SM Energy Company (SM)

SM Energy Declares Quarterly Cash DividendMay 26, 2026 4:15 PM
PR Newswire (US) DENVER, May 26, 2026 /PRNewswire/ -- SM Energy Company (the "Company" or "SM") (NYSE: SM) today announced that its Board of Directors approved the quarterly cash dividend of $0.22 per share of common stock outstanding. The dividend will be paid on June 22, 2026, to stockholders of record as of the close of business on June 8, 2026.About SM Energy CompanySM is a premier, scaled operator of top-tier oil and gas assets across four leading U.S. shale basins: the Permian Basin, DJ Basin, South Texas, and Uinta Basin. SM is focused on operational excellence, disciplined capital allocation, and delivering growing returns to stockholders. SM routinely posts important information about the Company on its website. For more information, visit www.sm-energy.com. Investor RelationsMegan Hays, Vice President, Investor Relations, mhays@sm-energy.com
Meghan Dack, Director, Investor Relations, mdack@sm-energy.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/sm-energy-declares-quarterly-cash-dividend-302782174.htmlSOURCE SM Energy Company Original: SM Energy Declares Quarterly Cash Dividend

SM Energy Reports First Quarter 2026 ResultsMay 6, 2026 4:10 PM
PR Newswire (US) Accelerated synergies and higher production drive enhanced full-year outlook
Company reaffirms full-year capital expenditure planDENVER, May 6, 2026 /PRNewswire/ -- SM Energy Company (the "Company" or "SM") (NYSE: SM) today reported financial and operating results for the first quarter 2026. Accompanying slides can be found on the Company's website at https://www.sm-energy.com/investors/news-events/presentations. A conference call is scheduled for 8 a.m. MT/10 a.m. ET on May 7, 2026. Participation details are included in this release.SM enters 2026 transformed into a scaled, multi-basin operator with a high-quality oil portfolio built to deliver differentiated returns to stockholders. With the Civitas Resources, Inc. ("Civitas") merger (the "Merger") closed on January 30, 2026, SM's focus is squarely on three strategic priorities: Integrate, Execute, and Bolster.  First quarter 2026 performance against each of these priorities is summarized in the highlights below.First Quarter 2026 HighlightsIntegrate –Raised total synergy target to $375 million in annualized run-rate savings – up from the initial $200–$300 million target – with approximately $300 million actioned to date.Execute –Average net daily production totaled 371.2 MBoe/d, including 190.3 MBbl/d of oil, compared to mid-point guidance of 350 MBoe/d (182 MBbl/d of oil).Strong first quarter results led to a raise in full-year 2026 production guidance to 410–430 MBoe/d (222–228 MBbl/d of oil), compared to previous guidance of 400–420 MBoe/d (216–226 MBbl/d of oil).Reflecting strong first quarter execution, SM increased its second-half 2026 average production run rate to approximately 430 MBoe/d, including approximately 238 MBbl/d of oil.Maintained full-year 2026 capital expenditure guidance of $2.65–$2.85 billion.Net loss was $1.68 per diluted share, primarily related to a non-cash mark-to-market loss on the Company's commodity derivatives at period end due to a sharp rise in forward oil prices; adjusted net income1 was $1.55 per diluted share.Generated operating cash flow of $640 million, or $692 million before net change in working capital, including certain long-term prepayments.1 Capital expenditures totaled $555 million, or $672 million before changes in accruals.1Delivered adjusted free cash flow1 of $20 million after one-time integration and transactions costs and one-time capital costs.Adjusted EBITDAX1 was $970 million.Bolster –Closed the $950 million sale of certain South Texas assets (the "South Texas Divestiture") on April 30, 2026, substantially achieving SM's $1.0 billion-plus asset sales target and meaningfully strengthening its balance sheet. Net proceeds of approximately $900 million, after preliminary purchase price adjustments and estimated selling costs, are being used to redeem all $819 million aggregate principal amount of the 6.75% and 5.0% Senior Notes due 2026 (collectively, "2026 Senior Notes").  Refinanced nearly $900 million of 8.375% high-coupon debt with $1.0 billion of new 6.625% Senior Notes due 2034, reducing the Company's annualized interest expense.Strengthened return of capital framework with a 10% increase in the annual fixed dividend to $0.88 per share, effective with the first quarter 2026 payment, and an expected allocation of 20% of post-dividend free cash flow to share repurchases.1 Adjusted net income; operating cash flow before net change in working capital, including certain long-term prepayments; capital expenditures, before changes in accruals; adjusted EBITDAX; and net debt are non-GAAP measures. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, these non-GAAP financial measures."SM is off to an outstanding start in 2026," stated President and CEO Beth McDonald. "In the first quarter, our team delivered production above the top end of our guidance and accelerated merger synergy capture – demonstrating the capability of our combined organization. We also moved decisively to strengthen our balance sheet, refinancing high-coupon assumed debt and closing a significant divestiture at an accretive valuation. That operational momentum gives us the confidence to raise our synergy target, increase our production guidance, and reaffirm our capital plan. We are building a business with the scale, asset quality, and operational discipline to generate growing returns for stockholders."First Quarter 2026 ReviewProduction was 371.2 MBoe/d, reflecting the recent Merger with a nearly 80% increase from the prior quarter. Results include two months of Permian and DJ Basin production from legacy Civitas assets. SM's average realized price was $44.22 per Boe, before the effect of hedges.Reported a net loss of $335 million, or $1.68 per diluted share, reflecting a $697 million net derivative loss, the majority of which relates to a non-cash mark-to-market loss on the Company's hedge book at period end due to the sharp rise in forward oil prices.Incurred $135 million of transaction and integration costs against full-year guidance of approximately $180 million, and $60 million of one-time capital costs against full-year guidance of $70 million, with the majority of the remaining costs expected to be incurred in the second quarter 2026.Balance SheetAs of March 31, 2026, SM had total liquidity of approximately $2.9 billion, including $449 million of cash and cash equivalents. Total outstanding principal debt was $7.8 billion, with net debt1 of approximately $7.4 billion.On March 9, 2026, SM issued $1.0 billion in aggregate principal of 6.625% Senior Notes due 2034 at par, receiving net proceeds of $985 million. The proceeds funded a cash tender offer for the 8.375% Senior Notes due 2028 ("2028 Senior Notes"), originally issued by Civitas, through which SM repurchased $784 million in aggregate principal for total cash consideration of $808 million. Subsequent to March 31, 2026, the tender offer expired and settled, resulting in an additional $110 million in aggregate principal repurchased for a combined total of $894 million aggregate principal of the 2028 Senior Notes repurchased.On April 30, 2026, SM closed the $950 million South Texas Divestiture, generating net proceeds of approximately $900 million, and concurrently issued notices of redemption to holders of the 2026 Senior Notes to retire in full the $819 million aggregate principal amount outstanding thereunder.Subsequent to March 31, 2026, SM completed its semi-annual borrowing base redetermination, with both the borrowing base and aggregate lender commitments reaffirmed at $5.0 billion and $2.5 billion, respectively, underscoring the strength of the Company's portfolio following the South Texas Divestiture. As of March 31, 2026, SM had no outstanding borrowings under the revolving credit facility.GuidanceThe following table summarizes SM's second quarter and full-year 2026 operational and financial guidance, reflecting raised full-year production to 410–430 MBoe/d and reaffirmed capital expenditures of $2.65–$2.85 billion.Production2Q 2026
Full Year 2026Total Production (MMBoe)139 – 41
150 – 157Total Production (MBoe/d)1435 – 450
410 – 430Oil Production (MBbl/d)1228 – 235
222 – 228



Capital Program ($ MM)


Capital Expenditures2$815 – $855
$2,650 – $2,850DC&E$710 – $750
$2,300 – $2,500Facility, Land, and Other~$95
~$280One-Time Capital Costs3~$10
~$70Net Wells Drilled~75
~245Net Wells Turned-In-Line~75
~295Avg. Well Cost ($/lateral ft)4

~$710



Operating Expenses ($/Boe)


