NYSE$SM
SM Energy Co · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Announced fourth quarter and full year 2022 operating and financial results, year-end 2022 estimated proved reserves and its 2023 operating plan.
SM Energy reported a net income of $258.5 million, or $2.09 per diluted common share, for the fourth quarter of 2022. The company's fourth quarter production was 13.1 MMBoe or 142.9 MBoe/d. Cash and cash equivalents at year-end 2022 were $445.0 million.
- Net income for the fourth quarter 2022 was $258.5 million, or $2.09 per diluted common share.
- The Company repurchased 1,365,255 shares from announcement of its return of capital program on September 7, 2022 through year-end and initiated payment of the $0.15 quarterly dividend on November 7, 2022.
- Fourth quarter production was 13.1 MMBoe or 142.9 MBoe/d.
- Cash and cash equivalents at year-end 2022 were $445.0 million.
Headline financials
Revenue & EPS history
SM Energy · Revenue · Quarterly
$671M
Forward guidance
SM Energy expects production volumes year-over-year to remain flat to low single digit growth at 52.5-54.5 MMBoe, or 144-150 MBoe/d at 43% oil. Capital expenditures adjusted for capital accruals are expected to be approximately $1.1 billion, excluding acquisitions.
Tailwinds
- Production volumes year-over-year are expected to remain flat to low single digit growth at 52.5-54.5 MMBoe, or 144-150 MBoe/d at 43% oil.
- Capital expenditures adjusted for capital accruals are expected to be approximately $1.1 billion, excluding acquisitions.
- The capital program increased the allocation to Midland Basin activity due to the expectation of lower natural gas prices in 2023.
- Total net wells drilled is expected to approximate 85-90, roughly split equally between Midland Basin and South Texas.
- South Texas activity is expected to be concentrated on Austin Chalk development.
Headwinds
- Price deck approximates early February strip prices at $80.00 per Bbl WTI; $3.00 per MMBtu natural gas; $34.00 per Bbl NGLs.
- Hedges currently in place.
- Processing ethane for the full year.
- LOE is expected to average between $5.75-6.00/Boe, which includes workover activity.
- Transportation is expected to approximate $2.50/Boe, which includes a reduction to South Texas natural gas transportation costs of approximately $0.35/Mcf starting in July 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 Q4 2022
+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% | — | — |
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