Second quarter income for SM Energy Co. (SM:NYSE) was up significantly compared to both the same period in 2010 and the first three months of this year.
The Denver-based company reported income for 2011's second quarter at $124.5 million. This number is compared to $18.1 million in reported income over the second quarter in 2010 and the $18.5 million loss in the first quarter of this year, reports UpstreamOnline.
In addition, SM Energy's operating revenue for the second quarter was $377.87 million, up more than $150 million from the second quarter of 2010.
One of the reasons for this strong quarter was likely a drastic increase in production. According to the news source, the company produced an average of 89,820 barrels of oil per day (bpd), compared to 56,810 in the same months of last year.
TheStreet reports that SM Energy's stocks rose more than $8 per share between the close on Monday and Tuesday's opening. TheStreet Ratings still has SM as a "hold." The news source says that while the company has strong revenue growth it is also dealing with a number of weaknesses such as poor debt management.