1Q19 EARNINGS SOLID EXECUTION ON 2019 PLAN M AY 1 , 2 0 1 9
ON TRACK WITH OUR 2019 PRIORITIES Grow within cash flow Reduce leverage FCF leads to absolute debt reduction Prove-up and grow inventory Value creation through testing of new intervals in South Texas and Permian NYSE:…
FIRST QUARTER 2019 PERFORMANCE Production & Pricing 1Q19 Total Production (MMBoe / MBoe/d) 10.7/118.7 Oil Percentage 45% Pre-Hedge Realized Price (/Boe) 31.86 Post-Hedge Realized Price (/Boe) 31.39 +34% Costs /Boe Permian Production…
WELL HEDGED PERCENTAGE OF PRODUCTION HEDGED Waha Gas Swaps(1) REGIONAL WAHA AND MIDLAND-CUSHING 70-75% of expected 2Q19 4Q19 Permian gas production hedged at 70-75% WAHA (2Q19 at 0.70/MMBtu, 3Q19 at 1.30/MMBtu, 4Q19 at…
BALANCE SHEET FOCUS 2019 AND BEYOND: IMPROVING DEBT METRICS Liquidity of 1.2B(1); no near-term maturities Borrowing Base increased to 1.6B; lender commitments increased to 1.2B(2) Net debt to trailing twelve-month adjusted EBITDAX…
2019 GUIDANCE(1) Capital & Production FY 2019 Total capital spend (MM)(2) (before acquisitions) 1,000 - 1,070 Total production (MMBoe) 45 48 2Q19 production is expected to Total production (MBoe/d) 123.3 131.5 range between 11.5 and…
FOCUS ON EXECUTION WELL PERFORMANCE CAPITAL EFFICIENCY BUILDING I N V E N T O R Y VA L U E NYSE: SM 8
MIDLAND BASIN TOP-TIER EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY Executing On Our Plan COMPLETIONS EXECUTION 100 net completions planned for 2019 HOWARD 27 net completions in 1Q19 RockStar 35 net completions planned for…
MIDLAND BASIN: MERLIN MAXIMUS RESULTS SUCCESSFUL CO-DEVELOPMENT SIGNIFICANTLY OUTPACING PEER Merlin Maximus(1) vs. Merlin Maximus(1) vs. Previously Reported Wells Peer Co-Development 300,000 150 (Average Well Normalized to…
MIDLAND BASIN: GREAT NEW ROCKSTAR RESULTS NEW WELL PERFORMANCE CONSISTENT WITH PRIOR WELLS(1)(2) 250,000 Cumulative Production (Boe) 200,000 150,000 ALL NEW WELLS FULLY OR HALF BOUNDED 100,000 50,000 0 0 30 60 90…
MIDLAND BASIN: TOP-TIER CAPITAL EFFICIENCY RECENT DC&E WELL COSTS AT 765 PER LATERAL FOOT Drilling Faster Completing Faster Lateral Ft Drilled per Day(1) Lateral Feet Completed per Day(2) 599 1,256 Increase in Lateral Feet 510 562…
SOUTH TEXAS FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT E n h a n c i n g I n v e n t o r y Va l u e COMPLETIONS EXECUTION 18 net completions planned for 2019 2 net completions in 1Q19 14 net completions planned for 2Q19 DIMMIT…
SOUTH TEXAS: AUSTIN CHALK SUCCESS WATSON (SA2) STATE 167H 55% LIQUIDS CONTENT = HIGHER RETURNS Watson (SA2) State 167H 12,875 Lateral Peak IP-24: 3,500 Boe/d (3-stream) 4,000 3,500 Galvan Ranch C 917H Boe/Day (3 stream)…
SOUTH TEXAS: VALUE ENHANCEMENT PROGRESS TOWARD OPTIMAL WELL DESIGN PROGRESS TOWARDS IMPLEMENTING OPTIMAL Implementing wider spacing/optimized completion expected to improve productivity WELL DESIGN per lateral foot Increasing…
