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SM Energy Co
Q2 2011 Earnings Call & Operational Update
| Tony Best | Page 5 of 11 |
March 10, 2014
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"Q2 2011 Earnings Call & Operational Update"
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52ndQuarter 2011 Performance Production 2Q Reported performance 2Q Guidance Average daily production (MMCFE/d) 436.9 396 - 429 Total production (BCFE) 39.8 36 - 39 Oil production (as % of total) 28% ~30% Natural gas production (as % of total) 60% ~58% NGL production (as % of total) 12% ~12%CostsLOE ($/MCFE) $0.84 $0.98 - $1.03 Transportation ($/MCFE) $0.42 $0.50 - $0.55 Production taxes (% of pre-derivative oil, gas, & NGL revenue) 1.0% 7.0% G&A -- Cash ($/MCFE) $0.43 $0.47 - $0.50 G&A -- Cash NPP ($/MCFE) $0.13 $0.13 - $0.15 G&A -- Non-cash ($/MCFE) $0.13 $0.11 - $0.13 TOTAL G&A ($/MCFE) $0.69 $0.71 - $0.78 DD&A ($/MCFE) $2.90 $2.90 - $3.10 Non-cash interest expense ($MM) $7.7 $7.3 Net Income GAAP net income of $124.5 million, or $1.86 per diluted share Adjusted net income ( non - GAAP) of $61.1 million, or $ 0.91 per adjusted diluted share*Cash Flow GAAP cash flow from operating activities of $213.3 million Operating cash flow (non - GAAP) of $226.7 million*Performance versus guidance * Please see adjusted net income and operating cash flow reconciliations in the appendix.