SM Energy Company, Company Intelligence Report


#163747

102pages

GlobalData

$ 1000

In Stock


SM Energy Company (SM) is an independent energy company primarily engaged in the exploration, development and production of crude oil and natural gas in the US. The companys major operations are located in four regions: the South Texas and Gulf Coast, Mid-Continent, Rocky Mountain, and the Permian basin. The companys Exploration and Production (E&P) activities in the South Texas and Gulf Coast region are mainly located in the Eagle Ford shale, which made the biggest contribution towards its total production in 2011 and is expected to remain the major driver of its production growth in the future. 
SMs major operating activities in the Gulf Coast region are spread across the Bakken/Three Fork section and several other exploratory prospects. The companys operations in the Mid-Continent region are located in the Granite-Wash formation and the Woodford shale. Its E&P activities in the Rocky Mountains region are spread across the Haynesville shale while its activities in the Permian basin mainly target the Wolfberry light oil play. SM has established a strong presence in shale plays in the US, which represent a major part of its upstream portfolio.

SM held total proved reserves of 209.9 million barrels of oil equivalent (mmboe) as of December 2011, comprising 47.3% from crude oil and 52.7% from natural gas. The companys reserves increased at a Compounded Annual Growth Rate (CAGR) of 27.7% during the 20092011 period. Production in 2011 stood at 28.3 mmboe, comprising 41% crude oil and 59% natural gas. 

Scope

  • Key Highlights: This section provides detailed analysis on the companys overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations. 
  • Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals. 
  • SWOT: The reports SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market. 
  • Production and Development Overview: This section highlights the companys crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the companys producing and development assets. 
  • Exploration: This section includes detailed explanation and analysis on the companys exploration assets resulted due to new discoveries, new drilling and other activities. 
  • M&A trends: This section mainly provides information and analysis on the companys recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the companys status as a buyer or seller during the analyzed period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Valuation method. 
  • Financial and Operational Metrics: This section covers the companys historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to - 

  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of Content

1 Table of Contents 3
1.1 List of Tables 4
1.2 List of Figures 5

2 SM Energy Company, Company Overview 8

3 SM Energy Company, Key Highlights 11
3.1 Focusing on the Development of the Eagle Ford Shale to Boost Upstream Portfolio 11
3.2 Shifting Focus towards the Development of Oil Resources 13

4 SM Energy Company, SWOT Analysis 15
4.1 Strengths 15
4.1.1 Substantial Exposure to Major Shale Resources 15
4.2 Weaknesses 15
4.2.1 Slow Growth in Production and Reserves 15
4.2.2 Limited Geographic Presence 15
4.3 Opportunities 15
4.3.1 Joint Venture in the Eagle Ford Shale to Accelerate the Drilling Activities 15
4.4 Threats 16
4.4.1 Over-Reliance on Eagle Ford May Impact Cash Flow Pattern 16

5 SM Energy Company, Goals and Strategies 17
5.1 Growing Upstream Portfolio; Increasing Focus on the Development of Oil-Rich Resources 17

6 SM Energy Company, Production Overview 18
6.1 Production Profile 18
6.2 Asset Profile 20

7 SM Energy Company, Exploration and Development Overview 21
7.1 Marcellus Shale 22
7.2 Rocky Mountain Region 22
7.3 Mid-Continent Region 23
7.4 ArkLaTex Region 23
7.5 South Texas and Gulf Coast Region 23
7.6 Permian 24

8 SM Energy Company, Capital Expenditure 25
8.1 Costs Incurred 25

9 SM Energy Company, Acreage 28

10 SM Energy Company, Forecast Production and Financial Statements 29
10.1 Income Statement (20102016) 30
10.2 Balance Sheet (20102016) 31
10.3 Cash Flow Statement (20102016) 32
10.4 Financial Ratios 33

11 SM Energy Company, Valuation 35
11.1 Net Asset Value 35

12 SM Energy Company, Peer Comparison 37
12.1 Share Price Performance 37
12.2 Operational and Financial Performance 38
12.3 Key Financial and Operational Ratio 41

