SM Energy Reports First Quarter 2018 Results
SM Energy Reports First Quarter 2018 Results
OUTSTANDING EXECUTION CONTINUES
DENVER, May 3, 2018 /PRNewswire/ -- SM Energy Company ("SM Energy" or the "Company") (NYSE: SM) today announced financial and operating results for the first quarter of 2018. Highlights include:
-- New wells outperforming expectations. 19 new RockStar wells reached peak
30-day IP rates that averaged 1,440 Boe/d per well (88% oil)
-- Production exceeded guidance range. 113 MBoe/d average production, 42%
oil. Midland Basin production was up 18% sequentially and 100%
year-over-year
-- Rapid margin expansion. $23.10 per Boe operating margin (pre-hedge) was
the highest in 14 quarters, up 30% sequentially and up 68%
year-over-year
-- Strong earnings. Net income was $317.4 million; EPS was $2.81 and
adjusted EPS was $0.07, per diluted common share; net cash provided by
operating activities (GAAP) was $140.1 million and adjusted EBITDAX was
$210.2 million (adjusted EPS and adjusted EBITDAX are non-GAAP measures;
see below for additional information)
-- Significant reduction in net debt. $792 million in closed or pending
asset sales year-to-date core up portfolio
MANAGEMENT COMMENTARY
President and Chief Executive Officer Jay Ottoson comments: "New well results are positive across the board, continuing to demonstrate the quality of our Midland Basin assets and our excellent track record for strong operational execution. First quarter successes in reducing net debt and driving margin expansion underscore our long-term objectives to reduce leverage and drive a competitively high rate of cash flow growth."
SUMMARY WELL RESULTS
Results from new RockStar wells (18 of 19 have 10,000 foot laterals) that have reached their 30-day peak IP rates include:
-- 13 Wolfcamp A wells had average peak 30-day IP rates of approximately
1,500 Boe/d per well (89% oil)
-- 4 Wolfcamp B wells had average peak 30-day IP rates of approximately
1,250 Boe/d per well (84% oil)
-- 2 Lower Spraberry wells had average peak 30-day IP rates of
approximately 1,485 Boe/d per well (87% oil), among the Company's
strongest Lower Spraberry wells to date
FIRST QUARTER 2018 RESULTS
-- Production of 10.14 MMBoe (112.7 MBoe/d) exceeded the Company's guidance
range, reflecting strong performance from new wells in the Midland
Basin, partially offset by reduced production in the Eagle Ford related
to third party pipeline downtime.
-- $37.76/Boe average realized price (before the effects of realized
hedges) and $23.10/Boe operating margin are the highest since late 2014.
Margin expansion is primarily the result of a higher percentage of oil
in the production mix, as the Company continues its portfolio transition
and focuses its development program on its highest return assets, as
well as higher benchmark pricing for oil and NGLs.
-- LOE of $4.95/Boe was lower than the Company's expectations due to
higher volumes and the timing of well workovers and roadwork
First quarter of 2018 net income was $317.4 million or $2.81 per diluted common share, up from $74.4 million or $0.67 per diluted common share in the first quarter of 2017. Net income includes a $385.4 million gain on divestiture activity, following the sale of the majority of the Company's Powder River Basin assets for $500 million. Net income also includes a net derivative loss of $7.5 million, which includes $24.5 million in realized hedge losses.
First quarter of 2018 net cash provided by operating activities (GAAP) was $140.1 million.
Adjusted net income, adjusted net income per diluted common share and adjusted EBITDAX are non-GAAP measures. Please reference the reconciliations to the most directly comparable GAAP financial measures at the end of this release.
First quarter of 2018 adjusted net income was $8.2 million, or $0.07 per diluted common share, up from a net loss of ($19.6) million, or ($0.18) per diluted common share in the first quarter of 2017. The calculation of adjusted net loss excludes non-recurring items and items difficult to estimate, in order to present results that can be more consistently compared with prior periods and peer results. Specifically, first quarter adjustments remove the net gain on divestitures, non-cash derivative losses and abandonment and impairment charges.
