBow completed and
brought online five net wells. There was minimal drilling activity
in the fourth quarter related to one gross non-operated well. For
the full year, the Company drilled 18 net wells, completed 24 net
wells and brought 24 net wells online.
The Company finished drilling one well in its Webb County Gas
area January of 2021 and released its one drilling rig thereafter
as part of a planned pause in development activity. In April 2021,
SilverBow elected to accelerate and expand its planned mid-year
liquids development program. This decision was based on favorable
commodity prices and completion activity running ahead of schedule
and under budget on development projects during the year. The
Company’s liquids development was focused primarily on its La Salle
Condensate and McMullen Oil areas and comprised 11 net wells
drilled and completed during the year. Additionally, five net Webb
County Gas wells were incorporated in the expanded mid-year
development and were drilled in the third quarter of 2021. The
drilling and completion activity over the second and third quarters
drove production growth and higher cash flow in second half of
year. SilverBow released its sole drilling rig in September, and
had no operated activity until the resumption of drilling at its
Webb County Gas area in late December.
In total the Company drilled six net operated wells in its Webb
County Gas area in 2021. Of these, three net wells were in the
Austin Chalk, a zone which the Company has been focused on proving
up for future development. The Austin Chalk wells in Webb County
continue to exceed expectations and exhibit strong commercial
economics. SilverBow brought a fourth Austin Chalk well online in
early 2022 in its Webb County Gas area, further enhancing its
ability to deliver consistent and repeatable results across the
position. The first well has produced approximately 3.7 billion
cubic feet of natural gas in its first year. The Austin Chalk wells
averaged 7,500 foot laterals with drilling and completion
(“D&C”) costs of $727 per lateral foot, which compares
favorably to recent Austin Chalk results from nearby operators.
Given that D&C activity in the Austin Chalk to-date has focused
on single-pad, delineation wells, SilverBow expects to realize
greater cost efficiencies for future full-scale development. In the
La Mesa and Fasken fields, multi-zone pad development efficiencies
led to lower drilling and completion costs as the Company continued
to leverage its technical experience and long operating history in
the area. SilverBow also elected to participate in three gross
non-operated wells in Webb County which were drilled in the third
and fourth quarters of 2021 and will benefit from production in
early 2022.
The Company closed three acquisitions in the second half of the
year. From the closing of each of these respective acquisitions, in
aggregate, SilverBow added 286 barrels per day (“Bbls/d”) of
liquids and 4.5 million cubic feet per day (“MMcf/d”) to the
Company’s full year net production. Additionally, the acquired
assets provided SilverBow a deep runway of future oil and gas
development locations in the Eagle Ford and Austin Chalk. The
Company added more than 200 net drilling locations from acquired
assets in 2021, with further inventory upside potential based on
optimizations to well costs, spacing and lateral lengths given the
highly contiguous lease footprints with SilverBow's existing
acreage. The Company is working to integrate these new assets into
its low cost structure and should benefit from greater operating
cost synergies due to increased size and scale. The acquisition
activity in 2021 reflects a continued focus on identifying
opportunities to add to core positions in high-return areas.
SilverBow’s asset management program seeks to optimize
recoverability and operating costs from producing wells. The
Company proactively invests in workovers, compression and
artificial lift installations and other enhancements to maintain
production output, improve its base decline and lower field
operating costs. Furthermore, SilverBow prioritizes operational
safety and maintains a goal of zero total recordable incidents. The
Company's production operations group recently celebrated its five
year anniversary with zero OSHA recordable accidents.
SilverBow has spent last several years positioning its inventory
and development plans to be flexible. This has allowed the Company
to align with prevailing commodity prices, and to drive greater
operational efficiencies by concentrating its efforts in areas in
which the team possesses deep technical expertise and experience.
Across all of its operating areas in the Eagle Ford in 2021,
SilverBow drilled 10% more lateral footage per day while lowering
completion costs per well by 17% as compared to 2020. The Company's
demonstrated success in increasing field efficiencies, reducing
cycle times and lowering costs is a direct result of its
operational and supply teams working with vendors to negotiate
prices and logistical considerations for the materials used in its
operations. As a result, SilverBow's drilling and completion costs
per lateral foot in 2021 decreased by 13% as compared to 2020.
Although the rate of operational efficiency gains are anticipated
to slow as the Company approaches field level limitations and
focuses on developing newly acquired acreage requiring potentially
longer transition times, maintaining and improving upon the
efficiency gains to-date is core to SilverBow’s cost mitigation
efforts within an inflationary service cost environment expected in
its near-term outlook.
PRODUCTION VOLUMES, OPERATING COSTS AND REALIZED
PRICES
SilverBow's total net production for the fourth quarter of 2021
averaged 250 MMcfe/d, at the high end of guidance. Production mix
for the fourth quarter consisted of 74% natural gas, 14% crude oil
and 13% NGLs. Natural gas comprised 63% of total oil and gas sales
for the fourth quarter of 2021, compared to 60% in the fourth
quarter of 2020.
For the fourth quarter of 2021, lease operating expenses (“LOE”)
were $0.37 per thousand cubic feet of natural gas equivalent
(“Mcfe”). Transportation and processing expenses (“T&P”) were
$0.30 per Mcfe and production and ad valorem taxes were 4.8% of oil
and gas revenue for the fourth quarter of 2021. Total production
expenses, which include LOE, T&P and production taxes, were
$0.99 per Mcfe fourth quarter of 2021. Net general and
administrative (“net G&A”) expenses for the fourth quarter were
$6.9 million or $0.30 per Mcfe. After deducting $1.2 million of
non-cash compensation expenses, cash general and administrative
(“cash G&A”) (a non-GAAP measure) expenses were $5.7 million
for the fourth quarter of 2021, or $0.25 per Mcfe. SilverBow closed
three accretive asset acquisitions in the second half of 2021
without adding any incremental general and administrative expenses.
