SM - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the SM Energy Company Q3 2019 Financial and Operating Results Q&A call. At this time all participants are in a listen-only mode. After the speaker's remarks there will be a question-and-answer session. [Operator Instructions]

I will now hand the conference over to Jennifer Samuels, Vice President of Investor Relations. ahead. go Please

Jennifer Samuels

assumptions earnings Good to us. Amy. we and you cause expectations thank discuss involve These Thank that materially presentation forward-looking forward-looking to the refer the the risks me expressed statements the morning section to Form from in Please joining may of results and plans, our IR Allow was statements actual that or Form future quickly for XX-K performance. statements. implied forward-looking this release, third statements Factors Risk results and quarter information you, our morning. about everyone regarding and differ XX-Q remind in about may you the filed our our cautionary which our

to posted of which our are website. All

today GAAP measures discussion measures information useful and discussion IR performance. may are believe presentation. evaluating comparable financial those about Reconciliation non-GAAP our understanding are of we directly measures and non-GAAP in most of provided release that and in to metrics earnings other these the our include Our

today we and EVP Jay Ottoson; Pursell; have CFO, Herb questions to Wade answer CEO, and and President COO Here your Vogel.

now turn Jay? Jay for it some opening remarks. to will I

Jay Ottoson

eating achievement. hope a ahead to morning, because extent think all Good recuperated progress cost just recent just on some Q&A Thanks, Jennifer. we've to noteworthy those reduction, to I I you've here take all treats. everyone. of I sugary under-solved minute from wanted a emphasize our

During along expectations faster than plan. our our group the our much third wells, our completed drilled quarter, operations team and vendor with in terrific

foot. expectations, that now well as in the capital quantifiable day per nine directly lateral improvement average translated we $XXX averaging our Midland from on pumped into XX% example, For than at per are spread stages more Basin, right costs and a our efficiency per

is late well to Midland this top week. $XXX our that peers of one Now of cost earlier put some know tier. Basin acclaim, larger I clearly around number announced to

a XXXX. into translate working. I come foot spook our and our fourth CapEx our higher of we're lower -- obviously to operating just per with been will and completed quarter, we've cash our we because efficiency up additional commitment free capital faster evidence a pace, the reduce the lower XX% the very we actually we still costs. directly generating And better of XXXX drilling while in completions and on and supports hope achieved XX positive G&A costs to back lateral XXXX improving taking during third to reported pull positioned didn't quarter actions a we're the we Combined flowing Our number nearly already improvement will just that capital you held completions Permian, think cost wells We've for plan manage net costs over flow. it's production

we're with performance. and extremely So efficiency for pleased our capital in its implications short, our XXXX

turn So, over let's questions. for it operator,

Operator

[Operator first Brad from Instructions] the RBC. of line Your question Heffern comes today of

Your line open. is

Brad Heffern

everyone. I'll a start on Hey, good Chalk. the morning question with

a of they're inventory have feel and to the Do is look going now as out across position. obviously you might So, have like? four how the guys acreage what play now, you clues sort the that to for consistent wells any spread be,

Herb Vogel

as February an inventory like we the We'll assessment be acreage. of usual then a year results, rock about terms the in returns are end both is it that the What And Austin this the predict of in the yeah it publishing the pleased at show Herb, does and liquids would in great doing variability normal. be liked that the real content consistency so is and across Brad, with liquid. and the we're we Chalk can are rates great. the we

what we're yeah, with we're seeing so but far. So, pleased

Brad Heffern

crew, is and for beginning then come completion mentioned guys at next you for that of second fourth stay of down to that to dropped the Okay. back it all year? quarter then plan And for you the Permian the the

Herb Vogel

Brad, is, this Herb.

So just at October. get will just that that very we we're of quarter And budget out were year, running our the next we'll the three two continue dropped and out to in going to beginning the doing frac figure and until time. spreads third we be lined level, we at

Brad Heffern

guess leave of barrels talked sorry. Okay. And the Thanks. the I I'll Yeah, XQ about was? day, you the that's quarter if guys you shut-in curious for estimate know at half number just with thanks volumes And correction, you release, around was I'm number XQ what approximately that. the a what X,XXX then prior any the of it in I second is. if have

Herb Vogel

post Yeah, is quite out out operators offsetting but as because the our to there, forecast, Power popular is activities have It's offset an result. shut-ins estimate, there they're put hard of really thing a difficult we probably know, to on much we and County estimate seen right lot because how operating we now. have a don't you

do also. and have fourth embedded on assumption for in quarter we terms shut-ins So the true of an that's

Jennifer Samuels

add was with the our just consistent in I And that would expectations it third quarter.

