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
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