EAGLE FORD: TOP-TIER CAPITAL EFFICIENCY RECENT D&C WELL COSTS AT 650 PER LATERAL FOOT Drilling Faster Completing Faster Lateral Ft Drilled per Day(1) Lateral Feet Completed per Day(2) 817 1,646 Increase in 666 721 1,210 1,256…
SM ENERGY WHY INVEST GREAT ASSETS, EXCEPTIONAL EXECUTION, AND TOP-TIER CAPITAL EFFICIENCY DRIVING HIGH RETURNS AND CASH FLOW GROWTH O U T S TA N D I N G T O P - T I E R C A P I TA L G R E AT A S S E T S EXECUTION EFFICIENCY…
APPENDIX NYSE: SM 18
1Q19 REALIZATIONS BY REGION Benchmark Pricing NYMEX WTI Oil (/Bbl) 54.90 NYMEX LLS Oil (/Bbl) 62.32 NYMEX Henry Hub Gas (/MMBtu) 3.15 Hart Composite NGL (/Bbl) 26.28 Production Volumes South Texas(1) Permian Total Oil (MBbls) 286…
2019 ACTIVITY BY REGION WELLS DRILLED, FLOWING COMPLETIONS AND DUC COUNT Wells Drilled Flowing Completions DUC Count 1st Quarter 2019 1st Quarter 2019 March 31, 2019 Region Gross Net Gross Net Gross Net Permian Sweetie Peck 4 3…
LEASEHOLD SUMMARY Net Acres(1) Region March 31, 2019 Midland Basin RockStar 64,760 Sweetie Peck(2) 16,850 Midland Basin Total 81,610 South Texas 162,990 Rocky Mountain Other(3) 173,980 Other Areas/Exploration 26,380 Total…
NGL REALIZATIONS NGL price realizations are predominantly tied to Mont Belvieu, fee based contracts Differential reflects NGL barrel product mix, transportation and fractionation fees SM Typical NGL Bbl(1) 1Q18 2Q18 3Q18 4Q18…
OIL AND GAS DERIVATIVE POSITIONS(1) BY QUARTER THROUGH 2020 Midland - Cushing Oil Swaps Oil Collars Oil Basis Swaps Price Volume Volume Ceiling Floor Volume Differential Period (MBbls) /Bbl(2) (MBbls) /Bbl(1) /Bbl(2) (MBbls)…
NGL DERIVATIVE SWAP POSITIONS(1) OPIS MT. BELVIEU Ethane Purity Propane Isobutane Volume Volume Volume (2) (2) (2) Period (MBbls) /Bbl Period (MBbls) /Bbl Period (MBbls) /Bbl 2Q19 877 12.29 2Q19 631 31.02 2Q19 29 35.70 3Q19 907…
ADJUSTED EBITDAX(1) RECONCILIATION TO NET LOSS & NET CASH PROVIDED BY OPERATING ACTIVITIES (GAAP) Reconciliation of net loss (GAAP) and net cash provided by operating activities (GAAP) to adjusted EBITDAX (non-GAAP): Three Months Ended…
ADJUSTED NET LOSS(1) RECONCILIATION TO NET LOSS (GAAP) Reconciliation of net loss (GAAP) to adjusted net loss(non-GAAP): Three Months Ended (in thousands, except per share data) March 31, 2019 Net loss (GAAP) (177,568) Net…
DISCRETIONARY CASH FLOW(1) RECONCILIATION TO NET CASH PROVIDED BY OPERATING ACTIVITIES (GAAP) Reconciliation of net cash provided by operating activities (GAAP) to discretionary cash flow (non-GAAP): Three Months Ended (in millions)…
TOTAL CAPITAL SPEND(1)(2) RECONCILIATION TO COSTS INCURRED (GAAP) Reconciliation of costs incurred in oil and gas activities (GAAP) to total capital spend (non-GAAP): Three Months Ended (in millions) March 31, 2019 Costs incurred in…
CONTACT INFORMATION Jennifer Martin Samuels Vice President - Investor Relations 303-864-2507 jsamuelssm-energy.com NYSE: SM 30
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