SM Energy Company Valuation Report, June 2010 - Strategic and Operational Analysis


#28738

135pages

GlobalData

$ 3500

In Stock


SM Energy is an independent energy company primarily engaged in the exploration, development and production of crude oil and natural gas in the US. The company primarily operates in the Ark Latex, Mid-Continent, Gulf Coast, Permian and Rocky Mountain regions in the US. SM Energy mainly focuses on the development of shales to increase its reserves and production level. Additionally, the company has been expanding its existing assets rather than acquiring new high-risk assets in order to de-risk its portfolio. 

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis. 
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies. 
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets. 
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies by using different valuation techniques. 
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities.

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 Contents

1 Table of Content 4
1.1 List of Tables 9
1.2 List of Figures 11

2 SM Energy Company, Company Overview 14

3 SM Energy Company, Watchlist for 2010 17

4 SM Energy Company, Investment Summary 18
4.1 SM Energys Eagle Ford Exposure Will Drive its Long Term Growth 18
4.2 SM Energy Supplementing Its Shale Operations through Haynesville Shale Development 19
4.3 SM Energy Huge Plans for Oil Development and Divestures 21
4.4 Strong Liquidity Position 21

5 SM Energy Company, SWOT Analysis 23
5.1 Strengths 23
5.1.1 Significant Presence in Major Shales in North America 23
5.1.2 Sustainable Liquidity with Significant Cash Flows and Unlevered Capital Structure Compared to its Peers 23
5.2 Weakness 23
5.2.1 Declining Production 23
5.2.2 Dwindling Reserves Additions 24
5.3 Opportunities 24
5.3.1 Unconventional Resource Potential 24
5.3.2 Divestures, Acquisitions and Joint Ventures 24
5.4 Threats 25
5.4.1 Lack of Operational Expertise 25

6 SM Energy Company, Goals and Strategies 26
6.1 Shifting Focus on Exploration and Development of Onshore Resource Plays in North America 26
6.2 Strengthening Balance Sheet through the Maintenance of Huge Cash Flows and the Divesture of Non-Core Assets 27
6.3 Sustainable Production in the Near Future 27

7 SM Energy Company, Production Overview 28
7.1 Production Profile 28
7.2 Mid-Continent Region 29
7.3 Rocky Mountain Region 29
7.4 Permian Region 30
7.5 Arklatex Region 30
7.6 Gulf Coast Region 30
7.7 Operational and Cost Updates 31

8 SM Energy Company, Exploration and Development 33
8.1 Exploration and Development Profile 33
8.2 Marcellus Shale 33
8.3 Bakken Shale and Three Forks 33
8.4 Granite Wash Basin 33
8.5 Woodford Shale 34
8.6 Haynesville Shale 34
8.7 Eagle Ford Shale 34
8.8 Reserve Additions and Associated Costs 34

9 SM Energy Company, M&A Activity 39

10 SM Energy Company, Outlook 40

11 SM Energy Company, Forecast Production and Financial Statements 41
11.1 Income Statement (2007-2014E) 44
11.2 Balance Sheet (2007-2014E) 44
11.3 Cash Flow Statement (2007 2014E) 45
11.4 Financial Ratios 46

12 SM Energy Company, Valuation 49
12.1 Net Asset Value 49

13 SM Energy Company, Peer Comparison 54
13.1 Share Price Performance 54
13.2 Operational and Financial Performance 55
13.3 Key Financial and Operational Ratios 58
13.4 Valuation Ratios 60

