We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SM Energy Provides 2018 Production & Capital Spending Data
Read MoreHide Full Article
SM Energy Company (SM - Free Report) provided details on 2018 production and capital spending.
Total production for 2018 was 43.9 million barrels of oil equivalent (MMBoe) or 120.3 thousand barrels of oil equivalent per day (MBoe/d). Production growth was mainly backed by 97% growth from core Permian Basin assets.
Total production for the fourth quarter of 2018 was 11.3 MMBoe or 122.8 MBoe/d. Of the total production, oil was 45%. Production volumes were at par with the initial fourth-quarter guidance of 11.3-11.7 MMBoe.
During the fourth quarter of 2018, Eagle Ford and Permian regions accounted for 48% and 52%, respectively. However, Rocky Mountain did not make contributions to total production.
During 2018, SM Energy realized oil price, natural gas price and natural gas liquids price (including hedging) amounted to $53.13 per barrel, $3.31 per thousand cubic feet (Mcf) and $20.44 per barrel, respectively. Price realizations for oil, natural gas and natural gas liquids (including hedging) for the fourth quarter of 2018 were $47.94 per barrel, $3.01 per thousand cubic feet (Mcf) and $19.36 per barrel, respectively. Total price realized (including hedging) for the fourth quarter and 2018 was $34.18 per barrel of oil equivalent (Boe) and $31.74 per Boe, respectively.
For 2018, SM Energy incurred total costs of $1.4 billion, while total capital spending was $1.3 billion.
As of Dec 31, 2018, the outstanding principal balance on the company's long-term debt was $2.48 billion in senior notes and $172.5 million in senior convertible notes. No amount was drawn on the company's senior secured credit facility. At Dec 31, 2018, SM Energy's undrawn credit facility ($1.0 billion in commitments) plus cash on hand provided $1.1 billion in liquidity.
In 2018, the company achieved the goal of lowering debt leverage and increasing operations by funding through internal cash flows. The high-growth Permian assets contributed significantly toward achieving the target through production boost of nearly two-folds.
Evergy, through its operating subsidiaries Kansas City Power & Light Company (KCP&L) and Westar Energy, Inc, provides clean, safe and reliable energy in Kansas and Missouri. The company delivered average negative earnings surprise of 11.1% in the last four quarters.
Headquartered in Houston, TX, Sunoco operates as a wholesale fuel distributor. The company is expected to witness year-over-year earnings decline of 38.9% in 2018.
Bristol, U.S-based Contura Energy is a mining company. The company generated average negative surprise of 17.9% in the trailing four quarters.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?
Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
Image: Bigstock
SM Energy Provides 2018 Production & Capital Spending Data
SM Energy Company (SM - Free Report) provided details on 2018 production and capital spending.
Total production for 2018 was 43.9 million barrels of oil equivalent (MMBoe) or 120.3 thousand barrels of oil equivalent per day (MBoe/d). Production growth was mainly backed by 97% growth from core Permian Basin assets.
Total production for the fourth quarter of 2018 was 11.3 MMBoe or 122.8 MBoe/d. Of the total production, oil was 45%. Production volumes were at par with the initial fourth-quarter guidance of 11.3-11.7 MMBoe.
During the fourth quarter of 2018, Eagle Ford and Permian regions accounted for 48% and 52%, respectively. However, Rocky Mountain did not make contributions to total production.
During 2018, SM Energy realized oil price, natural gas price and natural gas liquids price (including hedging) amounted to $53.13 per barrel, $3.31 per thousand cubic feet (Mcf) and $20.44 per barrel, respectively. Price realizations for oil, natural gas and natural gas liquids (including hedging) for the fourth quarter of 2018 were $47.94 per barrel, $3.01 per thousand cubic feet (Mcf) and $19.36 per barrel, respectively. Total price realized (including hedging) for the fourth quarter and 2018 was $34.18 per barrel of oil equivalent (Boe) and $31.74 per Boe, respectively.
For 2018, SM Energy incurred total costs of $1.4 billion, while total capital spending was $1.3 billion.
As of Dec 31, 2018, the outstanding principal balance on the company's long-term debt was $2.48 billion in senior notes and $172.5 million in senior convertible notes. No amount was drawn on the company's senior secured credit facility. At Dec 31, 2018, SM Energy's undrawn credit facility ($1.0 billion in commitments) plus cash on hand provided $1.1 billion in liquidity.
In 2018, the company achieved the goal of lowering debt leverage and increasing operations by funding through internal cash flows. The high-growth Permian assets contributed significantly toward achieving the target through production boost of nearly two-folds.
Zacks Rank & Key Picks
SM Energy carries a Zacks Rank #5 (Strong sell).
A few better-ranked players in the energy space are Evergy, Inc (EVRG - Free Report) , Sunoco L.P (SUN - Free Report) and Contura Energy (CTRA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Evergy, through its operating subsidiaries Kansas City Power & Light Company (KCP&L) and Westar Energy, Inc, provides clean, safe and reliable energy in Kansas and Missouri. The company delivered average negative earnings surprise of 11.1% in the last four quarters.
Headquartered in Houston, TX, Sunoco operates as a wholesale fuel distributor. The company is expected to witness year-over-year earnings decline of 38.9% in 2018.
Bristol, U.S-based Contura Energy is a mining company. The company generated average negative surprise of 17.9% in the trailing four quarters.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?
Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
See Latest Stocks Today >>