Full year production guidance increased by 1.5 MMBoe to 41.5-44.5 MMBoe
Costs incurred $282 MM (includes acquisitions); total capital spend $193 MM, 4% less than projected (see GAAP reconciliation below)
Full year total capital spend (excluding acquisitions) guidance of $875 MM unchanged
Balance sheet strengthened further with closing of non-op Eagle Ford divestiture
Net debt reduced by 22%
EPS of $0.67; Adjusted EPS (loss) ($0.18), ahead of expectations (see GAAP reconciliation below)
Denver, Colorado May 2, 2017 - SM Energy Company ("SM Energy" or the “Company”) (NYSE: SM) announced today financial results and operations highlights from the first quarter of 2017. In conjunction with this release, the Company posts an investor presentation to its website at sm-energy.com with additional first quarter results and operational detail. This presentation will be referenced during the earnings webcast and conference call scheduled for 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on May 3, 2017. Further information on the earnings webcast and conference call can be found below.
President and Chief Executive Officer Jay Ottoson comments: “We have laid out a solid three year plan that we expect to create substantial value for our shareholders, and the first quarter results demonstrate our commitment and ability to execute on this plan. We have met or exceeded expectations across the board to-date in 2017 and are confident in our ability to meet or exceed plan expectations going forward. On the operations front, new Midland Basin wells continue to outperform, with all SM-completed RockStar wells to date exceeding acquisition performance metrics, and we are only months into our expanded Midland Basin program. In addition, our financial strategy is right on track with the closing of the sale of our third party-operated Eagle Ford assets, which provided the Company with $1.6 billion of liquidity at quarter-end.”
The following information was filed by Sm Energy Co (SM) on Wednesday, May 3, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Sm Energy Co's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Sm Energy Co.
Ticker: SM CIK: 893538 Form Type:10-Q Quarterly Report Accession Number: 0000893538-17-000051 Submitted to the SEC: Wed May 03 2017 5:48:27 PM EST Accepted by the SEC: Thu May 04 2017 Period: Friday, March 31, 2017 Industry: Crude Petroleum And Natural Gas