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SM Adds to Permian Rig Fleet as Latest Wells Outperform Type Curve
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SM Energy Company announced financial results for the first quarter of 2016 and provided an operations update.
Key Points: Reduced rig count from six to five - (added rig in the Permian (current total of two); Bakken remains at two; Eagle Ford decreased by one (current total of one); Powder River Basin declined from one rig to none During the first quarter, the company drilled 22 gross/21 net operated wells, completed 11 gross/10 net operated wells and participated in seven net non-operated wells. 13.4 MMBoe production; production mix includes 31% oil $182.3 million adjusted EBITDAX $1.0 billion liquidity and flexibility following bank redetermination and new covenants 1,255 net acres added at Sweetie Peck in the Permian Basin, increasing net acreage position to 16,443 Initial Permian…- ✓ Full news archive — U.S., Canada & international coverage
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