Therefore, greater efficiencies are expected going forward on a per
unit basis which supports the Company's leading low-cost
structure.
The Company continues to benefit from strong basis pricing in
the Eagle Ford, as well as improved benchmark prices. Crude oil and
natural gas realizations in the fourth quarter of 2021 were 98% and
97% of West Texas Intermediate (“WTI”) and Henry Hub, respectively,
excluding hedging. SilverBow's average realized natural gas price,
excluding the effect of hedging, was $5.64 per Mcf in the fourth
quarter of 2021 compared to $2.68 per Mcf in the fourth quarter of
2020. The average realized crude oil selling price, excluding the
effect of hedging, was $75.65 per barrel in the fourth quarter of
2021 compared to $38.93 per barrel in the fourth quarter of 2020.
The average realized NGL selling price in the fourth quarter of
2021 was $32.82 per barrel (43% of WTI benchmark), compared to
$15.82 per barrel (37% of WTI benchmark) in the fourth quarter of
2020.
YEAR-END 2021 RESERVES
SilverBow reported year-end estimated proved reserves of 1.4
Tcfe, a 28% increase over year-end 2020. Specific highlights from
the Company’s year-end reserve report include:
- Standardized Measure of $1.6 billion, a 202% increase over
year-end 2020
- PV-10 Value (non-GAAP measure) of $1.8 billion, a 245% increase
over year-end 2020
- Proved developed producing (“PDP”) PV-10 Value (non-GAAP
measure) of $1.0 billion, a 170% increase over year-end 2020
The table below reconciles 2020 reserves to 2021 reserves:
Total (MMcfe)
Proved reserves as of December 31,
2020
1,106,415
Extensions, discoveries and other
additions
359,375
Purchases (sales) of minerals in place
226,565
Revisions of prior reserve estimates:
Reclassification of PUD to unproved under
SEC 5-year rule
(170,618
)
Price and performance revisions
(27,853
)
Production
(78,113
)
Proved reserves as of December 31,
2021
1,415,770
Proved developed reserves accounted for 46% of SilverBow's total
estimated proved reserves at December 31, 2021. Total capital costs
incurred during 2021 were $268 million, which included
approximately $123 million for development costs, $7 million for
leasehold acquisition and prospect costs, and $138 million for
property acquisitions. The property acquisitions in 2021 reflect a
combination of the final cash and stock consideration paid for
acquisitions, valued at time of acquisition close and net of
purchase price adjustments, as well as transaction related
fees.
The SEC prices used for reporting the Company's year-end 2021
estimated proved reserves, which have been adjusted for basis and
quality differentials, were $3.75 per Mcf for natural gas, $25.29
per barrel for natural gas liquids and $63.98 per barrel for crude
oil compared to $2.13 per Mcf, $11.66 per barrel, and $37.83 per
barrel in 2020. Using the SEC prices, SilverBow's year-end 2021
reserves had a Standardized Measure of $1.6 billion and a SEC PV-10
Value of $1.8 billion.
FINANCIAL RESULTS
SilverBow reported total oil and gas sales of $151.3 million for
the fourth quarter of 2021. The Company reported net income of
$114.3 million for the fourth quarter of 2021, which includes a net
gain on the value of SilverBow's derivatives portfolio of $29.9
million. For the full year 2021, the Company reported net income of
$86.8 million.
For the fourth quarter of 2021, SilverBow reported Adjusted
EBITDA (a non-GAAP measure) of $81.8 million and FCF (a non-GAAP
measure) of $52.9 million. For the full year 2021, SilverBow
reported Adjusted EBITDA of $245.6 million and FCF of $84.0
million. For the full year 2021, the Company reported Adjusted
EBITDA for Leverage Ratio (a non-GAAP measure) of $300.7 million,
which, in accordance with the Leverage Ratio calculation in its
Credit Facility, includes gains for the period related to
previously unwound derivative contracts totaling $14.1 million and
pro forma contributions from acquired assets prior to their closing
dates totaling $41.0 million.
Capital expenditures incurred during the fourth quarter of 2021
totaled $20.1 million on an accrual basis. For the full year 2021,
capital expenditures totaled $130.5 million on an accrual
basis.
2022 CAPITAL PROGRAM
SilverBow provided its 2022 capital budget range of $180-$200
million (approximately 92% allocated to D&C activity). The
budget provides for 39 gross (33 net) operated wells drilled,
compared to 20 gross (18 net) operated wells drilled in 2021. The
Company intends to run one full rig in 2022, as compared to a 3/4
rig average in 2021, which supports production growth of
approximately 15% year-over-year while maintaining a re-investment
rate of approximately 70%3.
In the first quarter of 2022, SilverBow completed one La Mesa
Austin Chalk well and is currently completing an eight-well La Mesa
pad which is expected to come online in the second quarter. After
drilling the La Mesa pad in February, the Company's drilling rig
will shift to its liquids-weighted assets which is expected to
encompass 14 net wells. About half of the liquids wells to be
drilled are a result of new areas and more contiguous acreage
positions acquired by SilverBow in 2021. During the third quarter,
the Company intends to return to its Webb County Gas area and drill
its gas-weighted assets through the end of the year. As always,
SilverBow's development plans remain flexible and opportunistic
based on prevailing commodity prices and management's outlook. The
Company will adjust its schedule and provide updates as needed as
the year progresses.
