SM Energy reports strong Q3 output but October hit by third-party downtime

|About: SM Energy Company (SM)|By:, SA News Editor

SM Energy (SM -1.9%) is lower despite announcing Q3 production of 12M boe, or 130.2K boe/day, topped the high end of company guidance, due to better than expected well performance in the Midland Basin and higher processed natural gas liquids volumes in the Eagle Ford.

Analysts at Williams Capital maintain their Top Pick rating for SM, saying SM's Q3 production beat came amid fewer completions and lower capex with better than expected pricing realizations, a combination that showcases the quality of the company's asset base.

SM says October results so far have been hurt by a force majeure incident at a third-party gas processing facility and storms at its RockStar area, but Williams believes SM remains on track to achieve the upper end of the company's full-year guidance range.

Source: Briefing.com

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