Shares of U.S. onshore exploration and production company SM Energy (NYSE: SM) rose dramatically out of the gate on Oct. 29, gaining just over 15% in the first few minutes of trading. The reason for the advance was the company's third-quarter 2021 earnings update, which hit the market after the close on Oct. 28.
Given the price action, you can probably guess that investors were pleased with the energy company's results. From a big-picture perspective, SM Energy produced 14.3 million barrels of oil equivalent (MMboe) in the third quarter, up from 12.4 MMboe in the second quarter.
That was better than the company was expecting, leading it to increase its full-year production guidance to between 49.5 MMboe and 50 MMboe. The top end of the previous guidance range was 49.5 MMboe, so it looks like SM Energy is set to have a solid year of production.
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Why SM Energy Stock Jumped 15% at the Open Today