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1Q 2014 Earnings – SM Energy Company

SM Energy Company · Apr 30, 2014 · 24 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 2014 Earnings – SM Energy Company – slide 1
    1st Quarter Earnings Call and Operational Update April 30, 2014
  2. 1Q 2014 Earnings – SM Energy Company – slide 2
    Key Messages Solid execution on 2014 plan. Top end of production guidance. Performed well on most guided cost measures. Following through on inventory enhancement testing in operated Eagle Ford and Bakken/Three Forks, with results…
  3. 1Q 2014 Earnings – SM Energy Company – slide 3
    1st Quarter 2014 Performance 1Q14 Actual Production Performance 1Q14 Guidance Net Income GAAP net income of Average daily production (MBOE/d) 138.6 133 - 140 65.6 million, or 0.96 Total production (MMBOE) 12.47 12.0 - 12.6 per…
  4. 1Q 2014 Earnings – SM Energy Company – slide 4
    Operational Update 5
  5. 1Q 2014 Earnings – SM Energy Company – slide 5
    Operated Eagle Ford Operational Highlights SM Energy made 20 flowing completions in 1Q14. Average drilled lateral length increased by 25% in 1Q14 from 2013 average. Net Production 100 80 74.8 76.3 MBOE/d 66.1 68.2 24.2 23.3 60 51.9…
  6. 1Q 2014 Earnings – SM Energy Company – slide 6
    Non-operated Eagle Ford Operational Highlights Net Production APC made 107 flowing 25 MBOE/d completions in 1Q14. 20 15 SM Energy expects its 10 19.8 20.0 23.4 16.0 17.4 drilling and completion 5 carry with Mitsui to be 0 1Q13 2Q13…
  7. 1Q 2014 Earnings – SM Energy Company – slide 7
    Bakken/Three Forks Net Production 18 16 MBOE/d 14 GOOSENECK 12 36,000 acres 10 8 14.9 16.1 16.0 12.4 13.7 6 RAVEN/BEAR DEN 4 43,000 acres 2 0 1Q13 2Q13 3Q13 4Q13 1Q14 Operational Highlights SM Energy made 12 gross flowing completions…
  8. 1Q 2014 Earnings – SM Energy Company – slide 8
    Permian Region Operational Highlights SM Energy plans to drill its first Wolfcamp D well on its Buffalo acreage in 2Q14. The Company made 3 flowing completions in 1Q14. Sweetie Peck wells appear to be exceeding economic threshold to…
  9. 1Q 2014 Earnings – SM Energy Company – slide 9
    Sweetie Peck Wolfcamp B Performance 2-Stream 30-Day Peak Well Name Lateral Length Stages Proppant Lift Mechanism IP Rate (BOE/d) Dorcus 3035H 4,960 25 1,226 White Sand ESP Britain 3133H 4,960 25 981 RCP Gas Lift Britain 3131H 4,904 25…
  10. 1Q 2014 Earnings – SM Energy Company – slide 10
    Powder River Basin Update WY SM Energy recently has entered into agreements to acquire additional acreage Rush Completed Apr 14 in the PRB. 28,000 net acres to be added adjacent to existing leasehold upon closing. Loco Fed Cash…
  11. 1Q 2014 Earnings – SM Energy Company – slide 11
    Operated Frontier Horizontal Performance Lateral 2-Stream Peak 30- Well Name Operator Stages Length Day IP (BOE/d)* 350 Dandy State 3774-16-21-1FH SM Energy 9,342 30 927 Loco Fed 4076-9-4-1FH SM Energy 8,572 27 1,408 300…
  12. 1Q 2014 Earnings – SM Energy Company – slide 12
    2014 East Texas Program 215,000 Net Acres Drill additional test wells in each of the four prospect areas to delineate and high-grade acreage position. Deep Pines West Deep Pines East Well Target Est. Frac Date Well Target Est. Frac…
