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SM Energy Reports Results For The First Quarter Of 2012; Provides Operations Update

UPDATED CAPITAL, PRODUCTION, AND PERFORMANCE GUIDANCE

SM Energy is maintaining its previously provided capital expenditure forecast of $1.4 to $1.5 billion and full year 2012 production guidance range of 220 to 227 BCFE.

Following is the Company's performance guidance for the second quarter of 2012 and updated guidance for the full year 2012:

       
Guidance for 2012
  2Q12 FY2012
Production (BCFE) 50 - 54 220 - 227
Average daily production (MMCFE/d) 549 - 593 601 - 620
Oil production (as % of total) ~28%
Natural gas production (as % of total) ~55%
NGL production (as % of total) ~17%
 
LOE ($/MCFE) $0.83 - $0.88 $0.80 - $0.85
Transportation ($/MCFE) $0.67 - $0.71 $0.67 - $0.71

Production taxes (% of pre-derivative oil, gas, andNGL revenue)

6.3% 6.0%
 
G&A - other cash ($/MCFE) $0.43 - $0.46 $0.39 - $0.43
G&A - cash NPP ($/MCFE) $0.08 - $0.10 $0.08 - $0.10
G&A - non-cash ($/MCFE) $0.11 - $0.13 $0.11 - $0.13
Total G&A ($/MCFE) $0.62 - $0.69 $0.58 - $0.66
 
DD&A ($/MCFE) $3.20 - $3.40 $3.10 - $3.30
Non-cash interest expense ($MM) $1.00 $6.6
 
Effective income tax rate range 37.0% - 37.5%
% of income tax that is current <5%
 

EARNINGS CALL INFORMATION

The Company has scheduled a teleconference to discuss these results and other operational matters for May 3, 2012, at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time). The call participation number is 877-445-0811 and the conference ID number is 74351823. An audio replay of the call will be available approximately two hours after the call at 855-859-2056, with the conference ID number 74351823. International participants can dial 617-401-8115 to take part in the conference call, using the conference ID number 74351823, and can access a replay of the call at 404-537-3406, using conference ID number 74351823. Replays can be accessed through May 17, 2012.

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