SM Energy(US:SM)2025-06-04 07:40Financial Performance & Capital Management - SM Energy's Q1 2025 adjusted EBITDAX was $588.9 million[56] - The company reduced debt by $31 million in Q1 2025 and is progressing towards 1x leverage[39, 51] - SM Energy's net debt as of March 31, 2025, was $2.8 billion[42] - The company has a stock repurchase authorization of $500 million through 2027[45, 46] - Cumulative capital returned to stockholders is $567 million, with over 40% of free cash flow returned[45] Operational Efficiency & Production - Q1 2025 total net production was 197.3 MBoe/d, with 53% oil[51, 56] - The company has seen a 27% increase in average drilling footage per day and an 18% increase in average completed footage per day in the Midland Basin from 2022 to 2024[34] - South Texas has seen a 99% increase in average completed footage per day from 2022 to 2024[34] Asset Portfolio & Strategy - SM Energy holds approximately 111,000 net acres in the Midland Basin, 155,000 net acres in South Texas, and 63,600 net acres in the Uinta Basin[7, 77, 78] - The company plans to process ethane in 2Q and 3Q 2025, and reject it in 4Q 2025[67] - Oil reserves increased by 29% year-end 2024 over year-end 2023[72]