SM Energy Co

NYSE:SMUnited States

Today

Show headlines and story abstract

• SM ENERGY REPORTS FIRST QUARTER 2024 RESULTS; EXCELLENT OPERATIONAL EXECUTION BOOSTS BOTTOM LINE RESULTS AND SUPPORTS HIGHER PRODUCTION, LOWER CAPITAL GUIDANCE, from 11 minutes ago by PR Newswire

  11 minutes ago by PR Newswire
  Companies Mentioned: SM

  SM Energy Company (the "Company") (NYSE: SM) today announced operating and financial results for the first quarter 2024 and provided certain full year and second quarter 2024 guidance.

  Excellent operational execution drove a great start to 2024. First quarter 2024 highlights include:

• SM ENERGY REPORTS FIRST QUARTER 2024 RESULTS; EXCELLENT OPERATIONAL EXECUTION BOOSTS BOTTOM LINE RESULTS AND SUPPORTS HIGHER PRODUCTION, LOWER CAPITAL GUIDANCE, from 11 minutes ago by Dow Jones

  11 minutes ago by Dow Jones
  Companies Mentioned: SM
  NGLs (per Bbl) $ 22.94 $ 21.92 $ 26.24 5 % (13) % Equivalent (per Boe) $ 42.39 $ 42.99 $ 43.31 (1) % (2) % Realized sales price (including the effect of net derivative settlements): Oil (per Bbl) $ 76.52 $ 76.31 $ 73.21 -- % 5 % Gas (per Mcf) $ 2.57 $ 2.81 $ 3.26 (9) % (21) % NGLs (per Bbl) $ 22.28 $ 22.57 $ 26.24 (1) % (15) % Equivalent (per Boe) $ 43.40 $ 43.45 $ 43.70 -- % (1) % Net production volumes: (1) Oil (MMBbl) 5.8 6.1 5.7 (5) % 2 % Gas (Bcf) 31.1 33.5 32.2 (7) % (3) % NGLs (MMBbl) 2.2 2.5 2.1 (10) % 3 % Equivalent (MMBoe) 13.2 14.1 13.2 (6) % -- % Average net daily production: (1) Oil (MBbl per day) 63.7 66.0 62.9 (4) % 1 % Gas (MMcf per day) 342.3 364.1 358.1 (6) % (4) % NGLs (MBbl per day) 24.4 26.7 23.8 (9) % 2 % Equivalent (MBoe per day) 145.1 153.5 146.4 (5) % (1) % Per Boe data: Lease operating expense $ 5.54 $ 5.31 $ 5.16 4 % 7 % Transportation costs $ 2.07 $ 2.08 $ 2.81 -- % (26) % Production taxes $ 1.90 $ 1.97 $ 2.02 (4) % (6) % Ad valorem tax expense $ 0.89 $ 0.37 $ 0.81 141 % 10 % General and administrative (2) $ 2.29 $ 2.60 $ 2.10 (12) % 9 % Net derivative settlement gain $ 1.01 $ 0.46 $ 0.39 120 % 159 % Depletion, depreciation, amortization, and asset retirement obligation liability accretion $ 12.59 $ 13.39 $ 11.70 (6) % 8 % (1) Amounts and percentage changes may not calculate due to rounding. (2) Includes non-cash stock-based compensation expense per Boe of $0.29, $0.33, and $0.26 for the three months ended March 31, 2024, December 31, 2023, and March 31, 2023, respectively. SM ENERGY COMPANY FINANCIAL HIGHLIGHTS (UNAUDITED) March 31, 2024 Adjusted EBITDAX Reconciliation (1) ------------------- (in thousands) Reconciliation of net income (GAAP) and net cash provided by operating activities (GAAP) For the Trailing to Adjusted EBITDAX For the Three Months Twelve Months (non-GAAP): Ended March 31, Ended March 31, -------------------------------------- ----------------------- 2024 2023 2024 ------------------ ------------------ ----------------------- Net income (GAAP) $ 131,199 $ 198,552 $ 750,527 Interest expense 21,873 22,459 91,044 Interest income (6,770) (4,702) (21,922) Income tax expense 32,069 55,506 72,885 Depletion, depreciation, amortization, and asset retirement obligation liability accretion 166,188 154,189 702,480 Exploration (2) 17,456 17,477 55,312 Stock-based compensation expense 5,018 4,318 20,950 Net derivative (gain) loss 28,145 (51,329) 11,320 Net derivative settlement gain 13,274 5,076 35,119 Other, net 597 (152) 2,246 ------------------ ------------------ ----------------------- Adjusted EBITDAX (non-GAAP) $ 409,049 $ 401,394 $ 1,719,961 ------------------ ------------------ ----------------------- Interest expense (21,873) (22,459) (91,044) Interest income 6,770 4,702 21,922 Income tax expense (32,069) (55,506) (72,885) Exploration (2)(3) (9,539) (8,181) (47,825) Amortization of deferred financing costs 1,371 1,371 5,486 Deferred income taxes 27,391 49,968 65,679 Other, net (7,412) (13,439) (6,511) Net change in working capital (97,688) (26,216) (76,023) ------------------ ------------------ ----------------------- Net cash provided by operating activities (GAAP) $ 276,000 $ 331,634 $ 1,518,760 ================== ================== ======================= (1) See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above. (2) Stock-based compensation expense is a component of the exploration expense and general and administrative expense line items on the unaudited condensed consolidated statements of operations. Therefore, the exploration line items shown in the reconciliation above will vary from the amount shown on the unaudited condensed consolidated statements of operations for the component of stock-based compensation expense recorded to exploration expense. (3) For the periods presented, amounts exclude certain capital expenditures related to unsuccessful exploration activity. SM ENERGY COMPANY FINANCIAL HIGHLIGHTS (UNAUDITED) March 31, 2024 Reconciliation of Net Income to Adjusted Net Income (1) ------------------ (in thousands, except per share data) For the Three Months Ended March 31, -------------------------------------------------------- 2024 2023 --------------------------- --------------------------- Net income (GAAP) $ 131,199 $ 198,552 Net derivative (gain) loss 28,145 (51,329) Net derivative settlement gain 13,274 5,076 Other, net 597 (152) Tax effect of adjustments (2) (9,117) 10,070 Adjusted net income (non-GAAP) $ 164,098 $ 162,217 =========================== =========================== Diluted net income per common share (GAAP) $ 1.13 $ 1.62 Net derivative (gain) loss 0.24 (0.42) Net derivative settlement gain 0.11 0.04 Other, net 0.01 0.01 Tax effect of adjustments (2) (0.08) 0.08 Adjusted net income per diluted common share (non-GAAP) $ 1.41 $ 1.33 =========================== =========================== Basic weighted-average common shares outstanding 115,642 121,671 Diluted weighted-average common shares outstanding 116,456 122,294 Note: Amounts may not calculate due to rounding. (1) See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above. (2) The tax effect of adjustments for each of the three months ended March 31, 2024, and 2023, was calculated using a tax rate of 21.7%. This rate approximates the Company's statutory tax rate for the respective periods, as adjusted for ordinary permanent differences. Reconciliation of Total Principal Amount of Debt to Net Debt (1) ------------------------------------ (in thousands) As of March 31, 2024 Principal amount of Senior Notes (2) $ 1,585,144 Revolving credit facility (2) -- ---------------------------------------- Total principal amount of debt (GAAP) 1,585,144 Less: Cash and cash equivalents 506,252 ---------------------------------------- Net Debt (non-GAAP) $ 1,078,892
  

• *DJ SM Energy 1Q EPS $1.13 >SM, from 11 minutes ago by Dow Jones

  11 minutes ago by Dow Jones
  Companies Mentioned: SM
  ======================================== (1) See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above. (2) Amounts are from Note 5 - Long-Term Debt in Part I, Item I of the Company's Form 10-Q as of March 31, 2024. SM ENERGY COMPANY FINANCIAL HIGHLIGHTS (UNAUDITED) March 31, 2024 Adjusted Free Cash Flow (1) ---------------------------- (in thousands) For the Three Months Ended March 31, ---------------------------------------------- 2024 2023 ---------------------- ---------------------- Net cash provided by operating activities (GAAP) $ 276,000 $ 331,634 Net change in working capital 97,688 26,216 ---------------------- ---------------------- Cash flow from operations before net change in working capital (non-GAAP) 373,688 357,850 ---------------------- ---------------------- Capital expenditures (GAAP) 332,365 240,712 Changes in capital expenditure accruals (26,569) 66,873 ---------------------- ---------------------- Capital expenditures before changes in accruals (non-GAAP) 305,796 307,585 ---------------------- ---------------------- Adjusted free cash flow (non-GAAP) $ 67,892 $ 50,265 ====================== ====================== (1) See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above.