Bairds 2019 Global Industrial Conference NOVEMBER 5, 2019
PREMIER OPERATOR OF TOP-TIER ASSETS FOCUSED ON TWO BASINS IN TEXAS ENTERPRISE VALUE: 4 Billion PRODUCTION: 134.9 MBoe/d; 44% oil (3Q19) MIDLAND BASIN 81,500 net acres 6 Rigs / 2 Completion Crews PROVED RESERVES: SOUTH TEXAS 503…
BALANCE SHEET FOCUS IMPROVING DEBT METRICS EXPECTED Borrowing base re-affirmed in October Liquidity of 1.1B(1); no near-term maturities Debt Maturities as of September 30, 2019 (in millions) 1,750 Borrowing Base: 1.6B 1,500…
COMMITMENT TO GENERATING FREE CASH FLOW CAPITAL COSTS DOWN G R E AT W E L L PERFORMANCE LOWER OPERATING COSTS NYSE: SM 5
MIDLAND BASIN TOP-TIER EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY Executing On Our Plan COMPLETIONS EXECUTION HOWARD 100+ net completions planned for 2019 RockStar 19 net completions in 3Q19; 78 net completions YTD MARTIN…
MIDLAND BASIN: TOP-TIER CAPITAL EFFICIENCY INCREASE IN CAPITAL EFFICIENCY RECENT DC&E WELL COSTS AT 700 PER LATERAL FOOT Drilling Faster Completing Faster Lateral Ft Drilled per Day(1) Lateral Ft Completed per Day(2) 618 1,536…
MIDLAND BASIN: GREAT NEW ROCKSTAR RESULTS NEW WELL PERFORMANCE CONSISTENT WITH PRIOR WELLS 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 Days on…
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 (1) 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…
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 6 net completions in 3Q19; South Texas 2019 program concluded with 19 net completions for the year…
SOUTH TEXAS: EXCELLENT CAPITAL EFFICIENCY RECENT EAGLE FORD D&C WELL COSTS LESS THAN 650 PER LATERAL FOOT Drilling Faster Completing Faster Lateral Ft Drilled per Day(1) Lateral Feet Completed per Day(2) 824 1,663 Increase in 666…
SOUTH TEXAS: AUSTIN CHALK SUCCESS TWO NEW TESTS: 1,100 BOPD PEAK 24 HR RATES EACH HIGHER OIL CONTENT = HIGHER RETURNS 4,500 4,000 Surface equipment repairs DEMONSTRATING GEOGRAPHIC EXPANSE 3,500 Boe/Day (3-stream) 3,000…
SOUTH TEXAS: VALUE ENHANCEMENT POSITIVE RESULTS FROM NEW WELL DESIGN Wider spacing and new completion design Increasing lateral length with less capex per lateral foot Increasing production volumes at lower cost with more liquids…
2019 GUIDANCE(1) PRODUCTION UP, COSTS DOWN Capital & Production FY 2019 Total capital spend (MM)(2) (before acquisitions) 1,025 Total production (MMBoe) 47.5 47.9 Total production (MBoe/d) 130 131 Oil percentage 44% Costs LOE…
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) MAKING PEOPLES LIVES BETTER BY RESPONSIBLY PRODUCING OIL & NATURAL GAS SMS BOARD OF DIRECTORS IS ACTIVELY ENGAGED IN ESG OVERSIGHT 2018 E C O R P O R AT E Member in API Environmental…
SM VALUE ACTIVELY MANAGING TO LONG-TERM VALUE CREATION BEST WELLS IN THE MIDLAND BASIN Baird has repeatedly ranked SM as 1 and at least among the top 5 in their periodic ranking of highest revenue per well in the Midland Basin.…
Appendix NYSE: SM 17
WELL HEDGED PERCENTAGE OF PRODUCTION HEDGED BENCHMARK Oil 90% of expected 4Q19 oil production hedged; Benchmark Hedges(1) swaps at 61.35/Bbl, collar floors at 50.50/Bbl 4Q19 Gas 70% of expected 4Q19 gas production hedged; swaps…
THIRD QUARTER 2019 PERFORMANCE Production & Pricing 3Q19 2019 YTD Total Production (MMBoe / MBoe/d) 12.4/134.9 35.5/130.1 Oil Percentage 44% 44% Pre-Hedge Realized Price (/Boe) 31.39 32.00 Post-Hedge Realized Price (/Boe) 33.38…
3Q19 REALIZATIONS BY REGION SIMPLIFIED PORTFOLIO: 2 TOP-TIER AREAS OF OPERATION Benchmark Pricing NYMEX WTI Oil (/Bbl) 56.45 NYMEX LLS Oil (/Bbl) 57.72 NYMEX Henry Hub Gas (/MMBtu) 2.23 Hart Composite NGL (/Bbl) 18.89 Production…
2019 ACTIVITY BY REGION WELLS DRILLED, FLOWING COMPLETIONS AND DUC COUNT Wells Drilled Flowing Completions DUC Count 3rd Quarter 2019 2019 YTD 3rd Quarter 2019 2019 YTD As of September 30, 2019 Region Gross Net Gross Net Gross Net…
SOUTH TEXAS 3Q19 WELL RESULTS DETAIL JOINT DEVELOPMENT & AUSTIN CHALK WELLS COMPLETED DURING THE QUARTER IP24 Gas IP24 IP30 Gas IP30 First Lateral IP24 Oil IP24 IP30 Oil IP30 API Well Name Zone Wet (Boe/d) Wet (Boe/d) Production…
LEASEHOLD SUMMARY SM HAS NO FEDERAL ACREAGE IN THE MIDLAND BASIN OR SOUTH TEXAS REGIONS Net Acres(1) Region September 30, 2019 Midland Basin RockStar 64,000 Sweetie Peck(2) 17,500 Midland Basin Total 81,500 South Texas…
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) 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(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 4Q19 896 12.36 4Q19 660 31.60 4Q19 29 35.70 1Q20 447 11.53…
HOWARD COUNTY OPERATORS NYSE: SM 27
SWEETIE PECK OPERATORS NYSE: SM 28
EAGLE FORD OPERATORS NYSE: SM 29
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 LOSS(1) RECONCILIATION TO NET INCOME (LOSS) (GAAP) Reconciliation of net income (loss) (GAAP) to adjusted net loss (non-GAAP): Three Months Ended Nine Months Ended (in thousands, except per share data) September 30, 2019…
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 Nine 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 Nine Months Ended (in millions) September 30, 2019…
CONTACT INFORMATION Jennifer Martin Samuels Vice President - Investor Relations 303-864-2507 jsamuelssm-energy.com NYSE: SM 35
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