Herb Vogel

Yes.

Jennifer Samuels

guidance. the in baked As

Brad Heffern

Okay. Thank you.

Operator

the question Gabe Cowen. Daoud next from line Your of of comes today

line Your open. is

Gabe Daoud

on accretive flow, Hey, good kind cash and is from and a of Permian our just to also de-leveraging the but standpoint. numbers more and Eagle returns the being free morning improved Ford, everyone. I out Obviously, results nice show we some of guess still

So, capital XXXX? I maybe Jay, two was just in the how could plays curious, allocation you're about between talk if thinking about you

Herb Vogel

Again, this is Herb.

a have where talked for in a see productivity portfolio savings will that and been so, the and in wells proven South those will obviously or people to we that really even rates competitive for improvements value expire contracts those see with we've path additional lower and we the cost as wells we more clear before. Texas these But latest have be enhancing and and we've So anticipate about returns that midstream know be once while. wells, waiting I

the be better returns. spend in February, to now, we're 'XX, ultimate it right process share less what plan in basically XXXX we'll and will to than capital we'll will these in did said allocation be. we've as the budget that confirm we And So really in and

Gabe Daoud

Thanks That's just at a job that that you're target. doing guess in a could you you. XX% Midland, do hitting if for obviously even think helpful. that point? ultimately of then closer that. the on to you just foot out curious the guess How Thank follow-up per D&C kind and think this you great And XX% I exceed shakes I

Herb Vogel

again Gabe Herb. is Yeah. this

productivity do further. design different helps we get completion slightly can we're cost. yeah, reduce different ways that to the see environment, are a with flatten same a seeing we deflationary potential Obviously, So we in and that then the costs the

see lower. we yeah, potential So, the for

Operator

Your next Dingmann of the from comes question line Neal of SunTrust.

is line open. Your

Neal Dingmann

is but the spreads higher having high the wondering to times, as how in closer to just achieve versus said always just continue all. the test Good trying -- of of of you morning run to Jay, run activity all of getting and is next there because that. -- guys order question, that efficiencies. as cost. be I'm you obviously the cash -- the achieve sort efficient, you're I'm of continue think the needed lot flow, the well the to stay argument a more number How your rigs to have, to to when by stay of noted you sort to these do wondering, for you higher year look my you efficiencies far plan at about view

Herb Vogel

Neal Yeah, this is Herb.

together put and as we're as with and more activity a efficient. then for we executing year, program So activity the were faster

make basically and or prices or We rigs we and activity, have doing level more flow commodity cash spreads a frac choice look on call. that dropping of the free dropping at the

So we've activity efficient we're capital, all we'll going said that two been the spreads same capital. stick year, in much more get done for just and October. going led we've we what though to as we for we three And more now would that's even the said, and from our with to to frac the

Neal Dingmann

Got such you it. laterals? through I'm else you're of anything just is you design? longer that then just Makes on sort to I achieve great completion prices continue efficiencies the continuing mean wondering to it seeing, just up to the it that. Is there? follow can largely on how that And And The improve shed sense.

Herb Vogel

one say the at using every team the above, minute and frac number looking and optimizing it's execution of the have I providers is we consistency all same the of Yeah, but there. the would one and

that to really out doing work. people comes are down it's there So the

Neal Dingmann

Great.

Thank Okay. you.

Operator

Your next the comes KeyBanc. line from question of Mariani Leo of

open. Your line is

Leo Mariani

Yeah, thanks.

question, set for of philosophical I budget of But planning you a you year. just mention continued a kind next So for kind to times, not it of neutrality. have know mentioned I number about is know the guys

So be clear that. just on to

in sort And place. early of the the essentially of obviously end guys as have you hedges plan year is the next So there. get we year approaches and to

As then set the of, of neutral that at the it. and whatever philosophy? activity so are kind you sort Is that look -- a truly at you out of falls to budget, be sort level from that trying

