SM Energy Company, Company Intelligence Report

 Published On: Jul, 2014 |    No of Pages: 239 |  Published By: GlobalData | Format: PDF
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Summary

SM Energy Company (SM Energy) is an independent energy company founded in 1908 and subsequently incorporated in 1915. It is primarily engaged in the exploration, development and production of crude oil and natural gas in North America. The company’s major operations are located in four regions: the South Texas and Gulf Coast, Mid-Continent, Rocky Mountain, and Permian regions, which are operated through its offices in Houston, Texas; Tulsa, Oklahoma; Billings, Montana; and Midland, Texas. The company’s headquarters are located in Denver, Colorado in the US.

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

1 Table of Contents
1 Table of Contents 6
1.1 List of Tables 10
1.2 List of Figures 15
2 SM Energy Company, Company Overview 22
3 SM Energy Company, Key Highlights 29
3.1 Further Development of Established Liquid Rich Assets to Enhance Production and Increase Revenues 29
3.1.1 Operated Eagle Ford Shale 29
3.1.2 Bakken/Three Forks Formation 37
3.2 New Venture Initiatives to Facilitate Organic Growth and Incremental Liquids Growth within Production Mix 46
3.2.1 East Texas 46
3.2.2 Powder River Basin 50
3.2.3 Permian Region 53
3.3 Balanced Capital Structure and Conservative Use of Debt 60
4 SM Energy Company, SWOT Analysis 62
4.1 Strengths 62
4.1.1 Significant Presence in Major Plays in North America 62
4.1.2 Incremental Revenue Base 63
4.1.3 Organic Growth in Reserves 64
4.2 Weaknesses 66
4.2.1 High Costs of Operations 66
4.2.2 Limited Control in Non-Operating Areas 66
4.2.3 Dependence on Third-Party Service Providers 66
4.2.4 Limited Geographical Presence 67
4.3 Opportunities 67
4.3.1 Further Development of Liquid-Rich Assets an Opportunity to Increase Profitability 67
4.4 Threats 68
4.4.1 Intense Competition From Industry Rivals 68
4.4.2 Lower Commodity Prices could Negatively Impact the Ability to Borrow Funds 68
4.4.3 Seasonal Activities and Leasing Requirements Impact on Drilling Activities 68
4.4.4 Risks and Regulations Related to Hydraulic Fracturing 69
5 SM Energy Company, Goals and Strategies 70
5.1 Expand Resource Plays and Capitalize on Delineation and Development of Existing Inventory 70
5.2 Strategic Divesture of Assets 71
6 SM Energy Company, Acreage 72
7 SM Energy Company, Production Overview 77
7.1 Production Profile 77
7.2 Assets Portfolio 80
7.2.1 South Texas and Gulf Coast 81
7.2.2 Rocky Mountain Region 85
7.2.3 Permian Region 88
7.2.4 Mid-Continent 90
8 SM Energy Company, Exploration and Development Overview 92
8.1 South Texas and Gulf Coast 96
8.1.1 South Texas - Eagle Ford Shale 96
8.1.2 East Texas 104
8.2 Rocky Mountain 111
8.2.1 Bakken/Three Forks Formation 111
8.2.2 Powder River Basin 122
8.3 Permian Region 126
8.3.1 Wolfcamp Shale 127
8.3.2 Mississippi Lime and Bone Spring 132
9 SM Energy Company, Capital Expenditure 136
9.1 Costs Incurred 139
10 SM Energy Company, Forecast Production and Financial Statements 142
10.1 Income Statement (2011-2018) 143
10.2 Balance Sheet (2011-2018) 145
10.3 Cash Flow Statement (2011-2018) 146
11 SM Energy Company, Valuation 147
11.1 Net Asset Value 147
12 SM Energy Company, Peer Comparison 148
12.1 Share Price Performance 148
12.2 Operational and Financial Performance 149
12.3 Key Financial and Operational Ratio 155
13 SM Energy Company, Production and Reserves Trends 158
13.1 Total Oil and Gas, Reserves and Production 158
13.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 158
13.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 160
13.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 162
