FIRST QUARTER 2023 FINANCIAL AND OPERATING RESULTS APRIL 27, 2023 NYSE: SM WEB: sm-energy.com
SM Energy Is A Premier Operator of Top-Tier Assets A PREMIER OPERATOR Capital Efficiency OWNER OF TOP-TIER ASSETS High Inventory Quality with Long Runway A LEADER ESG Stewardship 3
Sustainable and Repeatable Business Model Sustainable Premier Operator of Top Tier Assets Return of Capital SUSTAINABLE Strong Balance Sheet Repeatable World Class Technical Team REPEATABLE Organically Add Inventory Strategic…
2023 Strategic Objectives 1Q23 Delivering Results on All Fronts INCREASED RETURN OF CAPITAL TO STOCKHOLDERS OPPORTUNISTIC REPURCHASES 1.4 58 116% Million in total Million shares capital returned FCF(2) returned repurchased(1) to…
1Q23 Performance Summary 146.4 MBoe/d PRODUCTION 401.4 million ADJUSTED EBITDAX(1) 50.3 million ADJUSTED FREE CASH FLOW(1) 116% FCF(1) RETURNED TO STOCKHOLDERS Note Amounts shown are for the quarter ending March 31, 2023.…
Delivering Return of Capital to Stockholders 4% Yield-to-Market Capitalization Over 8-months(1) RETURN OF CAPITAL TO STOCKHOLDERS INCEPTION TO DATE(1): 2.8 million TOTAL SHARES REPURCHASED 134 million TOTAL RETURNED(2)…
Low Leverage Favorable Leverage Compared to Peers Financial Flexibility YE23 Net Debt-to-EBITDA(1)(3) Peer 1 (0.6) 0.6x Peer 2 - NET DEBT-TO- SM 0.5 ADJUSTED EBITDAX(1) Peer 3 0.7 LIQUIDITY 1.7 billion Peer 4 0.9 CASH…
Strong Balance Sheet Balance Sheet Flexibility Borrowing base and aggregate lender commitments reaffirmed(2) No debt maturities before 2025 BB- B2 CREDIT AGENCY SENIOR SECURED DEBT RATINGS: S&P BB- Outlook: Positive Fitch…
2023 Plan Guidance* Optimizing Free Cash Flow Over a Multi-year Plan Key Metrics Guidance FY 2023 Capital Expenditures(1) (B) 1.1 Total Production (MMBoe) 52.554.5 FACILITIES 4% DRILLING & COMPLETION Total Production (MBoe/d)…
2023 Plan Guidance Q2 and Regional Details Q2 2023 Guidance 2023 Regional Activity Production: 13.3-13.5 MMBoe (146-148 MBoe/d), Midland Basin Plan Details at 42-43% oil, 59-60% liquids 2023 Net wells planned: drill 40-45; complete…
Top-Tier Assets Great Acreage Great Basins Great Results OPERATING DETAILS(1) Midland Basin 2 RIGS RUNNING 1 COMPLETION CREW 88,000 NET ACRES OPERATING DETAILS(1) 3 RIGS RUNNING 155,000 South Texas 1 COMPLETION CREW…
Midland Basin Focused On Execution, Well Performance and Capital Efficiency SM Energy Wells vs. Peers(1) Howard County 21-22 Permian Oil Wells Breakeven(2) 300 SM SM Energy Best Peer 1 Among 250 Significant Peer 2 Peer 3…
Midland Basin Best-in-Class Operator Constant Focus On Execution to Achieve Better Well Performance & Capital Efficiency Britain Cindy Kay Pad Miracle Max Pad 5 WELL PAD 2 PADS 5 WELLS 15,000 FOOT LATERALS 17,900 FOOT LATERALS DRILLED…
South Texas Austin Chalk 7 New Wells With Peak IP30 Demonstrate Continued High Returns Across Acreage New Wells Reached IP30 22 23 SM Energy Austin Chalk Wells to Date(1) 40 Liquids-rich Gas 30 Number of wells: 17 (Mboe per…
South Texas Best Austin Chalk Inventory Amongst Peers SM, MGY and Mesquite Lead With Over 300 AC Locations Remaining Enverus(1) 600 500 Net Remaining AC Locations 400 300 200 100 0 Endeavor SM…
SM Energy - Leader in Stewardship Exceeded 2022 Internal Targets OVERALL CDP SCORE 2022 Results Methane Intensity 0.04 mT CH4/MBOE Scope 1 + 2 GHG Intensity down 40% since base year 2019 SUPPLIER ENGAGEMENT Routine flaring 0%…
Inventory Quality A Favorite Among SMID-Caps SM remains a favorite name with what we believe to be the deepest and highest-quality well inventory among our SMID-cap coverage. Capital One Securities, Inc. COS Energy Earnings…
Year-End Inventory Organically Replacing and Maintaining Highly Economic Inventory ORGANICALLY MAINTAINING INVENTORY Nearly 80% of inventory is classified as 3P reserves having economic and geologic certainty Organic inventory…
First Quarter 2023 Performance Key Metrics 1Q23 Production and Pricing 1Q23 Production 146.4 MBoe/d Total Production (MMBoe) 13.2 Total Production (MBoe/d) 146.4 Oil percentage / Liquids 43% / 59% Pre-Hedge Realized Price (/Boe)…
1Q 2023 Realizations by Region Two Top-Tier Areas of Operation Midland Basin South Texas Total Production Volumes Benchmark Pricing Oil (MBbls) 4,240 1,424 5,664 NYMEX WTI Oil (/Bbl) 76.13 Gas (MMcf) 14,471 17,761 32,232 NYMEX Henry…
Activity by Region Wells Drilled, Flowing Completions & DUC Count Wells Drilled(1) Flowing Completions DUC Count(1) 1Q23 1Q23 As of March 31, 2023 Gross Net Gross Net Gross Net Midland Basin RockStar(1) 5 3 5 5 29 24 Sweetie Peck…
Leasehold Summary 6,300 Net Acres Acquired 10 million Net Acres(1) MIDLAND BASIN NET ACRES 88,000 Midland Basin RockStar 63,500 Sweetie Peck(2) 18,500 New Acreage 6,300 Midland Basin total 88,300 South Texas 154,800 SOUTH…
NGL Realizations 2023 Plan Assumes Ethane Processing All Year SM Energy Realizations by Quarter NGL Composition 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Iso OPIS(1) Benchmark Price (/Bbl) 48.36 50.05 42.47 33.03 30.95 Butane SM…
Hedging Summary Hedging Volumes Lower Aligned with Lower Leverage 2023 Hedge Program OIL 5,300 MBbls(2), or 30% of expected Q2-Q4 2023 oil production, is hedged to contract prices in the Midland Basin at a weighted- average price of…
Definitions of Non-GAAP Measures and Metrics as Calculated by the Company To supplement the presentation of its financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides…
Non-GAAP Reconciliations Adjusted EBITDAX(1) Three Months Ended Trailing Twelve Months Ended Adjusted Net Income(1) Three Months Ended (in thousands) (in thousands) March 31, 2023 March 31, 2023 March 31, 2023 Net income (GAAP)…
Non-GAAP Reconciliations Adjusted Free Cash Flow(1) Three Months Ended (in thousands) March 31, 2023 Net cash provided by operating activities (GAAP) 331,634 Net change in working capital 26,216 Cash flow from operations before net…
JENNIFER MARTIN SAMUELS Vice President - Investor Relations 303.864.2507 jsamuelssm-energy.com
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