SM - SM Energy: Improved Efficiency Boosts Projected 2024 FCF To Near $600 Million

2024-05-17 11:34:24 ET

Summary

• SM increased its 2024 production guidance by 2% while lowering its capex budget by 2%.
• It also noted that transportation expense should be around 9% lower than its initial guidance.
• SM's guidance changes boost its 2024 free cash flow by around $70 million.
• It is now projected to generate close to $600 million in free cash flow at current strip while growing production from 2023.

SM Energy Company ( SM ) reported strong Q1 2024 results , with production that exceeded guidance by 1% to 2%. SM highlighted the outperformance of some of its recent South Texas wells as well as the strides it has made in improving drilling and completion efficiency....

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