$SM
SM Energy Co

2018 Q4 Form 10-Q Financial Statement

#000089353818000133 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $392.9M $459.4M $340.0M
YoY Change 15.56% 55.52% -1.79%
Cost Of Revenue $121.5M $127.6M $122.8M
YoY Change -1.06% 4.07% -19.16%
Gross Profit $271.5M $331.7M $217.2M
YoY Change 25.0% 92.05% 11.79%
Gross Profit Margin 69.1% 72.21% 63.88%
Selling, General & Admin $30.40M $29.50M $32.70M
YoY Change -7.03% 6.88% -1.8%
% of Gross Profit 11.2% 8.89% 15.06%
Research & Development $14.30M $13.10M $15.80M
YoY Change -9.49% -7.09% -33.33%
% of Gross Profit 5.27% 3.95% 7.27%
Depreciation & Amortization $182.0M $201.1M $131.4M
YoY Change 38.51% 49.41% -23.38%
% of Gross Profit 67.03% 60.62% 60.5%
Operating Expenses $230.8M $253.3M $183.4M
YoY Change 25.85% 42.95% -20.81%
Operating Profit $40.70M -$108.6M $33.80M
YoY Change 20.41% 27.59% -190.62%
Interest Expense $373.0M $38.11M -$159.4M
YoY Change -334.0% -13.56% -9.38%
% of Operating Profit 916.46% -471.6%
Other Income/Expense, Net $100.0K $806.0K -$2.400M
YoY Change -104.17% -6.39% -2500.0%
Pretax Income $391.8M -$172.7M -$143.4M
YoY Change -373.22% 34.5% -56.62%
Income Tax $82.00M -$36.75M -$53.50M
% Of Pretax Income 20.93%
Net Earnings $309.7M -$135.9M -$26.30M
YoY Change -1277.57% 52.53% -86.91%
Net Earnings / Revenue 78.82% -29.59% -7.74%
Basic Earnings Per Share -$1.21
Diluted Earnings Per Share $2.736M -$1.21 -$235.7K
COMMON SHARES
Basic Shares Outstanding 112.1M shares 112.1M shares 111.6M shares
Diluted Shares Outstanding 112.1M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.00M $176.8M $313.9M
YoY Change -75.15% -59.95% 3239.36%
Cash & Equivalents $77.97M $176.8M $313.9M
Short-Term Investments
Other Short-Term Assets $183.7M $97.00M $75.10M
YoY Change 144.61% 19.02% 7.59%
Inventory
Prepaid Expenses
Receivables $167.5M $179.3M $160.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $429.3M $453.1M $549.1M
YoY Change -21.83% -32.26% 144.44%
LONG-TERM ASSETS
Property, Plant & Equipment $5.831B $5.776B $5.555B
YoY Change 4.98% 6.63% -8.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.94M $35.54M $32.51M
YoY Change 4.39% 8.03% 63.02%
Total Long-Term Assets $92.43M $44.39M $72.87M
YoY Change 26.85% -52.23% -16.74%
TOTAL ASSETS
Total Short-Term Assets $429.3M $453.1M $549.1M
Total Long-Term Assets $92.43M $44.39M $72.87M
Total Assets $6.353B $6.274B $6.177B
YoY Change 2.85% 1.53% -3.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.05M $429.7M $77.57M
YoY Change -27.75% 23.16% -74.12%
Accrued Expenses $139.7M $126.5M
YoY Change 10.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $466.1M $733.9M $559.2M
YoY Change -16.66% 68.06% 34.69%
LONG-TERM LIABILITIES
Long-Term Debt $2.596B $2.593B $2.909B
YoY Change -10.74% -10.75% 0.39%
Other Long-Term Liabilities $42.52M $45.81M $48.40M
YoY Change -12.14% -3.55% 2.45%
Total Long-Term Liabilities $2.966B $2.940B $3.223B
YoY Change -7.96% -11.7% -7.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $466.1M $733.9M $559.2M
Total Long-Term Liabilities $2.966B $2.940B $3.223B
Total Liabilities $3.433B $3.674B $3.782B
YoY Change -9.24% -2.46% -2.93%
SHAREHOLDERS EQUITY
Retained Earnings $1.166B $856.1M $665.7M
YoY Change 75.14% 23.73% -16.17%
Common Stock $1.767B $1.759B $1.743B
YoY Change 1.38% 1.38% 1.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.920B $2.599B $2.395B
YoY Change
Total Liabilities & Shareholders Equity $6.353B $6.274B $6.177B
YoY Change 2.85% 1.53% -3.39%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $309.7M -$135.9M -$26.30M
YoY Change -1277.57% 52.53% -86.91%
Depreciation, Depletion And Amortization $182.0M $201.1M $131.4M
YoY Change 38.51% 49.41% -23.38%
Cash From Operating Activities $179.4M $229.7M $144.8M
YoY Change 23.9% 78.75% 5.08%
INVESTING ACTIVITIES
Capital Expenditures -$279.2M -$309.3M -$265.8M
YoY Change 5.04% 20.12% -88.44%
Acquisitions
YoY Change
Other Investing Activities $5.300M $1.000M -$1.700M
YoY Change -411.76% -89.13% -100.21%
Cash From Investing Activities -$273.9M -$308.3M -$267.5M
YoY Change 2.39% 24.11% -82.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.300M -360.6M -4.700M
YoY Change -8.51% 27638.46% -101.18%
NET CHANGE
Cash From Operating Activities 179.4M 229.7M 144.8M
Cash From Investing Activities -273.9M -308.3M -267.5M
Cash From Financing Activities -4.300M -360.6M -4.700M
Net Change In Cash -98.80M -439.2M -127.4M
YoY Change -22.45% 262.38% -86.84%
FREE CASH FLOW
Cash From Operating Activities $179.4M $229.7M $144.8M
Capital Expenditures -$279.2M -$309.3M -$265.8M
Free Cash Flow $458.6M $539.0M $410.6M
YoY Change 11.69% 39.64% -83.15%

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CY2018Q3 us-gaap Derivative Liabilities Current
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CY2017Q4 us-gaap Derivative Liabilities Noncurrent
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CY2018Q3 us-gaap Derivative Liabilities Noncurrent
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CY2017Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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CY2018Q3 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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286748000 USD
CY2017Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
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100035000 USD
CY2018Q3 us-gaap Derivative Liability Not Offset Policy Election Deduction
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90016000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
