SM Energy beats Q1 production, raises FY guidance, lowers capex; net income $1.13/share adjusted $1.41

SM Energy Co

2024-Q1 EPS reported $1.13 revenue$559,870,000

Q1 net production 145.1 MBoe/d (44% oil) exceeded guidance; net income $131M ($1.13 diluted EPS).
Full-year production guidance raised 2% to 57-60 MMBoe; capex guidance lowered 2% to $1.14-$1.18B.
Adjusted EBITDAX $409M (+2% YoY); adjusted free cash flow $67.9M (+35% YoY).
Returned $53.6M to shareholders (buybacks + $0.18/sh dividend); $182.1M remains on repurchase program.
Expanded South Texas Austin Chalk acreage by ~8,000 net acres via drill-to-earn; new wells show strong initial rates.

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