$SM
SM Energy Co

2019 Q2 Form 10-Q Financial Statement

#000089353819000090 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $407.2M $443.9M
YoY Change -8.28% 267.72%
Cost Of Revenue $123.1M $117.4M
YoY Change 4.81% -5.63%
Gross Profit $284.1M $326.5M
YoY Change -12.98% 99.7%
Gross Profit Margin 69.78% 73.55%
Selling, General & Admin $30.90M $28.90M
YoY Change 6.92% 2.48%
% of Gross Profit 10.88% 8.85%
Research & Development $10.90M $14.10M
YoY Change -22.7% 8.46%
% of Gross Profit 3.84% 4.32%
Depreciation & Amortization $206.4M $151.7M
YoY Change 36.06% -0.98%
% of Gross Profit 72.64% 46.46%
Operating Expenses $247.1M $194.8M
YoY Change 26.85% -1.96%
Operating Profit $104.2M $56.15M
YoY Change 85.52% -138.11%
Interest Expense $39.63M $41.65M
YoY Change -4.87% -6.59%
% of Operating Profit 38.04% 74.19%
Other Income/Expense, Net -$562.0K $1.802M
YoY Change -131.19% 89.09%
Pretax Income $63.98M $16.30M
YoY Change 292.6% -108.53%
Income Tax $13.59M -$901.0K
% Of Pretax Income 21.24% -5.53%
Net Earnings $50.39M $17.20M
YoY Change 193.0% -114.34%
Net Earnings / Revenue 12.38% 3.87%
Basic Earnings Per Share $0.45 $0.15
Diluted Earnings Per Share $0.45 $0.15
COMMON SHARES
Basic Shares Outstanding 112.3M shares 111.7M shares
Diluted Shares Outstanding 112.9M shares 113.6M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $615.9M
YoY Change -100.0% 10.08%
Cash & Equivalents $12.00K $615.9M
Short-Term Investments
Other Short-Term Assets $122.9M $160.6M
YoY Change -23.47% 54.27%
Inventory
Prepaid Expenses
Receivables $165.8M $178.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $288.7M $955.2M
YoY Change -69.77% 24.16%
LONG-TERM ASSETS
Property, Plant & Equipment $5.985B $5.718B
YoY Change 4.67% 6.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $87.70M $31.67M
YoY Change 176.87% 115.72%
Total Long-Term Assets $117.9M $62.83M
YoY Change 87.63% -35.15%
TOTAL ASSETS
Total Short-Term Assets $288.7M $955.2M
Total Long-Term Assets $117.9M $62.83M
Total Assets $6.392B $6.736B
YoY Change -5.11% 8.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $407.9M $446.3M
YoY Change -8.6% 43.27%
Accrued Expenses $25.80M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $342.3M
YoY Change
Total Short-Term Liabilities $503.9M $1.048B
YoY Change -51.91% 201.33%
LONG-TERM LIABILITIES
Long-Term Debt $2.721B $2.573B
YoY Change 5.74% -11.32%
Other Long-Term Liabilities $67.14M $45.91M
YoY Change 46.26% 1.79%
Total Long-Term Liabilities $3.086B $2.952B
YoY Change 4.55% -12.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $503.9M $1.048B
Total Long-Term Liabilities $3.086B $2.952B
Total Liabilities $3.590B $4.000B
YoY Change -10.24% 7.79%
SHAREHOLDERS EQUITY
Retained Earnings $1.033B $997.6M
YoY Change 3.55% 26.83%
Common Stock $1.781B $1.755B
YoY Change 1.45% 1.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.802B $2.737B
YoY Change
Total Liabilities & Shareholders Equity $6.392B $6.736B
YoY Change -5.11% 8.43%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $50.39M $17.20M
YoY Change 193.0% -114.34%
Depreciation, Depletion And Amortization $206.4M $151.7M
YoY Change 36.06% -0.98%
Cash From Operating Activities $259.9M $171.4M
YoY Change 51.63% 60.04%
INVESTING ACTIVITIES
Capital Expenditures -$326.8M -$446.4M
YoY Change -26.79% 98.05%
Acquisitions
YoY Change
Other Investing Activities $6.400M $251.4M
YoY Change -97.45% 909.64%
Cash From Investing Activities -$320.4M -$195.0M
YoY Change 64.31% -2.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 66.80M -3.800M
YoY Change -1857.89% 0.0%
NET CHANGE
Cash From Operating Activities 259.9M 171.4M
Cash From Investing Activities -320.4M -195.0M
Cash From Financing Activities 66.80M -3.800M
Net Change In Cash 6.300M -27.40M
YoY Change -122.99% -71.78%
FREE CASH FLOW
Cash From Operating Activities $259.9M $171.4M
Capital Expenditures -$326.8M -$446.4M
Free Cash Flow $586.7M $617.8M
YoY Change -5.03% 85.8%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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SM ENERGY CO
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CurrentFederalTaxExpenseBenefit
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us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CurrentStateAndLocalTaxExpenseBenefit
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DeferredIncomeTaxExpenseBenefit
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DeferredIncomeTaxExpenseBenefit
