$SM
SM Energy Co

2024 Q2 Form 10-Q Financial Statement

#000089353824000030 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $634.6M $559.9M
YoY Change 15.22% -2.38%
Cost Of Revenue $136.6M $137.4M
YoY Change -6.16% -3.49%
Gross Profit $497.9M $422.5M
YoY Change 22.9% -2.01%
Gross Profit Margin 78.47% 75.46%
Selling, General & Admin $31.11M $30.18M
YoY Change 13.13% 9.07%
% of Gross Profit 6.25% 7.14%
Research & Development $17.09M $18.58M
YoY Change 14.26% 0.83%
% of Gross Profit 3.43% 4.4%
Depreciation & Amortization $179.7M $166.2M
YoY Change 13.82% 7.78%
% of Gross Profit 36.08% 39.33%
Operating Expenses $230.7M $216.0M
YoY Change 11.17% 2.62%
Operating Profit $279.4M $178.4M
YoY Change 41.33% -34.42%
Interest Expense $21.81M $21.87M
YoY Change -308.2% -2.61%
% of Operating Profit 7.81% 12.26%
Other Income/Expense, Net -$23.00K -$24.00K
YoY Change -100.48% -100.54%
Pretax Income $263.9M $163.3M
YoY Change 37.46% -35.74%
Income Tax $53.59M $32.07M
% Of Pretax Income 20.31% 19.64%
Net Earnings $210.3M $131.2M
YoY Change 40.31% -33.92%
Net Earnings / Revenue 33.14% 23.43%
Basic Earnings Per Share $1.83 $1.13
Diluted Earnings Per Share $1.82 $1.13
COMMON SHARES
Basic Shares Outstanding 115.0M shares 115.7M shares
Diluted Shares Outstanding 115.7M shares 116.5M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $487.9M $506.3M
YoY Change 28.98% 5.94%
Cash & Equivalents $487.9M $506.3M
Short-Term Investments
Other Short-Term Assets $47.26M $45.06M
YoY Change -43.02% -50.26%
Inventory
Prepaid Expenses
Receivables $239.1M $241.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $774.2M $793.0M
YoY Change 14.03% 4.86%
LONG-TERM ASSETS
Property, Plant & Equipment $5.662B $5.514B
YoY Change 8.23% 9.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $111.4M $84.62M
YoY Change 35.14% 22.71%
Total Long-Term Assets $5.883B $5.605B
YoY Change 10.71% 9.61%
TOTAL ASSETS
Total Short-Term Assets $774.2M $793.0M
Total Long-Term Assets $5.883B $5.605B
Total Assets $6.657B $6.398B
YoY Change 11.09% 9.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $563.8M $496.4M
YoY Change 6.28% -4.96%
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 $601.8M $536.1M
YoY Change 6.7% -4.81%
LONG-TERM LIABILITIES
Long-Term Debt $1.577B $1.576B
YoY Change 0.2% 0.2%
Other Long-Term Liabilities $65.77M $65.26M
YoY Change -63.73% 9.42%
Total Long-Term Liabilities $2.211B $2.164B
YoY Change 25.99% 4.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $601.8M $536.1M
Total Long-Term Liabilities $2.211B $2.164B
Total Liabilities $2.813B $2.700B
YoY Change 4.41% 2.27%
SHAREHOLDERS EQUITY
Retained Earnings $2.353B $2.163B
YoY Change 45.11% 45.25%
Common Stock $1.494B $1.538B
YoY Change -11.14% -11.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.844B $3.698B
YoY Change
Total Liabilities & Shareholders Equity $6.657B $6.398B
YoY Change 11.09% 9.0%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $210.3M $131.2M
YoY Change 40.31% -33.92%
Depreciation, Depletion And Amortization $179.7M $166.2M
YoY Change 13.82% 7.78%
Cash From Operating Activities $476.4M $276.0M
YoY Change 24.3% -16.78%
INVESTING ACTIVITIES
Capital Expenditures $322.7M $332.4M
YoY Change -18.96% 38.08%
Acquisitions
YoY Change
Other Investing Activities $5.000K -$77.00K
YoY Change -98.57% -74.92%
Cash From Investing Activities -$322.7M -$332.3M
YoY Change -18.89% 38.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.09M -$53.62M
YoY Change -17.61% -8.11%
NET CHANGE
Cash From Operating Activities 476.4M $276.0M
Cash From Investing Activities -322.7M -$332.3M
Cash From Financing Activities -70.09M -$53.62M
Net Change In Cash 83.62M -$109.9M
YoY Change -183.93% -434.37%
FREE CASH FLOW
Cash From Operating Activities $476.4M $276.0M
Capital Expenditures $322.7M $332.4M
Free Cash Flow $153.7M -$56.37M
YoY Change -1130.35% -161.99%

Facts In Submission

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27391000 usd
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
49968000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
32069000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
55506000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.196
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.218
CY2024Q1 us-gaap Senior Notes
SeniorNotes
1576115000 usd
CY2023Q4 us-gaap Senior Notes
SeniorNotes
1575334000 usd
CY2024Q1 us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
The Company was in compliance with all financial and non-financial covenants as of March 31, 2024, and through the filing of this report.
CY2024Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
6100000 usd
CY2023Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
5500000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
15600000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
57100000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
41111000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
65114000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
25477000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
8062000 usd
CY2024Q1 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
21519000 usd
CY2023Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
7362000 usd
CY2024Q1 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
21519000 usd
CY2023Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
7362000 usd
CY2024Q1 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
19592000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
57752000 usd
CY2024Q1 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
3958000 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
700000 usd
CY2024Q1 sm Derivative Settlement Gain Or Loss
DerivativeSettlementGainOrLoss
-13274000 usd
CY2023Q1 sm Derivative Settlement Gain Or Loss
DerivativeSettlementGainOrLoss
-5076000 usd
CY2024Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-28145000 usd
CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
51329000 usd
CY2024Q1 sm Percentageof Proved Property Securedfor Credit Facility Borrowing
PercentageofProvedPropertySecuredforCreditFacilityBorrowing
0.85
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
131199000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
198552000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115642000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121671000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
814000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
623000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
116456000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122294000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.13
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.63
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.13
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.62

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