First quarter of 2018 adjusted EBITDAX was $210.2 million, up from $172.0 million in the first quarter of 2017. Increased adjusted EBITDAX was primarily driven by a 68% increase in the operating margin compared with the prior year, partially offset by a 16% decline in production due to asset divestitures. Adjusted EBITDAX includes an accrual of $0.8 million to other expense that was a non-recurring charge.
FINANCIAL POSITION AND LIQUIDITY
At March 31, 2018, the outstanding principal balance on the Company's long-term debt included $2.8 billion in senior notes plus $172.5 million in senior convertible notes, with zero drawn on the Company's senior secured credit facility. At quarter-end, the Company had a cash balance of $643.3 million, providing for net debt of $2.3 billion. The Company's undrawn credit facility plus cash on hand provided $1.6 billion in liquidity.
Pro forma for the expected sales of the Company's North Dakota and Texas assets for $292.3 million, net debt at quarter-end would have been $2.0 billion.
Subsequent to quarter-end, the lenders on the Company's credit facility increased the borrowing base to $1.4 billion and aggregate lender commitments to $1.0 billion.
COMMODITY DERIVATIVES
For the last nine months of 2018, the Company currently has commodity derivatives in place for approximately 85% of expected oil production and 65% of expected gas production (NGLs are hedged by product). Additionally, the Company has Midland-Cushing basis hedges in place for approximately 70% of expected Permian oil production for the remainder of 2018 at just over $1.00 per Bbl.
SCHEDULE FOR FIRST QUARTER REPORTING
This release is accompanied by an investor presentation and pre-recorded call with transcript all posted to the Company's website. Please visit the Company's website at ir.sm-energy.com to access this additional first quarter detail.
Please join SM Energy management at 8:00 a.m. Mountain time/10:00 a.m. Eastern time on May 4, 2018, for the first quarter 2018 financial and operating results Q&A session. This discussion will be accessible via webcast (available live and for replay) on the Company's website at ir.sm-energy.com or by telephone at:
-- Live (conference ID 9188439) - Domestic toll free/International:
866-393-4306/734-385-2616
-- Replay (conference ID 9188439) - Domestic toll free/International:
855-859-2056/404-537-3406
The call replay will be available approximately one hour after the call until May 11, 2018.
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of securities laws. The words "anticipate," "budget," "estimate," "expect," "forecast," "guidance," "plan," "project," "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forward-looking statements. Forward-looking statements in this release include, among other things, consummation of and expected proceeds from pending divestitures. General risk factors include the availability of and access to capital markets; the availability, proximity and capacity of gathering, processing and transportation facilities; the volatility and level of oil, natural gas, and natural gas liquids prices, including any impact on the Company's asset carrying values or reserves arising from price declines; uncertainties inherent in projecting future rates of production or other results from drilling and completion activities; the imprecise nature of estimating oil and natural gas reserves; uncertainties inherent in projecting future drilling and completion activities, costs or results; the uncertainty of negotiations to result in an agreement or a completed transaction; the uncertain nature of acquisition, divestiture, joint venture, farm down or similar efforts and the ability to complete any such transactions; the uncertain nature of expected benefits from the actual or expected acquisition, divestiture, joint venture, farm down or similar efforts; the availability of additional economically attractive exploration, development, and acquisition opportunities for future growth and any necessary financings; unexpected drilling conditions and results; unsuccessful exploration and development drilling results; the availability of drilling, completion, and operating equipment and services; the risks associated with the Company's commodity price risk management strategy; uncertainty regarding the ultimate impact of potentially dilutive securities; and other such matters discussed in the Risk Factors section of SM Energy's 2017 Annual Report on Form 10-K, as such risk factors may be updated from time to time in the Company's other periodic reports filed with the Securities and Exchange Commission. The forward-looking statements contained herein speak as of the date of this announcement. Although SM Energy may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
ABOUT THE COMPANY
SM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in onshore North America. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.
