SM Energy at BofA Conference: Strategic Growth and Debt Focus

On Wednesday, 04 June 2025, SM Energy (NYSE:SM) outlined its strategic priorities at the BofA Energy and Power Credit Conference. The company emphasized its focus on operational excellence and financial strength, highlighting both opportunities and challenges. While SM Energy’s integration of the Uinta Basin acquisition has exceeded expectations, the company remains cautious, prioritizing debt reduction before resuming share buybacks.

Key Takeaways

• SM Energy is reducing its rig count from nine to six by the end of the year, aiming for slight production growth.
• The Uinta Basin acquisition has been a success, with production surpassing initial expectations.
• The company is focused on debt repayment, targeting a leverage ratio of 1.0x before resuming its $500 million share buyback program.
• SM Energy is open to M&A opportunities but maintains strict criteria for potential acquisitions.
• The company’s financial breakeven is in the $40s oil price range, supported by current hedges.

Financial Results

• SM Energy is prioritizing debt repayment, aiming for a leverage ratio of 1.0x, down from the current 1.3x.
• The goal is to pay down $626 million in debt, with refinancing considered opportunistically.
• A $500 million share buyback program is authorized but will resume only after achieving the leverage target.
• At a $70 oil price, the company expects to reach its leverage goal by mid to late 2025.
• The company’s cash flow breakeven is in the $40s oil price range, allowing for dividend coverage without relying on its revolving credit line.

Operational Updates

• SM Energy plans to reduce its rig count to six, aiming for a stable production trajectory.
• The Uinta Basin has outperformed expectations, with significant production directed to Salt Lake City refineries.
• Production is expected to grow through Q3, with a slight decline anticipated in Q4.
• The company is investing in new technologies to improve well productivity and reduce costs.

Future Outlook

• SM Energy aims to maintain a flattish production trajectory with slight growth starting in 2026.
• The company is exploring M&A opportunities, ensuring any acquisition aligns with its strategic and financial criteria.
• With a 10+ year inventory, SM Energy sees a 65% internal rate of return at $70 oil and $3.50 gas prices.

Q&A Highlights

• SM Energy discussed its cash flow breakeven estimates, noting the difficulty in predicting unhedged breakevens.
• The company is optimizing its rig count to generate free cash flow while maintaining stable production.
• SM Energy operates primarily on non-federal land, minimizing regulatory impact from the administration.
• The company is cautiously optimistic about expanding in the Uinta Basin, awaiting favorable market conditions.

For a detailed review, readers are encouraged to refer to the full conference call transcript.

Full transcript - BofA Energy and Power Credit Conference:

Wade Purcell, CFO, SM Energy: Hi, everybody. We are

Unidentified speaker: fortunate to have SM Energy, a long term long time attendee, Wade Purcell, the CFO. Doing this you’ve been to everyone I’ve been to, I think.

Wade Purcell, CFO, SM Energy: You want me to give that statistic that you gave last hire?

Unidentified speaker: I did. I did. It was I have 35 or 34 companies, four but I just got the numbers. It was We’re back ten years later. SM was One of

Wade Purcell, CFO, SM Energy: those five?

Unidentified speaker: It was one of those.

Unidentified speaker: Could figure out what happened

Unidentified speaker: to the rest between

Unidentified speaker: M and A and bankruptcy. Anyway, so you’re still

Wade Purcell, CFO, SM Energy: here. You’re a little different than you

Unidentified speaker: were last time you were here.

Wade Purcell, CFO, SM Energy: We are.

Unidentified speaker: I will turn it over to you to tell the story. Just obviously Permian, South Texas was always a story, and then you had Uinta last year. And we’ll turn it over to you just to run through some stuff. I’ll just we’ll jump into Q and A.

Wade Purcell, CFO, SM Energy: Yeah, I’ll just I’ll kind of jump around and just do part of the presentation. Here’s some highlights. So good to be with you all today. I’m here with Pat Lytle, our SVP of Finance. Yeah, it’s been an honor to be at this conference so many years.

We have been around a while. Believe it or not, we’ve been around since nineteen o eight. I don’t know if you know that. So I joined the company in 02/2008.

Unidentified speaker: I’d ask does anyone know what SM stands for?

Unidentified speaker: Saint Mary. Saint

Unidentified speaker: Mary? Oh, it’s a place for the crowd. I know. Love you. I give them both.