Jay Ottoson

No, cash this philosophy angle We can, doing on get is We're working to want have we is to cash that's working I flow to and ourselves positive free everything can, we is a about. flow. generate pull yield. can, to every our Jay, what knot this point. mean we on that free every

Leo Mariani

kind G&A, know which documented talked there of to do lot you that that you sort of kind of any get you've the you folks. benefit Obviously a other else will anything have Are spending can I reductions, things, Okay. about cost well clearly of major down? guys

Jay Ottoson

our this Well, quarter. as we well -- guidance lowered LOE LOE

and are make general, free going every everything to XXXX. flow to single cost think we're of going do can moving in to we -- lower we every working We to wells can line that better positive yield. we're we all in certainly a get item thing sourced. single our We're on do can cash So to the costs and

Leo Mariani

lower the cost Okay. obviously XX% all documented guess Eagle just Ford, well I the well some And you kind Midland. of reduction in talked the plans on then to about there,

guess from those there, you XX% Ford, there? down now, we we you similar do of sort type of to Eagle that of the months can further what XX in plan reduction a sit the get see expect I maybe of road, As sort off costs kind

Herb Vogel

Okay. this is Herb. Leo,

So and those specifically about would year. addition sort you in would the be per foot deflation which enhancements, could $XXX of probably in there where talked we Eagle we and reports, expect identified seen environment next implement same those completion we've earnings the have we be, to previous Ford, and in

Operator

Sachs. comes question Karl Blunden the next from of of line Your Goldman

Your line is open.

Karl Blunden

maturity pods the have ways what think In for morning, your thanks for those? -- could time. versus of some We're peers. for you you flexibility yet, and I XXXX What cash forthcoming do XXXX or if as 'XX the XXXX and maturities? you're refine and not extend it's you planning. as there 'XX about Hi, not flow think schedule allows But some good flexibility like

Wade Pursell

is This Yeah. Wade.

up have think it -- several I here have to years deal we some we you said do well, this. and with

The the maturity is of till not end first real 'XX.

liquidity -- flow, again, the would then, and three lots that that plans of within and say, use can time So that needed. free well, I of see just things definitely But guess of chipping at now some our well. now And two in or situation, there as between the lot for away given given then. cash change liquidity getting if that given I between the as year revolver period a to is a I over

place and a to lot we of now like in we're deal there, as flexibility a feel with I will and here those good between we from have and But capital lots go think So with peers the in markets said, flexibility, of deal our those most do, watch these. as have change. time we to could we'll of more you then to I

Karl Blunden

and assets more Makes can cap bit a be from when would down markets? just existing just be as Basically on as I well. you on guess you you specific ways sense. non-core those which are an the ones assess issued reliance market the option, still the the in to see flexible, the capital know trying convertibles is to their

Wade Pursell

the I I you not lot take are we mean other, options there harder things other versus right say things, -- are at out look are would options would a Yeah, know mentioned of change many that and there now. I of a a a I there. lot mean, and couple things one

So that's all I'll that. say on

Karl Blunden

the good on Great. congrats Thanks progress. and

Wade Pursell

Yeah. Thank you.

Operator

comes Your line the Joe Allman question Baird. of next from of

Your is line open.

Joe Allman

we're the thanks you comments Thank today. for that seeing all and

are asset solely you expect terms question on you and through thinking do also other sales? first assets in my particular of ratio basis the Or add So some asset XXXX means And debt an cash reduce about debt what flow? reduction, expect such absolute you about? you thinking do as your sales, targeted if leverage to to are reduce free is

Herb Vogel

so would year. Well, debt said, free cash Jay next I'll The generate we cash metric flow those two reduction. Jay, The I'll of leverage guess that. to are toward part lower take that we going the are, free use down flow let of about planning clearly, will first area, possibilities, as the be there combination [indiscernible] also very other I and are talk be

Jay Ottoson

sales We'll alternatives best asset were It's asset look all at, at can a and constructive we'll choice we market look right now. make sales a certainly time. shareholders behalf of Well, the particularly possibility. the the not always for on at we

Joe Allman

said Great. expect I as expect in then think I operations XXXX to to the XXXX, in Thanks spend XXXX. in for you And about And said same a have plan. yesterday, that you that that. similar-sized July you know amount you

a spend efficiencies costs, that but similar a does capital improving amount or mean of spend, XXXX similar less mean for and lower activity? So with does actually it your