2022 GUIDANCE
For the first quarter of 2022, SilverBow is guiding for
estimated production of 220 - 232 MMcfe/d, with gas volumes
expecting to comprise 167 - 177 MMcf/d. For the full year 2022, the
Company is guiding for estimated production of 235 - 255 MMcfe/d,
with gas volumes expecting to comprise 180 - 195 MMcf/d or 77% of
full year production at the midpoint. SilverBow anticipates full
year 2022 FCF of $70-$100 million1 and is targeting a year-end
leverage ratio below 1.0x4. Additional detail concerning the
Company's first quarter and full year 2022 guidance can be found in
the table included with today’s news release and the most recent
Corporate Presentation uploaded to the Investor Relations section
of the SilverBow’s website.
HEDGING UPDATE
Hedging continues to be an important element of the Company's
strategy to protect cash flow. SilverBow's active hedging program
provides greater predictability of cash flow and preserves exposure
to higher commodity prices. In conjunction with unwinding oil
derivative contracts in 2020 related to production periods in 2020
and 2021, the Company is amortizing the $38 million of cash inflow
it received in discrete amounts each month over the same time
period that the derivative contracts would have settled. The
amortized hedge gains factor into SilverBow's calculation of
Adjusted EBITDA for covenant compliance purposes through the end of
2021. Beginning in 2022 and thereafter, the Company will no longer
include these amortized hedge gains in the calculation of last
twelve month Adjusted EBITDA for covenant compliance purposes.
As of February 25, 2022, SilverBow had 62% of total estimated
production volumes hedged for full year 2022, using the midpoint of
production guidance. For 2022, the Company has 121 MMcf/d of
natural gas production hedged at an average price of $3.34 per
million British thermal units (“MMBtu”), 3,156 Bbls/d of oil hedged
at an average price of $55.65 per barrel and 2,042 Bbls/d of
natural gas liquids (“NGLs”) hedged at an average price of $30.05
per barrel. For 2023, SilverBow has 64 MMcf/d of natural gas
production hedged and 1,688 Bbls/d of oil hedged. The Company's
hedges consists of swaps and collars with the average price
factoring in the ceiling price of the collars.
CAPITAL STRUCTURE AND LIQUIDITY
SilverBow's liquidity as of December 31, 2021, was $234.1
million, consisting of $1.1 million of cash and $233.0 million of
availability under its Credit Facility. The Company believes it has
sufficient liquidity to meet its obligations for at least the next
twelve months and execute its long-term development plans.
SilverBow's net debt was $375.9 million, calculated as total
long-term debt of $377.0 million less $1.1 million of cash, a 12%
decrease from December 31, 2020.
During 2021 (from August 13, 2021 through December 31, 2021),
the Company sold 1,222,209 shares of common stock through its
at-the-market program (“ATM Program”) for net proceeds of $27.0
million after deducting sales agents' commissions and other related
expenses. SilverBow intends to use the net proceeds from any sales
through the ATM Program for general corporate purposes, including,
but not limited to, financing of capital expenditures, repayment or
refinancing of outstanding debt, financing acquisitions or
investments, financing other business opportunities, and general
working capital purposes.
As of January 31, 2022, the Company had 16.6 million total
common shares outstanding.
CONFERENCE CALL AND UPDATED INVESTOR PRESENTATION
SilverBow will host a conference call for investors on Thursday,
March 3, 2022, at 11:00 a.m. Central Time (12:00 p.m. Eastern
Time). Investors and participants can listen to the call by dialing
1-888-415-4465 (U.S.) or 1-646-960-0140 (International) and
requesting SilverBow Resources Fourth Quarter and Full Year 2021
Earnings Conference Call (Conference ID: 5410161) or by visiting
the Company's website. A simultaneous webcast of the call may be
accessed over the internet by visiting SilverBow's website at
www.sbow.com, clicking on “Investor Relations” and “Events and
Presentations” and then clicking on the “SilverBow Resources Fourth
Quarter and Full Year 2021 Earnings Conference Call” link. The
webcast will be archived for replay on the Company's website for 14
days. Additionally, an updated Corporate Presentation will be
uploaded to the Investor Relations section of SilverBow's website
prior to the conference call.
