SM Energy announces Q2 2023 activity: 2.6M shares repurchased, production up, 22,800 acre acquisition

SM Energy Co

Repurchased 2.6 million shares (2.2% of outstanding) in Q2 2023 under $500M program; total repurchases 5.3M shares since inception.
Expects to exceed high-end of Q2 production guidance due to higher oil, gas, and NGL volumes from South Texas.
Expects to underspend low-end of Q2 capital and LOE guidance due to cost deflation; plans additional Midland Basin rig in October 2023.
Entered agreement to acquire 20,000 net acres in Dawson and Martin counties, Texas for $93.5M with 1,250 Boe/d production (~90% oil).
Acquired additional 2,800 net acres adjacent to prior Midland Basin acquisition, bringing combined acreage to 9,100 net acres.

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