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  • SM Energy Plans 2013 Capex of $1.5 Billion

    SM Energy Company, in its 2013 guidance, unveiled a capex budget of $1.5 billion focused on Eagle Ford, Bakken/Three Forks and Permian programs. The budget comprises of $1.2 billion for drilling and completion, and $300 million for non-drilling expenditure and new ventures activity.The company expects 2013...

    SM Energy Plans 2013 Capex of $1.5 Billion
    Headlines, Projects & Capex, Others

    SM Energy Company, in its 2013 guidance, unveiled a capex budget of $1.5 billion focused on Eagle Ford, Bakken/Three Forks and Permian programs. The budget comprises of $1.2 billion for drilling and completion, and $300 million for non-drilling expenditure and new ventures activity.

    The company expects 2013 production to be 42.5-44.5 MMBOE (50% liquids), a growth of 20% YoY.

    Drilling and completion budget highlights
    • Eagle Ford: Allocated $650 million; five drills to be operated; 75 flowing completions targeted, with an additional 40 wells waiting on completion at year-end
    • Bakken/Three Forks: Allocated $290 million mainly for the Bear Den, Raven, and Gooseneck prospects; 80% of budget to be spent on company-operated assets with a target of 40 flowing completions
    • Operated Permian: Allocated $170 million; two drilling rigs to be operated, targeting ~12 flowing completions; one operated drilling rig scheduled to work on the Bone Springs projects in south-eastern New Mexico, targeting six flowing completions

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