13.2 Crude Oil/Liquids Production and Reserve 163
13.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013 163
13.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013 164
13.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013 166
13.3 Natural Gas Production and Reserve 167
13.3.1 Natural Gas Production and Reserve Trend, 2009-2013 167
13.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013 168
13.3.3 Natural Gas Reserve Changes, 2009-2013 170
13.4 Total Crude Oil and Natural Gas Reserves Life Index 171
13.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 171
13.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 172
14 SM Energy Company, E&P Costs Trends 175
14.1 Allocation of the Upstream Capital Expenditure 175
14.1.1 Upstream Capital Expenditure, 2009-2013 175
14.1.2 Acquisition Costs By Country/Region, 2009-2013 176
14.1.3 Exploration and Development Costs, By Country/Region, 2009-2013 178
14.2 Oil and Gas Cost Per boe, US$/boe 180
14.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013 180
14.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 182
15 SM Energy Company, Reserve Replacement Ratio 185
15.1 Oil and Gas Production Replacement Ratio 185
15.1.1 Oil and Gas Production Replacement Ratio, 2009-2013 185
15.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 188
16 SM Energy Company, Results of Oil & Gas Operations Trend 195
16.1 Oil and Gas Revenue and Expenses 195
16.1.1 Oil and Gas Revenue and Expenses, 2009-2013 195
16.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 197
16.2 Oil and Gas Revenue and Expenses, Per boe 206
16.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013 206
16.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 207
16.3 Oil and Gas Performance Metrics 215
17 SM Energy Company, Land Holdings and Well Data 216
17.1 Developed and Undeveloped Acreage 216
17.1.1 Gross and Net Developed and Undeveloped Acreage, 2009-2013 216
17.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013 217
17.2 Well Statistics 222
17.2.1 Producible Oil and Gas Well, 2009-2013 222
17.2.2 Producible Oil and Gas Well, By Country/Region, 2009-2013 223
17.2.3 Exploration and Development Wells Drilled, 2009-2013 231
17.2.4 Exploration and Development Wells Drilled, By Country/Region, 2009-2013 233
18 Appendix 234
18.1 Abbreviations 234
18.2 Sources 235
18.3 Research Methodology 237
18.3.1 Coverage 237
18.3.2 Secondary Research 237
18.3.3 Primary Research 238
18.4 Disclaimer 238

1.1 List of Tables
Table 1: SM Energy Company, Total Net Acreage (Acres), 2013 24
Table 2: SM Energy Company, Total Proved Reserves (mmboe), 2013 24
Table 3: SM Energy Company, Total Oil and Gas Production (mmboe), 2013 25
Table 4: SM Energy Company, Eagle Ford Shale (Operated), Net Acreage (Acres), 2014 30
Table 5: SM Energy Company, Operated Eagle Ford Shale Activity, 2013 31
Table 6: SM Energy Company, Operated Eagle Ford Shale, Planned Well Activity, 2014 35
Table 7: SM Energy Company, Raven/Bear Den - Bakken/Three Forks, Drilling Activity, 2013 38
Table 8: SM Energy Company, Gooseneck - Three Forks, Drilling Activity, 2013 39
Table 9: SM Energy Company, Bakken/Three Forks, Drilling Activity, 2014 44
Table 10: SM Energy Company, East Texas, Activity, 2014 50
Table 11: SM Energy Company, Powder River Basin - Frontier, Well Completions, 2014 52
Table 12: SM Energy Company, Sweetie Peck and Buffalo Prospect - Wolfcamp B, Well Performance, Q4 2013-Q1 2014 53
Table 13: SM Energy Company, Sweetie Peck Prospect, Potential Locations, 2014 57
Table 14: SM Energy Company, Reserve Additions by Drilling Activity, 2010-2013 64
Table 15: SM Energy Company, Total Developed and Undeveloped Acreage (Acres), 2013 72
Table 16: SM Energy Company, Resource Plays, Net Acreage (Acres), 2014 73