  13. 1Q 2014 Earnings – SM Energy Company – slide 13
    Recent East Texas Results 7-Day Target Effective 2-stream IP* Well Name Interval Lateral Length Stages (BOE/d) % Oil BTU Gas FCP (PSI) Matt Dillon State GU1 1H Woodbine 4,600 18 1,046 16 1,257 1,926 Little Joe 1H Woodbine 5,100 20 820…
  14. 1Q 2014 Earnings – SM Energy Company – slide 14
    Financial Position TOTAL BOOK At March 31, 2014, the CAPITALIZATION (in millions) Companys net debt to 3,500 trailing EBITDAX was 0.9 3,000 and net debt to book 2,500 capitalization was 42%. 1,675 2,000 In 1Q14, the Companys…
  15. 1Q 2014 Earnings – SM Energy Company – slide 15
    Debt to TTM EBITDAX 6.0x 5.0x 4.0x 3.0x Median: 2.3x 2.0x 1.0x 1.0 1.1 0.0x SM SM 3/31/14 12/31/13 SM Energys debt to trailing twelve-month EBITDAX is below its peer median average of 2.3x. Note: 3/31/31 SM TTM…
  16. 1Q 2014 Earnings – SM Energy Company – slide 16
    Key Takeaways The Company is executing well on its 2014 plan. SM Energy continues to pursue a number of inventory enhancement tests in its core development programs. The Company announced significant bolt-on acquisitions in the PRB…
  17. 1Q 2014 Earnings – SM Energy Company – slide 17
    Appendix 18 18
  18. 1Q 2014 Earnings – SM Energy Company – slide 18
    1Q14 Regional Realizations NYMEX WTI OIL (Bbl) 98.72 Hart Composite NGL (Bbl) 45.61 NYMEX Henry Hub Gas (MMBTU) 5.25 Production Volumes STGC Rockies Mid-Con Permian SM Total Oil (MBbls) 1,598 1,613 3 443 3,657 Gas (MMcf) 28,281 1,533…
  19. 1Q 2014 Earnings – SM Energy Company – slide 19
    EBITDAX Reconciliation EBITDAX (1) (in thousands) Reconciliation of net income(GAAP) to EBITDAX (non-GAAP) to net cash For the Three Months Ended provided by operating activities (GAAP): March 31, 2014 2013 Net income (GAAP) 65,607…
  20. 1Q 2014 Earnings – SM Energy Company – slide 20
    Adjusted Net Income Reconciliation Reconciliation of net income (GAAP) to adjusted net income (Non-GAAP): For the Three Months Ended March 31, (in thousands, except per share data) 2014 2013 Reported Net Income (GAAP) 65,607…
  21. 1Q 2014 Earnings – SM Energy Company – slide 21
    2Q14 Guidance 2Q14 FY 2014 Production (MMBOE) 12.4 13.0 51.5 53.5 Average daily production (MBOE/d) 136 143 140 148 LOE (/BOE) 4.80 5.05 4.75 5.00 Transportation (/BOE) 6.10 6.50 6.10 6.50 Production taxes (% of pre-derivative oil…
  22. 1Q 2014 Earnings – SM Energy Company – slide 22
    Oil Derivative Position* Oil Swaps - NYMEX Equivalent Oil Collars - NYMEX Equivalent Ceiling Floor Bbls /Bbl Bbls /Bbl /Bbl 2014 2014 Q2 2,373,000 94.95 Q2 431,000 102.50 85.00 Q3 1,533,000 96.04 Q3 973,000 102.58 85.00 Q4…
  23. 1Q 2014 Earnings – SM Energy Company – slide 23
    Gas Derivative Position* Natural Gas Swaps - NYMEX Equivalent Natural Gas Collars - NYMEX Equivalent Ceiling Floor MMBTU /MMBTU MMBTU /MMBTU /MMBTU 2014 2014 Q2 23,758,000 4.02 Q2 4,194,000 5.35 4.44 Q3 24,541,000 4.06 Q3 - Q4…
  24. 1Q 2014 Earnings – SM Energy Company – slide 24
    NGL Derivative Position* Natural Gas Liquid Swaps - Mont. Belvieu Bbls /Bbl 2014 Q2 1,096,000 58.04 Q3 960,000 58.06 Q4 861,000 58.06 2014 Total 2,917,000 Grand Total 2,917,000 *As of 4/21/14 25

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