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CY2018Q3 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
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5040000 USD
CY2017Q3 us-gaap Dividends Payable Current And Noncurrent
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CY2018Q3 us-gaap Dividends Payable Current And Noncurrent
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us-gaap Early Repayment Of Senior Debt
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CY2017Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2018Q3 us-gaap Earnings Per Share Basic
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-1.21
us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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CY2018Q3 us-gaap Earnings Per Share Diluted
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.213
us-gaap Effective Income Tax Rate Continuing Operations
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CY2017Q3 us-gaap Exploration Expense
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14119000 USD
us-gaap Exploration Expense
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38919000 USD
CY2018Q3 us-gaap Exploration Expense
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13061000 USD
us-gaap Exploration Expense
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40844000 USD
CY2017Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2018Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2017Q3 us-gaap Gain Loss On Sale Of Oil And Gas Property
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us-gaap Gain Loss On Sale Of Oil And Gas Property
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CY2018Q3 us-gaap Gain Loss On Sale Of Oil And Gas Property
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us-gaap Gain Loss On Sale Of Oil And Gas Property
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap General And Administrative Expense
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CY2018Q3 us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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CY2017Q3 us-gaap Impairment Of Oil And Gas Properties
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0 USD
us-gaap Impairment Of Oil And Gas Properties
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157000 USD
us-gaap Impairment Of Oil And Gas Properties
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0 USD
CY2018Q3 us-gaap Impairment Of Oil And Gas Properties
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9055000 USD
us-gaap Impairment Of Oil And Gas Properties
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26615000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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260017000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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CY2018Q3 us-gaap Liabilities And Stockholders Equity
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208000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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CY2018Q3 us-gaap Liabilities Current
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733857000 USD
CY2017Q4 us-gaap Liabilities Noncurrent
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3222956000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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-65825000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-36748000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61342000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-2800000 USD
us-gaap Income Taxes Paid Net
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-9085000 USD
us-gaap Increase Decrease In Operating Capital
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-40153000 USD
us-gaap Increase Decrease In Operating Capital
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3725000 USD
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2017Q3 us-gaap Interest Expense
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44091000 USD
us-gaap Interest Expense
InterestExpense
135639000 USD
CY2018Q3 us-gaap Interest Expense
InterestExpense
38111000 USD
us-gaap Interest Expense
InterestExpense
122850000 USD
us-gaap Interest Paid Net
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124443000 USD
us-gaap Interest Paid Net
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124435000 USD
CY2018Q3 us-gaap Liabilities Noncurrent
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CY2017Q4 us-gaap Long Term Line Of Credit
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0 USD
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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66007000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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370610000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2017Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2018Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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198675000 USD
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
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95121000 USD
CY2017Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
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3171575000 USD
CY2018Q3 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
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3240124000 USD
CY2017Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2018Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2018Q3 us-gaap Other Assets Noncurrent
