1st Quarter 2013 Earnings Call and Operational Update May 1, 2013
1Q13 Recap 3
1st Quarter 2013 Performance Production 1Q13 Actual Performance 1Q13 Guidance Net Income GAAP net income of Average daily production (MBOE/d) 115.0 110 - 116 16.7 million, or 0.25 Total production (MMBOE) 10.35 9.9 - 10.4 per diluted…
Operated Eagle Ford Operational Highlights Net Production 51.8 15% sequential production 50 45.2 6.3 40.5 3.9 growth quarter over quarter; MBOE/d 40 34.5 3.7 74% quarterly production 30 29.8 3.5 3.4 26.1 30.4 24.1 growth…
Non-operated Eagle Ford Net Production Operational Highlights 16 3% sequential growth 14 quarter over quarter. MBOE/d 12 10 8 15.5 16.0 The operator ran 14.0 6 12.9 approximately 9 drilling 4 9.5 2 rigs during 1Q13. 0…
Bakken/Three Forks Net Production Operational Highlights 14 The Company operated 4 rigs during 12 1Q13 and made 11 gross flowing MBOE/d 10 completions. 8 The Company expects to trade out 6 10.3 10.4 11.0 11.9 12.2 two of the…
Operational FAQs & New Ventures 8
Condensate Update South Texas & Gulf Coast Realizations as a percentage of % Oil Realization to NYMEX WTI NYMEX WTI increased in 1Q13. 103% 1Q oil realizations exceeded Oil Realization % 102% NYMEX benchmark of 103%…
Eagle Ford Transportation Operated production during March and April has regularly exceeded 300 MMcf/d of gross wet gas. The Company is utilizing interruptible transportation for volumes in excess of its firm transportation…
Permian Mississippian Acreage primarily in Borden County with remaining acreage in Lynn and Garza Counties. Currently 7.2 million wells for 4,400 foot effective lateral and 9.0 million for 7,000 foot effective lateral. The Company…
Tredway Horizontal Wells PEAK 30 DAY RATE EFFECTIVE LAT. LENGTH AREA WELLS COMPLETION DATE (BOEPD) (PERF TO PERF) (ft) Roy Roy 2403H Sept 2010 327 3,755 Roy 2404H Feb 2012 560 3,728 Roy 1301H May 2012 519 4,401 Roy 2501H Sept…
Tredway Type Curves (Roy Area) 1,000 ROY 1803H 6,897' EFFECTIVE LATERAL (PEAK 12 DAY AVERAGE RATE) 900 800 BOEPD 700 600 EUR (MBOE) % Oil Current Estimate (4,400 Eff. Lateral) 310 93 500 Longer Lateral Estimate (7,000…
Powder River Basin WY Pending 40,000 net acre acquisition substantially increases Powder River Basin acreage position to approximately 105,000 net acres. Expectation is 62,000 net ac prospective for Frontier and 42,000 net ac…
East Texas Exploration Upon closing of pending transactions, SM Energy will have 150,000 net acres, an increase of 45,000 from its previously disclosed position. Acreage located primarily in Washington, San Jacinto, Walker, and Polk…
Financial Position 16
Financial Position 1Q13 TOTAL BOOK CURRENT DEBT CAPITALIZATION MATURITIES (in millions) (in millions) 3,500 2013 3,000 2015 2,500 Total borrowing base 1.9 B; 1.3 B in commitments 1,437 2017 2,000 1,500 2019 400 1,000 350 2021 500…
Amended Credit Facility 2,000 1,900 1,550 Borrowing base 600 1,500 and commitments 550 increased to 1.9 In millions 1,000 billion and 1.3 billion, 1,300 500 1,000 respectively. Increased 0 borrowing base 12/31/2012…
Why Invest in SM Energy RECENT PERFORMANCE Top quartile* 3-year compound production growth per debt adjusted share Top quartile* 3-year compound reserve growth per debt adjusted share Top quartile* 3-year compound EBITDA(X) growth…
APPENDIX 20
2Q13 Guidance 2Q13 FY 2013 Production (MMBOE) 10.5 11.0 42.8 44.5 Average daily production (MBOE/d) 115 121 117 122 LOE (/BOE) 5.00 5.25 5.00 5.30 Transportation (/BOE) 4.65 4.90 4.95 5.25 Production taxes (% of pre-derivative oil…
1Q13 Regional Realizations Benchmark NYMEX WTI OIL (Bbl) 94.37 Hart Composite NGL (Bbl) 40.62 NYMEX Henry Hub Gas (MMBTU) 3.35 Production Volumes STGC Rockies Mid-Con Permian SM Total Oil (MBbls) 1,188 1,430 168 345 3,131 Gas (MMcf)…
Operated Eagle Ford Area 1 AFE Type Curve (First 24 Months) 360 6,000 Gas AFE 30 Day IP b factor Di Dt 300 Type Curve (Mcf/d) (%) (%) 5,000 Oil/NGL (Bbls/d) AREA 1 1,566 1.4 69 10 Gas (Mcf/d) 240 4,000 NGL (BBLS/D) 180…
Operated Eagle Ford Area 3 AFE Type Curve (First 24 Months) 750 6,000 Gas AFE 30 Day IP b Di Dt 625 Type Curve (Mcf/d) factor (%) (%) 5,000 Oil/NGL (Bbls/d) AREA 3 4,892 1.0 56 10 500 4,000 Gas (Mcf/d) NGL (BBLS/D) 375…
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, 2013 2012 Net income (GAAP) 16,727…
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) 2013 2012 Reported Net Income (GAAP) 16,727 26,336…
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