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy
company actively engaged in the exploration, development, and
production of oil and gas in the Eagle Ford Shale and Austin Chalk
in South Texas. With over 30 years of history operating in South
Texas, the Company possesses a significant understanding of
regional reservoirs which it leverages to assemble high quality
drilling inventory while continuously enhancing its operations to
maximize returns on capital invested. For more information, please
visit www.sbow.com. Information on our website is not part of this
release.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements represent management's
expectations or beliefs concerning future events, and it is
possible that the results described in this release will not be
achieved. These forward-looking statements are based on current
expectations and assumptions and are subject to a number of risks
and uncertainties, many of which are beyond our control. All
statements, other than statements of historical fact included in
this press release, including those regarding our strategy, future
operations, 2022 guidance and preliminary outlook, financial
position, well expectations and drilling plans, estimated
production levels, expected oil and natural gas pricing, estimated
oil and natural gas reserves or the present value thereof, reserve
increases, future free cash flow and expected leverage ratio,
capital expenditures, budget, projected costs, prospects, plans and
objectives of management are forward-looking statements. When used
in this report, the words “could,” “believe,” “anticipate,”
“intend,” “estimate,” “budgeted,” "guidance," “expect,” “may,”
“continue,” “predict,” “potential,” “plan," “project” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. Important factors that could cause actual
results to differ materially from our expectations include, but are
not limited to, the following risks and uncertainties: the severity
and duration of world health events, including the COVID-19
pandemic, related economic repercussions, including disruptions in
the oil and gas industry; actions by the members of the
Organization of the Petroleum Exporting Countries ("OPEC") and
Russia (together with OPEC and other allied producing countries)
with respect to oil production levels and announcements of
potential changes in such levels; political tensions or war;
operational challenges relating to the COVID-19 pandemic and
efforts to mitigate the spread of the virus, including logistical
challenges, protecting the health and well-being of our employees,
remote work arrangements, performance of contracts and supply chain
disruptions; shut-in and curtailment of production due to decreases
in available storage capacity or other factors; volatility in
natural gas, oil and NGL prices; future cash flow and its adequacy
to maintain our ongoing operations; liquidity, including our
ability to satisfy our short- or long-term liquidity needs; our
borrowing capacity and future covenant compliance; operating
results; asset disposition efforts or the timing or outcome
thereof; ongoing and prospective joint ventures, their structures
and substance, and the likelihood of their finalization or the
timing thereof; the amount, nature and timing of capital
expenditures, including future development costs; timing, cost and
amount of future production of oil and natural gas; impairments on
our properties due to lower commodity prices; well results;
availability of drilling and production equipment or availability
of oil field labor; availability, cost and terms of capital; timing
and successful drilling and completion of wells; availability and
cost for transportation of oil and natural gas; costs of exploiting
and developing our properties and conducting other operations;
competition in the oil and natural gas industry; general economic
and political conditions, including political tensions or war;
opportunities to monetize assets; our ability to execute on
strategic initiatives; effectiveness of our risk management
activities, including hedging strategy; environmental liabilities;
counterparty credit risk; governmental regulation and taxation of
the oil and natural gas industry; developments in world oil and
natural gas markets and in oil and natural gas-producing countries;
uncertainty regarding our future operating results; and other risks
and uncertainties discussed in the Company’s reports filed with the
SEC, including its Annual Report on Form 10-K for the year ended
December 31, 2021. The Company's capital budget, operating plan,
service cost outlook and development plans are subject to change at
any time.
All forward-looking statements speak only as of the date of this
news release. You should not place undue reliance on these
forward-looking statements. Although we believe that our plans,
intentions and expectations reflected in or suggested by the
forward-looking statements we make in this release are reasonable,
we can give no assurance that these plans, intentions or
expectations will be achieved. The risk factors and other factors
noted herein and in the Company's SEC filings could cause its
actual results to differ materially from those contained in any
forward-looking statement. These cautionary statements qualify all
forward-looking statements attributable to us or persons acting on
our behalf.
All subsequent written and oral forward-looking statements
attributable to us or to persons acting on our behalf are expressly
qualified in their entirety by the foregoing. We undertake no
obligation to publicly release the results of any revisions to any
such forward-looking statements that may be made to reflect events
or circumstances after the date of this release or to reflect the
occurrence of unanticipated events, except as required by law.
(Footnotes)
1 A forward-looking estimate of net income (loss) is not
provided with the forward-looking estimate of FCF (a non-GAAP
measure) because the items necessary to estimate net income (loss)
are not accessible or estimable at this time without unreasonable
efforts. Such items could have a significant impact on the
Company's net income (loss).
2 Free cash flow yield (a non-GAAP measure) is estimated by
dividing the referenced calendar year's FCF by the Company's market
capitalization, as of January 31, 2022. Market capitalization is
defined as total shares outstanding multiplied by the closing share
price at a given date. As of January 31, 2022, SilverBow had
16,631,175 shares outstanding and a closing share price of
$23.29.
3 Re-investment rate is defined as capital expenditures divided
by the sum of capital expenditures and free cash flow (a non-GAAP
measure defined and reconciled in the tables included with today's
news release) for the calendar year.
4 Leverage ratio is defined as total long-term debt, before
unamortized discounts, divided by Adjusted EBITDA for Leverage
Ratio (a non-GAAP measure defined and reconciled in the tables
included with today's news release) for the trailing twelve-month
period.
