SM Energy ups production guidance

SM Energy (NYSE:SM) says it expects 2014 total production of 53.5M-54.9M boe, or 146K-150K boe/day, a 3% overall increase from previous guidance.

SM also increases its expected annual 2015 production growth target to ~20%, up from its previously announced target of 15%.

Raises its 2014 capex budget to $930M, mostly attributable to ~$430M of un-budgeted acquisitions in the Powder River and Williston Basins and additional activity related to those acquisitions in H2.

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