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