Jay Ottoson

Well, we level be said would expect yesterday what we What I actually sense, to have of I lower. a activity, similar activity, some for at XXXX. we Again, cost lower. said a February. XXXX we time In until would expect think we be quite general flat program our would At XXXX. won't of don't for same is to think we guide that activity cost relatively being level that talked to be about

should would general was of a year. be spent our sense, say terms year. year I now, last in this still lack smaller assuming XXXX, than in we are this dollar capital So will program right that it say or

Operator

from comes MacCurdy Kevin Heikkinen of question Your of line the Energy. next

Your line open. is

Kevin MacCurdy

cash willing goalpost get completions idea just much to the a good hoping double-digit Compared trying an a I XXXX to maybe cut how I'm South year, for to year? Texas or of was this handful. Hey, be could provide next we kind the you flow wells activity. get talking morning. just you'd 'XX free maybe about to of

Jay Ottoson

different two really that's Well, questions.

already our First, of said going we're in to looking activity, goalpost still terms that. for not guide at think we're I we've budget,

be Our will activity lower.

Our going do expect we'll year. we tie there, that this as that be net going it toward in up. guide, to February -- to no, spend these we getting cash We're the was achieving we earlier, we flow do. Ford very excited objective, committed the wells, Eagle do year. about need next so we in are are is primary Texas South to than cash made flow We're to what objective lower of as really free we we've but time we'll at progress And free our to said we're

Kevin MacCurdy

Okay, this you get and could do that's what on opex side that on even XXXX for helpful. And good made lower? you great a progress XQ rate or the LOE, to run

Wade Pursell

I I drive and XXXX done that environment So, And point. activity, for budgeting number we Kevin, our continue, we down. LOE we haven't trying at are have where a obviously, deflationary can to but would this everything but expect to don't

Jennifer Samuels

of will kind LOE. it of total Permian the next we're less some about a additional the would proportion savings smaller of I generate South add in But Because side. that on South LOE. low counter know as year. has obviously, there, such becomes you Texas talking only And Texas spending that

Operator

next question the Huang Pickering Co. Your Oliver of from Holt of line comes Tudor &

line is Your open.

Oliver Huang

Good question. and for morning, thanks my taking

the on the to might look utilizing hoping the the JV there were tests? Upper was wells are all to results the no Eagle spacing what you've specific be able as JV encouraging. the new to if you details design? elaborate new On I from from targeted that Ford why any learned certainly Eagle reasons design And Ford, as

Herb Vogel

returns get spacing. and through are really Oliver, for the laterals longer this was we is, to higher wider striving Herb. What

to program. flow they proving to that you with optimize see want that results that the and and that's returns we're been and to here to we And lead continue stating we to why do From so to we've we do where see as higher are. what can really cash And going can were know we get trying because earlier. free we're

Oliver Huang

that's to in willing all based that per are still what Okay, wells that very area, these might today? that it's in section wells, all underwrite terms on imply on early Eagle And Ford data but the know northern I of just you you days this helpful. have

Jay Ottoson

assessment we to over all our year-end go resource at -- we're would that Oliver, going going do So and February. that be to inventory in

this this we'll we'll wouldn't what year, learned next and exercise, lay we've a we So year when point. take that's do And out at it that guess I venture for beyond. so

Operator

Credit of Jiang Your next line question of the Betty comes from Suisse.

is line open. Your

Betty Jiang

you. outside morning. to impact schedule reduce this or just you around Thank Good able would the avoid issue manage And several by On caused operators third-party being own wondering how next be to is your this of activity? versus quarters? over the impact, much

Herb Vogel

talking and own Herb. understand combination own Permian. well do what activity we're operator can Betty, need is. we is there talking what But you're a as other's sure we offset activity on as wells. is harm there assuming we it's all operators. about offset each our in this depends very and I'm We the communication make wells and of the each don't to other And with about activity, to variable our and location you're control which

is So not forecast. something that to it's easy

Betty Jiang

your terms of Since quarters? Got second the improve we're the it. Permian? going the seeing But that in into is -- production of quarter coming in should that impact tempering the that in

Jay Ottoson

what out have XXXX. as operator because their offset Betty, forecast, it do lay for program it's and where program, their an will we said, and to don't depends I really on they hard

you offset can operators. where point at a what be can area there So perimeter drilling but at see large our that are be quite as We we wells. we can't have say which completing and quarter do active, they'll point they'll they'll be own, what for

Betty Jiang

Okay.