Table 17: SM Energy Company, Total Oil and Gas Production (mmboe), 2011-2018 78
Table 18: SM Energy Company, South Texas and Gulf Coast, Oil and Gas Production, 2011-2013 81
Table 19: SM Energy Company, Eagle Ford Shale, Oil and Gas Production, 2011-2013 83
Table 20: SM Energy Company, Rocky Mountain Region, Oil and Gas Production, 2011-2013 85
Table 21: SM Energy Company, Permian Region, Oil and Gas Production, 2011-2013 88
Table 22: SM Energy Company, Mid-Continent, Oil and Gas Production, 2011-2013 90
Table 23: SM Energy Company, Development Capital Expenditure Budget (US$ mil), 2014 93
Table 24: SM Energy Company, Eagle Ford Shale, Latest Reported Key Operational Parameters, 2014 96
Table 25: SM Energy Company, Eagle Ford Shale, Key Operational Parameters, 2009-2013 97
Table 26: SM Energy Company, Operated Eagle Ford Shale, Activity, 2013 98
Table 27: SM Energy Company, Operated Eagle Ford Shale, Planned Well Activity, 2014 101
Table 28: SM Energy Company, East Texas, Well Performance, Q1 2014 105
Table 29: SM Energy Company, East Texas, Well Performance, Q1 2014 107
Table 30: SM Energy Company, East Texas, Activity, 2014 108
Table 31: SM Energy Company, East Texas Plays, Latest Reported Key Operational Parameters, 2014 109
Table 32: SM Energy Company, East Texas Deep Pines West - Woodbine, Latest Reported Key Operational Parameters, 2014 109
Table 33: SM Energy Company, East Texas Plays, Latest Reported Key Operational Parameters, 2014 110
Table 34: SM Energy Company, East Texas Plays, Latest Reported Key Operational Parameters, 2014 110
Table 35: SM Energy Company, Bakken/Three Forks - Raven/Bear Den, 2013 112
Table 36: SM Energy Company, Gooseneck - Three Forks, Drilling Activity, 2013 113
Table 37: SM Energy Company, Bakken/Three Forks, Drilling Activity, 2014 116
Table 38: SM Energy Company, Stateline Play - Montana, Inventory Additions, 2014 119
Table 39: SM Energy Company, Bakken/Three Forks Formation, Latest Reported Key Operational Parameters, 2014 121
Table 40: SM Energy Company, Bakken/Three Forks Formation, Operated Rigs, 2010-2013 121
Table 41: SM Energy Company, Powder River Basin - Frontier, Well Completions, 2014 124
Table 42: SM Energy Company, Powder River Basin, Latest Reported Key Operational Parameters, 2014 125
Table 43: SM Energy Company, Powder River Basin - Frontier Area, Latest Reported Key Operational Parameters, 2014 125
Table 44: SM Energy Company, Permian Basin, Latest Reported Key Operational Parameters, 2014 126
Table 45: SM Energy Company, Permian Basin, Key Operational Parameters, 2009-2013 126
Table 46: SM Energy Company, Sweetie Peck Area - Wolfcamp B, Well Performance, 2014 128
Table 47: SM Energy Company, Tredway, Horizontal Wells, 2013 134
Table 48: SM Energy Company, Mississippi Lime, Latest Reported Key Operational Parameters, 2014 135
Table 49: SM Energy Company, Bone Spring Formation, Latest Reported Key Operational Parameters, 2014 135
Table 50: SM Energy Company, Costs incurred (US$ mil), 2009-2013 140
Table 51: SM Energy Company, Reserve Replacement Ratio and Finding and Development Costs Incurred (US$ per boe), 2010-2013 141
Table 52: SM Energy Company, Total Oil and Gas Production, 2011-2018 142
Table 53: GlobalData, Price Forecasts, 2014-2018 142
Table 54: SM Energy Company, Income Statement (US$ mil), 2011-2018 143
Table 55: SM Energy Company, Balance Sheet (US$ mil), 2011-2018 145
Table 56: SM Energy Company, Cash Flow Statement (US$ mil), 2011-2018 146
Table 57: SM Energy Company, Net Asset Value, 2013 147
Table 58: SM Energy Company, Peer Group Comparison, Operational and Financial Performance, 2013 149
Table 59: SM Energy Company and Peer Group, Total Reserves and Production (mmboe), 2013 153