Lease Operating Expense

$6.50 – $6.80Transportation

$3.60 – $3.90Production Taxes (% of oil, gas and NGL revenue)

~5.5%Ad Valorem Taxes

~$0.50DD&A

$13.00 – $15.00



General & Administrative ($ MM)


Recurring G&A5

$280 – $300One-Time Integration & Transaction — Cash6

~$150One-Time Integration & Transaction — Non-Cash6

~$30



Other ($MM)


Exploration Expense

~$100Cash Taxes:


     $60–$70/Bbl (WTI)

~$20     $70–$75/Bbl (WTI)

$20 – $60     $75–$80/Bbl (WTI)

$60 – $90
Notes:1 FY26 production guidance includes 11 months of Civitas contribution following the January 30, 2026, Merger close, the conversion of certain acquired volumes to two-stream reporting, and the South Texas Divestiture that closed on April 30, 2026.2 Indicates a non-GAAP measure or metric. Refer to the "Non-GAAP Definitions, Reconciliations and Disclosures" section in the Appendix. FY26 capital expenditures before changes in accruals includes ~ $50 million of expected synergies.3 Includes one-time, non-recurring capital costs related to Merger integration and the South Texas Divestiture.4 Company-wide average 2026 expected well cost and includes well connection/equipment costs.5 FY26 recurring G&A guidance includes ~$50 million of stock-based compensation.6 The majority of one-time integration and transaction costs (both cash and non-cash) were incurred in 1Q26.Webcast DetailsSM plans to host a conference call and webcast at 8:00 a.m. MT (10:00 a.m. ET) tomorrow, May 7, 2026, to discuss details of the Company's performance for the quarter and certain forward-looking information. The call and accompanying presentation may be accessed at https://www.sm-energy.com/investors. Participants can also dial into the conference call at (877) 407-6050 or +1 (201) 689-8022 for international.About the SM Energy CompanySM is a premier, scaled operator of top-tier oil and gas assets across four leading U.S. shale basins: the Permian Basin, DJ Basin, South Texas, and Uinta Basin. SM routinely posts important information about the Company on its website. SM is focused on operational excellence, disciplined capital allocation, and delivering growing returns to stockholders. For more information, visit www.sm-energy.com.Forward Looking StatementsThis release contains forward-looking statements within the meaning of securities laws. The words "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "guidance," "maintain," "objectives," "optimize," "plan," "priority," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, among other things, the Company's 2026 plans and strategic objectives; the Company's intention to redeem in full its 2026 Senior Notes, plans to enhance the Company's return of capital program and planned allocation of free cash flow to dividends and share repurchases; expectations regarding increased scale; integration objectives and synergy targets, including the expected timing and magnitude; plans to achieve the Company's $1.0 billion-plus divestiture target; statements regarding the South Texas Divestiture; expected future commodity prices; assumptions and projections for the second quarter and full year 2026 regarding guidance for total production; oil production; the Company's capital plan, including total capital expenditures; drilling, completion and equipment costs; facility, land and other costs; one-time capital costs; Company average cost per lateral foot; certain operating expenses, including lease operating expense, transportation, production and ad valorem taxes; DD&A; general and administrative expense, and certain other costs, including exploration expense and cash taxes. These statements involve known and unknown risks, which may cause the Company's actual results to differ materially from results expressed or implied by the forward-looking statements. Future results may be impacted by the risks discussed in the Risk Factors section of the Company's most recent Annual Report on Form 10-K, as such risk factors may be updated from time to time in the Company's other periodic reports filed with the Securities and Exchange Commission, specifically the 2025 Form 10-K. The forward-looking statements contained herein speak as of the date of this release. Although the Company may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so, except as required by securities laws.Investor RelationsMegan Hays, Vice President, Investor Relations, mhays@sm-energy.com
Meghan Dack, Director, Investor Relations, mdack@sm-energy.comSM ENERGY COMPANYFINANCIAL HIGHLIGHTS (UNAUDITED)March 31, 2026









Production Data









For the Three Months Ended
Percent Change Between
March 31,
December 31,
March 31,
1Q26 &
4Q25
1Q26 &
1Q25
2026
2025
2025

Realized sales price (before the effect of net derivative settlements):Oil (per Bbl)$          73.69
$          58.17
$          70.56
27 %
4 %Gas (per Mcf)$            1.72
$            1.81
$            3.30
(5) %
(48) %NGLs (per Bbl)$          21.58
$          20.67
$          25.86
4 %
(17) %Equivalent (per Boe)$          44.22
$          36.92
$          47.29
20 %
(6) %Realized sales price (including the effect of net derivative settlements): (1)Oil (per Bbl)$          69.56
$          60.83
$          70.87
14 %
(2) %Gas (per Mcf)$            2.27
$            2.28
$            3.50
— %
(35) %NGLs (per Bbl)$          21.75
$          20.76
$          24.87
5 %
(13) %Equivalent (per Boe)$          43.32
$          39.32
$          47.73
10 %
(9) %Net production volumes: (2)Oil (MMBbl)17.1
10.0
9.3
72 %
84 %Gas (Bcf)72.4
39.4
36.4
84 %
99 %NGLs (MMBbl)4.2
2.5
2.4
69 %
79 %Equivalent (MMBoe)33.4
19.0
17.8
76 %
88 %Average net daily production: (2)(3)Oil (MBbl per day)190.3
108.4
103.7
76 %
84 %Gas (MMcf per day)804.1
428.3
404.2
88 %
99 %NGLs (MBbl per day)46.9
27.1
26.2
73 %
79 %Equivalent (MBoe per day)371.2
206.9
197.3
79 %
88 %Per Boe data:








Lease operating expense$           6.25
$           5.55
$           6.13
13 %
2 %Transportation costs$           3.65
$           3.67
$           3.92
(1) %
(7) %Production taxes$           2.43
$           1.41
$           2.07
72 %
17 %Ad valorem tax expense$           0.47
$           0.23
$           0.55
104 %
(15) %General and administrative (4)(5)$           5.20
$           2.10
$           2.22
148 %
134 %Net derivative settlement gain (loss)$          (0.90)
$           2.39
$           0.44
(138) %
(305) %Depletion, depreciation, and amortization$         12.91
$         16.73
$         15.20
(23) %
(15) %
(1) Indicates a non-GAAP measure or metric. Post-hedge is calculated as the average realized price after the effects of commodity net derivative settlements. The Company believes this metric is useful to management and the investment community to understand the effects of commodity net derivative settlements on average realized price.(2) Amounts and percentage changes may not calculate due to rounding.(3) Average net daily production is calculated as total production for the quarter divided by 90 days. The results for the three months ended March 31, 2026 reflect only two months of production from the Civitas assets acquired.(4) Includes recurring non-cash stock-based compensation expense per Boe of $0.26, $0.31, and $0.32 for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.(5) For the three months ended March 31, 2026, includes one-time integration costs of $3.52 per Boe, of which $3.06 per Boe is cash costs and $0.46 per Boe is non-cash stock-based compensation.  SM ENERGY COMPANYFINANCIAL HIGHLIGHTS (UNAUDITED)March 31, 2026
Condensed Consolidated Balance Sheets


(in millions, except share data)March 31,
December 31, ASSETS2026
2025Current assets:


Cash and cash equivalents$             449
$             368Accounts receivable915
331Derivative assets201
83Prepaid expenses and other106
29Total current assets1,671
811Property and equipment (successful efforts method):


Proved oil and gas properties22,280
16,012Accumulated depletion, depreciation, and amortization(7,891)
(8,793)Unproved oil and gas properties, net of valuation allowance of $12 and $12, respectively1,078
460Wells in progress835
458Properties held for sale, net666
—Other property and equipment, net of accumulated depreciation of $65 and $63, respectively133
65Total property and equipment, net17,101
8,202Noncurrent assets:


Derivative assets27
6Other noncurrent assets345
234Total noncurrent assets372
240Total assets$          19,144
$           9,253LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:


Accounts payable and accrued expenses$           2,221
$             690Senior Notes, net1,235
419Derivative liabilities703
2Other current liabilities121
58Total current liabilities4,280
1,169Noncurrent liabilities:


Revolving credit facility—
—Senior Notes, net6,741
2,296Asset retirement obligations477
150Deferred tax liabilities, net315
724Derivative liabilities2
2Other noncurrent liabilities461
102Total noncurrent liabilities7,996
3,274Stockholders' equity:


Common stock, $0.01 par value - authorized: 400,000,000 and 200,000,000 shares, respectively; issued and outstanding: 239,696,577 and 114,630,905 shares, respectively2
1Additional paid-in capital3,962
1,517Retained earnings2,903
3,291Accumulated other comprehensive income1
1Total stockholders' equity6,868
4,810Total liabilities and stockholders' equity$          19,144
$           9,253 SM ENERGY COMPANYFINANCIAL HIGHLIGHTS (UNAUDITED)March 31, 2026
Condensed Consolidated Statements of Operations(in millions, except per share data)For the Three Months Ended March 31,
2026
2025Operating revenues and other income:


Oil, gas, and NGL production revenue$         1,477
$           840Other operating income2
5Total operating revenues and other income1,479
845Operating expenses:


Oil, gas, and NGL production expense428
225Depletion, depreciation, and amortization432
270Exploration (1)26
12General and administrative (1)(2)174
39Net derivative loss (3)697
17Other operating expense (2)20
5Total operating expenses1,777
568Income (loss) from operations(298)
276Interest expense(113)
(44)Other non-operating income, net1
—Income (loss) before income taxes(410)
232Income tax (expense) benefit75
(50)Net income (loss)$          (335)
$            182



Basic weighted-average common shares outstanding199
115Diluted weighted-average common shares outstanding199
115Basic net income (loss) per common share$          (1.68)
$           1.59Diluted net income (loss) per common share$          (1.68)
$           1.59



(1) Recurring non-cash stock-based compensation included in:


Exploration expense$                2
$                1General and administrative expense8
6Total non-cash stock-based compensation$              10
$                7



(2) Transaction and integration costs included in:


General and administrative (includes $15 million non-cash stock-based compensation associated with the merger)$            118
$              —Other operating expenses17
—Total transaction and integration costs$            135
$              —



(3) The net derivative loss line item consists of the following:


Net derivative settlement (gain) loss$              30
$              (8)Net loss on fair value changes667
25Total net derivative loss$            697
$             17
Note: Prior year amounts may not calculate due to rounding. SM ENERGY COMPANYFINANCIAL HIGHLIGHTS (UNAUDITED)March 31, 2026











Condensed Consolidated Statements of Stockholders' Equity(in millions, except share data and dividends per share)



Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
Stockholders'
Equity
Common Stock




Shares
Amount



Balances, December 31, 2025114,630,905
$            1
$       1,517
$       3,291
$               1
$         4,810Net loss—
—
—
(335)
—
(335)Net cash dividends declared, $0.22 per share—
—
—
(53)
—
(53)Issuance of common stock upon vesting of RSUs, and settlement of PSUs, net of shares used for tax withholdings235,422
—
(17)
—
—
(17)Stock-based compensation expense1,114,479
—
25
—
—
25Replacement equity awards issued in connection with Civitas Merger—
—
29
—
—
29Issuance of common stock in connection with Civitas Merger123,715,771
1
2,408
—
—
2,409Balances, March 31, 2026239,696,577
$            2
$       3,962
$       2,903
$               1
$         6,868 


Additional
Paid-in
Capital


Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Common Stock

Retained
Earnings


Shares
Amount



Balances, December 31, 2024114,461,934
$            1
$       1,502
$       2,735
$              (1)
$         4,237Net income—
—
—
182
—
182Net cash dividends declared, $0.20 per share—
—
—
(23)
—
(23)Issuance of common stock upon vesting of RSUs, net of shares used for tax withholdings284
—
—
—
—
—Stock-based compensation expense—
—
7
—
—
7Balances, March 31, 2025114,462,218
$            1
$       1,509
$       2,895
$              (1)
$         4,404
Note: Prior year amounts may not calculate due to rounding. SM ENERGY COMPANYFINANCIAL HIGHLIGHTS (UNAUDITED)March 31, 2026
Condensed Consolidated Statements of Cash Flows


(in millions)For the Three Months Ended March 31,
2026
2025Cash flows from operating activities:


Net income (loss)$          (335)
$           182Adjustments to reconcile net income (loss) to net cash provided by operating activities:


Depletion, depreciation, and amortization432
270Stock-based compensation expense25
7Net derivative loss697
17Net derivative settlement gain (loss)(30)
8Amortization of deferred financing costs and debt premiums(5)
3Deferred income tax expense (benefit)(85)
26Other, net(28)
2Net change in working capital(31)
(32)Net cash provided by operating activities640
483



Cash flows from investing activities:


Capital expenditures(555)
(414)Acquisition of business, net of cash acquired(49)
—Other(24)
(15)Net cash used in investing activities(628)
(429)



Cash flows from financing activities:


Proceeds from revolving credit facility15
857Repayment of revolving credit facility(15)
(888)Net proceeds from Senior Notes985
—Cash paid to repurchase Senior Notes(808)
—Dividends paid(82)
(23)Other, net(26)
—Net cash provided by (used in) financing activities69
(54)



Net change in cash, cash equivalents, and restricted cash81
—Cash, cash equivalents, and restricted cash at beginning of period368
—Cash, cash equivalents, and restricted cash at end of period$           449
$             —



Supplemental schedule of additional cash flow information:


Operating activities: Cash paid for interest, net of capitalized interest$            (95)
$           (82)Investing activities: Changes in capital expenditure accruals$           117
$            27
Note: Prior year amounts may not calculate due to rounding.DEFINITIONS OF NON-GAAP MEASURES AND METRICS AS CALCULATED BY THE COMPANYTo supplement the presentation of its financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides certain non-GAAP measures and metrics, which are used by management and the investment community to assess the Company's financial condition, results of operations, and cash flows, as well as compare performance from period to period and across the Company's peer group. The Company believes these measures and metrics are widely used by the investment community, including investors, research analysts and others, to evaluate and compare recurring financial results among upstream oil and gas companies in making investment decisions or recommendations. These measures and metrics, as presented, may have differing calculations among companies and investment professionals and may not be directly comparable to the same measures and metrics provided by others. A non-GAAP measure should not be considered in isolation or as a substitute for the most directly comparable GAAP measure or any other measure of a company's financial or operating performance presented in accordance with GAAP. Reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP measures are presented below. These measures may not be comparable to similarly titled measures of other companies.Adjusted EBITDAX: Adjusted EBITDAX represents net income (loss) before interest expense, interest income, income taxes, depletion, depreciation, and amortization expense, exploration expense, property abandonment and impairment expense, non-cash stock-based compensation expense, derivative gains and losses net of settlements, gains and losses on divestitures, gains and losses on extinguishment of debt, non-recurring or one-time costs including transaction and integration costs associated with the Civitas Merger, and certain other items.  Adjusted EBITDAX excludes certain items that we believe affect the comparability of operating results and can exclude items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated.  Adjusted EBITDAX is a non-GAAP measure that the Company believes provides useful additional information to investors and analysts, as a performance measure, for analysis of the Company's ability to internally generate funds for exploration, development, acquisitions, and to service debt. The Company is also subject to financial covenants under the Company's Credit Agreement, a material source of liquidity for the Company, based on Adjusted EBITDAX ratios. Please reference the Company's first quarter 2026 Form 10-Q and the most recent Annual Report on Form 10-K for discussion of the Credit Agreement and its covenants.Adjusted free cash flow: Adjusted free cash flow is calculated as net cash provided by operating activities before net change in working capital, including change in certain long-term prepayments, less capital expenditures before changes in accruals. The Company uses this measure to represent the cash generated from operations, in excess of capital expenditures, that is available to fund discretionary uses such as debt reduction, stockholder returns, or expanding the business.Adjusted net income and Adjusted net income per diluted common share: Adjusted net income and Adjusted net income per diluted common share exclude certain items that the Company believes affect the comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include non-cash and other adjustments, such as derivative gains and losses net of settlements, impairments, gains and losses on divestitures, gains and losses on extinguishment of debt, non-recurring or one-time costs including transaction and integration costs associated with the Civitas Merger, and accruals for non-recurring matters. The Company uses these measures to evaluate the comparability of the Company's ongoing operational results and trends and believes these measures provide useful information to investors for analysis of the Company's fundamental business on a recurring basis.Net debt: Net debt is calculated as the total principal amount of outstanding senior notes plus amounts drawn on the revolving credit facility less cash and cash equivalents (also referred to as total funded debt). The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company's capital structure and financial leverage.Capital expenditures: The Company's operating plan guidance uses the term "capital expenditures," which is defined to be before changes in accruals (excludes working capital), and is a non-GAAP measure. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, the Company is unable to provide a reconciliation of forward-looking non-GAAP capital expenditures because components of the calculations are inherently unpredictable, such as changes to, and the timing of, capital accruals, unknown future events, and estimating certain future GAAP measures. The inability to project certain components of the calculation could significantly affect the accuracy of a reconciliation.SM ENERGY COMPANYFINANCIAL HIGHLIGHTS (UNAUDITED)March 31, 2026
Adjusted EBITDAX Reconciliation (1)


(in millions)






Reconciliation of net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDAX (non-GAAP):For the Three Months Ended March 31,
2026
2025Net income (loss) (GAAP)$              (335)
$               182Interest expense113
44Income tax expense (benefit)(75)
50Depletion, depreciation, and amortization432
270Exploration (2)24
10Stock-based compensation expense10
7Net derivative loss697
17Net derivative settlement gain (loss)(30)
8Transaction and integration costs (3)135
—Other, net(1)
—Adjusted EBITDAX (non-GAAP)$               970
$               589Interest expense(113)
(44)Income tax (expense) benefit75
(50)Exploration (2)(24)
(10)Amortization of deferred financing costs and debt premiums(5)
3Transaction and integration costs (3)(120)
—Deferred income tax expense (benefit)(85)
26Other, net(27)
1Net change in working capital(31)
(32)Net cash provided by operating activities (GAAP)$               640
$               483


Note: Prior year amounts may not calculate due to rounding.(1) See "Definitions of Non-GAAP Measures and Metrics as Calculated by the Company" above.(2) Stock-based compensation expense is a component of the exploration expense and general and administrative expense line items on the unaudited condensed consolidated statements of operations. Therefore, the exploration line items shown in the reconciliation above will vary from the amounts shown on the unaudited condensed consolidated statements of operations for the component of stock-based compensation expense recorded to exploration expense.(3) Transaction and integration costs include expenses associated with the Merger and post-merger integration activities.  For the three months ended March 31, 2026, these costs consisted of $118 million of one-time integration costs ($15 million of which is stock-based compensation), included in general and administrative expense in the unaudited condensed consolidated statements of operations and $17 million of one-time transaction costs, included in other operating expense in the unaudited condensed consolidated statements of operations.  For the three months ended December 31, 2025, these costs consisted entirely of one-time transaction costs. SM ENERGY COMPANYFINANCIAL HIGHLIGHTS (UNAUDITED)March 31, 2026
Reconciliation of Net Income (Loss) to Adjusted Net Income (1)


(in millions, except per share data)







For the Three Months Ended March 31,
2026
2025Net income (loss) (GAAP)(335)
$               182Net derivative loss697
17Net derivative settlement gain (loss)(30)
8Transaction and integration costs (2)135
—Other, net3
—Tax effect of adjustments (3)(184)
(6)Deferred tax remeasurement – corporate reorganization (4)23
—Adjusted net income (non-GAAP)$               309
$               202



Diluted net income (loss) per common share (GAAP)$              (1.68)
$               1.59Net derivative loss3.49
0.15Net derivative settlement gain (loss)(0.15)
0.07Transaction and integration costs (2)0.68
—Other, net0.01
—Tax effect of adjustments (3)(0.92)
(0.05)Deferred tax remeasurement – corporate reorganization (4)0.12
—Adjusted net income per diluted common share (non-GAAP)$               1.55
$               1.76



Basic weighted-average common shares outstanding199
115Diluted weighted-average common shares outstanding200
115





Note: Prior year amounts may not calculate due to rounding.


(1) See "Definitions of Non-GAAP Measures and Metrics as Calculated by the Company" above.(2) Transaction and integration costs include expenses associated with the Merger and post-merger integration activities.  For the three months ended March 31, 2026, the Company recorded approximately $17 million of one-time transaction costs, included in other operating expense in the unaudited condensed consolidated statements of operations, and $118 million of one-time integration costs, included in general and administrative expense in the unaudited condensed consolidated statements of operations.  (3) The tax effect of adjustments for the three months ended March 31, 2026, and 2025, was calculated using a tax rate of 22.9% and 22.1%, respectively.  These rates approximate the Company's statutory tax rates for the respective periods, as adjusted for ordinary permanent differences.(4) Reflects a non-recurring remeasurement of net deferred tax balances resulting from a change in state income tax apportionment due to a corporate reorganization and the Merger.  SM ENERGY COMPANYFINANCIAL HIGHLIGHTS (UNAUDITED)March 31, 2026



Adjusted Free Cash Flow (1)


(in millions)



For the Three Months Ended March 31,
2026
2025Net cash provided by operating activities (GAAP)$              640
$              483Net change in working capital, including change in certain long-term prepayments52
32Cash flow from operations before net change in working capital, including change in certain long-term prepayments (non-GAAP)692
515



Capital expenditures (GAAP)555
414Changes in capital expenditure accruals117
27Capital expenditures before changes in accruals (non-GAAP)672
441



Adjusted free cash flow (non-GAAP)$               20
$               74
(1) See "Definitions of Non-GAAP Measures and Metrics as Calculated by the Company" above.Note:  For the three months ended March 31, 2026, adjusted free cash flow includes one-time, non-recurring cash costs of approximately $180 million associated with the Merger integration and the South Texas assets divested, of which approximately $120 million was reported in net cash provided by operating activities and approximately $60 million in capital expenditures. Reconciliation of Total Principal Amount of Debt to Net Debt (1)
(in millions)

As of March 31, 2026Principal amount of Senior Notes (2)$                         7,802Revolving credit facility (2)—Total principal amount of debt (GAAP)7,802Less: Cash and cash equivalents449Net Debt (non-GAAP)$                         7,353
(1) See "Definitions of Non-GAAP Measures and Metrics as Calculated by the Company" above.(2) Amounts as of March 31, 2026, are from Note 6 - Long-Term Debt in Part I, Item 1 of the Company's Form 10-Q.   View original content to download multimedia:https://www.prnewswire.com/news-releases/sm-energy-reports-first-quarter-2026-results-302764582.htmlSOURCE SM Energy Company Original: SM Energy Reports First Quarter 2026 Results

SM ENERGY CLOSES $950 MILLION SOUTH TEXAS DIVESTITURE; ANNOUNCES REDEMPTION OF ALL OUTSTANDING 2026 SENIOR NOTESApril 30, 2026 4:15 PM
PR Newswire (US)

