Welcome to our dedicated page for SM Energy Company news (Ticker: SM), a resource for investors and traders seeking the latest updates and insights on SM Energy Company stock.
SM Energy Company, trading under the symbol SM on the New York Stock Exchange, is an independent energy company that engages in the acquisition, exploration, development, and production of natural gas and crude oil across the United States. Founded in 1908 and incorporated in 1915, SM Energy went public in 1992. The company's operations are primarily focused on four core regions: the Mid-Continent, Rocky Mountains, Permian Basin, and Gulf Coast, managed from regional offices located in Tulsa, Oklahoma; Billings, Montana; Midland, Texas; and Houston, Texas, respectively. Each office is staffed with highly experienced geologists, geophysicists, engineers, and landmen who bring extensive regional expertise.
Headquartered in Denver, Colorado, SM Energy provides centralized financial and administrative support to its regional operations. The company places a strong emphasis on responsible operations, prioritizing safety and environmental stewardship. Recently, SM Energy has enhanced its environmental, social, and governance (ESG) efforts, publishing updated materials that underscore its commitment to sustainability.
SM Energy's core business involves active participation in joint ventures, prospects/leaseholds, and drill-to-earn opportunities. The majority of its revenue is derived from some of the United States' premier drilling locations. The company's portfolio includes significant interests obtained through oil and gas leases from third parties. Key achievements include increasing production guidance for 2023, lowering capital expenditure guidance, and returning substantial capital to stockholders.
Financially, SM Energy reported net income of $149.9 million for Q2 2023, with a net debt-to-Adjusted EBITDAX ratio of 0.7 times as of mid-2023. The company continues to focus on operational efficiency, ESG stewardship, and maintaining a robust balance sheet. For more information, visit SM Energy's website.
- Latest News:
- April 18, 2024: Announced Q1 2024 financial results, highlighting strong operational execution and increased returns to stockholders.
- February 21, 2024: Reported excellent financial results for Q4 2023, with significant growth in net proved reserves and reduced net debt.
- November 2, 2023: Released Q3 2023 financial results, noting increased capital returns and improved well performance.
SM Energy reported strong Q3 2024 results with net production of 15.6 MMBoe (170.0 MBoe/d), exceeding guidance at 46% oil. The company posted net income of $240.5 million ($2.09 per diluted share) and Adjusted EBITDAX of $481.5 million. Notable achievements include completing the $2.1 billion Uinta Basin acquisition, adding a third core area to their portfolio. The company generated adjusted free cash flow of $129.8 million, up 32% from Q2 2024. Production was split equally between Midland Basin and South Texas operations, with strong performance in both regions. The company maintains a strong financial position with Net debt-to-Adjusted EBITDAX at 0.5 times.
SM Energy Company (NYSE: SM) has released its updated environmental, social, and governance (ESG) materials for 2024, available on their website. The publications include a CEO letter, performance highlights, sustainability report, and disclosures aligned with SASB and TCFD frameworks.
Key 2023 performance metrics showcase:
- Exceptional safety records with low incident rates
- Progress towards 2023 and 2030 emissions targets
- Improved water management practices
- High employee engagement scores
CEO Herb Vogel emphasized the company's dedication to safety, environmental stewardship, and a corporate culture fostering integrity, innovation, and professional growth. The disclosures reflect SM Energy's ongoing commitment to sustainable practices and transparent reporting.
SM Energy Company (NYSE: SM) has announced the schedule for its third quarter 2024 earnings release and call. The company plans to release its financial and operating results after market hours on October 31, 2024. This release will include an earnings report, a pre-recorded webcast discussing the results, and an associated presentation, all of which will be available on the company's website.
On November 1, 2024, at 8:00 a.m. Mountain time/10:00 a.m. Eastern time, SM Energy management will host a Q&A session to discuss the third quarter 2024 results. This session will be accessible via webcast on the company's website and through a telephone conference call. Interested parties can join the live conference call by registering online or by dialing the provided toll-free and international numbers.
