SM Energy announces first quarter 2015 production and results

SM Energy Company has announced that production for the first quarter of 2015 is expected to be 16.8 million boe, or 186.4 million boepd. This represents 6% sequential growth in average daily production from the fourth quarter of 2014, and exceeds the company’s guidance.

The company also announces that the borrowing base under its senior secured revolving credit facility was maintained at US$2.4 billion following its lenders’ regularly scheduled semi-annual redetermination. SM Energy has elected to leave the aggregate commitment amount from the bank group unchanged at US$1.5 billion. The redetermination was made under the terms of the existing facility and there were no other changes to the terms of the credit facility resulting from this borrowing base redetermination.

Jay Ottoson, President and CEO, commented, “We exceeded our operated production expectations in the first quarter with operated capital investment right at our plan. Our production outperformance and reaffirmed borrowing base in a distressed commodity price environment are a result of our ability to efficiently add production and proved reserves in our core development programs. We plan to reforecast our annual production for 2015 following the completion of our Mid-Continent asset marketing process.”

Adapted from press release by Joseph Green

Published on 17/04/2015

Get your FREE Oilfield Technology magazine »

Get your FREE trial of Hydrocarbon Engineering magazine »

Get your FREE trial of World Pipelines magazine »


Related articles

Results of Skirne East exploration well

Faroe Petroleum has announced the results of the Skirne East exploration well in Norway.

SM Energy announces plan to exit mid-continent

SM Energy Company announced today that it is beginning a process to sell its assets in areas of Oklahoma, East Texas and Northern Louisiana.

SM Energy revises 2014 production guidance

SM Energy Company announced improved production outlook and a revised guidance for 2014.

Production Boost for Lundin

The Swedish company, Lundin Petroleum, has stated that its production figures would come in near the top end of its forecast for the coming year.

Recommend magazines

  Oilfield Technology