Table 60: SM Energy Company and Peer Group, Financial and Operational Ratios, 2013 155
Table 61: SM Energy Company, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 159
Table 62: SM Energy Company, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 161
Table 63: SM Energy Company, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 162
Table 64: SM Energy Company, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 163
Table 65: SM Energy Company, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 165
Table 66: SM Energy Company, Crude Oil Reserve Changes, mmbbl, 2009-2013 166
Table 67: SM Energy Company, Natural Gas Production and Reserves Metrics, bcf, 2009-2013 167
Table 68: SM Energy Company, Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 169
Table 69: SM Energy Company, Natural Gas Reserve Changes, bcf, 2009-2013 170
Table 70: SM Energy Company, Oil and Gas Reserves Life Index, Years, 2009-2013 171
Table 71: SM Energy Company, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 174
Table 72: SM Energy Company, Upstream Capital Expenditure, US$ mil, 2009-2013 175
Table 73: SM Energy Company, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 177
Table 74: SM Energy Company, Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 179
Table 75: SM Energy Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 181
Table 76: SM Energy Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 184
Table 77: SM Energy Company, Oil and Gas Production Replacement Ratio, %, 2009-2013 186
Table 78: SM Energy Company, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 194
Table 79: SM Energy Company, Revenue and Expenses, US$ mil, 2009-2013 196
Table 80: SM Energy Company, Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 205
Table 81: SM Energy Company, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 206
Table 82: SM Energy Company, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 214
Table 83: SM Energy Company, Oil and Gas Performance Metrics, 2009-2013 215
Table 84: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 216
Table 85: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013 221
Table 86: SM Energy Company, Producible Oil and Gas Wells, 2009-2013 222
Table 87: SM Energy Company, Producible Oil and Gas Wells, By Country/Region, 2009-2013 230
Table 88: SM Energy Company, Exploratory and Developed Wells, 2009-2013 232
Table 89: SM Energy Company, Exploratory and Developed Wells, By Country/Region, 2009-2013 233

1.2 List of Figures
Figure 1: SM Energy Company, Operational Map, 2014 23
Figure 2: SM Energy Company, Financial and Operational Overview, 2010-2013 26
Figure 3: SM Energy Company, Share Volume and Price Movement, June 2013-May 2014 28
Figure 4: SM Energy Company, Operated Eagle Ford Shale, 2014 29
Figure 5: SM Energy Company, Operated Eagle Ford Shale Activity, 2013 31
Figure 6: SM Energy Company, Quarterly Operated Eagle Ford Shale Production (mboed), 2012-2013 32
Figure 7: SM Energy Company, Operated Eagle Ford Shale, Completed Well Costs (US$ mil), 2012-2013 33
Figure 8: SM Energy Company, Operated Eagle Ford Shale, Planned Well Activity, 2014 34
Figure 9: SM Energy Company, Operated Eagle Ford Shale, Five Year Plan, 2014-2018 36
Figure 10: SM Energy Company, Raven/Bear Den - Bakken/Three Forks, Drilling Activity, 2013 37
Figure 11: SM Energy Company, Gooseneck - Three Forks, Drilling Activity, 2013 38
Figure 12: SM Energy Company, Bakken/Three Forks Formation, Quarterly Production (mboed), 2012-2013 40
Figure 13: SM Energy Company, Gooseneck - Bakken, Drilling Activity, 2014 41
Figure 14: SM Energy Company, Bakken/Three Forks Activity, Montana, 2014 42
Figure 15: SM Energy Company, Bakken/Three Forks - Raven/Bear Den, Drilling Activity, 2014 43