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35539000 USD
CY2018Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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-263000 USD
us-gaap Payments Of Debt Issuance Costs
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0 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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-208000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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-651000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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263000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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721000 USD
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CY2018Q3 us-gaap Other Liabilities Noncurrent
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45810000 USD
us-gaap Other Noncash Income Expense
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-6424000 USD
us-gaap Other Noncash Income Expense
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2084000 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
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861000 USD
us-gaap Other Nonoperating Income Expense
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1581000 USD
CY2018Q3 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2017Q3 us-gaap Other Operating Income
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2815000 USD
us-gaap Other Operating Income
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CY2018Q3 us-gaap Other Operating Income
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201000 USD
us-gaap Other Operating Income
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3398000 USD
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us-gaap Other Operating Income Expense Net
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CY2018Q3 us-gaap Other Operating Income Expense Net
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us-gaap Other Operating Income Expense Net
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us-gaap Payments To Acquire Oil And Gas Property And Equipment
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us-gaap Payments To Acquire Oil And Gas Property And Equipment
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24571000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
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624969000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
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1032588000 USD
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10752000 USD
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
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0 USD
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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5554792000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
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49985000 USD
CY2018Q3 us-gaap Property Plant And Equipment Other Accumulated Depreciation
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56067000 USD
CY2017Q4 us-gaap Property Plant And Equipment Other Net
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CY2018Q3 us-gaap Property Plant And Equipment Other Net
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CY2017Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
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CY2018Q3 us-gaap Proved Oil And Gas Property Successful Effort Method
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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0 USD
CY2017Q4 us-gaap Restricted Cash
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0 USD
CY2018Q3 us-gaap Restricted Cash
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134599000 USD
us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
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us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
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CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2017Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2018Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
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CY2018Q3 us-gaap Unproved Oil And Gas Property Successful Effort Method
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CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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111366000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Property Plant And Equipment Impairment