14 SM Energy Company, Key Risks 61
14.1 Fluctuating Crude Oil and Natural Gas Prices 61
14.2 Reserves and Drilling Operations 61
14.3 Competition 61
15 SM Energy Company, Detailed Financial & Operational Metrics 62
15.1 SM Energy Company, Results of Oil & Gas Operations Per BOE Produced, Q4, 2008 Q4, 2009 62
15.1.1 Results of Oil & Gas Operations Per BOE Growth Rates, Q4, 2008 Q4, 2009 63
15.2 SM Energy Company, Quarterly E&P Costs Trends 64
15.2.1 Upstream Capex, Q4, 2008 Q4, 2009 64
15.3 SM Energy Company, Quarterly Production Trends 65
15.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008 Q4, 2009 65
15.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2008 Q4, 2009 66
15.3.3 Total Crude Oil and Natural Gas Production Per Share, Q4, 2008 Q4, 2009 67
15.4 SM Energy Company, Crude Oil Production 68
15.4.1 Total Crude Oil Production Trend, Q4, 2008 Q4, 2009 68
15.4.2 Crude Oil Production, By Country/Region, Q4, 2008 Q4, 2009 69
15.5 SM Energy Company, Natural Gas Production 70
15.5.1 Total Natural Gas Production Trend, Q4, 2008 Q4, 2009 70
15.5.2 Natural Gas Production, By Country/Region, Q4, 2008 Q4, 2009 71
15.6 SM Energy Company, Production and Reserves Trends 72
15.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2004-2009 72
15.6.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2004 2009 73
15.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004-09 75
15.7 SM Energy Company, Crude Oil/Liquids Production and Reserve 76
15.7.1 Crude Oil/Liquids Production and Reserve Trend, 2004-09 76
15.7.2 Crude Oil Production and Reserves By Country/Region, 2004 2009 77
15.7.3 Crude Oil/Liquids Reserve Changes, 2004 2009 79
15.8 SM Energy Company, Natural Gas Production and Reserve 80
15.8.1 Natural Gas Production and Reserve Trend, 2004 2009 80
15.8.2 Natural Gas Production and Reserves, By Country/Region, 2004 2009 81
15.8.3 Natural Gas Reserve Changes, 2004 2009 83
15.9 SM Energy Company, Total Crude Oil and Natural Gas Reserves Life Index 84
15.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004 2009 84
15.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2004 2009 85
15.10 SM Energy Company, E&P Costs Trends 87
15.10.1 Upstream Capex, 2004 2009 87
15.10.2 Acquisition Costs By Country/Region, 2004 2009 88
15.10.3 Exploration and Development Costs, By Country/Region, 2004 2009 90
15.11 SM Energy Company, Oil and Gas Cost Per Boe, $/boe 92
15.11.1 Oil and Gas Cost Per Boe, $/boe, 2004 2009 92
15.11.2 Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2004 2009 94
15.12 SM Energy Company, Reserve Replacement Ratio 97
15.12.1 Oil and Gas Production Replacement Ratio, 2004 2009 97
15.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2004 2009 99
15.13 SM Energy Company, Results of Oil & Gas Operations Trend 103
15.13.1 Oil and Gas Revenue and Expenses, 2004 2009 103
15.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004 2009 104
15.14 SM Energy Company, Oil and Gas Revenue and Expenses, Per Boe 109
15.14.1 Oil and Gas Revenue and Expenses, By Boe, 2004 2009 109
15.14.2 Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2004 2009 110
15.15 SM Energy Company, Oil and Gas Performance Metrics 114
15.16 SM Energy Company, Land Holdings and Well Data 115
15.16.1 Gross and Net Developed and Undeveloped Acreage, 2004 2009 115
15.16.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2004 2009 116
15.17 SM Energy Company, Well Statistics 119
15.17.1 Producible Oil and Gas Well, 2004 2009 119
15.17.2 Producible Oil and Gas Well, By Country/Region, 2004 2009 120
15.17.3 Exploration and Development Wells Drilled, 2004 2009 125
15.17.4 Exploration and Development Wells Drilled, By Country/Region, 2004 2009 127
15.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004 2009 128
15.17.6 Developed Reserves per Well, By Country/Region, 2004-2009 129