Figure 16: SM Energy Company, Bakken/Three Forks - Gooseneck, Drilling Activity, 2014 44
Figure 17: SM Energy Company, Oil and Natural Gas Liquids Revenue, (US$ mil), 2009-2013 45
Figure 18: SM Energy Company, East Texas, Operational Map, 2014 47
Figure 19: SM Energy Company, Independence and Deep Pines West, Prospect Wells, 2014 48
Figure 20: SM Energy Company, Deep Pines West, Woodbine Wells, 2014 49
Figure 21: SM Energy Company, Powder River Basin, Activity, 2014 51
Figure 22: SM Energy Company, Powder River Basin - Frontier, Well Results, 2014 52
Figure 23: SM Energy Company, Sweetie Peck Field - Wolfcamp B, Well Performance, Q1 2014 54
Figure 24: SM Energy Company, Sweetie Peck - Wolfcamp B, Completed Wells, Q1 2014 55
Figure 25: SM Energy Company, Buffalo - Wolfcamp B, Completed Wells, Q4 2013 56
Figure 26: SM Energy Company, Sweetie Peck Prospect - Wolfcamp B, Potential Locations, 2014 58
Figure 27: SM Energy Company, Oil And Gas Production Mix (%), 2010-2013 59
Figure 28: SM Energy Company, Debt and Total Capitalization, 2010-2013 60
Figure 29: SM Energy Company, Debt and EBITDAX, 2009-2013 61
Figure 30: SM Energy Company, Total Revenue (US$ bil), 2010-2013 63
Figure 31: SM Energy Company, Organic Reserve Additions (mmboe), 2010-2013 65
Figure 32: SM Energy Company, Peer Comparison, Net Acreage (Million Acres), 2013 74
Figure 33: SM Energy Company, Net Developed and Undeveloped Acreage (Million Acres), 2010-2013 75
Figure 34: SM Energy Company, Acreage Comparison Versus Peers (Million Acres), 2010-2013 76
Figure 35: SM Energy Company, Total Oil and Gas Production (mmboe), 2011-2018 78
Figure 36: SM Energy Company, Production Mix (%), 2011-2018 79
Figure 37: SM Energy Company, Production Mix by Area (%), Q1 2014 80
Figure 38: SM Energy Company, South Texas and Gulf Coast, Oil and Gas Production (mmboe), 2011-2013 82
Figure 39: SM Energy Company, Eagle Ford Shale, Oil and Gas Production (mmboe), 2011-2013 84
Figure 40: SM Energy Company, Rocky Mountain Region, Oil and Gas Production (mmboe), 2011-2013 86
Figure 41: SM Energy Company, Bakken/Three Forks Formation, Oil and Gas Production (mmboe), 2011-2013 87
Figure 42: SM Energy Company, Permian Region, Oil and Gas Production (mmboe), 2011-2013 89
Figure 43: SM Energy Company, Mid-Continent, Oil and Gas Production (mmboe), 2011-2013 91
Figure 44: SM Energy Company, Operational Map, 2014 92
Figure 45: SM Energy Company, Net Productive and Dry Exploratory and Development Wells, 2009-2013 94
Figure 46: SM Energy Company, Net-to-Gross Oil and Gas Wells Ratio (%), 2009-2013 95
Figure 47: SM Energy Company, Operated Eagle Ford Shale, Activity, 2013 98
Figure 48: SM Energy Company, Operated Eagle Ford Shale, Well Efficiencies, 2013 99
Figure 49: SM Energy Company, Operated Eagle Ford Shale, Planned Well Activity, 2014 100
Figure 50: SM Energy Company, Operated Eagle Ford Shale, Five Year Plan, 2014-2018 102
Figure 51: SM Energy Company, Non-operated Eagle Ford Shale, Operational Map, 2014 103
Figure 52: SM Energy Company, East Texas, Operational Map, 2014 104
Figure 53: SM Energy Company, East Texas, Well Performance, Q1 2014 106
Figure 54: SM Energy Company, East Texas, Well Performance, Q1 2014 107
Figure 55: SM Energy Company, Bakken/Three Forks Formation, 2014 111
Figure 56: SM Energy Company, Raven/Bear Den - McKenzie County, 2014 112
Figure 57: SM Energy Company, Gooseneck (Divide County), 2014 113
Figure 58: SM Energy Company, Bakken/Three Forks Play, CWC (US$ mil), 2012-2013 114
Figure 59: SM Energy Company, Bakken/Three Forks - Raven/Bear Den Area, Drilling Plan, 2014 115
Figure 60: SM Energy Company, Three Forks - Gooseneck Area, Drilling Plan, 2014 116
Figure 61: SM Energy Company, East Raven, Current Well Spacing, 2014 117
