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SM Energy to Drop Eagle Ford Rig in Q3; Shaves Capex ~5.0%
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SM Energy Company announced financial results for the second quarter of 2016 and provided an operations update.
Key Points: Currently operating four rigs with two in the Permian Basin, one in the Bakken/Three Forks and one in the Eagle Ford, with plans to drop the Eagle Ford rig in August 2016.Total capital spend guidance for 2016 was reduced to approximately $670 million from approximately $705 million as lower drilling and completion costs and realized efficiencies contribute to overall capital cost savings.
Highlights: Production of 14.3 MMBoe exceeded plan by approximately 1 MMBoe reflecting outperformance from new wells in the Eagle Ford and Permian; oil production of 4.1 MMBoe at mid-point of guidance GAAP Net cash provided by operating activities $138.6 MM; Adjusted…
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