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SM Energy (SM) does not have shortage of investment opportunities. The company's portfolio includes large positions in the wet gas window of the Eagle Ford Shale and in the Bakken. In addition, SM has been aggressively pursuing several emerging oil plays including Powder River Basin Frontier and Shannon/Sussex; Woodbine; and Permian Mississippian Lime. In this context, the company's decision to put on the market its Granite Wash assets does not come as a big surprise.

Yesterday, SM Energy issued a press release stating that it has engaged an advisor to market all of its properties in the Anadarko Basin. The assets include approximately 56,000 net acres and 9,000 Boe/d of production (~8% of the company's total during...

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