13 SM Energy Company, M&A Activity 43

14 SM Energy Company, Detailed Operational and Financial Analysis 45
14.1 SM Energy Company, Total Oil and Gas, Reserves and Production 45
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011 45
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011 46
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 48
14.2 Crude Oil/Liquids Production and Reserve 49
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011 49
14.2.2 Crude Oil Production and Reserves By Country/Region, 2007-2011 50
14.2.3 Crude Oil/Liquids Reserve Changes, 2007-2011 52
14.3 Natural Gas Production and Reserve 53
14.3.1 Natural Gas Production and Reserve Trend, 2007-2011 53
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2007-2011 54
14.3.3 Natural Gas Reserve Changes, 2007-2011 56
14.4 Total Crude Oil and Natural Gas Reserves Life Index 57
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011 57
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011 58
14.5 SM Energy Company, E&P Costs Trends 60
14.5.1 Upstream Capital Expenditure, 2007-2011 60
14.5.2 Acquisition Costs By Country/Region, 2007-2011 61
14.5.3 Exploration and Development Costs, By Country/Region, 2007-2011 63
14.6 Oil and Gas Cost Per boe, $/boe 65
14.6.1 Oil and Gas Cost Per boe, $/boe, 2007-2011 65
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011 67
14.7 SM Energy Company, Reserve Replacement Ratio 70
14.7.1 Oil and Gas Production Replacement Ratio, 2007-2011 70
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011 72
14.8 Oil and Gas Revenue and Expenses 76
14.8.1 Oil and Gas Revenue and Expenses, 2007-2011 76
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011 78
14.9 Oil and Gas Revenue and Expenses, Per boe 83
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2007-2011 83
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011 84
14.10 Oil and Gas Performance Metrics 88
14.11 Developed and Undeveloped Acreage 89
14.11.1 Gross and Net Developed and Undeveloped Acreage, 2007-2011 89
14.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011 90
14.12 Well Statistics 93
14.12.1 Producible Oil and Gas Well, 2007-2011 93
14.12.2 Producible Oil and Gas Well, By Country/Region, 2007-2011 94
14.12.3 Exploration and Development Wells Drilled, 2007-2011 98
14.12.4 Exploration and Development Wells Drilled, By Country/Region, 2007-2011 99

15 Appendix 100
15.1 Abbreviations 100
15.2 Sources 101
15.3 Methodology 101
15.3.1 Coverage 101
15.3.2 Secondary Research 101
15.3.3 Primary Research 102
15.4 Contact Us 102
15.5 Disclaimer 102

Table 1: SM Energy Company, Costs Incurred ($m), 20092011 26
Table 2: SM Energy Company, Reserve Replacement Ratio (%) and Exploration and Development Cost ($m), 20092011 27
Table 3: SM Energy Company (Thousand Acres), 2011 28
Table 4: SM Energy Company, Historic and Estimated Production (mmboe), 20102016 29
Table 5: GlobalData, Price Forecasts, 20122016 29
Table 6: SM Energy Company, Income Statement ($m), 20102016 30
Table 7: SM Energy Company, Balance Sheet ($m), 20102016 31
Table 8: SM Energy Company, Cash Flow Statement ($m), 20102016 32
Table 9: SM Energy Company, Profitability Ratios (%), 20102016 33
Table 10: SM Energy Company, Other Financial Ratios, 20102016 34
Table 11: SM Energy Company, Free Cash Flow Calculation ($m), 2012 35
Table 12: SM Energy Company, DCF Calculation, 2012 36
Table 13: SM Energy and its Peers, Operational and Financial Performance, 2011 38
Table 14: SM Energy Company and Peer Group Comparison, Financial Ratios, 2011 41
Table 15: SM Energy Company, Notable Asset Transactions As Buyer, 20042008 43
Table 16: SM Energy Company, Notable Asset Transactions As Buyer, 20042008 44
Table 17: SM Energy Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011 45
Table 18: SM Energy Company, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2007-2011 47
Table 19: SM Energy Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2007-2011 48
Table 20: SM Energy Company, Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011 49
Table 21: SM Energy Company, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2007-2011 51
Table 22: SM Energy Company, Crude Oil Reserve Changes, MMbbl, 2007-2011 52
Table 23: SM Energy Company, Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 53
Table 24: SM Energy Company, Natural Gas Production and Reserves, By Country/Region, Bcf, 2007-2011 55
Table 25: SM Energy Company, Natural Gas Reserve Changes, Bcf, 2007-2011 56
Table 26: SM Energy Company, Oil and Gas Reserves Life Index, Years, 2007-2011 57
Table 27: SM Energy Company, Oil and Gas Reserves Life Index, By Country/Region, Years, 2007-2011 59
Table 28: SM Energy Company, Upstream Capital Expenditure, $m, 2007-2011 60
Table 29: SM Energy Company, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2007-2011 62
Table 30: SM Energy Company, Exploration and Development Costs, By Country/Region, $m, 2007-2011 64
Table 31: SM Energy Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011 66
Table 32: SM Energy Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2007-2011 69
Table 33: SM Energy Company, Oil and Gas Production Replacement Ratio, %, 2007-2011 71
Table 34: SM Energy Company, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2007-2011 75
Table 35: SM Energy Company, Revenue and Expenses, $m, 2007-2011 77
Table 36: SM Energy Company, Revenue and Expenses, By Country/Region, $m, 2007-2011 82
Table 37: SM Energy Company, Oil and Gas Revenue and Expenses, $/boe, 2007-2011 83
Table 38: SM Energy Company, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2007-2011 87
Table 39: SM Energy Company, Oil and Gas Performance Metrics, 2007-2011 88
Table 40: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 89
Table 41: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2007-2011 92
Table 42: SM Energy Company, Producible Oil and Gas Wells, 2007-2011 93
Table 43: SM Energy Company, Producible Oil and Gas Wells, By Country/Region, 2007-2011 97
Table 44: SM Energy Company, Exploratory and Developed Wells, 2007-2011 98
Table 45: SM Energy Company, Exploratory and Developed Wells, By Country/Region, 2007-2011 99