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-style:italic;">Proved and Unproved Oil and Gas Properties and Other Property and Equipment</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-style:italic;">Proved oil and gas properties.</font><font style="font-family:Arial;font-size:9pt;"> Proved oil and gas property costs are evaluated for impairment and reduced to fair value when there is an indication the carrying costs may not be recoverable. The Company uses Level 3 inputs and the income valuation technique, which converts future cash flows to a single present value amount, to measure the fair value of proved properties through an application of discount rates and price forecasts representative of the current operating environment, as selected by the Company&#8217;s management. There were </font><font style="font-family:Arial;font-size:9pt;">no</font><font style="font-family:Arial;font-size:9pt;"> material impairments of proved properties during the </font><font style="font-family:Arial;font-size:9pt;">three and nine</font><font style="font-family:Arial;font-size:9pt;"> months ended </font><font style="font-family:Arial;font-size:9pt;">September&#160;30, 2018</font><font style="font-family:Arial;font-size:9pt;">, or 2017.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-style:italic;">Unproved oil and gas properties.</font><font style="font-family:Arial;font-size:9pt;"> Unproved oil and gas property costs are evaluated for impairment and reduced to fair value when there is an indication that the carrying costs may not be recoverable. &#160;Lease acquisition costs that are not individually significant are aggregated by prospect and the portion of such costs estimated to be nonproductive prior to lease expiration are amortized over the appropriate period. The estimate of what could be nonproductive is based on historical trends or other information, including current drilling plans and the Company&#8217;s intent to renew leases. To measure the fair value of unproved properties, the Company uses a market approach, which takes into account the following significant assumptions: remaining lease terms, future development plans, risk-weighted potential resource recovery, estimated reserve values, and estimated acreage value based on price(s) received for similar, recent acreage transactions by the Company or other market participants. During the three and </font><font style="font-family:Arial;font-size:9pt;">nine</font><font style="font-family:Arial;font-size:9pt;"> months ended </font><font style="font-family:Arial;font-size:9pt;">September&#160;30, 2018</font><font style="font-family:Arial;font-size:9pt;">, the Company recorded </font><font style="font-family:Arial;font-size:9pt;">$9.1 million</font><font style="font-family:Arial;font-size:9pt;"> and </font><font style="font-family:Arial;font-size:9pt;">$26.6 million</font><font style="font-family:Arial;font-size:9pt;">, respectively, in abandonment and impairment of unproved properties expense related to lease expirations. There were </font><font style="font-family:Arial;font-size:9pt;">no</font><font style="font-family:Arial;font-size:9pt;"> material abandonments or impairments of unproved properties expenses for the </font><font style="font-family:Arial;font-size:9pt;">three and nine</font><font style="font-family:Arial;font-size:9pt;"> months ended </font><font style="font-family:Arial;font-size:9pt;">September&#160;30, 2017</font><font style="font-family:Arial;font-size:9pt;">. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-style:italic;">Properties held for sale.</font><font style="font-family:Arial;font-size:9pt;"> Properties classified as held for sale, including any corresponding asset retirement obligation liability, are valued using a market approach, based on an estimated net selling price, as evidenced by the most current bid prices received from third parties, if available. If an estimated selling price is not available, the Company utilizes the various valuation techniques discussed above. Any initial write-down and subsequent changes to the fair value less estimated cost to sell is included within the net gain (loss) on divestiture activity line item in the accompanying statements of operations. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">There were no material assets held for sale that were recorded at fair value as of </font><font style="font-family:Arial;font-size:9pt;">September&#160;30, 2018</font><font style="font-family:Arial;font-size:9pt;">. The Company had </font><font style="font-family:Arial;font-size:9pt;">$111.7 million</font><font style="font-family:Arial;font-size:9pt;"> of assets classified as held for sale as of </font><font style="font-family:Arial;font-size:9pt;">December&#160;31, 2017</font><font style="font-family:Arial;font-size:9pt;">; however, none of these properties were recorded at fair value as the carrying value of these assets was below their estimated fair value less selling costs. For the </font><font style="font-family:Arial;font-size:9pt;">nine months ended</font><font style="font-family:Arial;font-size:9pt;"> </font><font style="font-family:Arial;font-size:9pt;">September&#160;30, 2017</font><font style="font-family:Arial;font-size:9pt;">, the Company recorded a </font><font style="font-family:Arial;font-size:9pt;">$526.5 million</font><font style="font-family:Arial;font-size:9pt;"> write-down on assets previously held for sale. Please refer to </font><font style="font-family:Arial;font-size:9pt;font-style:italic;">Note 3 - Divestitures, Assets Held for Sale, and Acquisitions</font><font style="font-family:Arial;font-size:9pt;"> above and in the 2017 Form 10-K for more information regarding the Company&#8217;s oil and gas properties held for sale</font><font style="font-family:Arial;font-size:9pt;font-style:italic;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-style:italic;"></font><font style="font-family:Arial;font-size:9pt;">Please refer to </font><font style="font-family:Arial;font-size:9pt;font-style:italic;">Note 11 - Fair Value Measurements </font><font style="font-family:Arial;font-size:9pt;">in the 2017 Form 10-K for more information regarding the Company&#8217;s approach in determining fair value of its properties, including assets held for sale.</font></div></div>

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