(SM Energy, 31.Oct.2024) — SM Energy Company reported operating and financial results for the third quarter 2024 (3Q:24) and provided certain full year and fourth quarter 2024 guidance.
Excellent operational execution drove strong third quarter results including:
- Net production was 15.6 MMBoe, or 170.0 MBoe/d, at 46% oil or 77.4 MBbls/d, which exceeded guidance. Higher than expected oil production and total production were driven largely by better than expected performance in both the Midland Basin and South Texas, as well as the timing of completions in South Texas. Continued strong quarterly performance in the Midland Basin and South Texas is expected to support full year production volumes at the high end of expectations for these areas.
- Net income was $240.5mn, or $2.09 per diluted common share, Adjusted net income(1) was $1.62 per diluted common share, net cash provided by operating activities was $452.3mn and Adjusted EBITDAX was $481.5mn, all of which benefited from strong oil production and lower than expected operating costs.
- Net cash provided by operating activities of $452.3mn before net change in working capital of $(32.0)mn totaled $420.2mn and capital expenditures of $302.1mn adjusted for a change in capital expenditure accruals of $(11.7)mn were $290.4mn.
- Adjusted free cash flow was $129.8mn, up 32% from the 2Q:24.
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