SM Energy beats Q2 estimates with $1.82 EPS; announces $2.1B Uinta Basin acquisition and increased return of capital

SM Energy Co

2024-Q2 EPS reported $2.94 revenue$1,194,425,000

Q2 net income $210.3M ($1.82 diluted EPS); adjusted EPS $1.85; production 158.5 MBoe/d (46% oil).
Acquired additional Uinta Basin assets for ~$70M (80% interest); combined with XCL acquisition total $2.1B, adding 63,300 net acres, 465 locations.
Board approved 11% dividend increase to $0.20/share starting Q4 2024; share repurchase program reloaded to $500M through 2027.
Issued $1.5B in senior notes (6.75% 2029, 7.00% 2032) to fund acquisitions and redeem 2025 notes.
Full-year production guidance unchanged at 57-60 MMBoe; oil percentage raised to 45%; capex unchanged.

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