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Dec 31, 2023
SM Energy Q4 2023 Earnings Report
Announced Q4 and full year 2023 operating and financial results, year-end 2023 estimated net proved reserves, and its 2024 operating plan.
Key Takeaways
SM Energy reported strong Q4 2023 results with a net income of $247.1 million, or $2.12 per diluted common share, and net production of 14.1 MMBoe, or 153.5 MBoe/d. The company ended the year with record net proved reserves of 605 MMBoe and a strengthened balance sheet, achieving its target of less than $1 billion net debt.
Net income for Q4 2023 was $247.1 million, or $2.12 per diluted common share.
Adjusted EBITDAX for Q4 2023 was $445.1 million.
Q4 2023 net production was 14.1 MMBoe, or 153.5 MBoe/d.
The Company ended 2023 with cash and cash equivalents of $616.2 million.
SM Energy
SM Energy
SM Energy Revenue by Geographic Location
Revenue by Geographic Location
Midland Basin Revenue
CapyFin.comSouth Texas Revenue
CapyFin.com Forward Guidance
SM Energy's 2024 operating plan targets value creation through operational execution, returning capital to stockholders, and maintaining portfolio quality, with capital expenditures expected to range between $1.16 and $1.20 billion.
Positive Outlook
- Focusing on operational execution to deliver low breakeven, high return wells.
- Returning capital to stockholders through share repurchases and dividends.
- Maintaining and expanding portfolio quality and depth.
- Net production volumes are expected to range between 56-59 MMBoe.
- Capital program is expected to increase the allocation to Midland Basin activity.
Challenges Ahead
- Capital expenditures adjusted for capital accruals are expected to range between $1.16 and $1.20 billion, excluding acquisitions.
- Capital expenditures are weighted to the first half of the year, which includes approximately 60% of 2024 well completions.
- Net production is expected to be approximately 13.0 MMBoe, or approximately 143 MBoe/d, at 43%-44% oil, which includes the effect of adverse weather during January.
- LOE is expected to average between $5.30-$5.60/Boe, which includes workover activity.
- DD&A is expected to average between $12-$13/Boe.
Revenue & Expenses
Visualization of income flow from segment revenue to net income