Wade Purcell, CFO, SM Energy: Saint Mary? Company was formed in Saint Mary Parish, Louisiana. Frankly, we got tired of answering questions about, are you at church? Are you at school? So we shortened it, made it easier for Got the same ticker symbol, SM.

But yeah. So I I joined in 2008 as CFO. So what I like to say is I missed the whole first century, but I’ve been here for all of the sake of century so far. So, anyway, that’s that that’s some quick history. As far as who we are now, I would say that those of you that have listened to the story before or know us really well know that we continue to say that and really strive to be premier operator of top tier assets.

And I’ll talk about those assets in a second. And then we also say that empowered by a world class technical team, I think that’s a differentiating part of who we are, especially versus companies our size, empowered by the technical team and a strong balance sheet, we are empowered to repeat the success. And all that means is replace inventory, add inventory as we move along. And I said, operator, there’s one slide in the deck that I’ll point you to. I think it’s Slide 11.

It’s just an example of that, top tier assets better. We really focus on that with every well. And I think that Slide 11, I kind of like because it looks back three years in the Midland Basin and in South Texas and shows drilling faster, completing faster, and the result is obviously lowering the cost. And that’s a 10% level in Midland Basin and 19% level in South Texas. So that’s just an example, a very high level example.

The top tier assets now are three. There’s two in Texas, these two Midland Basin and South Texas. And then the third, which we added since we were here last year, actually right after we were here last year, and that is the asset an asset we’re very excited about, and that’s the Huinta Basin. So I mentioned the technical team. I’ll just say a word.

The technical team was instrumental in all three of those in very similar ways. The Midland Basin, we’ve been in the Midland Basin for almost twenty years, but we went really large back in 2016 with an acquisition in Howard County. And if you go back to 2016 and look at any Permian Basin maps, will see Howard County outside the line. And our technical team decided, determined that that was not the case. And the technical team was proven right over the years, and that asset is a wonderful asset.

It has been proven one of the best in the country. We define best as low breakeven oil price assets and that asset as well as the other two assets generate really good returns at oil prices way below where we are currently back down below $50 So that was that asset. Then the one in South Texas is 155,000 contiguous acres that we’ve been in for almost twenty years there as well. That was an Eagle Ford story for a long time, a great asset, produced a lot of gas, a lot of wet gas. But then, I don’t know, 2018 and 2019, the technical team determined that the Austin Chalk interval, which is above the Eagle Ford, through a lot of testing, a lot of examining core data, you can imagine every well that was drilled in the Eagle Ford had to go through the Austin Chalk, they had a lot of data to study and and determined that, wow, this Austin Chalk could be a really, really great asset.

And we started testing it, and they were absolutely right. I mean, it’s a top tier asset. We now the last time we announced locations, it’s up to like four sixty five locations. We drilled we’re now well over 100, but still, you know, obviously a lot great inventory to go there. And then finally, the Uinta Basin.

I’ll jump on a slide for that one if I can, if I can get back to it. Bear with me for a second. Oops. Yeah. There it is.

The Uinta Basin. So the the team identified this this I mean, it’s not an unknown basin, obviously, in Utah, but identified an opportunity and did a lot of work on the basin and got really excited about it because it has a lot of characteristics that we love. Multiple intervals, potentially 17 intervals, believe it or not, 4,000 feet of stacked paid, very oily, like over 90% oil. So just a wonderful area for us to exploit and drill wells and improve upon those wells. And we were able to get it at what we believe was a very good price, not as well understood, I guess, would say, as maybe the Permian Basin, for example, and other areas.

So things have gone very well there. I guess what I would say is the integration has been very successful and we’re kind of in stabilization mode, I think we call it. We’re integrated. We’re running the things since January 1. If you followed our first quarter results, you saw that we actually had a very good quarter in The U.

And actually exceeded our expectations. Nice to get started that way. And we’re getting some good press already from Enverus, who’s been doing more shedding of the basin and actually announced that they added a bunch of locations, over 150 locations, in what we call the upper cube. And that’s important because I mentioned the 17 intervals, it’s really broken up into three kind of defined cubes sections, and that’s the upper cube, the lower cube, and the deep cube. I know.