Demonstrates strong momentum toward $1.0 billion-plus asset sale target and advances 2026 priority to bolster the balance sheetDENVER, April 30, 2026 /PRNewswire/ -- SM Energy Company (the "Company" or "SM") (NYSE: SM) today announced the closing of its previously announced sale of certain South Texas assets for a cash purchase price of $950 million (the "South Texas Divestiture"). Net cash proceeds from the sale totaled approximately $900 million, after preliminary purchase price adjustments and estimated transaction costs. The final purchase price remains subject to customary post-closing adjustments. With the closing of the South Texas Divestiture, SM has demonstrated strong momentum towards its $1.0 billion-plus divestiture target. Concurrently with the closing, the Company instructed the trustees under the Company's 6.75% Senior Notes due 2026 and 5.0% Senior Notes due 2026 (collectively, the "2026 Senior Notes") to issue notices of full redemption to holders of the 2026 Senior Notes."The closing of our South Texas asset sale and the redemption of our high-yield debt due this year mark decisive progress on our 2026 strategic priority to bolster the balance sheet," said Beth McDonald, President and CEO. "Together with the early actions we've taken on our merger integration and synergy capture, these steps accelerate our path to a lower-leverage, investment-grade-quality capital structure."Redemption of 2026 Senior NotesThe Company intends to redeem in full the $819 million aggregate principal amount outstanding of its 2026 Senior Notes at par, plus accrued and unpaid interest, as follows:$419 million aggregate principal amount of its outstanding 6.75% Senior Notes due September 15, 2026, with a planned redemption date of June 1, 2026; and$400 million aggregate principal amount of its outstanding 5.0% Senior Notes due October 15, 2026, with a planned redemption date of May 11, 2026; originally issued by Civitas Resources, Inc. ("Civitas") and assumed by the Company in connection with the closing of its merger with Civitas on January 30, 2026.Credit Facility ReaffirmedSubsequent to March 31, 2026, the Company completed its semi-annual borrowing base redetermination, with both the borrowing base and aggregate lender commitments reaffirmed at $5.0 billion and $2.5 billion, respectively, after giving effect to the South Texas Divestiture.Forward-Looking StatementsThis release contains forward-looking statements within the meaning of securities laws. The words "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "maintain," "objectives," "optimize," "plan," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, among other things, the Company's 2026 plans and strategic priorities; the Company's intention to redeem in full its 2026 Senior Notes; expectations regarding lower-leverage, investment-grade-quality capital structure; integration and synergies; plans to achieve the Company's $1.0 billion-plus divestiture target; and statements regarding the South Texas Divestiture. These statements involve known and unknown risks, which may cause the Company's actual results to differ materially from results expressed or implied by the forward-looking statements. Future results may be impacted by the risks discussed in the Risk Factors section of the Company's most recent Annual Report on Form 10-K, as such risk factors may be updated from time to time in the Company's other periodic reports filed with the Securities and Exchange Commission, specifically the 2025 Form 10-K. The forward-looking statements contained herein speak as of the date of this release. Although the Company may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so, except as required by securities laws.About SM Energy CompanySM is a premier, scaled operator of top-tier oil and gas assets across four leading U.S. shale basins, the Permian Basin, DJ Basin, South Texas, and Uinta Basin. SM routinely posts important information about the Company on its website. SM is focused on operational excellence, disciplined capital allocation, and delivering growing returns to stockholders. For more information, visit www.sm-energy.com.Investor RelationsMegan Hays, Vice President, Investor Relations, mhays@sm-energy.com
Meghan Dack, Director, Investor Relations, mdack@sm-energy.com





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Original: SM ENERGY CLOSES $950 MILLION SOUTH TEXAS DIVESTITURE; ANNOUNCES REDEMPTION OF ALL OUTSTANDING 2026 SENIOR NOTES

SM Energy Schedules First Quarter 2026 Conference Call for May 7, 2026April 7, 2026 4:15 PM
PR Newswire (US)

DENVER, April 7, 2026 /PRNewswire/ -- SM Energy Company (NYSE: SM) (the "Company") today announced that it plans to release first quarter 2026 financial and operating results after market close on May 6, 2026. The Company will hold a conference call to discuss results on May 7, 2026, at 8:00 a.m. MT (10:00 a.m. ET).To join the live conference call, register at: SM Energy 1Q 2026 Earnings Call Registration. Dial-in for domestic toll-free/international is 877-407-6050 / +1 201-689-8022.To access the live webcast and view the related earnings presentation, visit the Company's website at https://www.sm-energy.com/investors. The replay will also be available on the Company's website under the "Investor Relations" section.About SM EnergySM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Colorado, New Mexico, Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.Investor Contacts: Megan Hays, mhays @motionsigns-2425
Meghan Dack, mdack @motionsigns-2426 





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Original: SM Energy Schedules First Quarter 2026 Conference Call for May 7, 2026

SM ENERGY ANNOUNCES EXPIRATION AND FINAL TENDER RESULTS OF PREVIOUSLY ANNOUNCED CASH TENDER OFFERApril 2, 2026 8:30 AM
PR Newswire (US)

DENVER, April 2, 2026 /PRNewswire/ -- SM Energy Company ("SM Energy") (NYSE: SM) today announced the final tender results of the previously announced cash tender offer to purchase (the "Tender Offer") up to $1,000,000,000 (the "Maximum Tender Amount") aggregate principal amount of the outstanding 8.375% Senior Notes due 2028 (CUSIP Numbers Rule 144A: 17888HAA1 / Reg. S: U1638HAA5) (the "Notes"), originally issued by Civitas Resources, Inc. ("Civitas"), and assumed by SM Energy in connection with the closing of its merger with Civitas, subject to the terms and conditions set forth in the Offer to Purchase dated March 4, 2026 (as it may be amended or supplemented from time to time, the "Offer to Purchase").As of 5:00 p.m., New York City time, on April 1, 2026 (the "Expiration Date"), according to information provided by D.F. King & Co., Inc., the Tender Agent and the Information Agent for the Tender Offer, $110,390,000 aggregate principal amount of Notes had been validly tendered and not validly withdrawn after the Early Tender Date but prior to the Expiration Date. Subject to the terms and conditions of the Tender Offer, SM Energy is accepting for purchase all $110,390,000 aggregate principal amount of Notes validly tendered after the Early Tender Date and at or prior to the Expiration Date, in addition to the $783,605,000 aggregate principal amount of Notes accepted for purchase on March 19, 2026, for a total of $893,995,000 aggregate principal amount of Notes accepted for purchase. The settlement date with respect to all Notes validly tendered after the Early Tender Date but at or prior to the Expiration Date and not validly withdrawn and accepted for purchase is April 3, 2026.The terms and conditions of the Tender Offer, including SM Energy's obligation to accept the Notes tendered and pay the purchase price therefor, were set forth in the Offer to Purchase. The Tender Offer was not conditioned on any minimum amount of Notes being tendered.SM Energy retained BofA Securities, Inc. as dealer manager and solicitation agent, and D.F. King & Co., Inc. as the Tender Agent and the Information Agent for the Tender Offer.This press release does not constitute an offer to purchase or redeem or the solicitation of an offer to sell the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.DISCLOSURESFORWARD LOOKING STATEMENTSThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that we expect, believe, or anticipate will or may occur in the future are forward-looking statements. The words "action," "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "guidance," "integrate," "maintain," "objectives," "optimize," "project," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, but are not limited to, among other things, the completion of the Tender Offer. Such forward-looking statements are based on assumptions and analyses made by SM Energy in light of its experience and its perception of historical trends, current conditions, expected future developments, and other factors that SM Energy believes are appropriate under the circumstances. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forward-looking statements. Future results may be impacted by the risks discussed in the Risk Factors section of SM Energy's most recent Annual Report on Form 10-K, as such risk factors may be updated from time to time in SM Energy's other periodic reports filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance and actual results or performance may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements contained herein speak as of the date of this release. Although SM Energy may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so, except as required by securities laws.ABOUT THE COMPANYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in the states of Colorado, New Mexico, Texas and Utah.SM ENERGY INVESTOR CONTACTSPatrick Lytle,





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Original: SM ENERGY ANNOUNCES EXPIRATION AND FINAL TENDER RESULTS OF PREVIOUSLY ANNOUNCED CASH TENDER OFFER

SM ENERGY ANNOUNCES EARLY TENDER RESULTS; EXTENDS AND UPSIZES PREVIOUSLY ANNOUNCED CASH TENDER OFFERMarch 18, 2026 8:30 AM
PR Newswire (US)

