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SM Energy (SM) Reports Q2 Earnings: What Key Metrics Have to Say

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For the quarter ended June 2025, SM Energy (SM - Free Report) reported revenue of $792.94 million, up 25% over the same period last year. EPS came in at $1.50, compared to $1.85 in the year-ago quarter.

The reported revenue represents a surprise of +1.64% over the Zacks Consensus Estimate of $780.12 million. With the consensus EPS estimate being $1.23, the EPS surprise was +21.95%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how SM Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Average daily production - Total: 209.1 millions of barrels of oil equivalent per day compared to the 203.92 millions of barrels of oil equivalent per day average estimate based on five analysts.
  • Average daily production - Crude oil: 115.7 millions of barrels of oil per day versus 109.41 millions of barrels of oil per day estimated by four analysts on average.
  • Average daily production - Natural gas: 398.3 millions of cubic feet per day versus 406.63 millions of cubic feet per day estimated by four analysts on average.
  • Average daily production - NGLs: 26.9 millions of barrels of oil per day compared to the 26.91 millions of barrels of oil per day average estimate based on four analysts.
  • Average realized price - Crude oil - including the effect of net derivative settlements per bbl: $64.05 versus the two-analyst average estimate of $64.86.
  • Average realized price - Natural gas - including the effect of net derivative settlements per mcf: $2.67 compared to the $2.21 average estimate based on two analysts.
  • Production - Crude oil: 10.50 MBBL versus 10.00 MBBL estimated by two analysts on average.
  • Operating revenue- Oil, gas, and NGL production revenue- Crude oil: $653.38 million versus the two-analyst average estimate of $622.2 million. The reported number represents a year-over-year change of +22.7%.
  • Operating revenue- Oil, gas, and NGL production revenue- Natural gas: $77.99 million compared to the $109.01 million average estimate based on two analysts. The reported number represents a change of +72.6% year over year.
  • Operating revenue- Oil, gas, and NGL production revenue- NGL: $53.7 million compared to the $50.97 million average estimate based on two analysts. The reported number represents a change of -3.6% year over year.
  • Operating revenue- Oil, gas, and NGL production revenue: $785.08 million compared to the $781.69 million average estimate based on two analysts. The reported number represents a change of +23.9% year over year.
  • Operating revenue- Other operating income: $7.87 million compared to the $3.37 million average estimate based on two analysts.

View all Key Company Metrics for SM Energy here>>>

Shares of SM Energy have returned +2.8% over the past month versus the Zacks S&P 500 composite's +0.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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