SM Energy Co. expects capital expenditure (net of the  change in capital accruals), excluding acquisitions, of $295-315 million in this  year’s second quarter with plans to drill about 17 net wells (10 South Texas,  7 Midland basin) and to turn-in-line about 22 net wells (8 South Texas, 14 Midland basin).
Production of 13.3-13.5 MMboe (146,000-148,000 boe/d), at  42-43% oil and 59-60% liquids is expected for second-quarter 2023.  
Second-quarter 2023 guidance was provided with the company’s  first-quarter earnings report released Apr. 27.
For first-quarter 2023, SM Energy had net income of $198.6  million, up more than 300% compared with $48.8 million in the prior year  period. First-quarter 2023 adjusted net income was $162.2 million, down from adjusted  net income of $245.9 million for the same period in 2022.
Net cash provided by operating activities was $331.6  million.    
Production for first-quarter 2023 was 13.2 MMboe, or 146,400  boe/d. Volumes were about 51% from the Midland basin and 49% from South Texas,  and were 43% oil.
Production was about 178,000 boe above the mid-point of  guidance, primarily due to outperformance from all 16 new South Texas wells,  including outperformance from a seven-well pad that turned-in-line 1 week  earlier than initially planned.    
First quarter capital expenditures of $240.7 million,  adjusted for an increase in capital accruals of $66.9 million,  totaled $307.6 million. Capital expenditures included $9.9  million for leasehold acquisitions in the Midland basin of about  6,300 net acres in the Rockstar area for  $10 million that were not considered in guidance.