DENVER, March 18, 2026 /PRNewswire/ -- SM Energy Company ("SM Energy") (NYSE: SM) today announced (i) the early results of the previously announced cash tender offer to purchase (the "Tender Offer") up to $750,000,000 aggregate principal amount of the outstanding 8.375% Senior Notes due 2028 (CUSIP Numbers Rule 144A: 17888HAA1 / Reg. S: U1638HAA5) (the "Notes"), originally issued by Civitas Resources, Inc. ("Civitas"), and assumed by SM Energy in connection with the closing of its merger with Civitas, (ii) the increase of such maximum aggregate principal amount not to exceed $1,000,000,000 (as modified, and as it may be further modified by SM Energy, the "Maximum Tender Amount"), and (iii) the extension of the Early Tender Premium (as defined below) until the Expiration Date (as defined below), each subject to the terms and conditions set forth in the Offer to Purchase dated March 4, 2026 (as it may be amended or supplemented from time to time, the "Offer to Purchase"). The following table sets forth certain terms and early results of the Tender Offer:Title of Notes
CUSIP Numbers /  ISIN
Aggregate Principal
Amount Outstanding (1)
Maximum Tender
Amount
Principal Amount
Tendered
Percent of
 Outstanding
Principal Amount
Tendered8.375% Senior Notes due 2028
17888HAA1 / US17888HAA14U1638HAA5 / USU1638HAA50
$1,350,000,000
$1,000,000,000
$783,605,000
58.04‍%______________________________________(1)  As of the date of this press release.As of 5:00 p.m., New York City time, on March 17, 2026 (the "Early Tender Date"), according to information provided by D.F. King & Co., Inc., the Tender Agent and the Information Agent for the Tender Offer, the aggregate principal amount of the Notes set forth in the table above under "Principal Amount Tendered" had been validly tendered and not validly withdrawn. Withdrawal rights for the Notes expired at 5:00 p.m., New York City time, on March 17, 2026 (the "Withdrawal Date"), and have not been extended. Notes validly tendered may not be withdrawn after the Withdrawal Date, except as may be required by law.The Company has amended the Maximum Tender Amount to accept up to $1,000,000,000 principal amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date. Holders who validly tendered their Notes at or prior to the Early Tender Date will receive the "Total Consideration" of $1,031.75 for each $1,000 principal amount of Notes accepted for purchase. The Total Consideration includes the "Early Tender Premium" of $50 for each $1,000 principal amount of Notes. The Company has also amended the terms of the Tender Offer to extend the Total Consideration, which includes the Early Tender Premium, to all Notes validly tendered after the Early Tender Date, but at or prior to the Expiration Date, and not validly withdrawn.In addition to the Total Consideration, holders who validly tender and do not validly withdraw Notes and whose Notes are accepted for purchase will receive accrued and unpaid interest, up to, but not including, the applicable settlement date. The settlement date with respect to all Notes validly tendered at or prior to the Early Tender Date and not validly withdrawn and accepted for purchase is March 19, 2026 (the "Early Settlement Date").Since the Tender Offer is not fully subscribed as of the Early Settlement Date, the settlement date with respect to all Notes validly tendered after the Early Tender Date, but at or prior to the Expiration Date, and not validly withdrawn, is expected to be on the second business day after the Expiration Date, or promptly thereafter (such date, as the same may be extended, the "Final Settlement Date"). The Final Settlement Date is currently expected to be April 3, 2026.Notes validly tendered at or prior to the Early Tender Date are being accepted for purchase with priority over the Notes validly tendered after the Early Tender Date, but at or prior to the Expiration Date.Acceptance of Notes validly tendered after the Early Tender Date may be subject to proration if the aggregate principal amount of the Notes validly tendered and not validly withdrawn is greater than the Maximum Tender Amount. SM Energy reserves the right, but is under no obligation, to further increase the Maximum Tender Amount at any time, subject to compliance with applicable law.The Tender Offer will expire at 5:00 p.m., New York City time, on April 1, 2026, unless extended (such date and time, as the same may be extended, the "Expiration Date").The completion of the Tender Offer is subject to a number of conditions that are set forth in the Offer to Purchase. The Tender Offer is not conditioned on any minimum amount of Notes being tendered.The terms and conditions of the Tender Offer, including SM Energy's obligation to accept the Notes tendered and pay the purchase price therefor, are set forth in the Offer to Purchase. SM Energy may, at its own discretion, amend, extend or, subject to certain conditions, terminate the Tender Offer.SM Energy has retained BofA Securities, Inc. as dealer manager and solicitation agent. Questions regarding the Tender Offer may be directed to BofA Securities, Inc. at (980) 683-1735 or by e-mail at debt_advisory@bofa.com. For questions concerning delivery by means of the Automated Tender Offer Program and to obtain copies of the Offer to Purchase, please contact the Information Agent, D.F. King & Co., Inc. at (877) 732-3617 (toll-free) and (212) 257-2543 or by e-mail at sm@dfking.com.This press release does not constitute an offer to purchase or redeem or the solicitation of an offer to sell the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.DISCLOSURESFORWARD LOOKING STATEMENTSThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that we expect, believe, or anticipate will or may occur in the future are forward-looking statements. The words "action," "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "guidance," "integrate," "maintain," "objectives," "optimize," "project," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, but are not limited to, among other things, the completion of the Tender Offer. Such forward-looking statements are based on assumptions and analyses made by SM Energy in light of its experience and its perception of historical trends, current conditions, expected future developments, and other factors that SM Energy believes are appropriate under the circumstances. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forward-looking statements. Future results may be impacted by the risks discussed in the Risk Factors section of SM Energy's most recent Annual Report on Form 10-K, as such risk factors may be updated from time to time in SM Energy's other periodic reports filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance and actual results or performance may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements contained herein speak as of the date of this release. Although SM Energy may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so, except as required by securities laws.ABOUT THE COMPANYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in the states of Colorado, New Mexico, Texas and Utah.INVESTOR CONTACTSPatrick Lytle,





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Original: SM ENERGY ANNOUNCES EARLY TENDER RESULTS; EXTENDS AND UPSIZES PREVIOUSLY ANNOUNCED CASH TENDER OFFER

SM ENERGY PRICES AN UPSIZED PRIVATE OFFERING OF $1.0 BILLION OF SENIOR NOTES DUE 2034March 4, 2026 5:30 PM
PR Newswire (US)

DENVER, March 4, 2026 /PRNewswire/ -- SM Energy Company ("SM Energy") (NYSE: SM) announced today that it has priced an upsized offering of $1.0 billion aggregate principal amount of 6.625% senior notes due 2034 (the "Notes"). The Notes will be issued at par. The offering of the Notes is expected to close on March 9, 2026, subject to customary closing conditions.SM Energy intends to use the net proceeds from the offering of the Notes to fund its previously announced offer to purchase (the "Tender Offer") for cash up to $750 million of its outstanding $1.350 billion principal amount of its 8.375% Senior Notes due 2028 (the "2028 Notes") and for general corporate purposes, including additional repayment of the Company's 2028 Notes.The Notes offered will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or under any state or other securities laws, and the Notes will be issued pursuant to an exemption therefrom, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person, absent registration or an applicable exemption from registration requirements. The Notes were being offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act.This press release does not constitute an offer to sell, a solicitation, to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is not an offer to purchase, or a notice to redeem, the 2028 Notes.DISCLOSURESFORWARD LOOKING STATEMENTSThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this release include the intended use of offering proceeds and other aspects of the Notes offering and Tender Offer. These statements involve known and unknown risks and uncertainties, including market conditions, customary offering closing conditions, participation by holders of the 2028 Notes in the Tender Offer and other factors described in the Confidential Offering Memorandum, which may cause SM Energy's actual results to differ materially from the forward-looking statements included in this communication. All such factors are difficult to predict and are beyond SM Energy's control, including those detailed in SM Energy's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. All forward-looking statements are based on assumptions that SM Energy believes to be reasonable but that may not prove to be accurate. Such forward-looking statements are based on assumptions and analyses made by SM Energy in light of its perceptions of current conditions, expected future developments, and other factors that SM Energy believes are appropriate under the circumstances. These statements are subject to a number of known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual results may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements in this press release speak as of the date of this press release.ABOUT THE COMPANYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Colorado, New Mexico, Texas and Utah. SM Energy routinely posts important information about the Company on its website.INVESTOR CONTACTS:Patrick Lytle,





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Original: SM ENERGY PRICES AN UPSIZED PRIVATE OFFERING OF $1.0 BILLION OF SENIOR NOTES DUE 2034

