- SM Energy (NYSE:SM -14.8%) sinks to new 52-week lows after reporting FY 2015 production rose 21% Y/Y to 64.2M boe, at the high end of analyst guidance and adjusted for Mid-Continent natural gas assets sold, with Q4 production of 14.9M boe.
- SM says it is well hedged for 2016, with hedges in place for ~50% of natural gas, 48% of natural gas liquids - including nearly 90% of propane volumes - and 32% of oil.
- SM also reports $1.3B in liquidity and says its 2016 strategy is to spend within adjusted EBITDA and maintain a strong balance sheet and liquidity.
- Topeka Capital cuts its SM price target to $25 from $34 following the update, but believes SM can survive the severe down cycle (Briefing.com).