SM (St Mary)

Earnings

• 4Q10
• 3Q10
• 1Q10

December, 2010 Corporate Presentation 

News

April 5, 2012: update on SM wells in Poe oil field.

March 12, 2012: update on SM and Stark County.

February 1, 2011: SeekingAlpha on SM: well-positioned.

January 31, 2011: SM raised $350 million through senior notes; originally was to be $250 million. 

January 25, 2011: Preliminary production and proved reserve estimates for 2010

• Increased Bakken/TFS by 40% on sequential basis (4Q over 3Q)
• Replaced nearly 350% of its production through drilling

January 24, 2011: SM to raise $250 million through senior notes.
December 23, 2011: SeekingAlpha/Zack's rating on SM.

Original Posting

Strong earnings report for 1Q10

Net income for first quarter, 2010, was $126 million ($1.96/share) vs a net loss of $88 million ($1.41/share) for the same period one year ago.

St Mary's average realized sale price for oil/gas was $72.73/$6.15 this past quarter vs $34.40/$4.00 one year ago.

Daily production of oil actually decreased seven (7) percent, from 18 million bopd to 17 million bopd, year over year.

Yesterday I noted the "marketing expense" associated with EOG and its five-fold increase year-over-year. So, what did St Mary report for marketing? On the revenue side, marketing revenue almost doubled from $14 million to $23 million. Interestingly enough, that was offset by an equal amount in marketing expense: $13 million same period one year ago, and $22 million first quarter this year.

However, much of St Mary's gain came from selling non-core assets for a one-time gain of $121 million. Without that $121 million gain, this year's first quarter income would have been $239 million, but again, better than last year's revenue of $199 million.

With regard to NDIC hearing dockets, St Mary is more active than usual this month (May) compared to past several months. St Mary had nothing before the commission in March and April, but did have some cases in February.