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Capital One Conference – SM Energy Company

SM Energy Company · Dec 11, 2014 · 18 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. Capital One Conference – SM Energy Company – slide 1
    Capital One Conference Jay Ottoson President and COO December 11, 2014
  2. Capital One Conference – SM Energy Company – slide 2
    Strategy and Asset Overview How SM Energy will differentially grow shareholder value Continue to increase the value and Significant existing development quantity of core program inventory inventory in each core program Leverage…
  3. Capital One Conference – SM Energy Company – slide 3
    Eagle Ford Acreage Maverick Dimmit APC Operated Webb TEXAS SM Operated Mexico Operated: 144,000 net acres Non-operated: 46,000 net acres 4
  4. Capital One Conference – SM Energy Company – slide 4
    Operated Eagle Ford North Improved completions have enhanced this asset Dimmit Webb IRR Sensitivity(1) 100% 80% Mexico 60% 40% 50 Improved Completion(2) 45 20% Well Cost (8,000 lateral) 7.4 MM CUMULATIVE PRODUCTION 40…
  5. Capital One Conference – SM Energy Company – slide 5
    Operated Eagle Ford East Strong asset continues to provide top-tier returns Dimmit Webb IRR Sensitivity(1) 120% 100% Mexico 80% 60% 90 40% 80 20% CUMULATIVE PRODUCTION 70 0% 60 70 80 90 100 (MBOE/1,000FT) 60 NYMEX…
  6. Capital One Conference – SM Energy Company – slide 6
    Operated Eagle Ford South Wells in southern acreage provide an economic dry gas option Dimmit Webb IRR Sensitivity(1) 70% 60% 50% Mexico 40% 30% 70 20% 60 10% 0% CUMULATIVE PRODUCTION 50 3.00 3.50 4.00 4.50 5.00 NYMEX…
  7. Capital One Conference – SM Energy Company – slide 7
    Opportunity for Stacked Laterals Potential to significantly increase economic inventory SM Energys Gamma Ray Resistivity operated and non- Austin Chalk op acreage has some of the UPPER UPPER thickest section of EAGLEFORD…
  8. Capital One Conference – SM Energy Company – slide 8
    Williston Basin Acreage Sheridan Divide Gooseneck: 110,000 net acres Total Williston Basin acreage: Raven/Bear Den: 238,000 net acres 42,000 net acres Roosevelt Williams Richland McKenzie Dunn Wibaux Golden Valley…
  9. Capital One Conference – SM Energy Company – slide 9
    Raven/Bear Den Bakken Williams IRR Sensitivity(1) 100% 80% McKenzie 60% 40% 25 20% 20 0% CUMULATIVE PRODUCTION 60 70 80 90 100 NYMEX WTI (MBOE/1,000FT) 15 10 Under current assumptions, Economics(2) SM…
  10. Capital One Conference – SM Energy Company – slide 10
    Gooseneck Three Forks Substantial remaining inventory in our most economic Williston program Divide IRR Sensitivity(1) 120% 100% 80% Williams 60% 16 40% 14 20% 0% CUMULATIVE PRODUCTION 12 60 70 80 90 100 NYMEX WTI…
  11. Capital One Conference – SM Energy Company – slide 11
    Gooseneck Bakken Potential Potential to significantly increase economic inventory DIVIDE AREA BAKKEN First wells D&Cd; 5.0MM PERFORMANCE Initial Bakken results are inline with 40 Cumulative Oil Production (Mbbls) 35 Gooseneck…
  12. Capital One Conference – SM Energy Company – slide 12
    Debt to TTM adjusted EBITDAX 5.0x 4.5x 4.0x 3.5x 3.0x 2.5x Peer Median: 2.0x 2.0x 1.5x 1.0x 1.3x 0.5x 0.0x SM SM Energys pro-forma* September 30, 2014 debt to trailing twelve-month adjusted EBITDAX is below…
  13. Capital One Conference – SM Energy Company – slide 13
    Pro-Forma* Financial Position DEBT MATURITIES AS OF SEPT. 30, 2014 (in millions) 2,500 Strong balance sheet BB - 2.4 billion with ample liquidity 2,000 First debt maturity is in Commitment - 1,500 2019 1.5 billion Undrawn…
  14. Capital One Conference – SM Energy Company – slide 14
    2015 Budgeting Process EXPECT 2015 CAPITAL AND PRODUCTION GUIDANCE IN EARLY 2015 Well positioned entering 2015: Strong balance sheet, supported by solid hedge book Minimal commitments to new venture activities Flexible rig programs…
  15. Capital One Conference – SM Energy Company – slide 15
    Takeaways Focus on Shareholder Value Well positioned financially with strong balance sheet and significant liquidity Deep inventory of economic projects 10 years of drilling inventory in each core development program Current…
  16. Capital One Conference – SM Energy Company – slide 16
    Oil Derivative Position* Oil Swaps - NYMEX Equivalent Oil Collars - NYMEX Equivalent Ceiling Floor Bbls /Bbl Bbls /Bbl /Bbl 2014 2014 Q4 631,000 95.54 Q4 303,000 102.64 85.00 2014 Total 631,000 2014 Total 303,000 2015 2015 Q1…
  17. Capital One Conference – SM Energy Company – slide 17
    Gas Derivative Position* Natural Gas Swaps - NYMEX Equivalent Natural Gas Collars - NYMEX Equivalent Ceiling Floor MMBTU /MMBTU MMBTU /MMBTU /MMBTU 2014 2014 Q4 7,095,000 4.11 Q4 - 2014 Total 7,095,000 2014 Total - 2015 2015 Q1…
  18. Capital One Conference – SM Energy Company – slide 18
    NGL Derivative Position* Natural Gas Liquid Swaps - Mont. Belvieu Bbls /Bbl 2014 Q4 314,000 61.55 2014 Total 314,000 2015 Q1 781,000 55.42 2015 Total 781,000 Grand Total 1,095,000 *As of 12/8/14 20

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