SM Energy Reports Results for the Second Quarter of 2014
Announces Significant Bakken/Three Forks Acquisition
Record quarterly average daily production of 147 MBOE per day, compared to guidance range of 136 – 143 MBOE per day; quarterly production mix of 53% liquids/47% natural gas.
Quarterly GAAP net income of $59.8 million, or $0.88 per diluted share; adjusted quarterly net income of $106.5 million, or $1.56 per diluted share.
Record quarterly adjusted EBITDAX of $423.4 million; quarterly GAAP cash provided by operating activities of $415.4 million.
Announces agreement for acquisition of approximately 61,000 net acres adjacent to Company’s Gooseneck prospect for $330 million.
Tests of alternative completion designs in operated Eagle Ford and Three Forks show significant improvement to program economics.
SECOND QUARTER 2014 RESULTS
SM Energy reported net income for the second quarter of 2014 of $59.8 million, or $0.88 per diluted share. This compares to net income of $76.5 million, or $1.13 per diluted share, for the same period of 2013.
Adjusted net income for the second quarter of 2014 was $106.5 million, or $1.56 per diluted share, compared to adjusted net income of $51.8 million, or $0.76 per diluted share, for the same period of 2013. Adjusted net income excludes certain items that the Company believes affect the comparability of operating results and are generally items whose timing and/or amount cannot be reasonably estimated.
Earnings before interest, taxes, depreciation, depletion, amortization, accretion, and exploration expense (“adjusted EBITDAX”) set a new quarterly record of $423.4 million in the second quarter of 2014, an increase of 24% from $342.5 million for the same period of 2013.
Adjusted net income and adjusted EBITDAX are non-GAAP financial measures. Please refer to the respective reconciliations in the Financial Highlights section at the end of this release for additional information about these measures.
Total operating revenues for the second quarter of 2014 were $675.0 million compared to $559.4 million for the same period of 2013, a 21% increase from period to period.
Source: SM Energy