SM Energy of Denver recently reported record oil production for 2024 and also a company record for yearend estimated net proved reserves. Oil production last year was 29.4 million barrels (80,200 barrels per day) – up 23 percent from 2023. Total production was 62.4 million boed (170,000 boed) – up 12 percent from 2023.
Estimated net proved reserves at yearend 2024 were 673 million barrels of oil equivalent, including 51 percent in south Texas, 34 percent in Midland Basin and 15 percent in Uinta Basin. Reserves were comprised of 44 percent oil, 38 percent natural gas and 18 percent NGLs. Net proved reserves are 60 percent developed and 40 percent undeveloped.
Production in 4Q in Midland Basin was 4,957,000 barrels of oil (53,900 b/d). Fullyear production for 2024 in Midland Basin was 19,090,000 barrels of oil (52,200 b/d). Total production volumes for 2024 (up 12 percent from 2023) included 48 percent from south Texas, 47 percent from Midland Basin and 5 percent from Uinta Basin (47 percent oil, 37 percent natural gas, 16 percent NGLs).
SM Energy drilled 142 net wells in 2024 with capital expenditures of $1.31 billion.