SM Energy (SM) Tops Q1 EPS by 3c

SM Energy (NYSE: SM) reported Q1 EPS of $0.07, $0.03 better than the analyst estimate of $0.04.

• 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

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

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