SM Energy Company Oil & Gas Exploration and Production Operations
and Cost Analysis – Q4, 2011
Reference Code: GDGE36278OAR Publication Date: APR 2012
Company Snapshot Company Overview
Key Information SM Energy Company (SM Energy) is an independent energy
company. It is engaged in the exploration, exploitation,
SM Energy Company, Key Facts acquisition, development and production of oil and natural
Web Address www.sm-energy.com gas.
Financial year-end December
Number of Employees 639
NYSE SM
Source: GlobalData
Key Ratios
SM Energy Company, Key Ratios SM Energy Company, Reserves and Production, 2007-
P/E 21.85 2011
EV/EBITDA 6.30
Return on Equity (%) 14.70
Debt/Equity 67.30
Operating profit margin 24.0
(%)
Dividend Yield 0.0
Note: Above ratios are based on share price as of 11-Apr-2012
Source: GlobalData
Source: GlobalData
SM Energy Company, Share Price Performance, SM Energy Company, Key Valuation Metrics,
USD/Share, Q4, 2010-Q4, 2011 EV/Production ($/boed), EV/Proved Reserve ($/boe),
Q4, 2010-Q4, 2011
Source: GlobalData
Source: GlobalData
SM Energy Company, Key Costs Per boe, $/boe, 2011 SM Energy Company, Costs Incurred By Type, $m,
Parameter 2011 2007-2011
Oil & Gas Finding & 17.55
Development Cost/boe, Annual
Oil & Gas Finding Cost per boe, 2.65
Annual
Reserve Replacement Cost per 17.33
boe, Annual
Source: GlobalData
Source: GlobalData
SM Energy Company Operations & Cost Analysis Reference Code: GDGE36278OAR
For Data Definitions Refer to the Appendix
Source: www.energyetrack.com Page 1
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form
Table of Contents
Table of Contents ............................................................................................................................................................................... 2
List of Tables .................................................................................................................................................................................. 4
List of Figures ................................................................................................................................................................................. 5
SM Energy Company, Valuation and Financial Data.......................................................................................................................... 8
SM Energy Company, Share Price Performance............................................................................................................................ 8
Share Price Performance, Q4, 2010-Q4, 2011 ........................................................................................................................... 8
SM Energy Company, Key Valuation Metrics ................................................................................................................................. 9
Key Valuation Metrics, Q4, 2010-Q4, 2011 ................................................................................................................................. 9
SM Energy Company, Quarterly Results of Oil & Gas Operations Per boe Produced.................................................................. 10
Results of Oil & Gas Operations Per boe Produced, Q4, 2010-Q4, 2011 ................................................................................. 10
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2010-Q4, 2011........................................................................... 11
SM Energy Company, Quarterly E&P Costs Trends ..................................................................................................................... 12
Upstream Capital Expenditure, Q4, 2010-Q4, 2011 .................................................................................................................. 12
SM Energy Company, Quarterly Production Trends ........................................................................................................................ 13
SM Energy Company, Total Oil and Gas Production .................................................................................................................... 13
Total Crude Oil and Natural Gas Production Trend, Q4, 2010-Q4, 2011 .................................................................................. 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2010-Q4, 2011 ................................................................ 14
SM Energy Company, Crude Oil Production................................................................................................................................. 15
Total Crude Oil Production Trend, Q4, 2010-Q4, 2011 ............................................................................................................. 15
Crude Oil Production, By Country/Region, Q4, 2010-Q4, 2011 ................................................................................................ 16
SM Energy Company, Natural Gas Production............................................................................................................................. 17
Total Natural Gas Production Trend, Q4, 2010-Q4, 2011 ......................................................................................................... 17
Natural Gas Production, By Country/Region, Q4, 2010-Q4, 2011 ............................................................................................ 18
SM Energy Company, Valuation and Financial Data, 2007-2011..................................................................................................... 19
SM Energy Company, Share Price Performance, 2007-2011....................................................................................................... 19
Share Price Performance, 2007-2011 ....................................................................................................................................... 19
Key Valuation Metrics, 2007-2011 ............................................................................................................................................ 20
SM Energy Company, Production and Reserves Trends ................................................................................................................. 21
Total Oil and Gas, Reserves and Production ................................................................................................................................ 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011......................................................................... 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011........................................................ 23
Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 .............................................................................................. 25
Crude Oil/Liquids Production and Reserve ................................................................................................................................... 26
Crude Oil/Liquids Production and Reserve Trend, 2007-2011 .................................................................................................. 26
Crude Oil Production and Reserves By Country/Region, 2007-2011 ........................................................................................ 27
Crude Oil/Liquids Reserve Changes, 2007-2011 ...................................................................................................................... 29
Natural Gas Production and Reserve ........................................................................................................................................... 30
Natural Gas Production and Reserve Trend, 2007-2011 .......................................................................................................... 30
Natural Gas Production and Reserves, By Country/Region, 2007-2011 ................................................................................... 31
Natural Gas Reserve Changes, 2007-2011 .............................................................................................................................. 33
Total Crude Oil and Natural Gas Reserves Life Index .................................................................................................................. 34
Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011 ........................................................................................... 34
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011 ........................................................... 35
SM Energy Company, E&P Costs Trends ........................................................................................................................................ 37
Allocation of the Upstream Capital Expenditure............................................................................................................................ 37
Upstream Capital Expenditure, 2007-2011 ............................................................................................................................... 37
SM Energy Company Operations & Cost Analysis Reference Code: GDGE36278OAR
For Data Definitions Refer to the Appendix
Source: www.energyetrack.com Page 2
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form
Acquisition Costs By Country/Region, 2007-2011..................................................................................................................... 38
Exploration and Development Costs, By Country/Region, 2007-2011 ...................................................................................... 40
Oil and Gas Cost Per boe, $/boe .................................................................................................................................................. 42
Oil and Gas Cost Per boe, $/boe, 2007-2011 ........................................................................................................................... 42
Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011 ........................................................................................... 44
SM Energy Company, Reserve Replacement Ratio ......................................................................................................................... 47
Oil and Gas Production Replacement Ratio ................................................................................................................................. 47
Oil and Gas Production Replacement Ratio, 2007-2011 ........................................................................................................... 47
Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011 ........................................................................... 49
SM Energy Company, Results of Oil & Gas Operations Trend ........................................................................................................ 53
Oil and Gas Revenue and Expenses ............................................................................................................................................ 53
Oil and Gas Revenue and Expenses, 2007-2011 ..................................................................................................................... 53
Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011 ..................................................................................... 55
Oil and Gas Revenue and Expenses, Per boe ............................................................................................................................. 60
Oil and Gas Revenue and Expenses, By boe, 2007-2011 ........................................................................................................ 60
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011 ........................................................................ 61
Oil and Gas Performance Metrics ................................................................................................................................................. 65
SM Energy Company, Land Holdings and Well Data .....................................................................................................