SM Energy (SM) Tops Q1 EPS by 17c

SM Energy (NYSE: SM) reported Q1 EPS of ($0.18), $0.17 better than the analyst estimate of ($0.35).

• Production of 12.1 MMBoe, well ahead of guidance
  • 55% sequential growth in Midland Basin
  • Full year production guidance increased by 1.5 MMBoe to 41.5-44.5 MMBoe

GUIDANCE

Full year 2017 guidance is revised as follows:

• Total capital spend (before acquisitions) ($MM) $875 (unchanged)
• Total production (MMBoe) 41.5-44.5
  • Increased 1.5 MMBoe
  • Oil 29% of commodity mix
  • Full year production assumes sale of Divide County assets mid-year
• LOE including ad valorem ($/Boe) ~$4.00 (unchanged)
  • Expected to exceed the average 1H17, be below average 2H17
• Transportation ($/Boe) $5.50-5.75 (unchanged)
• Production taxes ($/Boe) ~$1.25/4.0-4.5% (unchanged)
• G&A ($MM) $120-130 (unchanged)
  • Includes approximately $21-23 MM non-cash, stock-based compensation expense
• Capitalized overhead/Exploration before dry hole expenses ($MM) $65-70 (unchanged)
  • This amount is a component of capital guidance
• DD&A ($/Boe) $13.00-15.00 (unchanged)

Second quarter of 2017 production is expected to range between 10.3 and 10.7 MMBoe (or 113-118, MBoe/d), which will vary depending upon the ultimate timing of capital activity.

Total capital spend (before acquisitions) is a non-GAAP measure. The Company is unable to present a quantitat

For earnings history and earnings-related data on SM Energy (SM) click here.

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