SM ENERGY ANNOUNCES PRIVATE OFFERING OF $750 MILLION OF SENIOR NOTES DUE 2034March 4, 2026 8:00 AM
PR Newswire (US)

DENVER, March 4, 2026 /PRNewswire/ -- SM Energy Company ("SM Energy" or "the Company") (NYSE: SM) announced today that, subject to market conditions, it intends to offer $750 million aggregate principal amount of its senior notes due 2034 (the "Notes").SM Energy intends to use the net proceeds from the offering of the Notes, together with cash on hand and/or borrowings under its revolving credit facility, to fund an offer to purchase for cash up to $750 million of its outstanding $1.350 billion principal amount of its 8.375% Senior Notes due 2028 (the "2028 Notes"), solely upon the terms and conditions described in the Company's Offer to Purchase, dated March 4, 2026.The Notes to be offered will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or under any state or other securities laws, and the Notes will be issued pursuant to an exemption therefrom, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person, absent registration or an applicable exemption from registration requirements. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act.This press release does not constitute an offer to sell, a solicitation to buy, or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is not an offer to purchase the 2028 Notes.DISCLOSURESFORWARD LOOKING STATEMENTSThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this release include the intended use of offering proceeds and other aspects of the Notes offering. These statements involve known and unknown risks and uncertainties, including market conditions, customary offering closing conditions and other factors described in the Confidential Offering Memorandum, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forward-looking statements included in this communication. All such factors are difficult to predict and are beyond SM Energy's control, including those detailed in SM Energy's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. All forward-looking statements are based on assumptions that SM Energy believes to be reasonable but that may not prove to be accurate. Such forward-looking statements are based on assumptions and analyses made by SM Energy in light of its perceptions of current conditions, expected future developments, and other factors that SM Energy believes are appropriate under the circumstances. These statements are subject to a number of known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual results may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements in this press release speak as of the date of this press release.ABOUT THE COMPANYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Colorado, New Mexico, Texas and Utah. SM Energy routinely posts important information about the Company on its website. INVESTOR CONTACTSPatrick Lytle,





View original content to download multimedia:https://www.prnewswire.com/news-releases/sm-energy-announces-private-offering-of-750-million-of-senior-notes-due-2034-302703873.htmlSOURCE SM Energy Company

Original: SM ENERGY ANNOUNCES PRIVATE OFFERING OF $750 MILLION OF SENIOR NOTES DUE 2034

SM ENERGY COMPANY ANNOUNCES CASH TENDER OFFER FOR UP TO $750.0 MILLION AGGREGATE PRINCIPAL AMOUNT OF 8.375% SENIOR NOTES DUE 2028 ORIGINALLY ISSUED BY CIVITAS RESOURCESMarch 4, 2026 8:10 AM
PR Newswire (US)

DENVER, March 4, 2026 /PRNewswire/ -- SM Energy Company ("SM Energy") (NYSE: SM) today announced that it has commenced a cash tender offer to purchase (the "Tender Offer") up to an aggregate principal amount not to exceed $750,000,000 (as it may be modified by SM Energy, the "Maximum Tender Amount"), of the outstanding 8.375% Senior Notes due 2028 (CUSIP Numbers Rule 144A: 17888HAA1 / Reg. S: U1638HAA5) (the "Notes"), originally issued by Civitas Resources, Inc. ("Civitas"), and assumed by SM Energy in connection with the closing of its merger with Civitas, subject to the terms and conditions set forth in the Offer to Purchase dated March 4, 2026 (as it may be amended or supplemented from time to time, the "Offer to Purchase"). The following table sets forth certain terms of the Tender Offer:Title of NotesCUSIP Numbers / ISINAggregate
Principal Amount
Outstanding(1)Maximum
Tender
AmountTender Offer 
Consideration(2)(3)Early Tender
Premium(2)(4)Total
Consideration(2)(5)8.375% Senior Notes due 202817888HAA1 / US17888HAA14
U1638HAA5 / USU1638HAA50$1,350,000,000$750,000,000$981.75$50$1,031.75













(1)As of the date of this press release.(2)Holders will also receive accrued and unpaid interest from the last interest payment with respect to the Notes accepted for purchase to, but not including, the Early Settlement Date (as defined below) or the Final Settlement Date (as defined below), as applicable.(3)For each $1,000 principal amount of Notes validly tendered in the Tender Offer after the Early Tender Date (as defined below) but at or prior to the Expiration Date (as defined below) and accepted for purchase.(4)For each $1,000 principal amount of Notes validly tendered and not validly withdrawn in the Tender Offer at or prior to the Early Tender Date and accepted for purchase.(5)For each $1,000 principal amount of Notes validly tendered and not validly withdrawn in the Tender Offer at or prior to the Early Tender Date and accepted for purchase. Includes the Early Tender Premium.The Tender Offer will expire at 5:00 p.m., New York City time, on April 1, 2026, unless extended (such date and time, as the same may be extended, the "Expiration Date"). Holders who validly tender their Notes at or prior to 5:00 p.m., New York City time, on March 17, 2026, unless such date is extended or earlier terminated (the "Early Tender Date"), will be eligible to receive the "Total Consideration" set forth in the table above for each $1,000 principal amount of Notes. The Total Consideration includes the "Early Tender Premium" set forth in the table above. Holders who validly tender their Notes after the Early Tender Date, but at or prior to the Expiration Date, and do not validly withdraw such Notes, will only be eligible to receive the "Tender Offer Consideration" as set forth in the table above, which does not include the Early Tender Premium. In addition to the Total Consideration or the Tender Offer Consideration, as applicable, holders who validly tender and do not validly withdraw Notes and whose Notes are accepted for purchase will receive accrued and unpaid interest, up to, but not including, the applicable settlement date. The settlement date with respect to all Notes validly tendered at or prior to the Early Tender Date and not validly withdrawn and accepted for purchase is expected to be the second business day after the Early Tender Date, or as promptly as practicable thereafter (such date, as the same may be extended, the "Early Settlement Date"). The Early Settlement Date is currently expected to be on March 19, 2026. If the Tender Offer is not fully subscribed as of the Early Settlement Date, the settlement date with respect to all Notes validly tendered after the Early Tender Date, but at or prior to the Expiration Date, and not validly withdrawn, is expected to be on the second business day after the Expiration Date, or promptly thereafter (such date, as the same may be extended, the "Final Settlement Date"). The Final Settlement Date is currently expected to be April 3, 2026.Notes validly tendered may not be withdrawn after 5:00 p.m., New York City time, on March 17, 2026 (such date and time, as the same may be extended, the "Withdrawal Date"), except as may be required by law.Notes validly tendered at or prior to the Early Tender Date will be accepted for purchase with priority over the Notes validly tendered after the Early Tender Date, but at or prior to the Expiration Date.Acceptance for tenders of the Notes may be subject to proration if the aggregate principal amount of the Notes validly tendered and not validly withdrawn is greater than the Maximum Tender Amount. Furthermore, if the Tender Offer to purchase Notes is fully subscribed as of the Early Tender Date, holders who validly tender Notes after the Early Tender Date will not have any of their Notes accepted for purchase and there will be no Final Settlement Date.SM Energy reserves the right, but is under no obligation, to increase the Maximum Tender Amount at any time, subject to compliance with applicable law. If SM Energy increases the Maximum Tender Amount, it does not expect to extend the Withdrawal Date, subject to applicable law.The completion of the Tender Offer is subject to a number of conditions that are set forth in the Offer to Purchase, including, among other things, the successful completion by SM Energy of a new senior debt offering. The Tender Offer is not conditioned on any minimum amount of Notes being tendered.The terms and conditions of the Tender Offer, including SM Energy's obligation to accept the Notes tendered and pay the purchase price therefor, are set forth in the Offer to Purchase. SM Energy may, at its own discretion, amend, extend or, subject to certain conditions, terminate the Tender Offer.SM Energy has retained BofA Securities, Inc. as dealer manager and solicitation agent. Questions regarding the Tender Offer may be directed to BofA Securities, Inc. at (980) 683-1735 or by e-mail at debt_advisory@bofa.com. For questions concerning delivery by means of the Automated Tender Offer Program and to obtain copies of the Offer to Purchase, please contact the Information Agent, D.F. King & Co., Inc. at (877) 732-3617 (toll-free) and (212) 257-2543 or by e-mail at sm@dfking.com.This press release does not constitute an offer to purchase or redeem or the solicitation of an offer to sell the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.DISCLOSURESFORWARD LOOKING STATEMENTSThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that we expect, believe, or anticipate will or may occur in the future are forward-looking statements. The words "action," "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "guidance," "integrate," "maintain," "objectives," "optimize," "project," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, but are not limited to, among other things, the completion of the Tender Offer. Such forward-looking statements are based on assumptions and analyses made by SM Energy in light of its experience and its perception of historical trends, current conditions, expected future developments, and other factors that SM Energy believes are appropriate under the circumstances. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forward-looking statements. Future results may be impacted by the risks discussed in the Risk Factors section of SM Energy's most recent Annual Report on Form 10-K, as such risk factors may be updated from time to time in SM Energy's other periodic reports filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance and actual results or performance may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements contained herein speak as of the date of this release. Although SM Energy may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so, except as required by securities laws.ABOUT THE COMPANYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Colorado, New Mexico, Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.INVESTOR CONTACTSPatrick Lytle,





