SM Energy Q3 Earnings Beat Estimates on Higher Oil Production
Werte in diesem Artikel
SM Energy Company SM reported third-quarter 2024 adjusted earnings of $1.62 per share, which surpassed the Zacks Consensus Estimate of $1.52. The bottom line, however, decreased from the year-ago quarter’s figure of $1.73.Total quarterly revenues of $644 million increased from $641 million in the year-ago quarter but missed the Zacks Consensus Estimate of $651 million.The better-than-expected quarterly earnings can be attributed to increased oil equivalent production volumes, offset partially by lower average realized price per Boe.SM Energy Company Price, Consensus and EPS Surprise SM Energy Company price-consensus-eps-surprise-chart | SM Energy Company QuoteOperational PerformanceProductionSM Energy’s third-quarter production totaled 170 thousand barrels of oil equivalent per day (MBoe/d) (almost 46% oil), up nearly 11% from the year-ago level of 153.7 MBoe/d. The Zacks Consensus Estimate for the same was pinned at 166 MBoe/d.Oil production increased 15% year over year to 77.4 thousand barrels per day (MBbls/d). The figure surpassed the Zacks Consensus Estimate of 76 MBbls/d.The company produced 375.4 million cubic feet per day of natural gas in the quarter, up 5% year over year. Natural gas liquids contributed 30.1 MBbls/d to the total production volume, which improved 11% on a year-over-year basis.Realized PricesBefore the effects of derivative settlements, the average realized price per Boe was $41.08 compared with $45.24 in the year-ago quarter. The average realized oil price slipped 8% to $74.72 per barrel.The average realized price of natural gas declined 41% year over year to $1.46 per thousand cubic feet, while that for natural gas liquids declined 8% to $21.70 per barrel.Costs & ExpensesOn the cost front, unit lease operating expenses decreased 7% year over year to $4.73 per Boe. General and administrative expenses increased 9% to $2.25 per Boe from the prior-year level of $2.07. Transportation expenses jumped 3% to $2.13 per Boe.Total hydrocarbon production expenses in the quarter were $148.4 million compared with the year-ago level of $138.3 million. Total exploration expenses were $12.1 million, higher than the year-ago figure of $10.2 million.CapexThe capital expenditure in the September-end quarter totaled $302.1 million. Adjusted free cash flow amounted to $129.8 million.Balance SheetAs of Sept. 30, 2024, SM Energy had cash and cash equivalents of $1.7 billion and a net debt of $1.1 billion.GuidanceFor the fourth quarter of 2024, SM Energy expects production to be in the range of 18.9-20.2 MMBoe. Of the total production, oil will likely contribute 51%. Capital expenditures (net of the change in capital accruals), excluding acquisitions, are estimated to be in the $320-$340 million range.For full-year 2024, the company anticipates net production volume in the range of 62.2-63.5 MMBoe. Oil is now anticipated to account for 47% of the total production.Currently, SM Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Some other major stocks from the exploration and production space are ConocoPhillips COP, EOG Resources Inc EOG and Diamondback Energy Inc FANG. While ConocoPhillips has already announced its earnings, EOG Resources and Diamondback Energy will report soon.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ConocoPhillips (COP): Free Stock Analysis Report EOG Resources, Inc. (EOG): Free Stock Analysis Report SM Energy Company (SM): Free Stock Analysis Report Diamondback Energy, Inc. (FANG): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
Quelle: Zacks