SM ENERGY INVESTOR CONTACT
Jennifer Martin Samuels, jsamuels@sm-energy.com, 303-864-2507
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Production Data
---------------
For the Three Months Ended Percent
March 31, Change
Between
Periods
-------
2018 2017
---- ----
Average realized sales price, before the
effects of derivative settlements:
Oil (per Bbl) $61.25 $47.55 29%
Gas (per Mcf) $3.14 $2.98 5%
NGLs (per Bbl) $25.53 $22.06 16%
Per Boe $37.76 $27.55 37%
Average realized sales price, including
the effects of derivative settlements:
Oil (per Bbl) $56.39 $44.97 25%
Gas (per Mcf) $3.39 $3.50 (3)%
NGLs (per Bbl) $19.44 $19.18 1%
Equivalent (per Boe) $35.34 $27.55 28%
Production:
Oil (MMBbl) 4.3 3.5 21%
Gas (Bcf) 25.2 33.9 (26)%
NGLs (MMBbl) 1.7 2.9 (43)%
MMBoe 10.1 12.1 (16)%
Average daily production:
Oil (MBbl/d) 47.4 39.2 21%
Gas (MMcf/d) 280.2 376.6 (26)%
NGLs (MBbl/d) 18.6 32.5 (43)%
MBoe/d 112.7 134.4 (16)%
Per Boe data:
Realized price, before the
effects of derivative
settlements $37.76 $27.55 37%
Lease operating expense 4.95 3.82 30%
Transportation costs 4.63 5.88 (21)%
Production taxes 1.68 1.17 44%
Ad valorem tax expense 0.67 0.55 22%
General and
administrative(1) (2) 2.73 2.38 15%
---- ----
Operating margin, before
the effects of derivative
settlements (2) 23.10 13.75 68%
Derivative settlement loss (2.42) - (100)%
Operating margin,
including the effects of
derivative settlements
(2) $20.68 $13.75 50%
====== ====== ===
Depletion, depreciation,
amortization, and $12.87 $11.39 13%
asset retirement obligation
liability accretion
(1) Includes non-cash stock-based compensation
expense per Boe of $0.40 and $0.34 for the three-
month periods ending March 31, 2018 and 2017,
respectively.
(2) Certain prior period amounts have been adjusted
to conform to the current period presentation due
to an accounting standards update.
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Condensed Consolidated Balance Sheets
-------------------------------------
(in thousands, except share
data) March 31, December 31,
ASSETS 2018 2017
---- ----
Current assets:
Cash and cash equivalents $643,337 $313,943
Accounts receivable 192,562 160,154
Derivative assets 77,296 64,266
Prepaid expenses and other 9,997 10,752
Total current assets 923,192 549,115
------- -------
Property and equipment (successful efforts
method):
Proved oil and gas properties 5,824,014 6,139,379
Accumulated depletion,
depreciation, and amortization (2,893,674) (3,171,575)
Unproved oil and gas properties 1,986,070 2,047,203
Wells in progress 405,549 321,347
Oil and gas properties held for
sale, net 234,618 111,700
Other property and equipment,
net of accumulated
depreciation of $52,483 and
$49,985, respectively 112,972 106,738
Total property and equipment,
net 5,669,549 5,554,792
--------- ---------
Noncurrent assets:
Derivative assets 35,128 40,362
Other noncurrent assets 32,119 32,507
------ ------
Total noncurrent assets 67,247 72,869
------ ------
Total assets $6,659,988 $6,176,776
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
expenses $468,108 $386,630
Derivative liabilities 181,068 172,582
Total current liabilities 649,176 559,212
------- -------
Noncurrent liabilities:
Revolving credit facility - -
Senior Notes, net of
unamortized deferred financing
costs 2,770,979 2,769,663
Senior Convertible Notes, net
of unamortized discount and
deferred financing costs 141,269 139,107
Asset retirement obligations 85,407 103,026
Asset retirement obligations
associated with oil and gas
properties held for sale 23,139 11,369
Deferred income taxes 178,423 79,989
Derivative liabilities 53,712 71,402
Other noncurrent liabilities 45,786 48,400
------ ------
Total noncurrent liabilities 3,298,715 3,222,956
--------- ---------
Stockholders' equity:
Common stock, $0.01 par value -
authorized: 200,000,000
shares; issued and
outstanding: 111,687,016 and
111,687,016 shares,
respectively 1,117 1,117
Additional paid-in capital 1,747,035 1,741,623
Retained earnings (1) 980,444 665,657
Accumulated other comprehensive
loss (1) (16,499) (13,789)
------- -------
Total stockholders' equity 2,712,097 2,394,608
--------- ---------
Total liabilities and
stockholders' equity $6,659,988 $6,176,776
========== ==========
1) The Company reclassified $3.0
million of tax effects stranded in
accumulated other comprehensive loss
to retained earnings as of January
1, 2018 due to an accounting
standards update.
