Shares of SM Energy Co. (SM) are progressing more than 6 percent on Wednesday morning trade after announcing an update on its second-quarter production. Further, the company said it has entered into agreements to acquire 22,800 oily net acres and repurchased 2.6 million shares.
The company said the second quarter production to date is higher than expected and the expected costs are lower than expected in South Texas.
SM Energy said it plans to revise guidance for the second quarter and full year to reflect higher production and lower costs.
Currently, shares are at $29.58, up 5.68 percent from the previous close of $27.99 on a volume of 982,798.
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