SM Energy Co
NYSE:SM

  • LAST PRICE
    45.4500
  • TODAY'S CHANGE (%)
    0.0500 (0.1101%)
  • Bid / Lots
    45.4300/ 1
  • Ask / Lots
    45.4500/ 3
  • Open / Previous Close
    45.5200 / 45.4000
  • Day Range
    45.4200
    46.3050
  • 52 Week Range
    34.1300
    53.2600
  • Volume
    612,137

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  • Aug 7, 2024

      Show headlines and story abstract

    • 4:16PM ET on Wednesday Aug 07, 2024 by MT Newswires
      Companies Mentioned: SM
      04:16 PM EDT, 08/07/2024 (MT Newswires) -- ...

    • 4:16PM ET on Wednesday Aug 07, 2024 by MT Newswires
      Companies Mentioned: SM
      04:16 PM EDT, 08/07/2024 (MT Newswires) -- ...

    • 4:15PM ET on Wednesday Aug 07, 2024 by PR Newswire
      Companies Mentioned: SM

      SM Energy Company (the "Company") (NYSE: SM) today reported operating and financial results for the second quarter 2024, provided certain full year and third quarter 2024 guidance, and announced that the Company has exercised its option to acquire assets located adjacent to its recently announced XCL Acquisition.

    • 4:15PM ET on Wednesday Aug 07, 2024 by Dow Jones
      Companies Mentioned: SM
      accretion 179,651 157,832 345,839 312,021 724,299 Exploration (2) 15,906 14,064 33,362 31,541 57,154 Stock-based compensation expense 5,788 4,163 10,806 8,481 22,575 Net derivative (gain) loss (12,118) (11,674) 16,027 (63,003) 10,876 Net derivative settlement gain 16,523 15,636 29,797 20,712 36,006 Other, net 823 1,079 1,420 927 1,990 ------------- ------------- ------------- ------------- ------------------- Adjusted EBITDAX (non-GAAP) $ 485,930 $ 390,220 $ 894,979 $ 791,614 $ 1,815,671 ------------- ------------- ------------- ------------- ------------------- Interest expense (21,807) (22,148) (43,680) (44,607) (90,703) Interest income 6,333 4,994 13,103 9,696 23,261 Income tax expense (53,590) (42,092) (85,659) (97,598) (84,383) Exploration (2)(3) (14,897) (14,473) (24,436) (22,654) (48,249) Amortization of deferred financing costs 1,372 1,372 2,743 2,743 5,486 Deferred income taxes 43,516 44,278 70,907 94,246 64,917 Other, net (20,690) (680) (28,102) (14,119) (26,521) Net change in working capital 50,215 21,780 (47,473) (4,436) (47,588) ------------- ------------- ------------- ------------- ------------------- Net cash provided by operating activities (GAAP) $ 476,382 $ 383,251 $ 752,382 $ 714,885 $ 1,611,891 ============= ============= ============= ============= =================== (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) June 30, 2024 Reconciliation of Net Income to Adjusted Net Income (1) ----------------------------------------------------------- (in thousands, except per share data) For the Three Months Ended For the Six Months Ended June 30, June 30, ---------------------------------------- ---------------------------------------- 2024 2023 2024 2023 ------------------- ------------------- ------------------- ------------------- Net income (GAAP) $ 210,293 $ 149,874 $ 341,492 $ 348,426 Net derivative (gain) loss (12,118) (11,674) 16,027 (63,003) Net derivative settlement gain 16,523 15,636 29,797 20,712 Other, net 823 1,079 1,420 927 Tax effect of adjustments (2) (1,134) (1,094) (10,252) 8,976 Adjusted net income (non-GAAP) $ 214,387 $ 153,821 $ 378,484 $ 316,038 =================== =================== =================== =================== Diluted net income per common share (GAAP) $ 1.82 $ 1.25 $ 2.94 $ 2.88 Net derivative (gain) loss (0.10) (0.10) 0.14 (0.52) Net derivative settlement gain 0.14 0.13 0.26 0.17 Other, net -- 0.01 0.01 0.01 Tax effect of adjustments (2) (0.01) (0.01) (0.09) 0.07 Adjusted net income per diluted common share (non-GAAP) $ 1.85 $ 1.28 $ 3.26 $ 2.61 =================== =================== =================== =================== Basic weighted-average common shares outstanding 114,634 119,408 115,138 120,533 Diluted weighted-average common shares outstanding 115,715 120,074 116,092 121,175 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 and six months ended June 30, 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 June 30, 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 487,869 ---------------------------------------- Net Debt (non-GAAP) $ 1,097,275 ======================================== (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 June 30, 2024. SM ENERGY COMPANY FINANCIAL HIGHLIGHTS (UNAUDITED) June 30, 2024 Adjusted Free Cash Flow (1) --------------- (in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, ---------------------------------- -------------------------------- 2024 2023 2024 2023 ---------------- ---------------- --------------- --------------- Net cash provided by operating activities (GAAP) $ 476,382 $ 383,251 $ 752,382 $ 714,885 Net change in working capital (50,215) (21,780) 47,473 4,436 ---------------- ---------------- --------------- --------------- Cash flow from operations before net change in working capital (non-GAAP) 426,167 361,471 799,855 719,321 ---------------- ---------------- --------------- --------------- Capital expenditures (GAAP) 322,684 309,334 655,049 550,046 Changes in capital expenditure accruals 5,078 (42,653) (21,491) 24,220 ---------------- ---------------- --------------- --------------- Capital expenditures before changes in accruals (non-GAAP) 327,762 266,681 633,558 574,266 ---------------- ---------------- --------------- --------------- Adjusted free cash flow (non-GAAP) $ 98,405 $ 94,790 $ 166,297 $ 145,055 ================ ================ =============== =============== (1) See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above.

