secwatch.observer — SEC 8-K summary
======================================

Issuer:     SM Energy Co (SM)
CIK:        0000893538
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0000893538-23-000033
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SM Energy Q1 net income $198.6M, EPS $1.62; production beats guidance by 178K Boe
--------------------------------------------------------------------------------

- Net income $198.6M ($1.62 diluted EPS); adjusted net income $1.33 per share; net cash from ops $331.6M.
- Production 13.2 MMBoe (146.4 MBoe/d), 43% oil, ~178,000 Boe above mid-point guidance due to South Texas well outperformance.
- Repurchased 1.4M shares; total return of capital $58.3M in Q1; $133.9M since program inception.
- Capex $307.6M (adjusted for accruals; includes $9.9M leasehold); Net debt-to-Adj. EBITDAX 0.6x; credit facility undrawn.
- Q2 guidance: production 13.3-13.5 MMBoe, capex $295-315M; full-year 2023 guidance unchanged.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/893538/000089353823000033/0000893538-23-000033-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/893538/000089353823000033/sm-20230427.htm
  HTML page:      https://secwatch.observer/filing/0000893538-23-000033

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer