SM Energy (NYSE: SM) reported Q1 EPS of ($3.64), may not compare to the analyst estimate of ($0.17). Revenue for the quarter came in at $355.73 million versus the consensus estimate of $401.3 million.

• Production at the high end of prior guidance. First quarter 2020 production was 12.4 MMBoe (135.9 MBoe/d) at 51% oil, driven by continued growth in Midland Basin production.
• Significant cash flows. First quarter net cash provided by operating activities of $218.1 million before net change in working capital of $18.5 million was $236.6 million. Capital expenditures of $139.3 million before increase in capital expenditure accruals and other of $16.8 million was $156.1 million, which resulted in free cash flow of $80.5 million (a non-GAAP measure defined and reconciled below.)
• Absolute debt reduction. Cash flows generated in the first quarter 2020 were applied to open market purchases of outstanding bonds and reduction in the balance of the Company's senior secured credit facility, reducing total principal amount of debt by $91.2 million. Net debt-to-Adjusted EBITDAX was reduced to 2.45 times (a non-GAAP measure defined and reconciled below.)
• Borrowing base redetermination completed. Subsequent to quarter-end, the borrowing base and commitments on the Company's senior secured revolving credit facility were redetermined at $1.1 billion, providing $1.0 billion in liquidity pro forma at quarter-end.
• Capital activity reduced. 2020 capital expenditure pace is expected to be reduced significantly, down by approximately 20% versus earlier guidance.

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