Reports Q3 revenue $643.61M, consensus $651.37M. Q3 net production was 15.6 MMBoe, or 170.0 MBoe/d, at 46% oil or 77.4 MBbls/d. CEO Herb Vogel comments: “2024 is proving to be a highly successful year for SM Energy (SM). Exceptional operational performance, magnified by increased top-tier portfolio scale and substantial oil production growth, supports a strong balance sheet and upside value creation opportunity. Looking ahead, we are keenly focused on our Utah operations. Along with the investment community, we are invigorated by the opportunity to unlock value in an overlooked basin, and we expect to deliver results attributable to the crude profile, high margins and substantial scale that the Uinta Basin Acquisitions provide. In the fourth quarter, we expect to sequentially grow our oil and total production volumes by around 40% and 25%, respectively, and execute a smooth integration of the Utah operations. We will diligently work to develop a 2025-2027 operating plan that will optimize capital efficiency and demonstrate the value of our expanded portfolio. We are very excited to be among the core operators in Utah. We welcome our new employees and look forward to becoming actively involved in our new communities.”
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