St. Mary Land & Exploration Company (SM, Financial) filed Quarterly Report for the period ended 2012-06-30.
Sm Energy Co. has a market cap of $3.15 billion; its shares were traded at around $41.8 with a P/E ratio of 18.8 and P/S ratio of 2. The dividend yield of Sm Energy Co. stocks is 0.2%. Sm Energy Co. had an annual average earning growth of 16.1% over the past 10 years.
Production taxes on a per MCFE basis for the three and six months ended June 30, 2012, increased 263 percent and 18 percent, respectively, compared to the same periods in 2011. In the second quarter of 2011, we were notified that we qualified for severance tax incentive rebate programs for wells in certain areas of Texas. A sizable incentive tax rebate was recorded in the second quarter of 2011, significantly decreasing that quarter s per MCFE rate. We expect our future operated wells drilled in these areas to qualify for incentive tax rebate programs. We generally expect production taxes to trend with oil, gas, and NGL revenues.
Oil, gas, and NGL production revenue. Average daily production increased 33 percent to 556.4 MMCFE for the six months ended June 30, 2012, compared with 419.3 MMCFE for the same period in 2011. The following table presents the regional changes in our oil, gas, and NGL production, revenues, and costs between the two periods:
Marketed gas system revenue and expense. Marketed gas system revenue decreased $5.4 million to $29.1 million for the six months ended June 30, 2012, compared with $34.5 million for the same period of 2011 as a result of declining gas prices. Concurrent with the decrease in marketed gas system revenue, marketed gas system expense decreased $5.4 million to $27.1 million for the six months ended June 30, 2012, compared with $32.5 million for the same period of 2011. There was no significant change in our net margin.
Operating activities. Cash received from oil, gas, and NGL production revenues, including derivative cash settlements, increased $164.8 million or 29 percent to $727.4 million for the first six months of 2012, compared with $562.6 million for the same period in 2011. Cash paid for lease operating expenses increased $24.8 million to $93.8 million for the first six months of 2012, compared with $69.0 million for the same period in 2011. Cash paid for interest during the first six months of 2012 increased $23.8 million compared to the same period in 2011 due to interest payments on our 2019 Notes and 2021 Notes.
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Sm Energy Co. has a market cap of $3.15 billion; its shares were traded at around $41.8 with a P/E ratio of 18.8 and P/S ratio of 2. The dividend yield of Sm Energy Co. stocks is 0.2%. Sm Energy Co. had an annual average earning growth of 16.1% over the past 10 years.
Highlight of Business Operations:
Net income for the three months ended June 30, 2012, was $24.9 million, or $0.37 per diluted share, compared to net income for the three months ended June 30, 2011, of $124.5 million or $1.86 per diluted share. Please refer to Note 9 - Earnings per Share in Part I, Item 1 of this report for additional discussion of the impact the conversion of our 3.50% Senior Convertible Notes had on our earnings per share calculation and to Comparison of Financial Results and Trends Between the Three Months Ended June 30, 2012, and 2011 for additional discussion regarding the components of net income.Production taxes on a per MCFE basis for the three and six months ended June 30, 2012, increased 263 percent and 18 percent, respectively, compared to the same periods in 2011. In the second quarter of 2011, we were notified that we qualified for severance tax incentive rebate programs for wells in certain areas of Texas. A sizable incentive tax rebate was recorded in the second quarter of 2011, significantly decreasing that quarter s per MCFE rate. We expect our future operated wells drilled in these areas to qualify for incentive tax rebate programs. We generally expect production taxes to trend with oil, gas, and NGL revenues.
Oil, gas, and NGL production revenue. Average daily production increased 33 percent to 556.4 MMCFE for the six months ended June 30, 2012, compared with 419.3 MMCFE for the same period in 2011. The following table presents the regional changes in our oil, gas, and NGL production, revenues, and costs between the two periods:
Marketed gas system revenue and expense. Marketed gas system revenue decreased $5.4 million to $29.1 million for the six months ended June 30, 2012, compared with $34.5 million for the same period of 2011 as a result of declining gas prices. Concurrent with the decrease in marketed gas system revenue, marketed gas system expense decreased $5.4 million to $27.1 million for the six months ended June 30, 2012, compared with $32.5 million for the same period of 2011. There was no significant change in our net margin.
Operating activities. Cash received from oil, gas, and NGL production revenues, including derivative cash settlements, increased $164.8 million or 29 percent to $727.4 million for the first six months of 2012, compared with $562.6 million for the same period in 2011. Cash paid for lease operating expenses increased $24.8 million to $93.8 million for the first six months of 2012, compared with $69.0 million for the same period in 2011. Cash paid for interest during the first six months of 2012 increased $23.8 million compared to the same period in 2011 due to interest payments on our 2019 Notes and 2021 Notes.
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