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;font-style:italic;">Proved and Unproved Oil and Gas Properties and Other Property and Equipment</span></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;font-style:italic;">Proved oil and gas properties.</span><span 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 that associated carrying costs may not be recoverable. The Company uses Level 3 inputs and the income valuation technique to measure the fair value of proved properties through the application of discount rates and price forecasts representative of the current operating environment, as selected by the Company’s management.</span></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;font-style:italic;">Unproved oil and gas properties.</span><span 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. 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 </span><span style="font-family:Arial;font-size:9pt;">three and six</span><span style="font-family:Arial;font-size:9pt;"> months ended </span><span style="font-family:Arial;font-size:9pt;">June 30, 2019</span><span style="font-family:Arial;font-size:9pt;">, the Company recorded </span><span style="font-family:Arial;font-size:9pt;"><span>$12.4 million</span></span><span style="font-family:Arial;font-size:9pt;"> and </span><span style="font-family:Arial;font-size:9pt;"><span>$18.8 million</span></span><span style="font-family:Arial;font-size:9pt;">, respectively, in abandonment and impairment of unproved properties expense. During the </span><span style="font-family:Arial;font-size:9pt;">three and six</span><span style="font-family:Arial;font-size:9pt;"> months ended </span><span style="font-family:Arial;font-size:9pt;">June 30, 2018</span><span style="font-family:Arial;font-size:9pt;">, the Company recorded </span><span style="font-family:Arial;font-size:9pt;"><span>$11.9 million</span></span><span style="font-family:Arial;font-size:9pt;"> and </span><span style="font-family:Arial;font-size:9pt;"><span>$17.6 million</span></span><span style="font-family:Arial;font-size:9pt;">, respectively, in abandonment and impairment of unproved properties expense. These expenses related to actual and anticipated lease expirations, as well as actual and anticipated losses on acreage due to title defects, changes in development plans, and other inherent acreage risks.</span></div>
CY2019Q2 sm Impairmentof Unproved Oiland Gas Properties
ImpairmentofUnprovedOilandGasProperties
12400000 USD
sm Impairmentof Unproved Oiland Gas Properties
ImpairmentofUnprovedOilandGasProperties
18800000 USD
CY2018Q2 sm Impairmentof Unproved Oiland Gas Properties
ImpairmentofUnprovedOilandGasProperties
11900000 USD
sm Impairmentof Unproved Oiland Gas Properties
ImpairmentofUnprovedOilandGasProperties
17600000 USD
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
102085000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
237002000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2019Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P10Y
CY2019Q2 us-gaap Lease Cost
LeaseCost
139800000 USD
us-gaap Lease Cost
LeaseCost
315100000 USD
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
11479000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
20458000 USD
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
26198000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
57606000 USD
CY2019Q2 us-gaap Lease Cost
LeaseCost
139762000 USD
us-gaap Lease Cost
LeaseCost
315066000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
20774000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
22729000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
13581000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
20146000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
11699000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5526000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3476000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3721000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
58149000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4161000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
53988000 USD
CY2019Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.066
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
51085000 USD
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
25803000 USD
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28185000 USD

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