SilverBow Resources Inc. is shifting its near-term focus from natural gas to oil-directed drilling amid a stronger pricing outlook for the latter, according to CEO Sean Woolverton.

Woolverton hosted a conference call to discuss fourth-quarter and full-year 2022 earnings for Houston-based SilverBow, which operates exclusively in the Eagle Ford Shale and Austin Chalk formations of South Texas.

Natural gas accounted for 66% of the firm’s total production in 4Q2023, but the company is now targeting a roughly 55/45 split of gas and liquids by the end of this year. Longer term, plans are to aim for a roughly 50/50 mix.

[Want to know how global LNG demand impacts North American fundamentals? To find out, subscribe to LNG Insight.]

“In recent months, oil prices have shown...