I wish the lower was something middle, but it’s hard to remember that. But the lower cube in the middle is where most of the work has been done, and that we put the most value on that section. And it’s proven to be exactly what we hoped it would be. That’s where we’re spending 90% of our dollars this year. And we know there’s upside though in the upper cube and hopefully in the deep cube as well.

And that’s why it’s important that Inverness added all these locations in the upper cube showing that there’s more value, more locations. Of those, I think I mentioned of those locations they added, defining them as top tier because they’re sub $50 breakeven, about a third of those are ours. So that’s really important. So we’re very excited about the Uinta. So that’s kind of the three assets.

I guess the only other thing I’ll mention, I talked about the technical team, I mentioned the balance sheet. Balance sheet is in very strong shape. We were happy to be able to use it for this acquisition, all cash acquisition. And now we’re kind of in debt repayment mode, 1.3 times levered as of the last reporting date.

Unidentified speaker: If you look at that on a pro form

Wade Purcell, CFO, SM Energy: a basis, it’s 1.1 times. So very strong balance sheet, lots of liquidity, the revolver at $3,000,000,000 borrowing base, 2,000,000,000 of commitments. What’s important there is the banks just redetermined the revolver in the spring redetermination and kept the same levels despite the fact that they’ve lowered the commodity prices, obviously. I believe the oil price they used was in the $57 and $58 area going down to $52 So that was a nice positive affirmation of the value of the underlying assets. And then the maturity schedule, you could take out the next maturity, the ’26 is with free cash flow, reducing absolute debt levels, getting debt back down to one times or below is target for a strong balance sheet.

And then we tell the equity investors that it’s at that point that we would resume share buybacks return on capital program. So with that, I’ll stop talking and start taking a few questions.

Unidentified speaker: You gave me a debt teaser there at the end, so I’ll keep keep going with it. So $626,000,000 is the goal to pay them down completely? Or is there some element of refinancing of that?

Wade Purcell, CFO, SM Energy: I think the base case would be to take them out completely and do some absolute debt reduction. I mean, you then have the 27s, which are at a similar level. And you have the 28s at a similar level. So as we move along, we’ll be following the market and seeing if there’s an opportunistic way to maybe do some form of refi that is coupled with absolute debt reduction as well.

Unidentified speaker: What it’s you held on to your last 25%, you’re pretty low coupon. And then when rates were higher, it was an asset, right? So did you will you probably proceed the same way with this? Or do you think it’s more likely to refinance these earlier?

Wade Purcell, CFO, SM Energy: I think the I think your base case assumption should be that we would do it a similar way and just generate some free cash, pile up some cash and then at some point take them out. And I think you

Unidentified speaker: have this target of one times year at 1.3 today, but that’s not pro form a first. You’re at 1.1 really pro form a. When do you think you’d get to your 1x target? What’s the

Wade Purcell, CFO, SM Energy: Tell me the oil price. Yes. When we came into this year and announced our plan, if you assume like a $70 oil price or something close to that, you get there pretty quickly, like middle or second half of this year. At current prices, moves to the right somewhat, obviously, but not too far. Just kind of we kind of just kind of bounce along just above one times, frankly, a $60 oil price.

If you just assume current prices, we get there not long after.

Unidentified speaker: And there’s once you do get there, what do you do in this environment? Do you buy back more shares?

Wade Purcell, CFO, SM Energy: Yes. That would be our base plan. Everything always competes with other opportunities. But the base plan would be to resume the share buyback program, which we have $500,000,000 authorization for. But we’ll see what the landscape looks like at that time.

And I’ll

Unidentified speaker: give you the standard credit question about corporate cash flow breakevens. Do you what’s the number you provide today and do you provide it unhedged?

Wade Purcell, CFO, SM Energy: Yes. So it’s a great question. So on corporate basis, if you just look at if we just look at this year, I can tell you that you can run an oil price down into the 40s and still generate free cash sufficient to pay the dividend and not really get into the revolver. That obviously has some hedges. As you move into the I don’t want to dodge the question, but if you move into the next years, which already has some hedges, but if you try to look at it unhedged, you really have to start making some assumptions with what would happen to cost.

If you take oil down to $50 I think all of us believe there would be a pretty significant pullback in activity. History tells us you get some pretty good deflation. So you have to start playing with those scenarios to really get a good breakeven. But it’s down in that area.

