SM Energy Company (SM - Free Report) recently declared that it has completed the acquisition of certain Permian Basin assets from Rock Oil Holdings LLC. In details, the company completed the acquisition of 24,783 net acres of land in Howard County, TX for a total consideration of $980 million.
With this buyout, the company will be able to expand its footprint in the Midland Basin to approximately 46,750 net acres. SM Energy estimates net production of 5,300 barrels of oil production per day from the acquired resources for September.
SM Energy also announced that its borrowing base has increased to $1.35 billion, including bank commitment of $1.25 billion. This definitely enhances the company’s liquidity.
Denver, CO-based SM Energy, previously known as St. Mary Land & Exploration Company, is an independent oil and gas company engaged in the exploration, exploitation, development, acquisition and production of natural gas and crude oil in North America. The company boasts a diverse asset mix and has promising organic production growth outlook. SM Energy is also favorably positioned than most of its peers in terms of balance sheet strength.
SM ENERGY CO Price
The recent OPEC decision to curb oil production amid oversupplied commodity market might help in oil price recovery. This is a boon for the upstream and integrated energy players – like Apache Corp. (APA - Free Report) , Denbury Resources Inc. and Antero Resources Corporation (AR - Free Report) –whose business is directly related with oil prices and SM Energy is no exception.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Zacks 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.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
SM Energy Company (SM - Free Report) recently declared that it has completed the acquisition of certain Permian Basin assets from Rock Oil Holdings LLC. In details, the company completed the acquisition of 24,783 net acres of land in Howard County, TX for a total consideration of $980 million.
With this buyout, the company will be able to expand its footprint in the Midland Basin to approximately 46,750 net acres. SM Energy estimates net production of 5,300 barrels of oil production per day from the acquired resources for September.
SM Energy also announced that its borrowing base has increased to $1.35 billion, including bank commitment of $1.25 billion. This definitely enhances the company’s liquidity.
Denver, CO-based SM Energy, previously known as St. Mary Land & Exploration Company, is an independent oil and gas company engaged in the exploration, exploitation, development, acquisition and production of natural gas and crude oil in North America. The company boasts a diverse asset mix and has promising organic production growth outlook. SM Energy is also favorably positioned than most of its peers in terms of balance sheet strength.
SM ENERGY CO Price
The recent OPEC decision to curb oil production amid oversupplied commodity market might help in oil price recovery. This is a boon for the upstream and integrated energy players – like Apache Corp. (APA - Free Report) , Denbury Resources Inc. and Antero Resources Corporation (AR - Free Report) –whose business is directly related with oil prices and SM Energy is no exception.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Zacks 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.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on APA - FREE
Get the latest research report on SM - FREE
Get the latest research report on AR - FREE