News Release

May 3, 2018


DENVER, CO May 3, 2018 - SM Energy Company ("SM Energy" or the “Company”) (NYSE: SM) today announced financial and operating results for the first quarter of 2018. Highlights include:

New wells outperforming expectations. 19 new RockStar wells reached peak 30-day IP rates that averaged 1,440 Boe/d per well (88% oil)
Production exceeded guidance range. 113 MBoe/d average production, 42% oil. Midland Basin production was up 18% sequentially and 100% year-over-year
Rapid margin expansion. $23.10 per Boe operating margin (pre-hedge) was the highest in 14 quarters, up 30% sequentially and up 68% year-over-year
Strong earnings. Net income was $317.4 million; EPS was $2.81 and adjusted EPS was $0.07, per diluted common share; net cash provided by operating activities (GAAP) was $140.1 million and adjusted EBITDAX was $210.2 million (adjusted EPS and adjusted EBITDAX are non-GAAP measures; see below for additional information)
Significant reduction in net debt. $792 million in closed or pending asset sales year-to-date core up portfolio
President and Chief Executive Officer Jay Ottoson comments: “New well results are positive across the board, continuing to demonstrate the quality of our Midland Basin assets and our excellent track record for strong operational execution. First quarter successes in reducing net debt and driving margin expansion underscore our long-term objectives to reduce leverage and drive a competitively high rate of cash flow growth.”
Results from new RockStar wells (18 of 19 have 10,000 foot laterals) that have reached their 30-day peak IP rates include:
13 Wolfcamp A wells had average peak 30-day IP rates of approximately 1,500 Boe/d per well (89% oil)
4 Wolfcamp B wells had average peak 30-day IP rates of approximately 1,250 Boe/d per well (84% oil)
2 Lower Spraberry wells had average peak 30-day IP rates of approximately 1,485 Boe/d per well (87% oil), among the Company’s strongest Lower Spraberry wells to date


The following information was filed by Sm Energy Co (SM) on Thursday, May 3, 2018 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.

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