Unidentified speaker: I’ve enjoyed having to do that analysis twice already and said that possibly for the third time. Well, I’ll tell you what you’ve everything is moving. And your maintenance CapEx, just as you think of it today, what do you how do you define that in terms of Yes.

Wade Purcell, CFO, SM Energy: I mean, we haven’t given a true maintenance CapEx number, but it’s kind of what level are you maintaining as part of that question. We’re in this mode of reducing activity since the acquisition last October. We came in, closed the acquisition October 1. So that added three rigs. So we had nine rigs at the time.

And the plan was and is to slowly reduce that to down to six by the time we get to the toward the end of this year. So then what’s the maintenance level? I guess you could ask at that point in time. So we’ve said that, that program, that activity level gives us, we think, the optimal level for us of generating free cash at a level of production that is flattish to slight growth. So you could start assuming that that number is pretty close to a maintenance level once you get to that level.

Unidentified speaker: And what are you asking me per rig right now? Do you per rig? What’s a good number right now?

Wade Purcell, CFO, SM Energy: I don’t have a capital number for you on that. And again, by the time you get to that point, need to make an assumption.

Unidentified speaker: I appreciate that. For the market. I think you are ramping into the second half of this year in production. Were you talking about flat from FCIP or flat on average? Yes.

So what we’ve said

Wade Purcell, CFO, SM Energy: is that was the rig count. So from a production standpoint, production will grow Q1 to Q2, and it will grow Q2 to Q3, and then decline in the fourth quarter somewhat.

Unidentified speaker: And the six rigs will keep

Wade Purcell, CFO, SM Energy: the That’s just a function of the actual wells that we’re drilling is higher in the first half of year front loaded.

Unidentified speaker: So you touched a bit about costs coming down. What are your observations of productivity today in terms of how much you can get there without cost without just cost savings? Like where are you seeing how is that enhancing your economics? Are you seeing material improvements today?

Wade Purcell, CFO, SM Energy: You’re talking about just efficiency in the Yes. Just what you’re It’s hard to peg a number to that, but that’s something the team works on every single well, trying new things. On the XCL side, they were a great operator, first of all, a lot of great innovation that we’ve enjoyed learning about and will apply where we can. But we obviously believe that we bring a lot to the table from an operatorship and maybe doing things differently, maybe larger completions, longer laterals, maybe different spacing. We’re applying a lot of that right now.

So you won’t really see the outcomes of that, of those wells until later this year or early next year. Looking forward to seeing those results and maybe trying to quantify some of the efficiencies there. But otherwise, it’s just kind of business as usual, trying to be more efficient with every well and do things faster, the way I showed the chart on the improvements they’ve made the last three years. And then on the deflation side, I don’t have anything quantitative to report at this point, but activity is starting to fall. And we know that story.

And if activity continues to fall, then cost fall right after. Are not providing an estimate on that because you just been

Unidentified speaker: at the table negotiating this since yet? No.

Wade Purcell, CFO, SM Energy: There’s a lot of discussions going on, but I haven’t heard anything quantitative yet.

Unidentified speaker: When you developed this budget this year, you talked about $55 to $65 oil price. And that’s I believe that was that’s $3.50 gas. When you talk about inventory of 10 parts, you used 70 and 3 50. How does that inventory change as you get closer to 55?

Wade Purcell, CFO, SM Energy: Yeah. How do you think about it? It’s a great question. I would that we use seventy and three fifty for inventory because that’s what we believe is the mid cycle price. So that’s the way that’s the way we calculate it.

We haven’t calculated it at lower prices. All I all I can tell you is that inventory is ten plus years. It’s it’s when we say economic, I think I think we say the average IRR of that inventory at $73.50 is, like, 65%. So you could imagine going down in price, you’re you’re just losing some of that. Again, you’d have to start making cost assumptions also in that inventory, which would offset it.

So that’s I guess that’s all I’d say.

Unidentified speaker: And when you look at your inventory, you’ve had to replace it every year. Obviously, The U. Has a lot of upside opportunity. Do you think it’s likely that you replace your inventory this year? And how much do you have to replace how much can replace organically?

And how much inorganically, maybe even just do leasing?

Wade Purcell, CFO, SM Energy: Yes. I mean, is always our goal every year. And it’s hard to predict within a year what’s going to happen. Last year was obviously a great year. And this year, there’s a lot of upside, and hopefully, we’ll be able to add some in the unit, as you say, and in other areas.