16 Appendix 131
16.1 Methodology 131
16.1.1 Coverage 131
16.1.2 Secondary Research 131
16.1.3 Primary Research 132
16.2 Data Sources 132
16.2.1 Company Source 132
16.2.2 SEC/Other Regulatory Filings 132
16.2.3 Agency Reports 132
16.2.4 Other Sources 133
16.3 Methodology for Company Valuation 133
16.4 Expert Panel Validation 134
16.5 Units of Measure 134
16.6 About GlobalData 134
16.7 Disclosure 135
16.8 Disclaimer 135

Table 1: SM Energy Company, Key Events, April 2009 April 2010 16
Table 2: SM Energy Company, Upstream Growth Profile, MMboe, 2007 2014E 32
Table 3: SM Energy Company, Recent M&A Transactions as a Seller, 2007 2010 39
Table 4: SM Energy Company, Forecasted Production ($m), 2007 2014E 41
Table 5: GlobalData, Price Forecast, 2010E 2014E 41
Table 6: SM Energy Company, Income Statement ($m), 2007 2014E 43
Table 7: SM Energy Company., Balance Sheet ($m), 2007 2014E 44
Table 8: SM Energy Company, Cash Flow Statement ($m), 2007 2014E 45
Table 9: SM Energy Company, Profitability Ratios, 2007 2014E 47
Table 10: SM Energy Company, Other Financial Ratios, 2007 2014E 48
Table 11: GlobalData, Price Forecast, 2010E 2014E 49
Table 12: SM Energy Company, Summary of Target Price ($/share), 2010 50
Table 13: SM Energy Company, Prospective Acreage & Non Proven Reserves, 2010 51
Table 14: SM Energy Company, NPV Per Unit Crude Oil & NGL, 2010 52
Table 15: SM Energy Company, NPV Per Unit Natural Gas, 2010 52
Table 16: SM Energy Company, NPV Per Unit Total Production, 2010 52
Table 17: SM Energy Company, Sensitivity Analysis on Fair Value ($/share), 2010 53
Table 18: SM Energy Company and Peer Group, Operational and Financial Performance, 2009 55
Table 19: SM Energy Company and Peer Group, Financial Ratios, 2009 59
Table 20: SM Energy Company, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008 Q4, 2009 62
Table 21: SM Energy Company, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q4, 2008 Q4, 2009 63
Table 22: SM Energy Company, Upstream Capex, Q4, 2008 Q4, 2009 64
Table 23: SM Energy Company, Total Crude Oil and Natural Gas, Production, Q4, 2008 Q4, 2009 65
Table 24: SM Energy Company, Total Oil & Gas Production, By Country/Region, MMBOE, Q4, 2008 Q4, 2009 66
Table 25: SM Energy Company, Total Crude Oil and Natural Gas Production Per Share, Q4, 2008 Q4, 2009 67
Table 26: SM Energy Company, Total Crude Oil Production, MMbbl, Q4, 2008 Q4, 2009 68
Table 27: SM Energy Company, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008 Q4, 2009 69
Table 28: SM Energy Company, Total Natural Gas Production, Bcf, Q4, 2008 Q4, 2009 70
Table 29: SM Energy Company, Natural Gas Production, By Country/Region, Bcf, Q4, 2008 Q4, 2009 71
Table 30: SM Energy Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004 2009 72
Table 31: SM Energy Company, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2004 2009 74
Table 32: SM Energy Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004 2009 75
Table 33: SM Energy Company, Crude Oil Production and Reserves Metrics, MMbbl, 2004 2009 76
Table 34: SM Energy Company, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2004 2009 78
Table 35: SM Energy Company, Crude Oil Reserve Changes, MMbbl, 2004 2009 79
Table 36: SM Energy Company, Natural Gas Production and Reserves Metrics, Bcf, 2004 2009 80
Table 37: SM Energy Company, Natural Gas Production and Reserves, By Country/Region, Bcf, 2004 2009 82
Table 38: SM Energy Company, Natural Gas Reserve Changes, Bcf, 2004 2009 83
Table 39: SM Energy Company, Oil and Gas Reserves Life Index, Years, 2004 2009 84
