SM Energy Co. Files Q3 2024 10-Q Report

TL;DR

SM Energy's Q3 2024 10-Q is in. Check financials for performance.

AI Summary

SM Energy Co. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance and operational highlights for this period are detailed in the filing. Specific financial figures and operational metrics are provided, offering insight into the company's progress and standing.

Why It Matters

This filing provides investors and analysts with the official financial and operational details of SM Energy Co. for the third quarter of 2024, crucial for evaluating the company's performance and future prospects.

Risk Assessment

Risk Level: medium — As an oil and gas company, SM Energy is subject to commodity price volatility and regulatory changes, which inherently carry medium risk.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20241101 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• SM Energy Co (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period for the 10-Q
• 20241101 (date) — Filing date of the 10-Q
• DENVER (location) — City where SM Energy Co. is headquartered

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value SM New York Stock Exchange

Filing Documents

• sm-20240930.htm (10-Q) — 1669KB
• exhibit311certificationhvo.htm (EX-31.1) — 7KB
• exhibit312certificationwpu.htm (EX-31.2) — 7KB
• exhibit321906certification.htm (EX-32.1) — 8KB
• sm-20240930_g1.jpg (GRAPHIC) — 87KB
• 0000893538-24-000136.txt ( ) — 7391KB
• sm-20240930.xsd (EX-101.SCH) — 47KB
• sm-20240930_cal.xml (EX-101.CAL) — 53KB
• sm-20240930_def.xml (EX-101.DEF) — 211KB
• sm-20240930_lab.xml (EX-101.LAB) — 523KB
• sm-20240930_pre.xml (EX-101.PRE) — 355KB
• sm-20240930_htm.xml (XML) — 1152KB

Financial Statements (unaudited)

Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets September 30, 2024, and December 31, 2023 4 Condensed Consolidated Statements of Operations Three and N ine Months Ended September 30, 2024, and 2023 5 Condensed Consolidated Statements of Comprehensive Income Three and Nine Months Ended September 30, 2024, and 2023 6 Condensed Consolidated Statements of Stockholders' Equity Continuous Quarterly Presentation Ended September 30, 2024, and 2023 7 Condensed Consolidated Statements of Cash Flows N i ne Months Ended September 30, 2024, and 2023 9 Notes to Condensed Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41 Part II 42 Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 6. Exhibits 43

Signatures

Signatures 44 2 Cautionary Information about Forward-Looking Statements This Report on Form 10-Q ("Form 10-Q" or "this report") contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). All statements included in this report, other than statements of historical fact, that address activities, conditions, events, or developments with respect to our financial condition, results of operations, business prospects or economic performance that we expect, believe, or anticipate will or may occur in the future, or that address plans and objectives of management for future operations, are forward-looking statements. The words "anticipate," "assume," "believe," "budget," "could," "estimate," "expect," "forecast," "goal," "intend," "pending," "plan," "potential," "projected," "seek," "target," "will," and similar expressions are intended to identify forward-looking statements. Forward-looking statements appear throughout this report, and include statements about such matters as: business strategies and other plans and objectives for future operations, including plans for expansion and growth of operations or to defer capital investment, plans with respect to future dividend payments, debt redemptions or equity repurchases, capital markets activities, environmental, social, and governance ("ESG") goals and initiatives, and our outlook on our future financial condition or results of operations; risks related to the integration of the Uinta Basin Acquisition, including our ability to realize the expected benefits of the Uinta Basin Acquisition or any business disruptions that could result from the Uinta Basin Acquisition; see Note 11 - Acquisitions in Part I, Item 1 of this report for discussion and the definition of the Uinta Basin Acquisition; our expected accounting treatment of the Uinta Basin Acquisition, dis

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SM ENERGY COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share data) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,735,313 $ 616,164 Accounts receivable 226,604 231,165 Derivative assets 72,287 56,442 Prepaid expenses and other 10,224 12,668 Total current assets 2,044,428 916,439 Property and equipment (successful efforts method): Proved oil and gas properties 12,501,494 11,477,358 Accumulated depletion, depreciation, and amortization ( 7,370,881 ) ( 6,830,253 ) Unproved oil and gas properties, net of valuation allowance of $ 33,095 and $ 35,362 , respectively 287,311 335,620 Wells in progress 291,197 358,080 Other property and equipment, net of accumulated depreciation of $ 62,435 and $ 59,669 , respectively 45,149 35,615 Total property and equipment, net 5,754,270 5,376,420 Noncurrent assets: Acquisition deposit held in escrow 102,000 — Derivative assets 11,584 8,672 Other noncurrent assets 115,490 78,454 Total noncurrent assets 229,074 87,126 Total assets $ 8,027,772 $ 6,379,985 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 560,839 $ 611,598 Derivative liabilities 2,401 6,789 Other current liabilities 17,859 15,425 Total current liabilities 581,099 633,812 Noncurrent liabilities: Revolving credit facility — — Senior Notes, net 2,706,700 1,575,334 Asset retirement obligations 125,327 118,774 Net deferred tax liabilities 467,459 369,903 Derivative liabilities 448 1,273 Other noncurrent liabilities 85,193 65,039 Total noncurrent liabilities 3,385,127 2,130,323 Commitments and contingencies (note 6) Stockholders' equity: Common stock, $ 0.01 par value - authorized: 200,000,000 shares; issued and outstanding: 114,418,413 and 115,745,393 shares, respectively 1,144 1,157 Additional paid-in capital 1,492,778 1,565,021 Retained earnings 2,570,108

View Full Filing

View this 10-Q filing on SEC EDGAR