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Condensed Consolidated Statements of Operations
-----------------------------------------------
(in thousands, except per share
data) For the Three Months Ended
March 31,
---------
2018 2017
---- ----
(as adjusted)
Operating revenues and other income:
Oil, gas, and NGL production
revenue $382,886 $333,198
Net gain on divestiture activity 385,369 37,463
Other operating revenues 1,340 2,077
----- -----
Total operating revenues and other
income 769,595 372,738
------- -------
Operating expenses:
Oil, gas, and NGL production
expense 120,879 138,046
Depletion, depreciation,
amortization, and asset retirement
obligation liability accretion 130,473 137,812
Exploration(1) 13,727 11,817
Abandonment and impairment of
unproved properties 5,625 -
General and administrative(1) 27,682 28,817
Net derivative (gain) loss(2) 7,529 (114,774)
Other operating expenses 4,612 4,859
-----
Total operating expenses 310,527 206,577
------- -------
Income from operations 459,068 166,161
Interest expense (43,085) (46,953)
Loss on extinguishment of debt - (35)
Other non-operating income
(expense), net 409 (233)
--- ----
Income before income taxes 416,392 118,940
Income tax expense (98,991) (44,506)
------- -------
Net income $317,401 $74,434
======== =======
Basic weighted-average common
shares outstanding 111,696 111,258
Diluted weighted-average common
shares outstanding 112,879 111,329
Basic net income per common share $2.84 $0.67
Diluted net income per common share $2.81 $0.67
Dividends per common share $0.05 $0.05
(1) Non-cash stock-based compensation included in:
Exploration expense $1,316 $1,408
G&A expense 4,096 4,047
Total non-cash stock-based
compensation $5,412 $5,455
====== ======
(2) The net derivative (gain) loss line item
consists of the following:
Settlement (gain) loss $24,528 $(7)
Gain on fair value changes (16,999) (114,767)
Total net derivative (gain) loss $7,529 $(114,774)
====== =========
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Condensed Consolidated Statements of Cash
Flows
-----------------------------------------
(in thousands) For the Three Months Ended
March 31,
---------
2018 2017
---- ----
(as adjusted)
Cash flows from operating activities:
Net income $317,401 $74,434
Adjustments to reconcile net income to net
cash provided by operating activities:
Net (gain) loss on
divestiture activity (385,369) (37,463)
Depletion, depreciation,
amortization, and asset
retirement obligation
liability accretion 130,473 137,812
Abandonment and impairment
of unproved properties 5,625 -
Stock-based compensation
expense 5,412 5,455
Net derivative (gain) loss 7,529 (114,774)
Derivative settlement gain
(loss) (24,528) 7
Amortization of debt
discount and deferred
financing costs 3,866 4,946
Loss on extinguishment of
debt - 35
Deferred income taxes 98,366 33,225
Other, net (2,527) 3,376
Changes in current assets and liabilities:
Accounts receivable (4,464) 30,407
Prepaid expenses and other 755 178
Accounts payable and
accrued expenses (8,825) (5,497)
Accrued derivative
settlements (3,579) 2,838
------ -----
Net cash provided by
operating activities 140,135 134,979
------- -------
Cash flows from investing activities:
Net proceeds from the sale
of oil and gas properties 490,780 744,333
Capital expenditures (301,521) (154,401)
Acquisition of proved and
unproved oil and gas
properties - (75,105)
Net cash provided by
investing activities 189,259 514,827
------- -------
Cash flows from financing activities:
Proceeds from credit
facility - 397,500
Repayment of credit
facility - (397,500)
Cash paid to repurchase
Senior Notes - (2,344)
Cash paid for
extinguishment of debt - (13)
Other, net - (160)
--- ----
Net cash used in financing
activities - (2,517)
--- ------
Net change in cash, cash
equivalents, and
restricted cash 329,394 647,289
Cash, cash equivalents, and
restricted cash at
beginning of period 313,943 12,372
------- ------
Cash, cash equivalents, and
restricted cash at end of
period $643,337 $659,661
