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1Q 2020 Earnings Results – SM Energy Company

SM Energy Company · Apr 30, 2020 · 20 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 1Q 2020 Earnings Results – SM Energy Company – slide 1
    1Q 2020 Financial & Operating Results APRIL 29, 2020 SM-ENERGY.COM
  2. 1Q 2020 Earnings Results – SM Energy Company – slide 2
    PREMIER OPERATOR OF TOP-TIER ASSETS STRONG FIRST QUARTER AND SCALED-BACK 2020 CAPITAL PRODUCTION Production of 12.4 MMBoe (135.9 MBoe/d) and 51% oil at high-end of guidance FREE CASH FLOW Generated 81MM of free cash flow(1)…
  3. 1Q 2020 Earnings Results – SM Energy Company – slide 3
    FIRST QUARTER 2020 PERFORMANCE Key Metrics Q1 2020 Production and Pricing Total Production (MMBoe) 12.4 Production Total Production (MBoe/d) 135.9 Oil percentage Pre-Hedge Realized Price (/Boe) Post-Hedge Realized Price (/Boe)…
  4. 1Q 2020 Earnings Results – SM Energy Company – slide 4
    BALANCE SHEET FOCUS LEVERAGE METRICS IMPROVED D e b t M a t u r i t i e s (1) in millions 1.1B 1,250 Commitments & Borrowing Base 1,000 Liquidity of 1B(2) 750 Borrowing base re-determined in April 2020 500 (3) Net…
  5. 1Q 2020 Earnings Results – SM Energy Company – slide 5
    HEDGING SUMMARY STRONG HEDGE PROTECTION AT CURRENT OIL PRICES 2Q 4Q 2020 Oil Volumes Hedged(1) 2020 Hedge Program 14,340 MBbls 14,340 MBbls(1) of 2Q 4Q oil production hedged to WTI; At prices 55/Bbl swaps at 57/Bbl, collar floors…
  6. 1Q 2020 Earnings Results – SM Energy Company – slide 6
    MIDLAND BASIN TOP-TIER EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY 2020 PLAN OBJECTIVES 2020 REVISED PLAN HOWARD 11,300 expected average lateral feet per well 6.8MM expected average well cost RockStar 48% Boe PDP decline…
  7. 1Q 2020 Earnings Results – SM Energy Company – slide 7
    MIDLAND BASIN: TOP-TIER CAPITAL EFFICIENCY LEADING DC&E COSTS REDUCED TO 600 PER LATERAL FOOT Drilling and Completion Longer Laterals Efficiency Gains Average Lateral Length Completed(2) Drilled and completed feet per day(1) 22%…
  8. 1Q 2020 Earnings Results – SM Energy Company – slide 8
    SOUTH TEXAS FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT 2020 PLAN OBJECTIVES 2020 REVISED PLAN 11,700 expected average lateral feet per well 7.25MM expected average well cost / DC&E costs further reduced to DIMMIT COUNTY…
  9. 1Q 2020 Earnings Results – SM Energy Company – slide 9
    SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES HIGHER OIL CONTENT = HIGHER RETURNS Briscoe G 109H Demonstrating Continued outperformance v. expectations Geographic Expanse Briscoe G 109H 300 Total Production IP30: 2,634 Boe/d IP30…
  10. 1Q 2020 Earnings Results – SM Energy Company – slide 10
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) MAKING PEOPLES LIVES BETTER BY RESPONSIBLY PRODUCING OIL & NATURAL GAS Board of Directors is actively engaged in ESG oversight 2019 top quartile(1) Methane Emissions 0.11% Board…
  11. 1Q 2020 Earnings Results – SM Energy Company – slide 11
    Appendix 12
  12. 1Q 2020 Earnings Results – SM Energy Company – slide 12
    1Q 2020 REALIZATIONS BY REGION TWO TOP-TIER AREAS OF OPERATION Benchmark Pricing Midland South NYMEX WTI Oil (/Bbl) 46.17 NYMEX LLS Oil (/Bbl) 49.90 Basin Texas Total NYMEX Henry Hub Gas (/MMBtu) 1.95 Hart Composite NGL (/Bbl)…
  13. 1Q 2020 Earnings Results – SM Energy Company – slide 13
    1Q 2020 ACTIVITY BY REGION WELLS DRILLED, FLOWING COMPLETIONS AND DUC COUNT Wells Drilled Flowing Completions DUC Count(1) Gross Net Gross Net Gross Net Midland Basin Sweetie Peck 5 4 5 5 6 5 RockStar 20 18 14 14 51 47 Midland Basin…
  14. 1Q 2020 Earnings Results – SM Energy Company – slide 14
    OIL, GAS, AND NGL DERIVATIVE POSITIONS(1) BY QUARTER Oil Oil Swaps Oil Collars Midland - Cushing Oil Basis Swaps NYMEX WTI - ICE Brent Oil Basis Swaps NYMEX WTI Roll Basis Swaps Price Price Price Volume Volume Ceiling Floor…
  15. 1Q 2020 Earnings Results – SM Energy Company – slide 15
    LEASEHOLD SUMMARY NO LEASEHOLD ON FEDERAL LANDS IN THE MIDLAND BASIN OR SOUTH TEXAS MIDLAND BASIN Net Acres (1) NET ACRES Midland Basin Sweetie Peck(2) RockStar Midland Basin total 18,000 63,800 81,800 82,000 South Texas…
  16. 1Q 2020 Earnings Results – SM Energy Company – slide 16
    NGL REALIZATIONS Realizations by Quarter 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Mont Belvieu Benchmark Price (/Bbl) 26.28 22.23 18.89 21.96 17.02 SM NGL Realization (/Bbl) 19.39 16.42 15.73 17.84 13.62 NGL price realizations tied to…
  17. 1Q 2020 Earnings Results – SM Energy Company – slide 17
    Non-GAAP Definitions & Reconciliations 18
  18. 1Q 2020 Earnings Results – SM Energy Company – slide 18
    NON-GAAP RECONCILIATIONS Three Months Ended Three Months Ended Adjusted EBITDAX (1) March 31, 2020 Adjusted Net Loss (1) March 31, 2020 (in thousands) (in thousands) Net loss (GAAP) (411,895) Net loss (GAAP) (411,895) Interest…
  19. 1Q 2020 Earnings Results – SM Energy Company – slide 19
    NON-GAAP RECONCILIATIONS Three Months Ended Free Cash Flow (1)(2) March 31, 2020 RECONCILIATION OF PRIOR CALCULATION METHOD TO NEW METHOD (in thousands) Net cash provided by operating activities (GAAP) 218,132 Net change in…
  20. 1Q 2020 Earnings Results – SM Energy Company – slide 20
    CONTACT INFORMATION Jennifer Martin Samuels Vice President - Investor Relations 303.864.2507 jsamuelssm-energy.com 22

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