Figure 62: SM Energy Company, Drilling Plan, Bakken Shale - Gooseneck Area, 2014 118
Figure 63: SM Energy Company, Stateline Play - Montana, Drilling Plan, 2014 120
Figure 64: SM Energy Company, Powder River Basin, Operational Map, 2014 123
Figure 65: SM Energy Company, Powder River Basin - Frontier, Well Performance, 2014 124
Figure 66: SM Energy Company, Permian Region - Midland Basin, Focus Area Map, 2014 127
Figure 67: SM Energy Company, Sweetie Peck Area - Wolfcamp B, Well Performance, 2014 129
Figure 68: SM Energy Company, Planned Activity, Sweetie Peck Area - Wolfcamp B, 2014 130
Figure 69: SM Energy Company, Buffalo Area, Operational Map, 2014 131
Figure 70: SM Energy Company, Mississippi Lime, Operational Map, 2013 133
Figure 71: SM Energy Company, Capex by Area (US$ bil), 2010-2013 136
Figure 72: SM Energy Company, Capital Expenditure Program (US$ bil), 2014 137
Figure 73: SM Energy Company, Capex (US$ mil), 2009-2013 138
Figure 74: SM Energy Company, Costs Incurred (US$ mil), 2009-2013 139
Figure 75: SM Energy Company, Reserve Replacement Ratio and Finding and Development Costs Incurred (US$ per boe), 2010-2013 141
Figure 76: SM Energy Company and Peers, Relative Share Price Performance Index (%), June 2013-May 2014 148
Figure 77: SM Energy Company and Peer Group, Financial Parameters (US$/boe), 2013 150
Figure 78: SM Energy Company and Peer Group, F&D Cost and Reserve Replacement Comparison, 2013 151
Figure 79: SM Energy Company and Peer Group, Total Reserves and Production (mmboe), 2013 152
Figure 80: SM Energy Company and Peer Group, Reserve Life Index (years), 2013 154
Figure 81: SM Energy Company and Peer Group, Valuation Ratios, 2013 157
Figure 82: SM Energy Company, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 158
Figure 83: SM Energy Company, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 160
Figure 84: SM Energy Company, Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013 161
Figure 85: SM Energy Company, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 162
Figure 86: SM Energy Company, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 163
Figure 87: SM Energy Company, Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013 164
Figure 88: SM Energy Company, Oil Production, By Country/Region, mmbbl, 2009-2013 165
Figure 89: SM Energy Company, Crude Oil Reserve Changes, mmbbl, 2013 166
Figure 90: SM Energy Company, Natural Gas Production and Reserves Metrics, bcf, 2009-2013 167
Figure 91: SM Energy Company, Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013 168
Figure 92: SM Energy Company, Gas Production, By Country/Region, bcf, 2009-2013 169
Figure 93: SM Energy Company, Natural Gas Reserve Changes, bcf, 2013 170
Figure 94: SM Energy Company, Oil and Gas Reserves Life Index, Years, 2009-2013 171
Figure 95: SM Energy Company, Gas Reserve Life Index, By Country/Region, Ratio, 2009-2013 172
Figure 96: SM Energy Company, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2009-2013 173
Figure 97: SM Energy Company, Oil Reserve Life Index, By Country/Region, Ratio, 2009-2013 174
Figure 98: SM Energy Company, Upstream Capital Expenditure, US$ mil, 2009-2013 175
Figure 99: SM Energy Company, Proved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 176
Figure 100: SM Energy Company, Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 177
Figure 101: SM Energy Company, Development Costs, By Country/Region, US$ mil, 2009-2013 178
Figure 102: SM Energy Company, Exploration Costs, By Country/Region, US$ mil, 2009-2013 179
Figure 103: SM Energy Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 180
Figure 104: SM Energy Company, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2009-2013 182