Jay Ottoson

in doing our piece continuing fairly today. we that So -- include accurate and we've with that and said to guidance keep that what we we been continuing have

Betty Jiang

Got it.

Okay, is lever Eagle as balance on tempering the well? the my activity questions obvious is cash thanks. an Permian XXXX. And then certainly option many But that free to budget. to for follow-up, on what there Ford activity flow be capex

Wade Pursell

clearly all I reduction. think absolute it free prioritize returns. we're Betty, want we to Well, down to because where comes debt And to looking flow, prioritize cash

at different flow rates, flow a free adjusted versus how share of they generate they much cash how So various looking debt growth growth working per still much cash alternatives, we're generate. number type growth

yet point toward gotten where where haven't of the reduction. we to flow going general, say year. moving cash exactly direction on first free and official the we'll to after you In we that, -- more can't give But the We land. debt we're guidance

Jay Ottoson

let optimize me to And that's, developments just in Austin to one want on add our that and we future. thing and Eagle Ford able be piece Chalk the

to pace program. a that not drilling So that or sub-optimize by we optimize at want a to us fast run enables

want do we pace the decide going So that how at to we're that's program. right the and to

Betty Jiang

budgeting it's bit your what's assumptions, a us remind strip something price commodity more you on using or Could it. conservative? strip Got whether

Wade Pursell

We'll run but well budgets. for And We'll strip. hedged our we're we, case. as year, run run next we very you for cases strip then the generally strip know,

Betty Jiang

Thank you. great. Okay,

Operator

the of next Biju comes of question line Perincheril Your from Susquehanna.

Your line is open.

Biju Perincheril

Ford Hi, of say this Austin of Kind wells Chalk Chalk sort any the the Eagle relative forward? about good going but versus the economics at early in read morning. mix can point, you early Anything Austin of new completions. program, on

Herb Vogel

completion, four to will wells Biju, be Chalk. pumping and Austin the so lot Herb, for Eagle learn potentially Austin we that, of room have so to the we we fully this Chalk. modifying have as really date more is Since optimize dedicated we Ford a we're

for lined mix, that have terms we yet. not of mix In XXXX out

Biju Perincheril

in maybe quarter? then need in what or third where production you Permian, is today flat keep it kind to care the with would of And Okay. the

Wade Pursell

the Biju, wells the little but need less be that XX of somewhere a depending the in sort to you where completions, it on range, XX a that's are, but of been we've bit in saying could number year.

Jay Ottoson

our we -- base you think the We than third third been quarter we than actually in clear, look anticipated. results beat and I if our fewer expectations. completions outperforming it's pretty at fewer has quarter completions with flowing our

we expected. a basis So better doing the little actually than is

Biju Perincheril

what is to more there I And room driving management. Got bet that management, days I for is from downtime in is it. products and is that mean, better that --

Jay Ottoson

Biju, production I would conservative in say actually our base performance uptime better and better us, forecast that the getting overall. well and than of planned, in combination

contributors down pin of and number a impossible to to is. is one there exactly So that, it's which it

Operator

the comes Mike question next Stifel. Your of line of Scialla from

open. is line Your

Mike Scialla

morning implementing, of does indication that everybody. that if you're a gas? to lower ability give outlook Hey, in for reorganization wanted good an or limit preparing that and us the area is your see in of grow oil kind growth going you're company to future your The to the it

Jay Ottoson

Yeah, Mike, question. that's a great

regionally our we're I look company. what always -- in activity to the think based. focused for really at are -- few other having just by run looking is management sense positions a mostly there And largely going now as operations and regionally operating in that operates our reorganization looking years, we're as at at at we're the be And when we've to planned you Permian look start things in focused next organization. you obviously redundancies a

Really, us, an not So a to opportunity development. effort portion here, and of those simplify We're this operations opportunities, those right business. We're to to new makes of streamline operations our have sense redundancies cutting looking functions. eliminate business going just our is it at continued now. just the some continue robust -- exploration robust to to

I look I So at is an growth to this don't impediment it, see all. at

also we head a note by a you cut know, important it's that, years. normal third would that people our think count streamlining and the over going last I'll I to given see forward. situation the it's four do, we here

of top say, look reduced. and third, you cut, it's it's additional well big and And a is at this not already that we've the it -- cut on so

growth very very I and But our we're given doing. in our G&A we've don't focused to So here efficiency. on we're attentive what been future think

