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SM Energy keeps $2.4 billion borrowing base, no debt maturities till 2021
By Lisa Kerner
Charlotte, N.C., June 2 – SM Energy Co.’s total debt is 1.7 times EBITDAX and is expected to be at about 2.3 times at year-end, according to a presentation at the RBC Capital Markets Global and Power Executive conference.
The company maintains a borrowing base at $2.4 billion and no debt maturities until 2021.
SM Energy’s capital budget for 2015 is $1.2 billion and assumes a 15% to 20% service cost deflation by year-end.
Company-wide costs are currently in line with budgeted deflation assumptions.
Drill costs are down 10% to 20%, while completion costs are down 20% to 25%, according to the presentation materials.
SM Energy entered into agreements to divest its mid-continent assets for cash proceeds of $324 million, with the closing expected in the second quarter.
Denver-based SM Energy is an independent energy company.
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