Quarterly / Earnings Reports | First Quarter (1Q) Update | Hedging | Capital Markets | Impairment | Capex Decrease | Capital Expenditure - 2020
SM Q1: $990MM Impairment Charge, Credit Line Slashed; Cuts 2020 Capex by 20%
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SM Energy Co. reported its Q1 2020 results. Below are the highlights from its call and results report.
Q1 Key Financial Developments & Production SM reported several key financial developments in Q1, including: Free Cash of $80.5MM in Q1: SM reported free cash of $80.5 million for Q1 2020 (First quarter net cash provided by operating activities was $236.6 million. Capital expenditures of $156 million, which resulted in free cash flow of $80.5 million) Nearly $1.0B Impairment Charge: The company reported a $990 million impairment charge in Q1. It was related predominantly to the write-down of South Texas proved oil and gas properties and related support facilities in the wake of the oil price downturn. Borrowing Base Cut 31%: SM's lenders cut the company's borrowing base by 31% to…- ✓ Full news archive — U.S., Canada & international coverage
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