sm energy co sm provided an update on activity and revised guidance for q2 2023 and 2023 reflecting higher production and lower costs the company expects to surpass the higher end of q2 production guidance aided by increased oil natural gas and ngl volumes in its south texas program moreover sm anticipates underspending the low end of its q2 capital expenditure and loe cost guidance led by favorable cost deflation and a decline in facilities expenses outlook revised for q2 sm increased the oil production outlook by over 4 at 42 oil from the previous midpoint of the range of 133 mmboe 135 mmboe also the company announced a 10 cut in capital expenditures before acquisitions guidance from the previous midpoint range of 295 million315 million also sm is increasing the 2023 oil production outlook by 1 mmboe from the previous midpoint range of 525 mmboe  545 mmboe including 02 mmboe production from the highoil content acquisition and expects an increase in the oil percentage to 4344 the company lowered its 2023 capital expenditure including acquisition guidance of around 11 billion by 50 million the company also lowered loe per boe by 050 from the previous guidance midpoint for both q2 and 2023 share repurchase the company bought back 26 million shares from its 500 million stock repurchase program sm currently has shares worth 334 million remaining under the share buyback authorization through 2024 acquisition in q2 sm inked a deal to buy 20000 net acres of land in dawson and northern martin counties texas for 935 million and bought an additional 2800 net acres of land near its previously purchased land in the midland basin price action sm shares are trading higher by 603 at 2968 on the last check wednesday