SM Energy Q2 Results Top Estimates; Boosts FY15 Production Outlook

(RTTNews) - SM Energy Co. (SM) reported a net loss for the second quarter of $57.5 million or $0.85 per share, compared to net income of $59.8 million or $0.88 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $33.2 million or $0.49 per share, compared to $106.5 million or $1.56 per share in the prior year quarter.

Total operating revenues and other income for the second quarter fell to $516.15 million from $674.98 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share on revenue of $481.71 million for the second quarter. Analysts' estimates typically exclude special items.

Production for the second quarter was 16.5 MMBOE, or 181 MBOE/d, up 23% compared with 13.4 MMBOE, or 147 MBOE/d, in the second quarter of last year.

For the full year 2015, the company now forecasts production of 61.5 - 64.0 MMBOE, or 168 - 175 MBOE/d, compared to its prior forecast of 60.4 - 63.5 MMBOE, or 165 - 174 MBOE/d.