SM Energy Beats on Top and Bottom Lines
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 Energy saw record quarterly average daily production of 138.8 thousand barrels of oil equivalent per day, which was at the top end of its guidance range of 132 to 139 MBOE per day, realizing a quarterly production mix of 50% liquids and 50% natural gas.
The independent energy company expects production in the fourth quarter to be 12.8 million to 13.5 million barrels of oil equivalent and 47.9 MMBOE to 48.6 MMBOE for the full year.
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