SM Energy Company (NYSE: SM) has closed the previously announced Uinta Basin acquisition, acquiring an 80% undivided interest in the oil and gas assets of XCL Resources, and affiliated entities. The Uinta Acquisitions, totaling $2.1 billion, add a third core area to SM's portfolio, including:
- Approximately 63,300 net acres
- An initial estimate of 465 net locations normalized to 10,000 foot laterals
- High oil content production at approximately 86%-87% oil
- Estimated net proved reserves of approximately 110 MMBoe
- A centrally located sand mine
The acquisition has an effective date of May 1, 2024, with a closing cash payment of $1.9 billion on October 1, 2024. SM Energy plans to fund the acquisition using proceeds from its recent $1.5 billion senior notes offering, cash on hand, and borrowings under its Credit Agreement.
SM Energy Company (NYSE: SM) has announced an increased quarterly cash dividend of $0.20 per share of common stock outstanding. This decision was approved by the company's Board of Directors. The dividend is set to be paid on November 4, 2024, to stockholders of record as of the close of business on October 25, 2024. This announcement reflects SM Energy's commitment to providing value to its shareholders through regular dividend payments.
SM Energy Company (NYSE: SM) has appointed Beth McDonald as Executive Vice President and Chief Operating Officer, effective September 9, 2024. Ms. McDonald brings extensive experience from her previous role as Executive Vice President at Pioneer Natural Resources Company, where she focused on strategic planning, field development, and marketing. With a 20-year tenure at Pioneer, she held leadership positions in both the Permian Basin and South Texas regions. Her background includes engineering roles at Hess and Total E&P USA. Ms. McDonald holds a Bachelor of Science in Petroleum Engineering from Texas A&M University. SM Energy's CEO, Herb Vogel, expressed confidence in McDonald's ability to contribute to the company's success in Texas and apply her expertise to their new Utah assets.
SM Energy reported strong Q2 2024 results, with net production at 14.4 MMBoe or 158.5 MBoe/d, driven by excellent operational performance in the Midland Basin and new South Texas wells. The company announced an $2.1 billion acquisition in the Uinta Basin, adding 63,300 net acres and 465 drilling locations, enhancing its top-tier portfolio. Financially, SM Energy posted a net income of $210.3 million ($1.82 per share) and net cash from operations of $476.4 million. Adjusted free cash flow rose by 45% QoQ to $98.4 million.
Shareholder returns included $71.9 million through stock repurchases and dividends. The dividend was increased by 11%, and the stock repurchase program was reloaded to $500 million. The company issued $750 million in senior notes to fund acquisitions and redeem existing notes. Strong financial performance was marked by higher production, prices, and lower costs, boosting Adjusted EBITDAX by 25% YoY to $485.9 million.
SM Energy (NYSE: SM) has scheduled the release of its second quarter 2024 financial and operating results for August 7, 2024, after market hours. The release will include an earnings report, a pre-recorded webcast discussing the results, and an associated presentation, all available on the company's website.
On August 8, 2024, at 8:00 a.m. Mountain Time/10:00 a.m. Eastern Time, SM Energy management will host a Q&A session to discuss the results. The session can be accessed via a live webcast on the company's website or by phone. For the live call, registration is required, and replay options will be available approximately one hour after the live session.
SM Energy (NYSE: SM) has priced an upsized offering of $1.5 billion in senior notes, comprising $750 million of 6.750% notes due 2029 and $750 million of 7.000% notes due 2032. The offering is expected to close on July 25, 2024. The company plans to use the proceeds, along with cash on hand and credit borrowings, to fund its pending acquisition of Uinta Basin assets from XCL Resources affiliates, redeem its outstanding 5.625% Notes due 2025, and cover related expenses. The 2029 Notes include a special mandatory redemption clause tied to the XCL Acquisition's completion. These notes are being offered only to qualified institutional buyers and non-U.S. persons, and are not registered under the Securities Act.
SM Energy Company (NYSE: SM) has announced its intention to offer $650 million in senior notes due 2029 and $650 million in senior notes due 2032, subject to market conditions. The company plans to use the net proceeds, along with cash on hand and borrowings, to fund its pending acquisition of oil and gas assets in the Uinta Basin from XCL Resources, affiliates. Additionally, SM Energy aims to redeem all outstanding 5.625% Notes due 2025 and cover related fees and expenses. The 2029 Notes include a 'special mandatory redemption' clause if the XCL Acquisition doesn't close by July 1, 2025. These notes will be offered only to qualified institutional buyers and non-U.S. persons, and will not be registered under the Securities Act of 1933.
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