SM Energy (SM) Prices Larger 16M Share Common Stock Offering for Proceeds of $480M
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SM Energy's (SM) Permian Acquisition Seen as Consistent with Company Message
August 8, 2016 1:46 PM EDTDeutsche Bank maintained a Hold rating on SM Energy (NYSE: SM) with a price target of $35. Earlier the company announced that it has entered into a definitive purchase agreement to acquire 24,783 net acres in Howard County, West Texas, expanding the Companys Midland Basin footprint to approximately 46,750 net acres.
Commenting on the development, analyst Josh Silverstein said, "Beyond a common theme of accelerating activity through... More
SM Energy (SM) to Acquire $980M Worth of West Texas Acreage
August 8, 2016 6:53 AM EDTSM Energy Company (NYSE: SM) announced that it has entered into a definitive purchase agreement to acquire 24,783 net acres in Howard County, West Texas, expanding the Companys Midland Basin footprint to approximately 46,750 net acres. The acquired acreage position is largely contiguous and includes approximately 4,900 Boe per day net production (with two new wells coming on-line August 2016) and 6 MMBoe of proved developed producing reserves. The purchase price is $980 million and the seller is Rock Oil Holdings LLC.
President and Chief Executive Officer Jay Ottoson... More
SM Energy (SM) Announces 15M Share Common Stock Offering
August 8, 2016 6:52 AM EDTSM Energy Company (NYSE: SM) announced that it has commenced an underwritten public offering of 15,000,000 shares of its common stock. The Company expects to grant the underwriters in the offering a 30-day option to purchase up to 2,250,000 additional shares of common stock.
SM Energy intends to use the net proceeds from the offering to pay a portion of the purchase price for its recently announced acquisition of all of the outstanding membership interests of an entity holding undeveloped leasehold interests, producing... More
