SM ENERGY REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR OF 2013 AND PROVIDES OPERATIONAL UPDATE
Record proved reserves of 428.7 MMBOE at year-end 2013, up 46% from 2012; liquids account for 54% of total proved reserves at year-end 2013.
Drilling finding and development costs decreased by 26% from 2012 to $7.77 per BOE in 2013; drilling reserve replacement of 405% for 2013.
Annual production increased 32% to a record 48.3 MMBOE; record quarterly production of 13.2 MMBOE within guidance range of 12.8 to 13.5 MMBOE.
Fourth quarter GAAP net income of $7.0 million or $0.10 per diluted share; adjusted net income of $85.9 million, or $1.26 per diluted share.
Fourth quarter GAAP net cash provided by operating activities of $337.6 million; quarterly EBITDAX of $395.5 million.
DENVER, CO February 18, 2014 - SM Energy Company (NYSE: SM) ("SM Energy" or the "Company") reports financial results for the fourth quarter of 2013 and provides an update on the Company's operating activities. In addition, a 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 19, 2014. Information concerning access to the Company's earnings call can be found below.
Tony Best, CEO, remarked, "2013 was an extraordinary year for SM Energy. Our proved reserves at year end 2013 were up by 46% from 2012 and our drilling finding and development costs were down by 26% for the same period. Our development programs were the performance drivers in 2013, resulting in 33% annual average daily production growth for the Company, and record annual production. As we look to 2014, we believe we have plenty of dry powder to fund our program, and many exciting opportunities in optimizing our existing development programs and increasing the inventory in our new venture plays."
FOURTH QUARTER 2013 RESULTS
SM Energy posted GAAP net income for the fourth quarter of 2013 of $7.0 million, or $0.10 per diluted share, compared to a net loss of $67.1 million, or $1.02 per diluted share, for the same
The following information was filed by Sm Energy Co (SM) on Wednesday, February 19, 2014 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: 0000893538-14-000010 Submitted to the SEC: Wed Feb 19 2014 9:11:52 AM EST Accepted by the SEC: Wed Feb 19 2014 Period: Tuesday, December 31, 2013 Industry: Crude Petroleum And Natural Gas