Core Viewpoint - SM Energy Company reported strong first quarter 2025 results, driven by successful integration of Uinta Basin assets, with a focus on maintaining a strong balance sheet and returning capital to shareholders through dividends and share repurchases [3][4][8]. Financial Performance - First quarter 2025 net production was 17.8 million barrels of oil equivalent (MMBoe), or 197.3 MBoe per day, with 53% of production being oil [8][9]. - Net income for the first quarter was $182.3 million, or $1.59 per diluted share, compared to $131.2 million, or $1.13 per diluted share in the same period of 2024, reflecting a 39% increase [11][12]. - Adjusted EBITDAX for the first quarter was $588.9 million, up 44% from $409.0 million in the same period of 2024 [13][47]. Production and Pricing - The company achieved a total daily production increase of 36% and daily oil production increase of 63% compared to the first quarter of 2024, largely due to Uinta Basin assets [8][9]. - Realized prices for oil, natural gas, and NGLs were $70.56 per barrel, $3.30 per Mcf, and $25.86 per barrel respectively, with total average realized price before hedges at $47.29 per Boe [7][45]. Capital Expenditures and Cash Flow - Capital expenditures for the first quarter totaled $440.8 million, including accelerated spending for production equipment [14][16]. - Adjusted free cash flow was $73.8 million, utilized for dividends, debt reduction, and acquisition settlements [16][12]. Operational Highlights - The company drilled 41 net wells in the first quarter, with significant activity in the Uinta Basin [15]. - SM Energy was recognized among the top three operators for sustainability in 2023 by Rystad Energy, emphasizing its commitment to stewardship [8]. Guidance and Future Outlook - Full year 2025 guidance remains unchanged, with an increase in lease operating expenses (LOE) to approximately $5.90 per Boe due to higher workover activity and costs [24][28]. - The company expects to maintain production levels between 197 to 203 MBoe per day in the second quarter of 2025 [28].