======== ========
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Adjusted EBITDAX (Non-
GAAP)(1)
----------------------
(in thousands)
Reconciliation For the Three Months Ended
of net EBITDAX
income (Non-
(GAAP) and GAAP)
net cash
provided
by
operating
activities
(GAAP) to
adjusted
March 31,
2018 2017
Net income
(GAAP) $317,401 $74,434
Interest
expense 43,085 46,953
Interest
income(2) (849) (335)
Income tax
expense 98,991 44,506
Depletion,
depreciation,
amortization,
and asset
retirement
obligation
liability
accretion 130,473 137,812
Exploration(3)(4) 12,411 10,409
Abandonment
and
impairment
of unproved
properties 5,625 -
Stock-
based
compensation
expense 5,412 5,455
Net
derivative
(gain)
loss 7,529 (114,774)
Derivative
settlement
gain
(loss) (24,528) 7
Net gain on
divestiture
activity (385,369) (37,463)
Loss on
extinguishment
of debt - 35
Other 7 4,986
--- -----
Adjusted
EBITDAX
(Non-
GAAP)(4) 210,188 172,025
------- -------
Interest
expense (43,085) (46,953)
Interest
income(2) 849 335
Income tax
expense (98,991) (44,506)
Exploration(3)(4) (12,411) (10,409)
Amortization
of debt
discount
and
deferred
financing
costs 3,866 4,946
Deferred
income
taxes 98,366 33,225
Other, net
(4) (2,534) (1,610)
Changes in
current
assets and
liabilities (16,113) 27,926
------- ------
Net cash
provided
by
operating
activities
(GAAP)(4) $140,135 $134,979
======== ========
(1) Adjusted
EBITDAX
represents net
income (loss)
before interest
expense,
interest income,
income taxes,
depletion,
depreciation,
amortization and
asset retirement
obligation
liability
accretion
expense,
exploration
expense,
property
abandonment and
impairment
expense, non-
cash stock-
based
compensation
expense,
derivative gains
and losses net
of settlements,
gains and losses
on divestitures,
gains and losses
on
extinguishment
of debt, and
certain other
items. Adjusted
EBITDAX excludes
certain items
that we believe
affect the
comparability of
operating
results and can
exclude items
that are
generally one-
time in nature
or whose timing
and/or amount
cannot be
reasonably
estimated.
Adjusted EBITDAX
is a non-GAAP
measure that we
present because
we believe it
provides useful
additional
information to
investors and
analysts, as a
performance
measure, for
analysis of our
ability to
internally
generate funds
for exploration,
development,
acquisitions,
and to service
debt. We are
also subject to
financial
covenants under
our Credit
Agreement based
on adjusted
EBITDAX ratios.
In addition,
adjusted EBITDAX
is widely used
by professional
research
analysts and
others in the
valuation,
comparison, and
investment
recommendations
of companies in
the oil and gas
exploration and
production
industry, and
many investors
use the
published
research of
industry
research
analysts in
making
investment
decisions.
Adjusted EBITDAX
should not be
considered in
isolation or as
a substitute for
net income
(loss), income
(loss) from
operations, net
cash provided by
operating
activities, or
other
profitability or
liquidity
measures
prepared under
GAAP. Because
adjusted EBITDAX
excludes some,
but not all,
items that
affect net
income (loss)
and may vary
among companies,
the adjusted
EBITDAX amounts
presented may
not be
comparable to
similar metrics
of other
companies. Our
credit facility
provides a
material source
of liquidity for
us. Under the
terms of our
Credit
Agreement, if we
failed to comply
with the
covenants that
establish a
maximum
permitted ratio
of senior
secured debt to
adjusted EBITDAX
and a minimum
permitted ratio
of adjusted
EBITDAX to
interest, we
would be in
default, an
event that would
prevent us from
borrowing under
our credit
facility and
would therefore
materially limit
our sources of
liquidity. In
addition, if we
are in default
under our credit
facility and are
unable to obtain
a waiver of that
default from our
lenders, lenders
under that
facility and
under the
indentures
governing our
outstanding
Senior Notes and
Senior
Convertible
Notes would be
entitled to
exercise all of
their remedies
for default.
