SM Energy (SM) Tops Q3 EPS by 7c

November 1, 2016 11:18 PM EDT

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SM Energy (NYSE: SM) reported Q3 EPS of ($0.52), $0.07 better than the analyst estimate of ($0.59). Revenue for the quarter came in at $352 million versus the consensus estimate of $370.86 million.

“Our confidence in our ability to realize exceptional value from these newly acquired properties is based on our outstanding operational competence. Our third quarter results again demonstrate excellent execution in operations with production higher and costs lower than expectations. Our operations team is quickly integrating activities on our acreage acquired from Rock Oil, actively incorporating learnings from completion improvement and down-spacing tests, and continuing to trade and bolt-on acreage across our positions to enable the drilling of longer lateral wells. We are executing our due diligence on QStar and closely monitoring field operations where early rates on a recent 9,700’ well look terrific. We are keenly focused on bringing value forward in the Permian Basin, and our continued improvements in well performance and the potential to increase long lateral inventory are key drivers of value creation.”

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

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