Table 40: SM Energy Company, Oil and Gas Reserves Life Index, By Country/Region, Years, 2004 2009 86
Table 41: SM Energy Company, Upstream Capex, $m, 2004 2009 87
Table 42: SM Energy Company, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2004 2009 89
Table 43: SM Energy Company, Exploration and Development Costs, By Country/Region, $m, 2004 2009 91
Table 44: SM Energy Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2004 2009 93
Table 45: SM Energy Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 2004 2009 96
Table 46: SM Energy Company, Oil and Gas Production Replacement Ratio, %, 2004 2009 98
Table 47: SM Energy Company, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2004 2009 102
Table 48: SM Energy Company, Revenue and Expenses, $m, 2004 2009 103
Table 49: SM Energy Company, Revenue and Expenses, By Country/Region, $m, 2004 2009 108
Table 50: SM Energy Company, Oil and Gas Revenue and Expenses, $/Boe, 2004 2009 109
Table 51: SM Energy Company, Total Revenue per boe, By Country/Region, $/boe, 2004 2009 113
Table 52: SM Energy Company, Oil and Gas Performance Metrics, 2004 2009 114
Table 53: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2004 2009 115
Table 54: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2004 2009 118
Table 55: SM Energy Company, Producible Oil and Gas Wells, 2004 2009 119
Table 56: SM Energy Company, Producible Oil and Gas Wells, By Country/Region, 2004 2009 124
Table 57: SM Energy Company Exploratory and Developed Wells, 2004 2009 126
Table 58: SM Energy Company, Exploratory and Developed Wells, By Country/Region, 2004 2009 127
Table 59: SM Energy Company, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004 2009 128
Table 60: SM Energy Company, Developed Reserves per Well, By Country/Region, Mboe per Well, 2004 2009 130
Figure 1: SM Energy Company, Operations Map, 2010 14
Figure 2: SM Energy Company, Financial and Operational Overview, 2006 2009 15
Figure 3: SM Energy Company, Share Price Performance, May 2009 April 2010 16
Figure 4: SM Energy Company, Capex Allocation, Exploration and Drilling, 2010 18
Figure 5: SM Energy Company and Peer Group, Eagle Ford Acreage Position, 2009 19
Figure 6: SM Energy Company, Haynesville Shale Current Acreage Position, Comparative Analysis with Peers, 2009 20
Figure 7: SM Energy Company, Current Long Term Debt Maturities 2010E 2012E 22
Figure 8: SM Energy Company, Resource Plays, 2010 26
Figure 9: SM Energy Company, Total Production, MMboe, 2006 2014E 28
Figure 10: SM Energy Company, Total Production By Type, MMboe, 2006 2014E 29
Figure 11: SM Energy Company, Total Cost Incurred, 2005 2009 31
Figure 12: SM Energy Company, Drillbit Reserve Additions and Exploration Costs , 2005 2009 35
Figure 13: SM Energy Company, Inorganic Reserve Additions and Acquisition Costs , 2005 2009 36
Figure 14: SM Energy Company and Peer Group, Exploration Costs as % of Reserve Additions Through Drilling Activities, 2005 2009 37
Figure 15: SM Energy Company and Peer Group, Organic Reserve Additions as % of Total Reserve Additions, 2005 2009 38
Figure 16: SM Energy Company and Peer Group, Relative Share Price Performance Index , 2009 2010 54
Figure 17: SM Energy Company and Peer Group, F&D costs and Reserve Replacement Ratio, 2009 56
Figure 18: SM Energy Company and Peer Group, Operational and Financial Parameters in $/boe, 2009 57
Figure 19: SM Energy Company and Peer Group, Total Reserves and Production, MMboe, 2009 57
Figure 20: SM Energy Company and Peer Group, Valuation Ratio, 2009 60
Figure 21: SM Energy Company, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008 Q4, 2009 62
