SM Energy Co. on Aug. 1 reported an adjusted net income of $1.3 million, or 1 cent per share, in the second quarter, down from the $16.8 million, or 15 cents per share, posted for the same period a year ago.
The S&P Global Market Intelligence normalized consensus earnings estimate for the quarter was a net loss of 11 cents per share.
The firm's GAAP net income came in at $50.4 million, up from the $17.2 million posted for the second quarter of 2018.
Total revenue for the quarter came in at $407.2 million, down from the $443.9 million seen a year ago. Total operating expenses also fell with $303 million posted for the quarter compared to the $387.8 million reported during the same quarter in 2018.
The company produced an average of 136,500 barrels of oil equivalent per day in the second quarter, 19% higher than the 115,200 boe/d seen during the second quarter of 2018. The company previously reported the increase was led by its Permian and South Texas assets.
Average realized sales price, including the effects of derivative settlements, came in at $33.07/boe, down 5% from the $34.91/boe seen a year ago.