Wednesday, October 30, 2013

Oops! They Did It Again! SM Blows Past Analysts' Expectations. SM Reports Earnings: Beats By 46 Cents

Disclaimer: this is not an investment site. Whatever you do, do not make any investment decisions based on what you read here or what you think you may have read here. 

Regular readers might remember that just a few days ago Whiting blew past analysts' expectation

Data points from the SM Energy press release:
  • record quarterly average daily production of 138.8 MBOE per day at top end of guidance range of 132 - 139 MBOE per day
  • quarterly production mix of 50% liquids/50% natural gas
  • quarterly GAAP net income of $70.7 million, or $1.04 per diluted share
  • adjusted quarterly net income of $105.4 million, or $1.54 per diluted share
  • record quarterly EBITDAX of $410.4 million
  • net cash provided by operating activities of $404.5 million exceeds capital expenditures of $387.4 million 
  • successful Wolfcamp B well (30-day peak initial production 1,226 BOE per day)
  • company adds acreage in Midland Basin with potential in multiple benches of the Wolfcamp interval 
Beats by 46 cents.
Independent energy company SM Energy reported third-quarter results today after the market closed, showing that it posted total operating revenues of $613.1 million, a robust 62% gain from the $379.0 million in the same period the previous year, and ahead of the $596.8 million Capital IQ consensus estimate.
With adjusted net income coming in at $105.4 million, or $1.54 per share, well ahead of the $9.7 million, or $0.14 per share in the same period in 2012, it easily outpaced by $0.46 the CapIQ estimates of $1.08 per share.
SM is trading at a new high, almost 5% higher today. 

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