Figure 1: SM Energy Company, SM Energy Company, Financial and Operational Overview, 20072011 8
Figure 2: SM Energy Company, Share Price Performance, November 2011November 2012 10
Figure 3: SM Energy Company, Major Players in the Eagle Ford Shale by Acreage, Latest Reported 11
Figure 4: SM Energy Company, Capex Invested/Planned in the Eagle Ford shale ($m), Total Capex ($m) and Share of Eagle Ford Capex in Total Capex (%), 20072013* 12
Figure 5: SM Energy Company, Crude Oil Production (mmbbl), Natural Gas Production (mmboe) and Share of Crude Oil in Total Production (%), 20072016 14
Figure 6: SM Energy Company, Oil and Gas Production, 20092016 18
Figure 7: SM Energy Company, Production by Type (%), 20092016 19
Figure 8: SM Energy Company, Net Productive and Dry Exploratory and Development Wells, 20082011 21
Figure 9: SM Energy Company, Net Total Oil & Gas Exploratory Wells Drilled, 20082011 22
Figure 10: SM Energy Company, Operational Map, Bakken/Three Forks Formation, US, 2012 23
Figure 11: SM Energy Company, Operational Map, Eagle Ford Shale, US, 2012 24
Figure 12: SM Energy Company, Capital Expenditure ($m), 20092011 25
Figure 13: SM Energy Company, Costs Incurred ($m), 20092011 26
Figure 14: SM Energy Company, Reserve Replacement Ratio (%) and Finding and Development Cost Incurred ($m), 20092011 27
Figure 15: SM Energy Company and Peer Group Acreage (Thousand Acres), 2011 28
Figure 16: SM Energy Company and its Peers, Relative Share Price Performance Index, November 2011November 2012 37
Figure 17: SM Energy Company and Peer Group, Operational and Financial Parameters, ($/boe), 2011 39
Figure 18: SM Energy Company and Peers, Reserves Life Index (Years), 2011 40
Figure 19: SM Energy Company and Peers, Total Reserves and Production (mmboe), 2011 40
Figure 20: SM Energy Company, Valuation Ratios, 2011 42
Figure 21: SM Energy Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011 45
Figure 22: SM Energy Company, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2007-2011 46
Figure 23: SM Energy Company, Total Oil & Gas Production, By Country/Region, MMboe, 2007-2011 46
Figure 24: SM Energy Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2011 48
Figure 25: SM Energy Company, Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011 49
Figure 26: SM Energy Company, Oil Reserves, End of Period, By Country/Region, MMbbl, 2007-2011 50
Figure 27: SM Energy Company, Oil Production, By Country/Region, MMbbl, 2007-2011 50
Figure 28: SM Energy Company, Crude Oil Reserve Changes, MMbbl, 2011 52
Figure 29: SM Energy Company, Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 53
Figure 30: SM Energy Company, Gas Reserves, End of Period, By Country/Region, Bcf, 2007-2011 54
Figure 31: SM Energy Company, Gas Production, By Country/Region, Bcf, 2007-2011 54
Figure 32: SM Energy Company, Natural Gas Reserve Changes, Bcf, 2011 56
Figure 33: SM Energy Company, Oil and Gas Reserves Life Index, Years, 2007-2011 57
Figure 34: SM Energy Company, Gas Reserve Life Index, By Country/Region, Ratio, 2007-2011 58
Figure 35: SM Energy Company, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2007-2011 58
Figure 36: SM Energy Company, Oil Reserve Life Index, By Country/Region, Ratio, 2007-2011 59
Figure 37: SM Energy Company, Upstream Capital Expenditure, $m, 2007-2011 60
Figure 38: SM Energy Company, Proved Acquisition Costs, By Country/Region, $m, 2007-2011 61
Figure 39: SM Energy Company, Unproved Acquisition Costs, By Country/Region, $m, 2007-2011 61
Figure 40: SM Energy Company, Development Costs, By Country/Region, $m, 2007-2011 63
Figure 41: SM Energy Company, Exploration Costs, By Country/Region, $m, 2007-2011 63
Figure 42: SM Energy Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011 65
