SM Energy Co
SM
ISIN US78454L1008 / Valor 11356265
SM Energy Co
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About company
SM Energy Co is an independent exploration and production company founded in 1908, operating primarily in the Midland Basin in West Texas and the Maverick Basin in South Texas. The company focuses on high-quality oil and natural gas producing assets, with a strategy centered on growing their inventory organically through top-tier economic drilling, completion, and production opportunities. SM Energy aims to maximize and expand the value of their assets by utilizing the latest technologies and maintaining outstanding operational execution. They seek to expand through the acquisition of top-tier acreage and continued delineation of current assets, while maintaining a strong balance sheet through financial discipline. The company emphasizes ethical and responsible business practices, with a company culture that prioritizes open, honest, and transparent relationships with stakeholders.
Summarized from source with an LLMView SourceSector: EnergyLatest Results (20.08.2024):
Net Production
SM Energy Co reported net production of 14.4 MMBoe, or 158.5 MBoe/d, for the second quarter of 2024. This production was 46% oil, translating to 72.7 MBbls/d. The higher-than-expected production was driven by strong performance from Midland Basin wells and higher oil content from new South Texas wells.
Return of Capital
During the second quarter of 2024, SM Energy Co returned $71.9 million to stockholders through the repurchase of 1,058,956 shares of common stock and payment of a $0.18 per share quarterly dividend. Additionally, the Board approved an 11% increase in the quarterly dividend to $0.20 per share, starting in the fourth quarter of 2024, and extended the stock repurchase program to $500 million through December 31, 2027.
Net Income
SM Energy Co reported a net income of $210.3 million, or $1.82 per diluted common share, for the second quarter of 2024. Adjusted net income was $1.85 per diluted common share. The strong financial performance was attributed to higher oil production and favorable oil and NGL prices.
Cash Flow and Capital Expenditures
Net cash provided by operating activities for the second quarter of 2024 was $476.4 million, with adjusted free cash flow reaching $98.4 million, a 45% increase from the first quarter of 2024. Capital expenditures for the quarter were $327.8 million, including a $12.0 million bulk pre-purchase of pipe.
Acquisitions and Expansion
SM Energy Co announced the acquisition of additional assets in the Uinta Basin for approximately $70.0 million, expanding its portfolio by 26,100 net acres and 75 net drilling locations. This acquisition, along with the previously announced XCL Acquisition, positions the company for substantial growth in oil-rich production and adjusted free cash flow.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
4295 M
Market cap (USD)
124,620
Daily traded volume (Shares)
37.67 / 36.64
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
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EPS (USD)
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Ratings & reviews
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