Figure 105: SM Energy Company, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2009-2013 183
Figure 106: SM Energy Company, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2009-2013 184
Figure 107: SM Energy Company, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 185
Figure 108: SM Energy Company, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013 188
Figure 109: SM Energy Company, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013 189
Figure 110: SM Energy Company, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013 190
Figure 111: SM Energy Company, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013 191
Figure 112: SM Energy Company, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013 192
Figure 113: SM Energy Company, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013 193
Figure 114: SM Energy Company, Revenue and Expenses, US$ mil, 2009-2013 195
Figure 115: SM Energy Company, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 197
Figure 116: SM Energy Company, Exploration Expenses, By Country/Region, US$ mil, 2009-2013 198
Figure 117: SM Energy Company, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 199
Figure 118: SM Energy Company, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 200
Figure 119: SM Energy Company, Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013 201
Figure 120: SM Energy Company, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 202
Figure 121: SM Energy Company, Production Costs, By Country/Region, US$ mil, 2009-2013 203
Figure 122: SM Energy Company, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 204
Figure 123: SM Energy Company, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 206
Figure 124: SM Energy Company, Exploration Expenses per boe, By Country/Region, $/boe, 2009-2013 207
Figure 125: SM Energy Company, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2009-2013 208
Figure 126: SM Energy Company, Lifting Cost per boe, By Country/Region, $/boe, 2009-2013 209
Figure 127: SM Energy Company, Annual Net Income per boe, By Country/Region, $/boe, 2009-2013 210
Figure 128: SM Energy Company, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2009-2013 211
Figure 129: SM Energy Company, Total DD&A per boe, By Country/Region, $/boe, 2009-2013 212
Figure 130: SM Energy Company, Total Revenue per boe, By Country/Region, $/boe, 2009-2013 213
Figure 131: SM Energy Company, Oil and Gas Performance Metrics, 2009-2013 215
Figure 132: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 216
Figure 133: SM Energy Company, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013 217
Figure 134: SM Energy Company, Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013 218
Figure 135: SM Energy Company, Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013 219
Figure 136: SM Energy Company, Total Net Developed Acreage, By Country/Region, Acres, 2009-2013 220
Figure 137: SM Energy Company, Producible Oil and Gas Wells, 2009-2013 222
Figure 138: SM Energy Company, Gross Productive Gas Wells, By Country/Region, Number, 2009-2013 223
Figure 139: SM Energy Company, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 224
Figure 140: SM Energy Company, Gross Productive Oil Wells, By Country/Region, Number, 2009-2013 225
Figure 141: SM Energy Company, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013 226
Figure 142: SM Energy Company, Net Productive Gas Wells, By Country/Region, Number, 2009-2013 227
Figure 143: SM Energy Company, Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 228
Figure 144: SM Energy Company, Net Productive Oil Wells, By Country/Region, Number, 2009-2013 229
Figure 145: SM Energy Company, Exploratory and Developed Wells, 2009-2013 231


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