Figure 22: SM Energy Company, Upstream Capex, $m, Q4, 2008 Q4, 2009 64
Figure 23: SM Energy Company, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2008 Q4, 2009 65
Figure 24: SM Energy Company, Total Oil & Gas Production, By Country/Region, MMBOE, Q4, 2008 Q4, 2009 66
Figure 25: SM Energy Company, Total Crude Oil and Natural Gas Production Per Share, Boe/Share, Q4, 2008 Q4, 2009 67
Figure 26: SM Energy Company, Total Crude Oil Production, MMbbl, Q4, 2008 Q4, 2009 68
Figure 27: SM Energy Company, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008 Q4, 2009 69
Figure 28: SM Energy Company, Total Natural Gas Production, Bcf, Q4, 2008 Q4, 2009 70
Figure 29: SM Energy Company, Natural Gas Production, By Country/Region, Bcf, Q4, 2008 Q4, 2009 71
Figure 30: SM Energy Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004 2009 72
Figure 31: SM Energy Company, Total Oil & Gas Production (Reserves Reconciliation), By Country/Region, MMBOE, 2004 2009 73
Figure 32: SM Energy Company, Total Proved Oil & Gas Reserves, By Country/Region, MMBOE, 2004 2009 73
Figure 33: SM Energy Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 75
Figure 34: SM Energy Company, Crude Oil Production and Reserves Metrics, MMbbl, 2004 2009 76
Figure 35: SM Energy Company, Oil Production (Reserves Reconciliation), By Country/Region, MMbbls, 2004 2009 77
Figure 36: SM Energy Company, Total Proved Oil Reserves, By Country/Region, MMbbls, 2004 2009 77
Figure 37: SM Energy Company, Crude Oil Reserve Changes, MMbbl, 2009 79
Figure 38: SM Energy Company, Natural Gas Production and Reserves Metrics, Bcf, 2004 2009 80
Figure 39: SM Energy Company, Gas Production (Reserves Reconciliation), By Country/Region, Bcf, 2004 2009 81
Figure 40: SM Energy Company, Total Proved Gas Reserves, By Country/Region, Bcf, 2004 2009 81
Figure 41: SM Energy Company, Natural Gas Reserve Changes, Bcf, 2004 2009 83
Figure 42: SM Energy Company, Oil and Gas Reserves Life Index, Years, 2004 2009 84
Figure 43: SM Energy Company, Gas Reserve Life Index, By Country/Region, Ratio, 2004 2009 85
Figure 44: SM Energy Company, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2004 2009 85
Figure 45: SM Energy Company, Oil Reserve Life Index, By Country/Region, Ratio, 2004 2009 86
Figure 46: SM Energy Company, Upstream Capex, $m, 2004 2009 87
Figure 47: SM Energy Company, Proved Acquisition Costs, By Country/Region, $m, 2004 2009 88
Figure 48: SM Energy Company, Unproved Acquisition Costs, By Country/Region, $m, 2004 2009 88
Figure 49: SM Energy Company, Development Costs, By Country/Region, $m, 2004 2009 90
Figure 50: SM Energy Company, Exploration Costs, By Country/Region, $m, 2004 2009 90
Figure 51: SM Energy Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2004 2009 92
Figure 52: SM Energy Company, 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/boe, 2004 2009 94
Figure 53: SM Energy Company, 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/Boe, 2004 2009 94
Figure 54: SM Energy Company, 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/boe, 2004 2009 95
Figure 55: SM Energy Company, 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/Boe, 2004 2009 95
Figure 56: SM Energy Company, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2004 2009 97
Figure 57: SM Energy Company, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2004 2009 99
Figure 58: SM Energy Company, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2004 2009 99
Figure 59: SM Energy Company, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2004 2009 100
