SM Energy Company (NYSE: SM) today announces that it has closed its
previously announced Anadarko Basin divestiture package, receiving total
proceeds of approximately $329 million, which will provide additional
liquidity to fund the Company’s 2014 capital program. Final divestiture
proceeds will be subject to post-closing adjustments, which the Company
expects to be completed within 120 days of closing. The effective date
of the divestiture was October 1, 2013.
ABOUT THE COMPANY
SM Energy Company is an independent energy company engaged in the
acquisition, exploration, development, and production of crude oil,
natural gas, and natural gas liquids in onshore North America. SM Energy
routinely posts important information about the Company on its website.
For more information about SM Energy, please visit its website at www.sm-energy.com.
INFORMATION ABOUT FORWARD LOOKING STATEMENTS
This press release contains forward looking statements within the
meaning of securities laws, including forecasts and projections. The
words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,”
“forecast,” “intend,” “plan,” “project,” “will” and similar expressions
are intended to identify forward looking statements. These statements
involve known and unknown risks, which may cause SM Energy's actual
results to differ materially from results expressed or implied by the
forward looking statements. These risks include factors such as the
availability, proximity and capacity of gathering, processing and
transportation facilities; the uncertainty of negotiations to result in
an agreement or a completed transaction; the uncertain nature of
announced acquisition, divestiture, joint venture, farm down or similar
efforts and the ability to complete any such transactions; the uncertain
nature of expected benefits from the actual or expected acquisition,
divestiture, joint venture, farm down or similar efforts; the volatility
and level of oil, natural gas, and natural gas liquids prices;
uncertainties inherent in projecting future rates of production from
drilling activities and acquisitions; the imprecise nature of estimating
oil and gas reserves; the availability of additional economically
attractive exploration, development, and acquisition opportunities for
future growth and any necessary financings; unexpected drilling
conditions and results; unsuccessful exploration and development
drilling results; the availability of drilling, completion, and
operating equipment and services; the risks associated with the
Company's commodity price risk management strategy; uncertainty
regarding the ultimate impact of potentially dilutive securities; and
other such matters discussed in the “Risk Factors” section of SM
Energy's 2012 Annual Report on Form 10-K. The forward looking statements
contained herein speak as of the date of this announcement. Although SM
Energy may from time to time voluntarily update its prior forward
looking statements, it disclaims any commitment to do so except as
required by securities laws.
Copyright Business Wire 2013