SM Energy Reports Record 2024 Results and Expansive 2025 Plan

Published 4 hours agoSM

SM Energy Reports Record 2024 Results and Expansive 2025 Plan

SM Energy has unveiled its operating plan for 2025 following a record-setting year in 2024. The company reported that oil production increased by 23% to 29.4 million barrels, with total net production reaching 62.4 million barrels of oil equivalent—marking a 12% rise from the previous year. Year-end net proved reserves also saw a 12% increase to 678 million barrels of oil equivalent, as highlighted on the company’s website.

Looking ahead to 2025, SM Energy is projecting over 20% growth in net production, with expectations of reaching between 200,000 to 215,000 barrels of oil equivalent per day. The company aims for oil to make up 51% to 52% of this total, which would represent a significant 33% increase in oil production. A recent strategic move by SM Energy was the acquisition of XCL Resources' shale assets in Utah's Uinta Basin for approximately $2 billion, a deal reported by Reuters, which is set to lift the company's oil output proportion substantially.

To complement its production targets, SM Energy disclosed a comprehensive capital expenditure plan, dedicating 35%-40% of its spending to both the Uinta and Midland Basins, with an additional 25% in South Texas. The company plans to drill 105 net wells and complete 150 net wells in 2025, underscoring its commitment to strategic growth and efficiency. Financially, SM Energy reported a net income of $770.3 million or $6.67 per diluted share for 2024, alongside returning $169.0 million to shareholders through dividends and share buybacks.

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