- SM Energy (NYSE:SM) Q2 production of 12.4 MMBoe (136.5 MBoe/d), is up 16% sequentially, on performance from both the Permian and South Texas exceeding expectations.
- Cost incurred in oil and gas activities was $269M with total capital spend of $261M, which was below guidance.
- For Q3, forecasts production of 12.0 -12.2 MMBoe with ~43% oil in the commodity mix.
- Production guidance 2H includes the effect of anticipated production shut-ins of up to 1.5 MMBoe due to offset operator activity, simops and other impacts, as well as ethane rejection, which reduces overall barrel equivalent production volume.
- The company increased FY19 total production guidance at the mid-point to 47.0 - 47.8 MMBoe, or 129 - 131 MBoe/d, while total capital spend guidance is reduced at the mid-point to $1,025M
- At the end of the quarter, long-term debt stood at $2.5B