(Financial Highlights to Follow)
Consolidated Balance Sheets
(Unaudited)
SilverBow Resources, Inc. and Subsidiary
(in thousands, except share amounts)
December 31, 2021
December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents
$
1,121
$
2,118
Accounts receivable, net
49,777
25,850
Fair value of commodity derivatives
2,806
4,821
Other current assets
1,875
2,184
Total Current Assets
55,579
34,973
Property and Equipment:
Property and Equipment, Full-Cost Method,
including $17,090 and $28,090 of unproved property costs not being
amortized
1,611,953
1,343,373
Less – Accumulated depreciation,
depletion, amortization and impairment
(869,985
)
(801,279
)
Property and Equipment, Net
741,968
542,094
Right of use assets
16,065
4,366
Fair value of long-term commodity
derivatives
201
281
Other long-term assets
5,641
1,421
Total Assets
$
819,454
$
583,135
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities:
Accounts payable and accrued
liabilities
$
35,034
$
26,991
Fair value of commodity derivatives
47,453
8,171
Accrued capital costs
7,354
7,324
Accrued interest
697
983
Current lease liability
7,222
3,473
Undistributed oil and gas revenues
23,577
11,098
Total Current Liabilities
121,337
58,040
Long-term debt
372,825
424,905
Non-current lease liability
9,090
951
Deferred tax liabilities, net
6,516
303
Asset retirement obligations
5,526
4,533
Fair value of long-term commodity
derivatives
8,585
2,946
Other long-term liabilities
3,043
424
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.01 par value,
10,000,000 shares authorized, none issued
—
—
Common stock, $.01 par value, 40,000,000
shares authorized, 16,822,845 and 12,053,763 shares issued and
16,631,175 and 11,936,679 shares outstanding
168
121
Additional paid-in capital
413,017
297,712
Treasury stock held, at cost, 191,670 and
117,084 shares
(2,984
)
(2,372
)
Retained earnings (Accumulated
deficit)
(117,669
)
(204,428
)
Total Stockholders’ Equity
292,532
91,033
Total Liabilities and Stockholders’
Equity
$
819,454
$
583,135
Consolidated Statements of Operations
(Unaudited)
SilverBow Resources, Inc. and Subsidiary
(in thousands, except per-share amounts)
Year Ended December 31,
2021
Year Ended December 31,
2020
Revenues:
Oil and gas sales
$
407,200
$
177,386
Operating Expenses:
General and administrative, net
21,799
22,608
Depreciation, depletion, and
amortization
68,629
64,564
Accretion of asset retirement
obligations
306
354
Lease operating expense
27,206
21,360
Workovers
514
8
Transportation and gas processing
24,145
20,649
Severance and other taxes
19,307
10,514
Write-down of oil and gas properties
—
355,948
Total Operating Expenses
161,906
496,005
Operating Income (Loss)
245,294
(318,619
)
Non-Operating Income (Expense)
Net gain (loss) on commodity
derivatives
(123,018
)
61,304
Interest expense, net
(29,129
)
(31,228
)
Other income (expense), net
10
72
Income (Loss) Before Income Taxes
93,157
(288,471
)
Provision (Benefit) for Income Taxes
6,398
20,911
Net Income (Loss)
$
86,759
$
(309,382
)
Per Share Amounts:
Basic: Net Income (Loss)
$
6.61
$
(25.99
)
Diluted: Net Income (Loss)
$
6.42
$
(25.99
)
Weighted Average Shares Outstanding -
Basic
13,118
11,902
Weighted Average Shares Outstanding -
Diluted
13,520
11,902
Consolidated Statements of Operations
(Unaudited)
SilverBow Resources, Inc. and Subsidiary
(in thousands, except per-share amounts)
Three Months Ended December
31, 2021
Three Months Ended December
31, 2020
Revenues:
Oil and gas sales
$
151,349
$
53,465
Operating Expenses:
General and administrative, net
6,927
4,682
Depreciation, depletion, and
amortization
23,144
13,434
Accretion of asset retirement
obligations
80
91
Lease operating expense
8,439
5,337
Workovers
2
—
Transportation and gas processing
6,970
4,358
Severance and other taxes
7,333
3,001
Total Operating Expenses
52,895
30,903
Operating Income (Loss)
98,454
22,562
Non-Operating Income (Expense)
Net gain (loss) on commodity
derivatives
29,862
(5,580
)
Interest expense, net
(7,241
)
(7,352
)
Other income (expense), net
5
22
Income (Loss) Before Income Taxes
121,080
9,652
Provision (Benefit) for Income Taxes
6,806
304
Net Income (Loss)
$
114,274
$
9,348
Per Share Amounts:
Basic: Net Income (Loss)
$
7.35
$
0.78
Diluted: Net Income (Loss)
$
7.12
$
0.77
Weighted Average Shares Outstanding -
Basic
15,539
11,937
Weighted Average Shares Outstanding -
Diluted
16,044
12,199
Consolidated Statements of Cash Flows
(Unaudited)
SilverBow Resources, Inc. and Subsidiary
(in thousands)
Year Ended December 31,
2021
Year Ended December 31,
2020
Cash Flows from Operating Activities:
Net income (loss)
$
86,759
$
(309,382
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities-
Write-down of oil and gas properties
—
355,948
Depreciation, depletion, and
amortization
68,629
64,564
Accretion of asset retirement
obligations
306
354
Deferred income tax expense (benefit)
6,212
21,390
Share-based compensation expense
4,645
4,557
(Gain) Loss on derivatives, net
123,018
(61,304
)
Cash settlements (paid) received on
derivatives
(70,582
)
78,421
Settlements of asset retirement
obligations
(158
)
(94
)
Write-down of debt issuance cost
229
557
Other
2,877
3,061
Change in operating assets and
liabilities-
(Increase) decrease in accounts receivable
and other assets
(23,513
)
9,011
Increase (decrease) in accounts payable
and accrued liabilities
17,507
(977
)
Increase (decrease) in income taxes
payable
83
(480
)
Increase (decrease) in accrued
interest
(286
)
(414
)
Net Cash Provided by (Used in) Operating
Activities
215,726
165,212
Cash Flows from Investing Activities:
Additions to property and equipment
(133,638
)
(114,738
)
Acquisition of oil and gas properties
(51,734
)
(4,544
)
Proceeds from the sale of property and
equipment
—
4,777
Payments on property sale obligations
(1,084
)
(826
)
Net Cash Provided by (Used in) Investing
Activities
(186,456
)
(115,331
)
Cash Flows from Financing Activities:
Payments of long-term debt
(50,000
)
—
Proceeds from bank borrowings
335,000
107,000
Payments of bank borrowings
(338,000
)
(156,000
)
Net proceeds from issuances of common
stock
26,956
—
Purchase of treasury shares
(612
)
(90
)
Payments of debt issuance costs
(3,611
)
(31
)
Net Cash Provided by (Used in) Financing
Activities
(30,267
)
(49,121
)
Net Increase (Decrease) in Cash and Cash
Equivalents and Restricted Cash
(997
)
760
Cash, Cash Equivalents and Restricted Cash
at Beginning of Year
2,118
1,358
Cash, Cash Equivalents and Restricted Cash
at End of Year
$
1,121
$
2,118
Supplemental Disclosures of Cash Flows
Information:
Cash paid during period for interest
$
27,221
$
28,929
Changes in capital accounts payable and
capital accruals
$
(4,033
)
$
(19,365
)
Non-cash equity consideration for
acquisitions
$
(83,522
)
$
—
Definition of Non-GAAP Measures as Calculated by the Company
(Unaudited)
The following non-GAAP measures are presented in addition to
financial statements as SilverBow believes these metrics and
performance measures are widely used by the investment community,
including investors, research analysts and others, to evaluate and
useful in comparing investments among upstream oil and gas
companies in making investment decisions or recommendations. These
measures, as presented, may have differing calculations among
companies and investment professionals and may not be directly
comparable to the same measures provided by others. A non-GAAP
measure should not be considered in isolation or as a substitute
for the related GAAP measure or any other measure of a company's
financial or operating performance presented in accordance with
GAAP. A reconciliation of each of these non-GAAP measures to the
most directly comparable GAAP measure or measures is presented
below. These measures may not be comparable to similarly titled
measures of other companies.
