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3Q 2014 Earnings Call – SM Energy Company

SM Energy Company · Oct 29, 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. 3Q 2014 Earnings Call – SM Energy Company – slide 1
    3rd Quarter Earnings Call and Operational Update October 29, 2014
  2. 3Q 2014 Earnings Call – SM Energy Company – slide 2
    Key Messages SM Energy well positioned for period of oil price uncertainty. Continue to see strong performance from enhanced completions in Eagle Ford. SM Energy has added to its acreage positions in the Bakken/Three Forks and…
  3. 3Q 2014 Earnings Call – SM Energy Company – slide 3
    Continued Peer-Leading Corporate Returns 25% Cash Return on Average Capital Employed SM 20% SM 15% 10% 5% 0% 6 months ended June 30, 2014 Note: Cash return on average capital employed is calculated by SM Energy as GAAP…
  4. 3Q 2014 Earnings Call – SM Energy Company – slide 4
    Financial Position TOTAL BOOK CAPITALIZATION The Companys borrowing (in millions) base was increased on 4,500 4,000 October 6, 2014, to 2.4 3,500 billion from 2.2 billion. 3,000 1,952 2,500 At September 30, 2014, the 2,000…
  5. 3Q 2014 Earnings Call – SM Energy Company – slide 5
    Debt to TTM adjusted EBITDAX 4.0x 3.5x 3.0x 2.5x Median: 2.0x 2.0x 1.5x 1.0x 0.5x 1.0 1.2 0.0x SM SM 6/30/14 9/30/14 SM Energys debt to trailing twelve-month adjusted EBITDAX is below its peer median average of 2.0x.…
  6. 3Q 2014 Earnings Call – SM Energy Company – slide 6
    3rd Quarter 2014 Performance 3Q14 Actual Production Performance 3Q14 Guidance Net Income GAAP net income of 208.9 Average daily production (MBOE/d) 142.5 143 - 150 million, or 3.05 per diluted Total production (MMBOE) 13.1 13.1 - 13.8…
  7. 3Q 2014 Earnings Call – SM Energy Company – slide 7
    Operated Eagle Ford Operational Highlights SM Energy made 24 flowing completions in 3Q14. Significant downtime for offset wells in Galvan Ranch resulted in decreased sequential production. Net Production 100 83.2 80 74.8 76.3 76.2…
  8. 3Q 2014 Earnings Call – SM Energy Company – slide 8
    Eagle Ford Completions Enhanced completions resulting in improved performance 1,000 Area 1 Equiv Rate (Boepd) 800 600 1,000 Area 4 Equiv Rate (Boepd) 400 800 200 600 0 0 20 40 400 Cumulative Production (MBOE) 200 Old Completions New…
  9. 3Q 2014 Earnings Call – SM Energy Company – slide 9
    Non-operated Eagle Ford Operational Highlights Net Production APC made 92 flowing 30 completions in 3Q14; 10% 25 MBOE/d 20 sequential production growth 15 from 2Q14 to 3Q14. 23.4 23.8 26.2 10 19.8 20.0 5 SM Energy expects a similar 0…
  10. 3Q 2014 Earnings Call – SM Energy Company – slide 10
    Bakken/Three Forks Net Production 20 18 16 GOOSENECK MBOE/d 14 110,000 acres 12 10 8 16.1 16.0 16.5 17.5 14.9 6 RAVEN/BEAR DEN 4 42,000 acres 2 0 3Q13 4Q13 1Q14 2Q14 3Q14 Operational Highlights SM Energy made 9 gross operated flowing…
  11. 3Q 2014 Earnings Call – SM Energy Company – slide 11
    Powder River Basin Update WY In 2014, the Company has added approximately 38,000 net acres to its Powder River Basin position. The Company now holds approximately 171,000 net acres in the basin. Dynamite result further delineates…
  12. 3Q 2014 Earnings Call – SM Energy Company – slide 12
    Key Takeaways SM Energy has a portfolio that provides peer- leading returns supported by a strong balance sheet. Eagle Ford completion enhancements continue to perform well, improving and growing inventory. Increased acreage…
  13. 3Q 2014 Earnings Call – SM Energy Company – slide 13
    3Q14 Regional Realizations NYMEX WTI OIL (Bbl) 97.51 Hart Composite NGL (Bbl) 39.37 NYMEX Henry Hub Gas (MMBTU) 3.95 Production Volumes STGC Rockies Mid-Con Permian SM Total Oil (MBbls) 1,704 1,802 11 486 4,003 Gas (MMcf) 28,047…
  14. 3Q 2014 Earnings Call – SM Energy Company – slide 14
    4Q14 Guidance 4Q14 FY 2014 Production (MMBOE) 13.9 14.7 52.9 53.6 Average daily production (MBOE/d) 152 159 145 147 LOE (/BOE) 4.95 5.20 4.85 4.90 Transportation (/BOE) 6.05 6.35 6.20 6.30 Production taxes (% of pre-derivative oil…
  15. 3Q 2014 Earnings Call – SM Energy Company – slide 15
    Adjusted EBITDAX Reconciliation Adjusted EBITDAX (1) (in thousands) Reconciliation of net income (GAAP) to Adjusted EBITDAX (non-GAAP) to net cash For the Three Months Ended provided by operating activities (GAAP): September 30, 2014…
  16. 3Q 2014 Earnings Call – 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 2,016,000 96.01 Q4 923,000 102.63 85.00 2014 Total 2,016,000 2014 Total 923,000 2015 2015…
  17. 3Q 2014 Earnings Call – 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 22,014,000 4.04 Q4 - 2014 Total 22,014,000 2014 Total - 2015 2015 Q1…
  18. 3Q 2014 Earnings Call – SM Energy Company – slide 18
    NGL Derivative Position* Natural Gas Liquid Swaps - Mont. Belvieu Bbls /Bbl 2014 Q4 981,000 61.69 2014 Total 981,000 2015 Q1 781,000 55.42 2015 Total 781,000 Grand Total 1,762,000 *As of 10/22/14 22

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