NYSE$SM
SM Energy Co · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
SM Energy reported strong Q3 2023 results driven by increased capital returns, growing profitability, and continued focus on operational execution.
SM Energy reported strong Q3 2023 results, exceeding expectations with net income of $222.3 million and Adjusted EBITDAX of $475.6 million. The company increased its total capital return to stockholders by 31% from the previous quarter to $114.1 million and announced a 20% increase in the fixed dividend policy.
- Increased capital returns to stockholders with a 20% increase in the fixed dividend policy.
- Total capital return to stockholders increased to $114.1 million, up 31% from the previous quarter.
- Net income was $222.3 million, or $1.88 per diluted common share and Adjusted EBITDAX was $475.6 million.
- Production for the third quarter 2023 was 14.1 MMBoe, or 153.7 MBoe/d, at 44% oil, exceeding guidance.
Headline financials
Revenue & EPS history
SM Energy · Revenue · Quarterly
$641M
Forward guidance
The Company provided full year and fourth quarter 2023 guidance.
Tailwinds
- Production: 55.1-55.4 MMBoe, or 151-152 MBoe/d at 42-43% oil, narrowed at the top end for full year 2023.
- Capital expenditures (net of the change in capital accruals and other),(1) excluding acquisitions: approximately $1.1 billion for full year 2023.
- LOE: reduced to $5.20-$5.25 per Boe for full year 2023.
- Production: Approximately 13.7-14.0 MMBoe or 149-152 MBoe/d, at approximately 42% oil and 60% liquids for fourth quarter 2023.
- Transportation: ~$2.25 per Boe for fourth quarter 2023.
Headwinds
- Capital expenditures (net of the change in capital accruals),(1) excluding acquisitions: approximately $290-305 million for fourth quarter 2023.
- LOE: $5.55-$5.65 per Boe for fourth quarter 2023.
- Unchanged: Transportation per Boe at ~$2.50 for full year 2023.
- Unchanged: production and ad valorem taxes per Boe at $2.90-$3.00 for full year 2023.
- Unchanged: G&A ~$120 million, including $15-20 million for non-cash compensation for full year 2023.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+1.3%
Avg return
Earnings day
+2.7%
Avg return
5 days after
+8.3%
Avg return
30 days after
47%
32 / 68 earnings
Positive
+114.3%
Q1 2020
Best reaction
-20.4%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.9% | +9.9% | +12.2% | |
| Q4 2025 | -3.9% | +9.3% | +48.4% | |
| Q3 2025 | -5.8% | -12.5% | -3.3% | |
| Q1 2025 | -3.9% | -10.4% | -1.1% | |
| Q4 2024 | -4.4% | -14.8% | -21.0% | |
| Q3 2024 | -5.2% | -3.3% | +6.3% | |
| Q2 2024 | +11.2% | +14.0% | +3.2% | |
| Q1 2024 | +6.4% | +8.6% | +7.0% | |
| Q4 2023 | +6.5% | +6.9% | +25.5% | |
| Q3 2023 | +2.3% | -5.1% | -4.2% | |
| Q2 2023 | +3.4% | +7.6% | +19.0% | |
| Q1 2023 | +7.1% | +0.7% | +5.0% | |
| Q4 2022 | -0.6% | +1.0% | -11.0% | |
| Q3 2022 | +4.3% | +8.8% | -6.9% | |
| Q2 2022 | -6.0% | -5.1% | +9.9% | |
| Q1 2022 | +1.8% | +7.8% | +42.5% | |
| Q4 2021 | -5.2% | +9.2% | +23.7% | |
| Q3 2021 | +6.4% | +13.0% | -11.1% | |
| Q2 2021 | -0.1% | +1.4% | +1.8% | |
| Q1 2021 | -12.9% | -9.7% | +9.6% | |
| Q4 2020 | -20.4% | -3.9% | +31.7% | |
| Q3 2020 | +15.0% | +31.4% | +224.3% | |
| Q2 2020 | -19.4% | -21.9% | -28.7% | |
| Q1 2020 | +114.3% | +88.9% | +86.2% | |
| Q4 2019 | +1.4% | -11.3% | -85.8% | |
| Q3 2019 | +5.3% | +22.4% | +4.5% | |
| Q2 2019 | +0.2% | -1.2% | -4.9% | |
| Q1 2019 | -7.4% | -4.3% | -27.0% | |
| Q4 2018 | -10.8% | -11.5% | -14.0% | |
| Q3 2018 | -4.4% | -0.2% | -16.2% | |
| Q2 2018 | +3.6% | +4.7% | +9.4% | |
| Q1 2018 | -0.9% | +1.6% | -2.8% | |
| Q4 2017 | -11.6% | -6.4% | -14.9% | |
| Q3 2017 | -0.3% | -0.2% | +2.0% | |
| Q2 2017 | -6.0% | -9.4% | -15.4% | |
| Q1 2017 | -4.9% | -6.1% | -25.4% | |
| Q4 2016 | -7.8% | -10.7% | -24.6% | |
| Q3 2016 | -3.5% | -8.7% | +19.4% | |
| Q2 2016 | +18.7% | +16.3% | +49.1% | |
| Q1 2016 | -5.5% | — | — | |
| Q4 2015 | -9.5% | — | — | |
| Q3 2015 | +4.3% | — | — | |
| Q2 2015 | +16.9% | — | — | |
| Q1 2015 | -1.8% | — | — | |
| Q4 2014 | +12.9% | — | — | |
| Q3 2014 | -0.7% | — | — | |
| Q2 2014 | +4.2% | — | — | |
| Q1 2014 | -5.6% | — | — | |
| Q4 2013 | -13.7% | — | — | |
| Q3 2013 | +4.1% | — | — | |
| Q2 2013 | +5.7% | — | — | |
| Q1 2013 | -5.5% | — | — | |
| Q4 2012 | +2.2% | — | — | |
| Q3 2012 | +12.0% | — | — | |
| Q2 2012 | -11.3% | — | — | |
| Q1 2012 | -4.3% | — | — | |
| Q4 2011 | +5.0% | — | — | |
| Q3 2011 | +6.1% | — | — | |
| Q2 2011 | -4.6% | — | — | |
| Q1 2010 | -11.6% | — | — | |
| Q1 2011 | +2.8% | — | — | |
| Q4 2008 | +7.1% | — | — | |
| Q4 2010 | +7.1% | — | — | |
| Q3 2009 | +9.6% | — | — | |
| Q3 2010 | +9.6% | — | — | |
| Q2 2010 | -3.7% | — | — | |
| Q2 2009 | -3.7% | — | — | |
| Q4 2009 | -3.7% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro