SM ENERGY REPORTS RESULTS FOR FOURTH QUARTER OF 2011
AND 2011 PROVED RESERVES; PROVIDES OPERATIONAL UPDATE
Record quarterly average daily production of 557.9 MMCFE/d (93.0 MBOE/d); exceeds guidance of 479 - 509 MMCFE/d
GAAP net loss of $(120.7) million, or $(1.89) per diluted share; adjusted net income of $40.9 million, or $0.60 per diluted share
Record proved reserves of 1,259 BCFE (210 MMBOE) at year-end 2011, up 28% from 2010; proved liquids reserves grow 73% year over year; 310% drilling reserve replacement, excluding revisions for the year.
DENVER, CO February 22, 2012 - SM Energy Company (NYSE: SM) ("SM Energy" or the "Company") today reports financial results for the fourth quarter of 2011 and provides an update on the Company's operating and financial activities. In addition, a new presentation for the fourth quarter earnings and operational update has been posted on the Company's website at www.sm-energy.com. This presentation will be referenced during the conference call scheduled for 8:00 a.m. Mountain time (10:00 a.m. Eastern time) on February 23, 2012. Information for the earnings call can be found below.
Tony Best, President and CEO, remarked, "During 2011, SM Energy set many records, including record quarterly production for each of the previous four quarters, record proved reserves at year end of 1.3 TCFE or approximately 210 MMBOE, and nearly $1 billion in property transactions. This past year, we set out with the ambitious goal to grow the Company's production by 50% through economically sound projects. We executed on that plan by leveraging off of the significant ground work set up in the preceding years in our Eagle Ford and Bakken Three Forks programs. Though 2011 was a great year, our management team is always looking to the future. For 2012, we intend to maintain our growth trajectory while generating superior returns. We believe we have the capital program, financial strength, and asset base in liquid rich plays to deliver on that plan."
The following information was filed by Sm Energy Co (SM) on Thursday, February 23, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: SM CIK: 893538 Form Type:10-K Annual Report Accession Number: 0000893538-12-000012 Submitted to the SEC: Thu Feb 23 2012 9:07:08 AM EST Accepted by the SEC: Thu Feb 23 2012 Period: Saturday, December 31, 2011 Industry: Crude Petroleum And Natural Gas