$SM
SM Energy Co

2011 Q3 Form 10-Q Financial Statement

#000089353811000051 Filed on November 02, 2011

View on sec.gov

Income Statement

Concept 2011 Q3 2010 Q3
Revenue $530.6M $226.9M
YoY Change 133.85% 15.11%
Cost Of Revenue $77.80M $44.60M
YoY Change 74.44% -8.23%
Gross Profit $262.1M $178.1M
YoY Change 47.16% 20.01%
Gross Profit Margin 49.4% 78.5%
Selling, General & Admin $29.80M $26.20M
YoY Change 13.74% 25.96%
% of Gross Profit 11.37% 14.71%
Research & Development $11.30M $14.40M
YoY Change -21.53% -8.28%
% of Gross Profit 4.31% 8.09%
Depreciation & Amortization $123.1M $83.80M
YoY Change 46.9% 25.07%
% of Gross Profit 46.97% 47.05%
Operating Expenses $159.9M $143.8M
YoY Change 11.2% 14.4%
Operating Profit $372.8M $31.05M
YoY Change 1100.53% 36.79%
Interest Expense $9.372M $6.339M
YoY Change 47.85% -154.18%
% of Operating Profit 2.51% 20.41%
Other Income/Expense, Net $0.00 $100.0K
YoY Change -100.0% 0.0%
Pretax Income $363.4M $24.80M
YoY Change 1365.61% -454.26%
Income Tax $133.3M $9.346M
% Of Pretax Income 36.69% 37.69%
Net Earnings $230.1M $15.45M
YoY Change 1389.11% -451.18%
Net Earnings / Revenue 43.37% 6.81%
Basic Earnings Per Share $3.60 $0.25
Diluted Earnings Per Share $3.41 $0.24
COMMON SHARES
Basic Shares Outstanding 63.90M shares 63.03M shares
Diluted Shares Outstanding 67.39M shares 64.79M shares

Balance Sheet

Concept 2011 Q3 2010 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.90M $7.100M
YoY Change 321.13% -65.37%
Cash & Equivalents $29.92M $7.089M
Short-Term Investments
Other Short-Term Assets $90.80M $69.00M
YoY Change 31.59% 18.56%
Inventory
Prepaid Expenses
Receivables $183.9M $121.0M
Other Receivables $0.00 $1.400M
Total Short-Term Assets $304.7M $198.5M
YoY Change 53.5% 10.09%
LONG-TERM ASSETS
Property, Plant & Equipment $3.043B $2.246B
YoY Change 35.44% 6.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $69.15M $74.10M
YoY Change -6.68% 41.14%
Total Long-Term Assets $109.0M $2.321B
YoY Change -95.3% 7.26%
TOTAL ASSETS
Total Short-Term Assets $304.7M $198.5M
Total Long-Term Assets $109.0M $2.321B
Total Assets $3.456B $2.519B
YoY Change 37.21% 7.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.4M $316.2M
YoY Change 26.63% 46.8%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $423.5M $371.1M
YoY Change 14.13% 48.92%
LONG-TERM LIABILITIES
Long-Term Debt $632.6M $275.4M
YoY Change 129.7% -44.9%
Other Long-Term Liabilities $17.38M $248.1M
YoY Change -92.99% -20.91%
Total Long-Term Liabilities $1.445B $523.5M
YoY Change 176.03% -35.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $423.5M $371.1M
Total Long-Term Liabilities $1.445B $523.5M
Total Liabilities $1.869B $1.317B
YoY Change 41.93% -2.31%
SHAREHOLDERS EQUITY
Retained Earnings $1.372B
YoY Change
Common Stock $223.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.544M
YoY Change
Treasury Stock Shares 81.07K shares
Shareholders Equity $1.588B $1.203B
YoY Change
Total Liabilities & Shareholders Equity $3.456B $2.519B
YoY Change 37.21% 7.48%

Cashflow Statement

Concept 2011 Q3 2010 Q3
OPERATING ACTIVITIES
Net Income $230.1M $15.45M
YoY Change 1389.11% -451.18%
Depreciation, Depletion And Amortization $123.1M $83.80M
YoY Change 46.9% 25.07%
Cash From Operating Activities $119.7M $148.2M
YoY Change -19.23% 33.15%
INVESTING ACTIVITIES
Capital Expenditures -$419.2M -$184.1M
YoY Change 127.7% 140.03%
Acquisitions
YoY Change
Other Investing Activities $229.1M $30.40M
YoY Change 653.62% 97.4%
Cash From Investing Activities -$190.1M -$153.7M
YoY Change 23.68% 150.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -800.0K 2.200M
YoY Change -136.36% -105.51%
NET CHANGE
Cash From Operating Activities 119.7M 148.2M
Cash From Investing Activities -190.1M -153.7M
Cash From Financing Activities -800.0K 2.200M
Net Change In Cash -71.20M -3.300M
YoY Change 2057.58% -132.67%
FREE CASH FLOW
Cash From Operating Activities $119.7M $148.2M
Capital Expenditures -$419.2M -$184.1M
Free Cash Flow $538.9M $332.3M
YoY Change 62.17% 76.76%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior to January 1, 2011, the Company designated its commodity derivative contracts as cash flow hedges, for which unrealized changes in fair value were recorded to accumulated other comprehensive income (loss) (&#8220;AOCIL&#8221;), to the extent the hedges were effective.&#160; As of January 1, 2011, the Company elected to de-designate all of its commodity derivative contracts that had been previously designated as cash flow hedges at December&#160;31, 2010. As a result, subsequent to December&#160;31, 2010, the Company recognizes all gains and losses from changes in commodity derivative fair values immediately in earnings rather than deferring any such amounts in AOCIL.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At D</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">The Company and Business</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">SM Energy Company (&#8220;SM Energy&#8221; or the &#8220;Company&#8221;) is an independent energy company engaged in the acquisition, exploration, exploitation, development, and production of crude oil, natural gas, and natural gas liquids (&#8220;NGLs&#8221;) in onshore North America, with a focus on oil and liquids-rich resource plays.</font></div></div>
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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dei Document Period End Date
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dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
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0000893538
CY2011Q4 dei Entity Common Stock Shares Outstanding
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dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
SM Energy Co

Files In Submission

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