2Q19 EARNINGS SOLID EXECUTION ON 2019 PLAN AUGUST 1, 2019
SUCCESSFUL TRANSITION TO TOP-TIER PORTFOLIO VISIBILITY TO FREE CASH FLOW AND REDUCED LEVERAGE Discretionary Cash Flow Leverage Discretionary Cash Flow(1) Net Debt : TTM EBITDAX(1) 2016 2017 2018 2019e 2020e 2016 2017 2018…
SM VALUE ACTIVELY MANAGING TO LONG-TERM VALUE CREATION BEST WELLS IN THE MIDLAND BASIN The Companys high-quality Howard County assets have yielded some of the best results in the area to date in the highest oil cut county. Raymond…
2Q19 FINANCIAL & OPERATING RESULTS UPDATE NYSE: SM 5
SECOND QUARTER 2019 PERFORMANCE Production & Pricing 2Q19 2019 YTD Total Production (MMBoe / MBoe/d) 12.4/136.5 23.1/127.7 Oil Percentage Pre-Hedge Realized Price (/Boe) 44% 32.75 44% 32.34 +37% Permian Production Increase…
WELL HEDGED PERCENTAGE OF PRODUCTION HEDGED BENCHMARK Oil 80% of expected 3Q19 4Q19 oil production hedged; Benchmark Hedges(1) swaps at 61/Bbl, collar floors at 50/Bbl 3Q19 4Q19 50% + of expected 2020 oil production hedged; swaps…
BALANCE SHEET FOCUS 2019 AND BEYOND: IMPROVING DEBT METRICS Liquidity of 1.1B(1); no near-term maturities Net debt to trailing twelve-month adjusted EBITDAX projected to be 3 times at year-end; targeting 2 times at year-end 2020…
2019 GUIDANCE(1) PRODUCTION UP, CAPEX DOWN Capital & Production FY 2019 Total capital spend (MM)(2) (before acquisitions) 1,025 Total production (MMBoe) 47.0 47.8 Total production (MBoe/d) 129 131 Oil percentage 44% Costs LOE…
FOCUS ON EXECUTION WELL PERFORMANCE CAPITAL EFFICIENCY BUILDING I N V E N T O R Y VA L U E NYSE: SM 10
MIDLAND BASIN TOP-TIER EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY Executing On Our Plan COMPLETIONS EXECUTION 100+ net completions planned for 2019 HOWARD 32 net completions in 2Q19; 59 net completions YTD RockStar GREAT…
MIDLAND BASIN: GREAT NEW ROCKSTAR RESULTS NEW WELL PERFORMANCE CONSISTENT WITH PRIOR WELLS(1)(2) 250,000 Cumulative Production (Boe) 200,000 150,000 100,000 50,000 0 0 30 60 90 120 150 180 210 240 270 300 330 360…
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 Ft Completed per Day(2) 1,323 620 Increase in Lateral Feet 510 562…
MIDLAND BASIN: ENCOURAGING RESULTS IN THREE INTERVALS IN ROCKSTAR AREA Y E 1 8 I N V E N TO RY R O C K S TA R A R E A Depth 12+ YEARS I N V E N TO RY U P S I D E 7,300 MIDDLE SPRABERRY 1,000 Boe/d (86% oil) 30-day peak rate…
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 19 net completions planned for 2019 11 net completions in 2Q19; 13 net completions YTD Joint development…
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…
SOUTH TEXAS: TOP-TIER CAPITAL EFFICIENCY RECENT DC&E WELL COSTS AT 650 PER LATERAL FOOT Drilling Faster Completing Faster Lateral Ft Drilled per Day(1) Lateral Feet Completed per Day(2) 1,663 Increase in 799 1,210 1,256 Lateral…
2Q19 REALIZATIONS BY REGION SIMPLIFIED PORTFOLIO: 2 TOP-TIER AREAS OF OPERATION Benchmark Pricing NYMEX WTI Oil (/Bbl) 59.81 NYMEX LLS Oil (/Bbl) 67.20 NYMEX Henry Hub Gas (/MMBtu) 2.64 Hart Composite NGL (/Bbl) 22.23 Production…
2019 ACTIVITY BY REGION WELLS DRILLED, FLOWING COMPLETIONS AND DUC COUNT Wells Drilled Flowing Completions DUC Count 2nd Quarter 2019 2019 YTD 2nd Quarter 2019 2019 YTD As of June 30, 2019 Gross Net Gross Net Gross Net Gross Net…
LEASEHOLD SUMMARY Net Acres(1) Region June 30, 2019 Midland Basin RockStar 64,520 Sweetie Peck(2) 16,850 Midland Basin Total 81,370 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 composite NGL barrel product mix, transportation and fractionation fees SM Typical NGL Bbl(1) 2Q18 3Q18…
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(2) /Bbl(2) (MBbls)…
NGL DERIVATIVE SWAP POSITIONS(1) OPIS MT. BELVIEU Ethane Propane Isobutane Volume Volume Volume (2) (2) (2) Period (MBbls) /Bbl Period (MBbls) /Bbl Period (MBbls) /Bbl 3Q19 907 12.34 3Q19 707 30.98 3Q19 30 35.70 4Q19 896 12.36 4Q19…
ADJUSTED EBITDAX(1) RECONCILIATION TO NET INCOME (LOSS) & NET CASH PROVIDED BY OPERATING ACTIVITIES (GAAP) Reconciliation of net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to adjusted EBITDAX (non-GAAP):…
ADJUSTED NET INCOME (LOSS)(1) RECONCILIATION TO NET INCOME (LOSS) (GAAP) Reconciliation of net income (loss) (GAAP) to adjusted net income (loss) (non-GAAP): Three Months Ended Six Months Ended (in thousands, except per share data)…
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 Six Months…
TOTAL CAPITAL SPEND(1) RECONCILIATION TO COSTS INCURRED (GAAP) Reconciliation of costs incurred in oil and gas activities (GAAP) to total capital spend (non-GAAP): Three Months Ended Six Months Ended (in millions) June 30, 2019 June…
NET DEBT TO TTM EBITDAX LEVERAGE RATIO(1) Twelve Months Twelve Months Twelve Months Ended Ended Ended ( in thousands) December 31, 2018 December 31, 2017 December 31, 2016 Total Debt (principal amount) 2,649,296 2,973,892 2,976,236…
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…
CONTACT INFORMATION Jennifer Martin Samuels Vice President - Investor Relations 303-864-2507 jsamuelssm-energy.com NYSE: SM 32
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