SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the
Company”) announced today that Leland “Lee” T. Jourdan has been
appointed to the SilverBow Board of Directors (the “Board”),
effective March 27, 2024. Mr. Jourdan’s appointment is part of
SilverBow’s long-term and ongoing director search program conducted
over the last 18 months with the assistance of a globally
recognized search firm.
Mr. Jourdan has deep experience in the oil and gas industry, and
his leadership and accomplishments in promoting diversity, equity
and inclusion (“DEI”) have been widely recognized. He brings a
demonstrated track record in international commercial and business
development, mergers and acquisitions, risk management and DEI
experience at a global, Fortune 10 company. Mr. Jourdan retired
from Chevron Corporation (NYSE: CVX) in 2021, having served in a
variety of management roles during his 18-year career there,
including as Chief Diversity and Inclusion Officer from 2018 to
2021 and Senior Management Sponsor from 2016 to 2018, as well as
Vice President, Commercial and Business Development for each of the
IndoAsia and Asia South regions. Before joining Chevron, Mr.
Jourdan served in management, business development, trading and
engineering roles at El Paso Corporation, PG&E Corporation
(NYSE: PCG) and Consolidated Natural Gas Company. As a graduate of
the US Military Academy at West Point, Mr. Jourdan was commissioned
as an officer in the US Army, obtaining the rank of Captain prior
to entering the private sector. He currently serves on the board of
PROS Holdings, Inc. (NYSE: PRO) and on the advisory board of
Pulsely, Inc.
Marcus C. Rowland, Independent Chairman of the Board, commented,
“We are excited to welcome Lee, who brings outstanding oil and gas
industry experience in international and domestic LNG markets,
natural gas trading, business development, as well as DEI
leadership, to the Board. SilverBow will benefit from his expertise
as the management team continues to deliver on our strategy,
integrate our recently acquired assets, expand free cash flow and
de-lever our balance sheet to drive value for shareholders.”
The Company also announced that Christoph O. Majeske has
resigned from the Board. Mr. Majeske, originally nominated by
Strategic Value Partners, LLC (“SVP”), is the final SVP director to
step down as part of its sell down of its equity position in the
Company.
Mr. Rowland remarked, “On behalf of the SilverBow Board, we
thank Christoph for his significant contributions to the Company
over the past seven years. We are grateful for his leadership and
financial expertise throughout his tenure and wish him all the
best.”
With these changes, the SilverBow Board will continue to
comprise nine directors, eight of whom are classified as
independent directors. Since early 2023, SilverBow has added four
new independent directors and its ongoing refreshment efforts have
broadened and strengthened the Board’s collective experiences and
driven shareholder value.
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 the Company’s website is not
part of this release.
FORWARD-LOOKING STATEMENTS
This communication 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 communication 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 communication, including those regarding our strategy, the
benefits of the acquisitions, future operations, guidance and
outlook, financial position, prospects, plans and objectives of
management are forward-looking statements. When used in this
report, the words “will,” “could,” “believe,” “anticipate,”
“intend,” “estimate,” “budgeted,” “guidance,” “expect,” “may,”
“continue,” “potential,” “plan,” “project,” “positioned,” "should"
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: risk related
to recently completed acquisitions and integrations of these
acquisitions; volatility in natural gas, oil and NGL prices; cash
flow and liquidity, including our ability to satisfy our short- or
long-term liquidity needs; general economic and political
conditions, including inflationary pressures, further increases in
interest rates, a general economic slowdown or recession,
instability in financial institutions, political tensions and war
(including future developments in the ongoing conflicts in Ukraine
and the Gaza Strip); the severity and duration of world health
events, including health crises, and related economic
repercussions, including disruptions in the oil and gas industry,
supply chain disruptions, and operational challenges; our ability
to execute on strategic initiatives; effectiveness of our risk
management activities, including hedging strategy; counterparty and
credit market risk; actions by third parties, including customers,
service providers and shareholders; current and future 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 U.S. Securities and Exchange
Commission (the “SEC”), including its annual report on Form 10-K
for the year ended December 31, 2023.
All forward-looking statements speak only as of the date of this
communication. You should not place undue reliance on these
forward-looking statements. The Company’s capital budget, operating
plan, service cost outlook and development plans are subject to
change at any time. Although we believe that our plans, intentions
and expectations reflected in or suggested by the forward-looking
statements we make in this communication 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.
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
The Company, its directors and certain of its executive officers
and employees may be deemed to be participants in the solicitation
of proxies from shareholders in connection with the 2024 Annual
Meeting of Shareholders (the “2024 Annual Meeting”). The Company
plans to file a proxy statement with the SEC in connection with the
solicitation of proxies for the 2024 Annual Meeting (the “2024
Proxy Statement”), together with a WHITE proxy card.
The beneficial ownership of each participant in the solicitation
of proxies for the 2024 Annual Meeting, as of the date specified,
appears in the table below. To the extent holdings of the Company’s
securities by our directors and executive officers changes from the
information included in this communication, such information will
be reflected on Statements of Change in Ownership on Forms 3, 4 or
5 filed with the SEC. These documents are available free of charge
as described below. Additional information regarding such
participants and their direct or indirect interests, by security
holdings or otherwise, will be set forth in the 2024 Proxy
Statement and other materials to be filed with the SEC in
connection with the 2024 Annual Meeting.
SHAREHOLDERS ARE URGED TO READ THE 2024 PROXY STATEMENT
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER
RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be able
to obtain, free of charge, copies of the 2024 Proxy Statement, any
amendments or supplements thereto and any other documents
(including the proxy card) when filed by the Company with the SEC
in connection with the 2024 Annual Meeting at the SEC’s website
(http://www.sec.gov). Copies of the 2024 Proxy Statement, any
amendments or supplements thereto and any other documents
(including the proxy card) when filed by the Company with the SEC
in connection with the 2024 Annual Meeting will also be available,
free of charge, at the “Investor Relations” section of the
Company’s website (https://www.sbow.com/investor-relations).
Beneficial
Ownership as of March 22, 2024
Individual*
Shares Beneficially Owned (#)
Directors
Marcus C. Rowland (Chairman)
34,386
Ellen DeSanctis
2,500
Michael Duginski
66,953
Gabriel L. Ellisor
39,479
Jennifer M. Grigsby
6,261
Leland T. Jourdan**
—
Kathleen McAllister
6,261
Charles W. Wampler
46,953
Sean C. Woolverton
427,587
Executive Officers
and Employees
Sean C. Woolverton (Chief Executive
Officer)
427,587
Christopher M. Abundis (Executive Vice
President, Chief Financial Officer and General Counsel)
140,870
Steven W. Adam (Executive Vice President
and Chief Operating Officer)
209,656
Annie Foley (Vice President of
Administration, Assistant General Counsel and Secretary)
8,496
Jeff Magids (Vice President of Finance and
Investor Relations)
12,026
* The business address is 920 Memorial City Way, Suite 850,
Houston, Texas 77024.
** Mr. Jourdan commenced service as a director on March 27,
2024, and accordingly did not have any transactions to report as of
March 22, 2024. Mr. Jourdan received a stock award of 5,501 RSUs on
March 27, 2024, as part of a prorated annual award available to all
non-employee directors to compensate him for his 2024 service.
Consistent with SEC requirements, such stock award will be reported
via a Form 4 and as 2024 compensation.
The amounts specified above are determined in accordance with
the rules of the SEC and include securities that may be acquired
within 60 days of March 22, 2024. The number of shares of common
stock of the Company outstanding as of March 22, 2024 was
25,523,808.
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Jeff Magids Vice President of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW
SilverBow Resources (NYSE:SBOW)
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