Adjusted EBITDA: The Company presents Adjusted EBITDA
attributable to common stockholders in addition to reported net
income (loss) in accordance with GAAP. Adjusted EBITDA is
calculated as net income (loss) plus (less) depreciation, depletion
and amortization, accretion of asset retirement obligations,
interest expense, impairment of oil and natural gas properties, net
losses (gains) on commodity derivative contracts, amounts collected
(paid) for commodity derivative contracts held to settlement,
income tax expense (benefit); and share-based compensation expense.
Adjusted EBITDA excludes certain items that SilverBow believes
affect the comparability of operating results, including items that
are generally non-recurring in nature or whose timing and/or amount
cannot be reasonably estimated. Adjusted EBITDA is used by the
Company's management and by external users of SilverBow's financial
statements, such as investors, commercial banks and others, to
assess the Company's operating performance as compared to that of
other companies, without regard to financing methods, capital
structure or historical cost basis. It is also used to assess
SilverBow's ability to incur and service debt and fund capital
expenditures. Adjusted EBITDA should not be considered an
alternative to net income (loss), operating income (loss), cash
flows provided by (used in) operating activities or any other
measure of financial performance or liquidity presented in
accordance with GAAP. Adjusted EBITDA is important as it is
considered among the financial covenants under the Company's First
Amended and Restated Senior Secured Revolving Credit Agreement with
JPMorgan Chase Bank, National Association, as administrative agent,
and certain lenders party thereto (as amended, the “Credit
Agreement”), a material source of liquidity for SilverBow. Please
reference the Company's 2021 Form 10-K for discussion of the Credit
Agreement and its covenants.
Adjusted EBITDA for Leverage Ratio: In accordance with
the Leverage Ratio calculation for SilverBow's Credit Facility, the
Company makes certain adjustments to its calculation of Adjusted
EBITDA. Adjusted EBITDA for Leverage Ratio is calculated as
Adjusted EBITDA (defined above) plus (less) amortization of
derivative contracts and pro forma EBITDA contributions related to
closed acquisitions. The Company believes that Adjusted EBITDA for
Leverage Ratio is useful to investors because it reflects the last
twelve months EBITDA used by the administrative agent for
SilverBow's Credit Facility in the calculation of its leverage
ratio covenant.
Cash General and Administrative Expenses: Cash G&A
expenses is a non-GAAP measure calculated as net general and
administrative costs less share-based compensation. The Company
reports cash G&A expenses because it believes this measure is
commonly used by management, analysts and investors as an indicator
of cost management and operating efficiency on a comparable basis
from period to period. In addition, SilverBow believes cash G&A
expenses are used by analysts and others in valuation, comparison
and investment recommendations of companies in the oil and gas
industry to allow for analysis of G&A spend without regard to
stock-based compensation which can vary substantially from company
to company. Cash G&A expenses should not be considered as an
alternative to, or more meaningful than, total G&A
expenses.
Free Cash Flow and Free Cash Flow Yield: Free cash flow
is calculated as Adjusted EBITDA (defined above) plus (less)
monetized derivative contracts, cash interest expense, capital
expenditures and current income tax (expense) benefit. The Company
believes that free cash flow is useful to investors and analysts
because it assists in evaluating SilverBow's operating performance,
and the valuation, comparison, rating and investment
recommendations of companies within the oil and gas industry. Free
cash flow yield is calculated by taking free cash flow divided by
the market capitalization of the Company at a given date. SilverBow
uses this information as one of the bases for comparing its
operating performance with other companies within the oil and gas
industry. Free cash flow should not be considered an alternative to
net income (loss), operating income (loss), cash flows provided by
(used in) operating activities or any other measure of financial
performance or liquidity presented in accordance with GAAP. From
time to time the Company provides forward-looking free cash flow
and free cash flow yield estimates or targets; however, SilverBow
is unable to provide a quantitative reconciliation of these
forward-looking non-GAAP measures to the most directly comparable
forward-looking GAAP measure because the items necessary to
estimate such forward-looking GAAP measure are not accessible or
estimable at this time without unreasonable efforts. The
reconciling items in future periods could be significant.
Net Debt: Net debt is calculated as the total principal
amount of second lien notes plus borrowings on the Company's Credit
Facility less cash and cash equivalents.