Figure 43: SM Energy Company, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 67
Figure 44: SM Energy Company, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2007-2011 67
Figure 45: SM Energy Company, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 68
Figure 46: SM Energy Company, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2007-2011 68
Figure 47: SM Energy Company, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2007-2011 70
Figure 48: SM Energy Company, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-2011 72
Figure 49: SM Energy Company, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-2011 72
Figure 50: SM Energy Company, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-2011 73
Figure 51: SM Energy Company, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-2011 73
Figure 52: SM Energy Company, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-2011 74
Figure 53: SM Energy Company, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-2011 74
Figure 54: SM Energy Company, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 78
Figure 55: SM Energy Company, Exploration Expenses, By Country/Region, $m, 2007-2011 78
Figure 56: SM Energy Company, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 79
Figure 57: SM Energy Company, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 79
Figure 58: SM Energy Company, Oil & Gas Revenue, By Country/Region, $m, 2007-2011 80
Figure 59: SM Energy Company, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 80
Figure 60: SM Energy Company, Production Costs, By Country/Region, $m, 2007-2011 81
Figure 61: SM Energy Company, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 81
Figure 62: SM Energy Company, Oil and Gas Revenue and Expenses, $/boe, 2007-2011 83
Figure 63: SM Energy Company, Exploration Expenses per boe, By Country/Region, $/boe, 2007-2011 84
Figure 64: SM Energy Company, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2007-2011 84
Figure 65: SM Energy Company, Lifting Cost per boe, By Country/Region, $/boe, 2007-2011 85
Figure 66: SM Energy Company, Annual Net Income per boe, By Country/Region, $/boe, 2007-2011 85
Figure 67: SM Energy Company, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2007-2011 86
Figure 68: SM Energy Company, Total DD&A per boe, By Country/Region, $/boe, 2007-2011 86
Figure 69: SM Energy Company, Total Revenue per boe, By Country/Region, $/boe, 2007-2011 87
Figure 70: SM Energy Company, Oil and Gas Performance Metrics, 2007-2011 88
Figure 71: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 89
Figure 72: SM Energy Company, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-2011 90
Figure 73: SM Energy Company, Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-2011 90
Figure 74: SM Energy Company, Total Gross Developed Acreage, By Country/Region, Acres, 2007-2011 91
Figure 75: SM Energy Company, Total Net Developed Acreage, By Country/Region, Acres, 2007-2011 91
Figure 76: SM Energy Company, Producible Oil and Gas Wells, 2007-2011 93
Figure 77: SM Energy Company, Gross Productive Gas Wells, By Country/Region, Number, 2007-2011 94
Figure 78: SM Energy Company, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 94
Figure 79: SM Energy Company, Gross Productive Oil Wells, By Country/Region, Number, 2007-2011 95
Figure 80: SM Energy Company, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2007-2011 95
Figure 81: SM Energy Company, Net Productive Gas Wells, By Country/Region, Number, 2007-2011 96
Figure 82: SM Energy Company, Net Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 96
Figure 83: SM Energy Company, Net Productive Oil Wells, By Country/Region, Number, 2007-2011 97
Figure 84: SM Energy Company, Exploratory and Developed Wells, 2007-2011 98