FIRST QUARTER 2021 F I N A N C I A L & O P E R AT I N G R E S U LT S NYSE: SM APRIL 29, 2021 SM-ENERGY.COM
PLAN OBJECTIVES AND PRIORITIES LONG-TERM STRATEGIC DIRECTION: FIVE-YEAR PLAN Key Priorities: Strategic Free cash flow(1) generation Maximize cash flow over five years Objectives:…
FIRST QUARTER PERFORMANCE Key Metrics 1Q21 Production and Pricing Total Production (MMBoe) 10.0 Total Production (MBoe/d) 111.6 Oil percentage Pre-Hedge Realized Price (/Boe) 54% 42.11 Production Post-Hedge Realized Price (/Boe)…
BALANCE SHEET FOCUSED ON IMPROVING BALANCE SHEET STRENGTH Liquidity D e b t M a t u r i t i e s (1) 965 million(1) in millions 1.1B 1,250 Borrowing Base & Commitments Net debt-to-Adjusted EBITDAX(2) 1,000 2.6 times 750…
HEDGING SUMMARY RISK MANAGEMENT SM Energy Hedge Program Q2-Q4 2021 Oil Volumes Hedged(1) Oil 15,615 MBbls(1), or approximately 75-80%(1) of expected 2Q-4Q 75-80% 2021 oil production, hedged to WTI at an average price 40.66…
(1) 2021 GOALS AND PLAN GUIDANCE NO CHANGE TO FULL-YEAR GUIDANCE Guidance Key Metrics 2021 Goals Capital Expenditures(3) (MM) FY 2021 650 - 675 Total Production (MMBoe) 47 - 50 Generate positive free cash flow(2) Total…
MIDLAND BASIN FOCUSED ON EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY 2 0 2 1 O P E R AT I N G P L A N 2021 PLAN DETAILS HOWARD 1Q21: 14 net wells were completed and 13 net wells were drilled 11,300 expected average lateral…
SOUTH TEXAS FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT 2 0 2 1 O P E R AT I N G P L A N 2021 PLAN DETAILS 1Q21: 3 net wells were completed and 5 net wells were drilled 12,000 expected average lateral feet per well 520/lateral…
SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES OUTSTANDING PERFORMANCE FROM RECENT AUSTIN CHALK DELINEATION WELLS Austin Chalk Wells Currently Producing 2020 Austin Chalk completions have an expected breakeven flat oil price range of…
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) MAKING PEOPLES LIVES BETTER BY RESPONSIBLY PRODUCING OIL & NATURAL GAS First Electric Frac Fleet Utilized by SM Energy October 2020 Focused on emissions and safety: 0.81% Midland…
Appendix 12
1Q 2021 REALIZATIONS BY REGION TWO TOP-TIER AREAS OF OPERATION Benchmark Pricing NYMEX WTI Oil (/Bbl) 57.84 Midland South Basin Texas Total NYMEX Henry Hub Gas (/MMBtu) 2.69 Hart Composite NGL (/Bbl) 30.47 Production Volumes Oil…
1Q 2021 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 6 5 - - 22 19 RockStar 10 8 16 14 44 39…
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 64,100 82,100 82,000 South Texas…
NGL REALIZATIONS Realizations by Quarter 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 Mont Belvieu Benchmark Price (/Bbl) 17.02 14.02 19.13 21.68 30.47 NGL price realizations tied to SM NGL Realization (/Bbl) 13.62 10.43 14.07 18.43…
(1) SOUTH TEXAS: AUSTIN CHALK HISTORICAL COMPARISON NOT THE OLD EAST TEXAS AUSTIN CHALK 600,000 Cumulative Production(2) Austin Chalk (2-stream Boe per Well) 500,000 400,000 Horizontal Modern Frac Improved landing zones…
SM ENERGY AUSTIN CHALK: TOP-TIER ECONOMICS Transportation per Boe Austin Chalk operating 10.00 8.00 Total South Texas costs per Boe are 35-40% 6.00 4.00 AC only 2.00 lower than current blended 0.00 2020Q1 2020Q2 2020Q3…
First Quarter 2021 Non-GAAP Reconciliations and Disclosures 21
NON-GAAP RECONCILIATIONS Adjusted EBITDAX(1) Three Months Ended March 31, Adjusted Net Loss(1) Three Months Ended March 31, (in thousands) 2021 (in thousands) 2021 Net loss (GAAP) (251,269) Net loss (GAAP) (251,269) Interest…
NON-GAAP RECONCILIATIONS Free Cash Flow(1) Three Months Ended March 31, Net Debt(1) As of March 31, (in thousands) 2021 (in thousands) 2021 Net cash provided by operating activities (GAAP) 105,624 (3) Senior Secured Notes 512,160…
SM ENERGY CONTACTS Jennifer Martin Samuels Vice President - Investor Relations 303.864.2507 jsamuelssm-energy.com Jeremy Kline Manager - Investor Relations 303.863.4313 jklinesm-energy.com 25
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