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SM Energy reports Q1 adjusted EPS $1.33, consensus $1.28
The Fly

SM Energy reports Q1 adjusted EPS $1.33, consensus $1.28

Reports Q1 revenue $573.5M, consensus $574.5M. Q1 production was 13.2 MMBoe, or 146.4 MBoe/d, at 43% oil. Production was approximately 178,000 Boe above the mid-point of guidance. CEO Herb Vogel comments: "During the first quarter, we delivered on each of our core strategic objectives for 2023. Return of capital to stockholders totaled $58.3M in the quarter and $133.9M since inception of the program in September 2022. This equates to an approximate 4% yield to market capitalization over a less than 8-month period. Our focus on operational execution delivered higher than projected production, early completion of a seven-well pad in South Texas and pads with top tier lateral length wells in the Midland Basin, while our emphasis on building inventory led to the acquisition of approximately 6,300 net leasehold acres in the Midland Basin. We are off to a strong start in 2023."

Published first on TheFly

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