    • 4:15PM ET on Wednesday Aug 07, 2024 by Dow Jones
      Companies Mentioned: SM
      accretion 179,651 157,832 345,839 312,021 724,299 Exploration (2) 15,906 14,064 33,362 31,541 57,154 Stock-based compensation expense 5,788 4,163 10,806 8,481 22,575 Net derivative (gain) loss (12,118) (11,674) 16,027 (63,003) 10,876 Net derivative settlement gain 16,523 15,636 29,797 20,712 36,006 Other, net 823 1,079 1,420 927 1,990 ------------- ------------- ------------- ------------- ------------------- Adjusted EBITDAX (non-GAAP) $ 485,930 $ 390,220 $ 894,979 $ 791,614 $ 1,815,671 ------------- ------------- ------------- ------------- ------------------- Interest expense (21,807) (22,148) (43,680) (44,607) (90,703) Interest income 6,333 4,994 13,103 9,696 23,261 Income tax expense (53,590) (42,092) (85,659) (97,598) (84,383) Exploration (2)(3) (14,897) (14,473) (24,436) (22,654) (48,249) Amortization of deferred financing costs 1,372 1,372 2,743 2,743 5,486 Deferred income taxes 43,516 44,278 70,907 94,246 64,917 Other, net (20,690) (680) (28,102) (14,119) (26,521) Net change in working capital 50,215 21,780 (47,473) (4,436) (47,588) ------------- ------------- ------------- ------------- ------------------- Net cash provided by operating activities (GAAP) $ 476,382 $ 383,251 $ 752,382 $ 714,885 $ 1,611,891 ============= ============= ============= ============= =================== (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) June 30, 2024 Reconciliation of Net Income to Adjusted Net Income (1) ----------------------------------------------------------- (in thousands, except per share data) For the Three Months Ended For the Six Months Ended June 30, June 30, ---------------------------------------- ---------------------------------------- 2024 2023 2024 2023 ------------------- ------------------- ------------------- ------------------- Net income (GAAP) $ 210,293 $ 149,874 $ 341,492 $ 348,426 Net derivative (gain) loss (12,118) (11,674) 16,027 (63,003) Net derivative settlement gain 16,523 15,636 29,797 20,712 Other, net 823 1,079 1,420 927 Tax effect of adjustments (2) (1,134) (1,094) (10,252) 8,976 Adjusted net income (non-GAAP) $ 214,387 $ 153,821 $ 378,484 $ 316,038 =================== =================== =================== =================== Diluted net income per common share (GAAP) $ 1.82 $ 1.25 $ 2.94 $ 2.88 Net derivative (gain) loss (0.10) (0.10) 0.14 (0.52) Net derivative settlement gain 0.14 0.13 0.26 0.17 Other, net -- 0.01 0.01 0.01 Tax effect of adjustments (2) (0.01) (0.01) (0.09) 0.07 Adjusted net income per diluted common share (non-GAAP) $ 1.85 $ 1.28 $ 3.26 $ 2.61 =================== =================== =================== =================== Basic weighted-average common shares outstanding 114,634 119,408 115,138 120,533 Diluted weighted-average common shares outstanding 115,715 120,074 116,092 121,175 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 and six months ended June 30, 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 June 30, 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 487,869 ---------------------------------------- Net Debt (non-GAAP) $ 1,097,275 ======================================== (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 June 30, 2024. SM ENERGY COMPANY FINANCIAL HIGHLIGHTS (UNAUDITED) June 30, 2024 Adjusted Free Cash Flow (1) --------------- (in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, ---------------------------------- -------------------------------- 2024 2023 2024 2023 ---------------- ---------------- --------------- --------------- Net cash provided by operating activities (GAAP) $ 476,382 $ 383,251 $ 752,382 $ 714,885 Net change in working capital (50,215) (21,780) 47,473 4,436 ---------------- ---------------- --------------- --------------- Cash flow from operations before net change in working capital (non-GAAP) 426,167 361,471 799,855 719,321 ---------------- ---------------- --------------- --------------- Capital expenditures (GAAP) 322,684 309,334 655,049 550,046 Changes in capital expenditure accruals 5,078 (42,653) (21,491) 24,220 ---------------- ---------------- --------------- --------------- Capital expenditures before changes in accruals (non-GAAP) 327,762 266,681 633,558 574,266 ---------------- ---------------- --------------- --------------- Adjusted free cash flow (non-GAAP) $ 98,405 $ 94,790 $ 166,297 $ 145,055 ================ ================ =============== =============== (1) See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above.

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