$SM
SM Energy Co

2023 Q4 Form 10-Q Financial Statement

#000089353823000108 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $608.7M $640.9M
YoY Change -9.32% -23.29%
Cost Of Revenue $137.3M $138.3M
YoY Change -8.84% -13.54%
Gross Profit $471.4M $502.6M
YoY Change -9.46% -25.59%
Gross Profit Margin 77.44% 78.42%
Selling, General & Admin $36.64M $29.30M
YoY Change 11.56% 3.07%
% of Gross Profit 7.77% 5.83%
Research & Development $15.85M $10.20M
YoY Change 46.38% -28.18%
% of Gross Profit 3.36% 2.03%
Depreciation & Amortization $189.1M $189.4M
YoY Change 31.66% 29.85%
% of Gross Profit 40.11% 37.68%
Operating Expenses $242.0M $231.6M
YoY Change 28.6% 22.08%
Operating Profit $229.4M $195.6M
YoY Change -31.0% -68.57%
Interest Expense $62.64M $23.11M
YoY Change -646.13% 1.23%
% of Operating Profit 27.31% 11.81%
Other Income/Expense, Net -$232.0K -$233.0K
YoY Change -107.01% -120.03%
Pretax Income $291.8M $176.4M
YoY Change -9.75% -70.64%
Income Tax $44.70M -$45.98M
% Of Pretax Income 15.32% -26.07%
Net Earnings $247.1M $222.3M
YoY Change -4.39% -53.8%
Net Earnings / Revenue 40.59% 34.69%
Basic Earnings Per Share $1.89
Diluted Earnings Per Share $2.12 $1.88
COMMON SHARES
Basic Shares Outstanding 116.3M shares 118.7M shares
Diluted Shares Outstanding 118.3M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $616.2M $402.0M
YoY Change 38.46% -19.35%
Cash & Equivalents $616.2M $402.0M
Short-Term Investments
Other Short-Term Assets $69.11M $36.00M
YoY Change 17.32% -29.88%
Inventory
Prepaid Expenses
Receivables $231.2M $264.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $916.4M $702.6M
YoY Change 24.31% -13.03%
LONG-TERM ASSETS
Property, Plant & Equipment $5.376B $5.292B
YoY Change 10.11% 11.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $78.45M $78.43M
YoY Change 9.58% 28.93%
Total Long-Term Assets $5.464B $5.376B
YoY Change 9.74% 10.99%
TOTAL ASSETS
Total Short-Term Assets $916.4M $702.6M
Total Long-Term Assets $5.464B $5.376B
Total Assets $6.380B $6.079B
YoY Change 11.62% 7.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $107.3M $540.5M
YoY Change 144.46% -14.48%
Accrued Expenses $144.7M
YoY Change 15.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $633.8M $599.1M
YoY Change 5.89% -26.4%
LONG-TERM LIABILITIES
Long-Term Debt $1.575B $1.575B
YoY Change 0.2% 0.2%
Other Long-Term Liabilities $65.04M $56.33M
YoY Change -6.55% -23.57%
Total Long-Term Liabilities $2.130B $2.075B
YoY Change 4.84% 5.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $633.8M $599.1M
Total Long-Term Liabilities $2.130B $2.075B
Total Liabilities $2.764B $2.674B
YoY Change 5.08% -3.94%
SHAREHOLDERS EQUITY
Retained Earnings $2.052B $1.826B
YoY Change 56.84% 70.91%
Common Stock $1.566B $1.582B
YoY Change -12.06% -12.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.616B $3.404B
YoY Change
Total Liabilities & Shareholders Equity $6.380B $6.079B
YoY Change 11.62% 7.56%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $247.1M $222.3M
YoY Change -4.39% -53.8%
Depreciation, Depletion And Amortization $189.1M $189.4M
YoY Change 31.66% 29.85%
Cash From Operating Activities $476.5M $383.0M
YoY Change 65.23% -25.39%
INVESTING ACTIVITIES
Capital Expenditures $223.2M $237.2M
YoY Change -22.51% -204.91%
Acquisitions
YoY Change
Other Investing Activities -$43.00K $0.00
YoY Change -116.1% -100.0%
Cash From Investing Activities -$223.3M -$237.2M
YoY Change -22.42% 4.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.04M -122.1M
YoY Change -27.69% 120.69%
NET CHANGE
Cash From Operating Activities 476.5M 383.0M
Cash From Investing Activities -223.3M -237.2M
Cash From Financing Activities -39.04M -122.1M
Net Change In Cash 214.2M 23.70M
YoY Change -500.78% -89.76%
FREE CASH FLOW
Cash From Operating Activities $476.5M $383.0M
Capital Expenditures $223.2M $237.2M
Free Cash Flow $253.3M $145.8M
YoY Change 88141.11% -80.28%

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us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
453000 shares
CY2023Q3 sm Stock Repurchase Program Shares Repurchased Weighted Average Price Per Share
StockRepurchaseProgramSharesRepurchasedWeightedAveragePricePerShare
40.97
CY2022Q3 sm Stock Repurchase Program Shares Repurchased Weighted Average Price Per Share
StockRepurchaseProgramSharesRepurchasedWeightedAveragePricePerShare
44.69
sm Stock Repurchase Program Shares Repurchased Weighted Average Price Per Share
StockRepurchaseProgramSharesRepurchasedWeightedAveragePricePerShare
32.48
sm Stock Repurchase Program Shares Repurchased Weighted Average Price Per Share
StockRepurchaseProgramSharesRepurchasedWeightedAveragePricePerShare
44.69
CY2023Q3 sm Stock Repurchased And Retired During Period Excluding Taxes Commission And Fees Value
StockRepurchasedAndRetiredDuringPeriodExcludingTaxesCommissionAndFeesValue
96336000 usd
CY2022Q3 sm Stock Repurchased And Retired During Period Excluding Taxes Commission And Fees Value
StockRepurchasedAndRetiredDuringPeriodExcludingTaxesCommissionAndFeesValue
20232000 usd
sm Stock Repurchased And Retired During Period Excluding Taxes Commission And Fees Value
StockRepurchasedAndRetiredDuringPeriodExcludingTaxesCommissionAndFeesValue
205120000 usd
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
237700000 usd
CY2023Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
3923000 usd
CY2022Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
7014000 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
6732000 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
11287000 usd
CY2023Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1173000 usd
CY2022Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2317000 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1716000 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
4668000 usd
CY2023Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-51075000 usd
CY2022Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
110048000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
43171000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
202996000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-45979000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
119379000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51619000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
218951000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.261
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.199
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.083
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.204
CY2023Q3 us-gaap Senior Notes
SeniorNotes
1574553000 usd
CY2022Q4 us-gaap Senior Notes
SeniorNotes
1572210000 usd
us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
The Company was in compliance with all financial and non-financial covenants as of September 30, 2023, and through the filing of this report.
CY2023Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
4900000 usd
CY2022Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
5100000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
16300000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
12300000 usd
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-16900000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
15800000 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
120165000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124233000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.89
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.91
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.77
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.98
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.88
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.87
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.75
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
30818000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
73142000 usd
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
47747000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
57323000 usd
CY2023Q3 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
26940000 usd
CY2022Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
26136000 usd
CY2023Q3 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
26940000 usd
CY2022Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
26136000 usd
CY2023Q3 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
3878000 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
47006000 usd
CY2023Q3 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
20807000 usd
CY2022Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
31187000 usd
CY2023Q3 sm Derivative Settlement Gain Or Loss
DerivativeSettlementGainOrLoss
314000 usd
CY2022Q3 sm Derivative Settlement Gain Or Loss
DerivativeSettlementGainOrLoss
186299000 usd
sm Derivative Settlement Gain Or Loss
DerivativeSettlementGainOrLoss
-20398000 usd
sm Derivative Settlement Gain Or Loss
DerivativeSettlementGainOrLoss
595080000 usd
CY2023Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-75355000 usd
CY2022Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
137577000 usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-12352000 usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-385180000 usd
CY2023Q3 sm Percentageof Proved Property Securedfor Credit Facility Borrowing
PercentageofProvedPropertySecuredforCreditFacilityBorrowing
0.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.87
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
222343000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
481240000 usd
us-gaap Net Income Loss
NetIncomeLoss
570769000 usd
us-gaap Net Income Loss
NetIncomeLoss
853489000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
117823000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123195000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
119589000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122318000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
505000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1084000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
576000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1915000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
118328000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124279000 shares
CY2023Q2 sm Net Acres Acquired
NetAcresAcquired
20000 acre
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
88900000 usd

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