SM Energy Company reported significant financial results for the first quarter of 2025, with total operating revenues reaching $844.5 million, a notable increase from $559.9 million in the same period last year. The company’s net income for the quarter was $182.3 million, or $1.59 per diluted share, compared to $131.2 million, or $1.13 per diluted share, in the first quarter of 2024. This reflects a year-over-year increase in profitability driven by higher production revenues, despite a slight decrease in average daily production volumes.
In terms of operational performance, SM Energy's average net daily equivalent production decreased by 5% sequentially to 197.3 MBOE, primarily due to anticipated reductions in production from its South Texas and Midland Basin assets. However, production from the newly acquired Uinta Basin assets increased by 6%, contributing positively to the overall output. The company’s oil, gas, and NGL production revenue remained stable at $839.6 million, reflecting a flat performance compared to the previous quarter, despite a sequential increase in realized prices per BOE.
Strategically, SM Energy has focused on integrating its Uinta Basin assets, acquired in late 2024, into its operations. The company has allocated approximately $1.3 billion for its capital program in 2025, emphasizing the development of high-quality assets across its operational areas. The company did not repurchase any shares during the first quarter but has $500 million remaining under its stock repurchase program, which is set to continue through December 2027.
Financially, SM Energy's total assets increased to $8.79 billion as of March 31, 2025, up from $8.58 billion at the end of 2024. The company’s total liabilities also rose slightly, with current liabilities totaling $822.7 million. The company reported net cash provided by operating activities of $483 million, a significant increase from $276 million in the prior year, indicating strong cash flow generation capabilities. Looking ahead, SM Energy remains focused on optimizing its asset portfolio and maintaining financial flexibility amid ongoing market volatility and geopolitical uncertainties.
About SM Energy Co
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