But I don’t have a forecast for you at this point, but that’s always an objective.

Unidentified speaker: That’s always got to ask. So with the marketing constraints in terms of moving oil and gas, a lot of people focused on Permian. What’s your personal view there as to what’s happening in the basin today and how it’s going move?

Wade Purcell, CFO, SM Energy: I we’re in pretty good shape compared to some periods in the past. We’re not overly concerned. We feel like we’re going to be able to get what we’re forecasting out. We continue to hedge the basis where we hedge Waha quite often. There’s big asymmetrical risk to Waha, as we know, it’s kind of insurance to get a lot of that hedged.

So we feel good there. And in the Uinta, which is a popular question, we feel very good about our ability to get our product out that we have forecasted. And I think we even have some cushion, if it was high, if it ends up being higher. The first quarter, the question about how much can you go to the refinery, obviously, that’s going to be much better on the margin versus getting trained out on rail. And I think what we’ve told folks is we feel very confident in being able to get 15% to 20% of our production to the refineries, the five refineries in Salt Lake City, with the rest of it going out.

And we actually if you look at the first quarter, we actually beat that assumption in the first quarter, closer to 25%, I believe. Can’t count on that in the future. We didn’t change our guidance in the future, but that’s something to watch.

Unidentified speaker: And how should we

Unidentified speaker: think about the rail costs, the incremental rail costs to get it out of basin?

Wade Purcell, CFO, SM Energy: Well, can look in the appendix, you can look at the transportation cost and see exactly what it is by barrel. And it was lower in the first quarter, which tells you that we were able to

Unidentified speaker: get more to the refinery. This is a bigger picture question. Like everyone looks the Permian is the last big basin. It’s going to grow for some time. Not at a huge rate, but at a rate and then plateaus maybe 2,030, who knows that.

But it also speaks to the other basins saying there isn’t growth. Obviously, you just entered The U. And that’s an exception. Can you tell us what you think about, one, that statement, which I think is hard to refute, but two, what you think about the other basins in terms of the ability to grow?

Wade Purcell, CFO, SM Energy: Yes. Great question. Very big picture question. Whatever I say is, you you can take it with a grain of salt. I’m not sure I know that much more about that kind of question.

But would say that I’ve seen similar data that you’re quoting, and it is, yes, it’s irrefutable. I would also say, I love the words that a lot of people love to repeat, never bet against the Permian. It continues to be the gift that keeps on giving. We love the Permian Basin, and we’ve done some things around the fringes, adding organically over the last year or two. We’ll continue to work that.

It’s obviously a very competitive basin, which is a lot of the reason that we ended up entering the unit to last year. Would have loved I love to say that we would have loved that kind of acquisition in the Permian, but that wouldn’t have been realistic from a price standpoint. We’re very driven by return of capital and what you’re getting versus what you pay. And we’re again, we couldn’t be more excited about the Uinta Basin and the ability to add more inventory there. The Permian, it still has some legs, it’s a very competitive base and it’s the biggest difference for us.

So you transitioned to the M

Unidentified speaker: and A question. So what is the opportunity set? And is that in you into mostly small leasehold additions? Or is there actually something to acquire

Wade Purcell, CFO, SM Energy: We look at all possibilities. So I wouldn’t say there’s not possibilities in both regards. It’s to predict things like M and A. But I can tell you that we continue to look at all possibilities the way we have been in the last several years. And we get the thesis for being larger, the thesis for the valuation.

We get all that. So it’s worth working really hard. But our criteria is the same. I mean, we don’t believe in doing it just to do it. The assets have to make sense.

It has to be accretive. Can’t send the balance sheet the other direction. I mean, those are kind of the big three for us. So yes, because we’ll continue to look at all possibilities.

Unidentified speaker: How about obviously, after Liberation Day and the OPEC share war, the M and A market had to reset. And I’m curious where you think that is. Is we saw a stock for stock deal for royalty companies yesterday, that’s right. Someone’s tried to buy a Canadian company, whether that happens or not. That’s at a corporate level.

But what about on the asset level?

Wade Purcell, CFO, SM Energy: Yes. I think it’s a as you would imagine, I think it’s a little challenging right now because of that. You can imagine the bid ask depending on your commodity price deck. So uncertainty is never great for that. So it doesn’t mean things can’t get done, but I think it’s definitely thrown some, you know, a general pause for uncertainty, I would say.

