SM ENERGY PROVIDES 2015 GUIDANCE, OPERATIONAL UPDATE, AND REPORTS RESULTS FOR FOURTH QUARTER AND FULL-YEAR 2014
2015 capital budget of $1.2 billion, a 43% reduction from 2014 CAPEX excluding acquisitions.
Production guidance of 60.4 - 63.5 MMBOE, or 12% production growth year over year at the midpoint.
Fourth quarter GAAP net income of $331.7 million or $4.91 per diluted share; adjusted net income of $70.9 million, or $1.05 per diluted share.
Fourth quarter GAAP net cash provided by operating activities of $381.5 million; quarterly adjusted EBITDAX of $419.0 million.
DENVER, CO February 24, 2015 - SM Energy Company (NYSE: SM) ("SM Energy" or the "Company") provides 2015 capital, production, and performance guidance, provides an update on the Company's operating activities, and reports financial results for the fourth quarter of 2014. In addition, a presentation regarding the aforementioned items 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 25, 2015. Information concerning access to the Company's earnings call can be found below.
Jay Ottoson, President and CEO, remarked, "SM Energy had a strong finish to 2014 as we continued to deliver on improvements in the productivity of our core development assets. We entered 2015 with a strong balance sheet and ample liquidity. Our entire focus now is to translate these competitive advantages into differential returns for our shareholders in what we believe will be a period of dramatic transition in our industry. We intend to accomplish this by rapidly reducing our activity level and positioning ourselves to generate strong, peer leading returns after costs adjust to the lower oil price environment."
The following information was filed by Sm Energy Co (SM) on Wednesday, February 25, 2015 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: 0000893538-15-000011 Submitted to the SEC: Wed Feb 25 2015 9:16:31 AM EST Accepted by the SEC: Wed Feb 25 2015 Period: Wednesday, December 31, 2014 Industry: Crude Petroleum And Natural Gas