Herb Vogel

be And we way technological we've as to that with Yeah. we've maintain one operators edge And the really preserve at a to and view we're really proficient one we've the ability that very on ourselves add reorganized. been standpoint. that, that the of from ensure cutting technically our I'll careful most

Mike Scialla

Got it.

obviously, the good you around still on planning given Some know that got [indiscernible] case growth generate haven't And base to some still things insight. plan, lot point, year? based it's XX you've I XX you that guess, this I keep next just assume on formalized at XXXX wanted, XXXX, you flat. questions to what you're of

Jay Ottoson

the Right, earlier, I I low on we much of and to also want do And that, well than cash debt, think reduce are some have absolute alternatives focusing we're to we those capital on per reduce we obviously much we'll and leverage. metrics. growth flow guide. get, to very addressed to from we until we how achieve to that lead Other and debt those running share efficiencies we're actually And very this because to growth just free really adjusted knobs how turning. a range cash growth need high flow want

Mike Scialla

Understood. Last one is just...

Jay Ottoson

with Permian, Yeah, I to grow, to right? Permian, is we're no point production that. the in guess there I is, going one grow issue going oil mean Mike, is

-- how Eagle works out. much much how terms gas we'll Ford, of that in how the see But -- volumes, Okay. and in what happens

Mike Scialla

share That's helpful. you this EnCap can discussions your Anything with all at point? on at

Jay Ottoson

EnCap?

Wade Pursell

holdings for probably the I notice don't all -- assume of that same on a I should I it's, that did the you're probably have any speak shouldn't them. other though, we mean to to of color add filing number yesterday. we We we I that. asking at did say. mean they Yeah. think because borrowing

Jay Ottoson

you're we them as number result, for stock gave held an they've a acquisition, of stock years aware. a our during as Well,

Operator

Your of of Nicholson question the comes from next Gail Stephens. line

Your line is open.

Gail Nicholson

about guys entail and just of optimization if was you the have in at that mean, I does to morning. artificial flowback been wells? working know Good the the lift improvement I the that wondering you piece that talk LOE. I could optimize of what change, in

Jay Ottoson

that But lot pieces line reduction. on electric than to there by to an rather Gail, LOE switch to when side, diesel power from an that all power, able generators is are one. yeah, the LOE first of answer powered using for a is of we

one the high that's to we're When from if then in we pressure turn gas to another So able wells ESPs when that's we're gas character be electric ESPs XX versus aspect. And change terms to using But on somewhat. switch in lift the LOE. will -- initially not reduction different. over year recovery lift in first really submersible going XX that to of days very it's pumps,

but are some after little similar. we differences that focused But it's see first LOE XX days, on you'll also. the the pretty that XX side So to

Gail Nicholson

typically then, tracking mean, actually anything And Page expectations great, new in about X or the design wells was the quarter. are on add is to I talking I was Lower if But there? on which you the I the as different execution the a you if those were did asked Eagle IP outperforming great. is Okay, clients. lower wells the everyone eastern, Spraberry disclosed guys XX just of about those impressive was the and that previous But curious bulk this very with [indiscernible] asset has which Ford, Midland Lower are average. Spraberry edge our eastern the

Jay Ottoson

on tend so rates, point. mixed. see is But that that is There decline that great lower there a a actually yeah, offset each Sprayberry other. Again, were well. is IP lower to we were extremely performing the wells are Lower eastern edge And wherever will the some

offset So can have then a you time the a over and rapid have great more Wolfcamp lower and then a which initially, the by has as that decline behavior. Spraberry it's in great opposite IP well, A a

pleased real we're with results the there. Now

Wade Pursell

time small you a for thank of relatively that's program. of that talking about noticing something lot percentage a the spent we And

Operator

this I further at no queue. there questions And turn time to are in the Samuels. call Jennifer back

Jennifer Samuels

us upcoming believe Thanks. I at to look number forward and today all the you, you I seeing thank this joining Well, for of month. a conferences

Operator

gentlemen, Thank participating. for you and call. this conference Ladies concludes today's

You may disconnect. now

SM Energy (SM) 1 Nov 192019 Q3 Earnings call transcript