It doesn’t mean people are not working, but it just makes it a little bit more challenging.

Unidentified speaker: Are there any questions from the crowd?

Unidentified speaker: I’ll take one. Go for it. So you’re kind of coming into the situation where you acquired The U. Last year, and it had a growth trajectory that was already baked into its program. That’s what you’re running up this year.

And that’s why we’re seeing this sort of uneven cadence in oil growth as we grow through 2024 or 2025 production increases through 3Q declines through 4Q. I guess first question operationally, market really doesn’t like this sort of choppy production cadence. Why not sort of decelerate as you get into the second half of the year to provide more of a linear trajectory for oil growth, which a lot of us simpletons are used to because we can think in linear terms.

Wade Purcell, CFO, SM Energy: Yes. Well, that’s kind of what we’re attempting to do. I mean, we’re getting down to the six rigs, which is probably two rigs in each basin, you meant to get down to two rigs. And if you look at the activity, the number of wells we’re bringing online, it’s very front loaded in the first half of the year. So the idea is to get to a level as we exit that’s going to be very and I know it’s never fun getting there analysts and investors watching the quarter to quarter cadence.

But the idea is to get to a level that is very stable moving into next year, kind of a flattish like production trajectory with slight growth maybe. And as we’re in 2026, you talked about getting down from nine rigs to

Unidentified speaker: six rigs. If you were to apply some kind of capital number per rig line, call it 150, perhaps you’re saving $450,000,000 next year as you’re running three rigs three fewer rigs in 2026 and you’re holding that production number flat. Is that maintenance level that you’re getting towards to in 2026?

Wade Purcell, CFO, SM Energy: That’s I’m not going affirm that number, but that is the idea of of getting to that that maintenance type level in ’26. And you’ll I think we’ll be able to see what that is. And maintenance level, are

Unidentified speaker: you holding oil flats or BOEs?

Wade Purcell, CFO, SM Energy: I would we we focus on BOEs. You know, productions Production is an output. I mean we’re not trying we’re not tied into like an oil number trying to manage the oil number. It’s really more about free cash flow generation and returns with an overall production level. So wouldn’t say an oil number yet at this point.

Unidentified speaker: And kind of going back to your comment on M and A, our understanding of The U. Basin that it’s a pretty captive market, given that a lot of the oil goes to the local refineries. And there’s been perhaps some language from The States suggesting that we don’t want our oil industry to be too concentrated. What’s your understanding of that statement? And do you think there’s room for SM to become larger in

Wade Purcell, CFO, SM Energy: The U. S. Basin? Hard to say. It’s a great question.

We know what the FTC has said in the past in the basin for all the reasons you just said. It does look very different now than it did not too long ago, though. I with I just gave you percentages. So much the oil is now being railed out of the state that it looks very different. Administration’s changed.

It’s an unknown. I mean, it’s an unknown at this point. We’re not counting on the ability to get bigger there. But I do think things are evolving and hopefully loosening up.

Unidentified speaker: Have one last question. That’s a bigger picture question, but it would

Wade Purcell, CFO, SM Energy: Bigger picture than the last one.

Unidentified speaker: A little less big, more of an administration. Obviously, we have a pro fossil fuel administration. Have you seen that show up in the business in any way?

Wade Purcell, CFO, SM Energy: We haven’t. In but it’s all I can speak to is our business and the areas that we operate, not really on federal acreage. And so it has had no impact on us. The bigger impact on us has obviously been the decline in the oil price.

Unidentified speaker: Was I knew that was a separate item, obviously. Obviously, I think all the ESG efforts, gas capture, methane capture, things that all these firms are working on, putting it yourself, that’s still part of the mantra, right? Nothing’s really changed.

Wade Purcell, CFO, SM Energy: That’s who we are. I mean, that’s it’s it’s been our in our in our DNA, certainly, since I’ve been at the company and and and before. So that’s that’s still who we are. May not see as many slides now because, you know, people don’t need to see them as much, but it’s still very much who we are.

Unidentified speaker: Well, look. We have one minute left. We’ll let you off the hook. Thank you. Thank you very much, Wade.

It’s always insightful. I’m glad to have you. Let’s have a wait of round of applause for Wade. Thank you.

Wade Purcell, CFO, SM Energy: Thank you.

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