Figure 60: SM Energy Company, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2004 2009 100
Figure 61: SM Energy Company, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2004 2009 101
Figure 62: SM Energy Company, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2004 2009 101
Figure 63: SM Energy Company, Revenue and Expenses, $m, 2004 2009 103
Figure 64: SM Energy Company, Depreciation, Depletion & Amortization , By Country/Region, $m, 2004 2009 104
Figure 65: SM Energy Company, Exploration Expenses, By Country/Region, $m, 2004 2009 104
Figure 66: SM Energy Company, Income Tax/(Benefit), By Country/Region, $m, 2004 2009 105
Figure 67: SM Energy Company, Net Income/ Loss, By Country/Region, $m, 2004 2009 105
Figure 68: SM Energy Company, Oil & Gas Revenue, By Country/Region, $m, 2004 2009 106
Figure 69: SM Energy Company, Pre-tax Profit, By Country/Region, $m, 2004 2009 106
Figure 70: SM Energy Company, Production Expenses, By Country/Region, $m, 2004 2009 107
Figure 71: SM Energy Company, Total Expenses, By Country/Region, $m, 2004 2009 107
Figure 72: SM Energy Company, Oil and Gas Revenue and Expenses, $/Boe, 2004 2009 109
Figure 73: SM Energy Company, Exploration Expenses per boe, By Country/Region, $/boe, 2004 2009 110
Figure 74: SM Energy Company, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2004 2009 110
Figure 75: SM Energy Company, Lifting Cost per boe, By Country/Region, $/boe, 2004 2009 111
Figure 76: SM Energy Company, Annual Net Income per boe, By Country/Region, $/boe, 2004 2009 111
Figure 77: SM Energy Company, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2004 2009 112
Figure 78: SM Energy Company, Total DD&A per boe, By Country/Region, $/boe, 2004 2009 112
Figure 79: SM Energy Company, Total Revenue per boe, By Country/Region, $/boe, 2004 2009 113
Figure 80: SM Energy Company, Oil and Gas Performance Metrics, 2004 2009 114
Figure 81: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2004 2009 115
Figure 82: SM Energy Company, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2004 2009 116
Figure 83: SM Energy Company, Total Net Undeveloped Acreage, By Country/Region, Acres, 2004 2009 116
Figure 84: SM Energy Company, Total Gross Developed Acreage, By Country/Region, Acres, 2004 2009 117
Figure 85: SM Energy Company Total Net Developed Acreage, By Country/Region, Acres, 2004 2009 117
Figure 86: SM Energy Company, Producible Oil and Gas Wells, 2004 2009 119
Figure 87: SM Energy Company, Gross Producible Gas Wells, By Country/Region, Number, 2004 2009 120
Figure 88: SM Energy Company, Gross Producible Oil & Gas Wells, By Country/Region, Number, 2004 2009 120
Figure 89: SM Energy Company, Gross Producible Oil Wells, By Country/Region, Number, 2004 2009 121
Figure 90: SM Energy Company, Net Oil & Gas Wells as % of Gross Oil & Gas Wells, By Country/Region, %, 2004 2009 121
Figure 91: SM Energy Company, Net Producible Gas Wells, By Country/Region, Number, 2004 2009 122
Figure 92: SM Energy Company, Net Producible Oil & Gas Wells, By Country/Region, Number, 2004 2009 123
Figure 93: SM Energy Company, Net Producible Oil Wells, By Country/Region, Number, 2004 2009 123
Figure 94: SM Energy Company, Exploratory and Developed Wells, 2004 2009 125
Figure 95: SM Energy Company, Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 2004 2009 129
Figure 96: SM Energy Company, Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 2004 2009 129
Figure 97: SM Energy Company, Developed Oil Reserves per Well (Mbbls per Well), By Country/Region, 2004 2009 130