(2) Interest
income is
included within
the other non-
operating income
(expense), net
line item on the
Company's
condensed
consolidated
statements of
operations.
(3) Stock-based
compensation
expense is a
component of
exploration
expense and
general and
administrative
expense on the
accompanying
condensed
consolidated
statements of
operations.
Therefore, the
exploration line
items shown in
the
reconciliation
above will vary
from the amount
shown on the
Company's
accompanying
condensed
consolidated
statements of
operations for
the component of
stock-based
compensation
expense recorded
to exploration
expense.
(4) Certain prior
period amounts
have been
adjusted to
conform to the
current period
presentation on
the condensed
consolidated
financial
statements due
to accounting
standards
updates.
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Adjusted Net Income (Loss)
(Non-GAAP)
--------------------------
(in thousands, except per
share data)
For the Three Months Ended
March 31,
---------
2018 2017
---- ----
Net income
(GAAP) $317,401 $74,434
Net
derivative
(gain)
loss 7,529 (114,774)
Derivative
settlement
gain
(loss) (24,528) 7
Net gain
on
divestiture
activity (385,369) (37,463)
Abandonment
and
impairment
of
unproved
properties 5,625 -
Loss on
extinguishment
of debt - 35
Other,
net(1) 807 4,986
Tax effect
of
adjustments(2) 86,710 53,142
------ ------
Adjusted
net
income
(loss)
(Non-
GAAP)(3) $8,175 $(19,633)
====== ========
Diluted
net
income
per
common
share
(GAAP) $2.81 $0.67
Net
derivative
(gain)
loss 0.07 (1.03)
Derivative
settlement
gain
(loss) (0.22) -
Net gain
on
divestiture
activity (3.41) (0.34)
Abandonment
and
impairment
of
unproved
properties 0.05 -
Loss on
extinguishment
of debt - -
Other,
net(1) 0.01 0.04
Tax effect
of
adjustments(2) 0.76 0.48
Adjusted
net
income
(loss)
per
diluted
common
share
(Non-
GAAP)(4) $0.07 $(0.18)
===== ======
Basic
weighted-
average
common
shares
outstanding
(GAAP) 111,696 111,258
Diluted
weighted-
average
common
shares
outstanding
(GAAP) 112,879 111,329
Note: Amounts may not
calculate due to rounding.
(1) For the three-month period ended March 31,
2018, the adjustment is related to bad debt
expense and an accrual for a non-recurring
matter. For the three-month period ended March
31, 2017, the adjustment is related to
impairment of materials inventory and the change
in the Net Profits Plan liability. These items
are included in other operating expenses on the
Company's condensed consolidated statements of
operations.
(2) The tax effect of adjustments is calculated
using a tax rate of 21.9% and 36.1% for the
three-month periods ended March 31, 2018, and
March 31, 2017, respectively. These rates
approximate the Company's statutory tax rate for
the respective periods, as adjusted for ordinary
permanent differences.
(3) Adjusted net income (loss) excludes certain
items that the Company believes affect the
comparability of operating results. Items
excluded generally are non-recurring items or
are items whose timing and/or amount cannot be
reasonably estimated. These items include non-
cash and other adjustments, such as derivative
gains and losses net of settlements,
impairments, net (gain) loss on divestiture
activity, materials inventory loss, and gains or
losses on extinguishment of debt. The non-GAAP
(4) For periods where the Company reports
adjusted net loss, basic weighted-average
common shares outstanding are used in the
calculation of adjusted net loss per diluted
common share.
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SOURCE SM Energy Company