Re-Investment Rate: Re-investment rate is defined as
capital expenditures divided by the sum of capital expenditures and
FCF (defined above) for a given time period. SilverBow believes
that re-investment rate is useful to investors because it reflects
the magnitude of capital needed to be invested back into the
Company's operations, relative to the total potential cash flow to
which stakeholders could have received. Within the oil and gas
industry, shale development typically requires substantial, ongoing
capital investments to sustain production due to the nature of
high-decline rates in shale wells. SilverBow uses re-investment
rate to supplement its analysis of future capital investments to
the business against returns for stakeholders. Re-investment rate
could vary in definition from company to company, and a higher or
lower measure does not necessarily indicate better or worse;
therefore re-investment rate should not be considered an
alternative to operating income (loss), cash flows provided by
(used in) operating activities, cash flows provided by (used in)
investing activities or any other measure of financial performance
or liquidity presented in accordance with GAAP.
Calculation of Adjusted EBITDA and Free
Cash Flow (Unaudited)
SilverBow Resources, Inc. and Subsidiary
(in thousands, except share amounts)
The below tables provide the calculation
of Adjusted EBITDA and Free Cash Flow for the following periods (in
thousands).
Three Months Ended December
31, 2021
Three Months Ended December
31, 2020
Net Income (Loss)
$
114,274
$
9,348
Plus:
Depreciation, depletion and
amortization
$
23,144
$
13,434
Accretion of asset retirement
obligations
80
91
Interest expense
7,241
7,352
Write-down of oil and gas properties
—
—
Loss (gain) on commodity derivatives,
net
(29,862
)
5,580
Derivative cash settlements
collected/(paid) (1)
(41,087
)
1,143
Income tax expense/(benefit)
6,806
304
Share-based compensation expense
1,195
1,054
Adjusted EBITDA
$
81,791
$
38,306
Plus:
Cash interest and bank fees, net
(8,247
)
(6,639
)
Capital expenditures (2)
(20,055
)
(19,541
)
Current income tax (expense)/benefit
(594
)
—
Free Cash Flow
$
52,895
$
12,126
Adjusted EBITDA
$
81,791
$
38,306
Amortization of derivative contracts
2,643
9,239
Pro forma contribution from closed
acquisitions
3,573
—
Adjusted EBITDA for Leverage Ratio
(3)
$
88,007
$
47,545
(1) Includes accruals for settled
contracts covering commodity deliveries during the period where the
actual cash settlements occur outside of the period.
(2) Excludes proceeds/(payments) related
to the divestiture/(acquisition) of oil and gas properties and
equipment, outside of regular way land and leasing costs.
(3) Adjusted EBITDA for Leverage Ratio,
which is calculated in accordance with SilverBow's Credit Facility,
includes proceeds from the amortization of previously unwound
derivative contracts and pro forma EBITDA contributions reflecting
the results of acquired assets' operations for referenced time
periods preceding the acquired assets' close date.
Year Ended December 31,
2021
Year Ended December 31,
2020
Net Income (Loss)
$
86,759
$
(309,382
)
Plus:
Depreciation, depletion and
amortization
68,629
64,564
Accretion of asset retirement
obligations
306
354
Interest expense
29,129
31,228
Write-down of oil and gas properties
—
355,948
Derivative (gain)/loss
123,018
(61,304
)
Derivative cash settlements
collected/(paid) (1)
(73,256
)
39,424
Income tax expense/(benefit)
6,398
20,911
Share-based compensation expense
4,645
4,559
Adjusted EBITDA
$
245,628
$
146,302
Plus:
Monetized derivative contracts
$
—
$
38,310
Cash interest and bank fees, net
(30,924
)
(28,929
)
Capital expenditures (2)
(130,503
)
(95,241
)
Current income tax (expense)/benefit
(186
)
480
Free Cash Flow
$
84,015
$
60,922
Adjusted EBITDA
$
245,628
$
146,302
Amortization of derivative contracts
14,093
25,075
Pro forma contribution from closed
acquisitions
40,977
—
Adjusted EBITDA for Leverage Ratio
(3)
$
300,698
$
171,377
(1) Includes accruals for settled
contracts covering commodity deliveries during the period where the
actual cash settlements occur outside of the period.
(2) Excludes proceeds/(payments) related
to the divestiture/(acquisition) of oil and gas properties and
equipment, outside of regular way land and leasing costs.
(3) Adjusted EBITDA for Leverage Ratio,
which is calculated in accordance with SilverBow's Credit Facility,
includes proceeds from the amortization of previously unwound
derivative contracts and pro forma EBITDA contributions reflecting
the results of acquired assets' operations for referenced time
periods preceding the acquired assets' close date.
Calculation of Cash General &
Administrative Expenses (Unaudited)
SilverBow Resources, Inc. and Subsidiary
(in thousands, except per unit amounts)
The below tables provide the calculation
of cash G&A for the following periods (in thousands).
Three Months Ended December
31, 2021
Three Months Ended December
31, 2020
General and administrative, net
$
6,927
$
4,682
Less: Share-based compensation expense
1,195
1,054
Cash general and administrative,
net
$
5,732
$
3,628
General and administrative, net (per
Mcfe)
$
0.30
$
0.29
Less: Share-based compensation expense
(per Mcfe)
0.05
0.07
Cash general and administrative, net
(per Mcfe)
$
0.25
$
0.22
Year Ended December 31,
2021
Year Ended December 31,
2020
General and administrative, net
$
21,799
$
22,608
Less: Share-based compensation expense
4,645
4,559
Cash general and administrative,
net
$
17,154
$
18,049
General and administrative, net (per
Mcfe)
$
0.28
$
0.34
Less: Share-based compensation expense
(per Mcfe)
0.06
0.07
Cash general and administrative, net
(per Mcfe)
$
0.22
$
0.27
Calculation of Standardized Measure of
Discounted Future Net Cash Flows
The following table provides a
reconciliation between the Standardized Measure (the most directly
comparable financial measure calculated in accordance with U.S.
GAAP) and SEC PV-10 Value of the Company's proved reserves:
As of December 31,
(in millions)
2021
2020
2019
Standardized Measure of Discounted
Future Net Cash Flows
$
1,558
$
513
$
868
Adjusted for: Future income taxes
(discounted at 10%)
259
13
108
SEC PV-10 Value
$
1,817
$
526
$
976
Production Volumes & Pricing
(Unaudited)
SilverBow Resources, Inc. and
Subsidiary
Year Ended December 31,
2021
Year Ended December 31,
2020
Production volumes:
Oil (MBbl) (1)
1,462
1,521
Natural gas (MMcf)
60,510
50,988
Natural gas liquids (MBbl) (1)
1,472
1,114
Total (MMcfe)
78,113
66,800
Oil, Natural gas and Natural gas liquids
sales:
Oil
$
98,607
$
57,651
Natural gas
267,687
105,234
Natural gas liquids
40,906
14,500
Total
$
407,200
$
177,386
Average realized price:
Oil (per Bbl)
$
67.46
$
37.89
Natural gas (per Mcf)
4.42
2.06
Natural gas liquids (per Bbl)
27.78
13.02
Average per Mcfe
$
5.21
$
2.66
Price impact of cash-settled
derivatives:
Oil (per Bbl)
$
(16.50
)
$
13.27
Natural gas (per Mcf)
(0.69
)
0.38
Natural gas liquids (per Bbl)
(5.07
)
—
Average per Mcfe
$
(0.94
)
$
0.59
Average realized price including impact of
cash-settled derivatives:
Oil (per Bbl) (2)
$
50.96
$
51.16
Natural gas (per Mcf)
3.73
2.44
Natural gas liquids (per Bbl)
22.71
13.02
Average per Mcfe
$
4.27
$
3.25
(1) Oil and natural gas liquids are
converted at the rate of one barrel to six Mcfe
(2) Excludes the impact of the $38.3
million for derivative contracts monetized in the first quarter of
2020
Three Months Ended December
31, 2021
Three Months Ended December
31, 2020
Production volumes:
Oil (MBbl) (1)
529
428
Natural gas (MMcf)
16,915
11,970
Natural gas liquids (MBbl) (1)
484
299
Total (MMcfe)
22,992
16,332
Oil, Natural gas and Natural gas liquids
sales:
Oil
$
40,021
$
16,672
Natural gas
95,453
32,065
Natural gas liquids
15,876
4,728
Total
$
151,349
$
53,465
Average realized price:
Oil (per Bbl)
$
75.65
$
38.93
Natural gas (per Mcf)
5.64
2.68
Natural gas liquids (per Bbl)
32.82
15.82
Average per Mcfe
$
6.58
$
3.27
Price impact of cash-settled
derivatives:
Oil (per Bbl)
$
(16.37
)
$
3.60
Natural gas (per Mcf)
(1.72
)
(0.03
)
Natural gas liquids (per Bbl)
(6.88
)
—
Average per Mcfe
$
(1.79
)
$
0.07
Average realized price including impact of
cash-settled derivatives:
Oil (per Bbl)
$
59.28
$
42.53
Natural gas (per Mcf)
3.92
2.65
Natural gas liquids (per Bbl)
25.94
15.82
Average per Mcfe
$
4.80
$
3.34
(1) Oil and natural gas liquids are
converted at the rate of one barrel to six Mcfe
Reserve Replacement Ratio Calculation
(Unaudited):
Reserve replacement ratio is calculated by
dividing the sum of extensions, discoveries, and other additions,
purchases of minerals in place, and total revisions for the year by
production:
Reserve Replacement
(in MMcfe)
Year Ended December 31,
2021
Proved reserves as of December 31,
2020
1,106,415
Extensions, discoveries, and other
additions (1)
359,375
Purchases of minerals in place
226,565
Revisions of prior reserve estimates:
Reclassification of PUD to unproved under
SEC 5-year rule
(170,618
)
Price and performance revisions
(27,853
)
Production
(78,113
)
Proved reserves as of December 31,
2021
1,415,770
Reserve replacement ratio
496
%
(1) The additions in 2021 were primarily
due to additions from drilling results and leasing of adjacent
acreage
First Quarter 2022 & Full
Year 2022 Guidance
Guidance
1Q 2022
FY 2022
Production Volumes:
Oil (Bbls/d)
4,800 - 5,000
5,100 - 5,500
Natural Gas (MMcf/d)
167 - 177
180 - 195
NGLs (Bbls/d)
4,000 - 4,200
4,000 - 4,500
Total Reported Production (MMcfe/d)
220 - 232
235 - 255
% Gas
76%
77%
Product Pricing :
Crude Oil NYMEX Differential ($/Bbl)
($3.00) - $0.00
N/A
Natural Gas NYMEX Differential ($/Mcf)
($0.12) - ($0.02)
N/A
Natural Gas Liquids (% of WTI)
35% - 39%
N/A
Operating Costs & Expenses:
Lease Operating Expenses ($/Mcfe)
$0.43 - $0.47
$0.45 - $0.49
Transportation & Processing
($/Mcfe)
$0.27 - $0.31
$0.28 - $0.32
Production Taxes (% of Revenue)
5.5% - 6.5%
5.5% - 6.5%
Cash G&A, net ($MM)
$3.8 - $4.3
$15.0 - $16.5
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220302005975/en/
Jeff Magids Director of Finance & Investor Relations (281)
874-2700, (888) 991-SBOW
SilverBow Resources (NYSE:SBOW)
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