View original content to download multimedia:https://www.prnewswire.com/news-releases/sm-energy-company-announces-cash-tender-offer-for-up-to-750-0-million-aggregate-principal-amount-of-8-375-senior-notes-due-2028-originally-issued-by-civitas-resources-302703888.htmlSOURCE SM Energy Company

Original: SM ENERGY COMPANY ANNOUNCES CASH TENDER OFFER FOR UP TO $750.0 MILLION AGGREGATE PRINCIPAL AMOUNT OF 8.375% SENIOR NOTES DUE 2028 ORIGINALLY ISSUED BY CIVITAS RESOURCES

Energy stocks advance as oil prices surge amid Middle East tensionsMarch 2, 2026 7:49 AM
IH Market News
Shares of U.S. energy companies moved higher in premarket trading on Monday, tracking a sharp rise in crude oil prices following an escalation of conflict in the Middle East.Brent crude futures jumped as much as 13% to $82.37 per barrel — their highest level since January 2025 — before easing back to $79.39 per barrel by 08:57 GMT. U.S. West Texas Intermediate (WTI) crude reached an intraday peak of $75.33, gaining more than 12% and marking its strongest level since June.Among major oil producers, Exxon Mobil (NYSE:XOM) climbed 5.9%, while Chevron (NYSE:CVX) rose 4.1%. Oilfield technology company Baker Hughes (NASDAQ:BKR) advanced 5.6%, and ConocoPhillips (NYSE:COP) gained 6.2%.Independent exploration and production firms also posted solid gains, with SM Energy (NYSE:SM), Occidental Petroleum (NYSE:OXY), Coterra Energy (NYSE:CTRA) and Devon Energy (NYSE:DVN) rising between 6% and 7.5%.Oilfield services providers Halliburton (NYSE:HAL) and SLB (NYSE:SLB) added 5.7% and 4.3%, respectively, as higher crude prices improved the outlook for energy-sector activity.ExxonMobil stock priceChevron stock priceBaker Hughes stock priceConocoPhillips stock priceSM Energy stock priceOccidental Petroleum stock priceCoterra Energy stock priceDevon Energy stock priceHalliburton stock priceSLB stock price

Original: Energy stocks advance as oil prices surge amid Middle East tensions

SM ENERGY REPORTS FOURTH QUARTER AND FULL-YEAR 2025 FINANCIAL AND OPERATING RESULTSFebruary 25, 2026 4:10 PM
PR Newswire (US)

Full-year 2025 results include record production and record operating cash flow and adjusted EBITDAX(1)DENVER, Feb. 25, 2026 /PRNewswire/ -- SM Energy Company (the "Company" or "SM Energy") (NYSE: SM) today reported financial and operating results for the fourth quarter and full-year 2025. Accompanying slides can be found on the Company's website at sm-energy.com/investors/news-events/presentations. A conference call is scheduled for 8 a.m. MT/10 a.m. ET on February 26, 2026. Participation details can be found within this release."SM Energy enters its next chapter as a century-strong, future-ready company," said President and CEO Beth McDonald. "In 2025, we delivered record cash flow from operations and record net production. We've built great momentum for 2026 with expanded scale and a clear strategic plan to create differentiating value. We're rapidly integrating the combined business and unlocking meaningful synergies. With our recently announced $950 million South Texas asset divestiture at an accretive valuation, we are well on our way to achieving our $1.0 billion divestiture target to bolster the balance sheet and enhance return of capital."FULL-YEAR 2025:Announced merger with Civitas Resources, which closed on January 30, 2026, and delivers enhanced scale and meaningful expected synergiesNet income of $648 million, $5.64 per diluted share; $623 million adjusted net income,(1) $5.42 per diluted shareRecord operating cash flow of $2.01 billion; totaled $2.02 billion before net change in working capital, including change in certain long-term prepayments(1) Record adjusted EBITDAX(1) of $2.26 billion, 13% higher than 2024, driven by record production and resilient margins, offsetting a 14% decline in benchmark oil priceCapital expenditures of $1.44 billion, adjusted for changes in accruals,(1) totaled $1.40 billionAdjusted free cash flow(1) increased 28% year-over-year to $620 millionRecord net production of 75.5 MMBoe, or 206.8 MBoe/d; up 21% year-over-year, of which 53% was oilReduced net debt(1) by $437 million and improved leverage to 1.05x net debt-to-adjusted EBITDAX(1) at year end despite lower oil prices than plannedReturned $104 million to stockholders through dividend payments and share buybacks; $648 million cumulative program return to date since 2022Estimated net proved reserves totaled 673.0 MMBoe at December 31, 2025; 42% oil and 61% proved developedSuccessfully integrated Uinta Basin assets, demonstrating technical ability to unlock value from stacked intervalsSubsequent to year-end, the Company announced the signing of an agreement to sell certain South Texas assets for $950 million, advancing deleveraging objectives and substantially achieving its $1.0 billion divestiture targetFOURTH QUARTER 2025:Net income of $109 million, $0.95 per diluted share; $96 million adjusted net income,(1) $0.83 per diluted shareOperating cash flow of $452 million, totaled $445 million before net change in working capital, including change in certain long-term prepayments(1)Adjusted EBITDAX(1) of $509 millionLower cash operating costs, 13% below guidance mid-point, primarily related to lower lease operating expenses and ad valorem taxesCapital expenditures of $216 million, adjusted for changes in accruals,(1) totaled $247 million, reflecting accelerated facility investmentsAdjusted free cash flow(1) of $198 millionNet production of 19.0 MMBoe, or 206.9 MBoe/d (52% oil), was in-line with guidance and reflects modest weather impacts and timing of completionsFor additional operating metrics and asset-level detail, please see the Financial Highlights section below and the accompanying slides on the Company's website at sm-energy.com/investors/news-events/presentations.Refer to release titled "SM ENERGY PROVIDES 2026 OUTLOOK" for the Company's 2026 outlook, full-year 2026 and first quarter 2026 guidance, and details on strategic priorities, capital allocation, and operating plans.CONFERENCE CALL AND WEBCASTThe Company plans to host a conference call and webcast at 8 a.m. MT/10 a.m. ET. on February 26, 2026. The call is accessible via:Webcast (available live and for replay) – on the Company's website at sm-energy.com/investors (replay accessible approximately 1 hour after the live call); orTelephone - join the live conference call by registering at our conference call registration webpage. Dial-in for domestic toll free/International is 877-407-6050 / +1 201-689-8022.DISCLOSURESFORWARD LOOKING STATEMENTSThis release contains forward-looking statements within the meaning of securities laws. The words "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "maintain," "objectives," "optimize," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, among other things, the Company's 2026 plans and objectives; plans to enhance the Company's return of capital program; expectations regarding increased scale; synergies and other cost savings resulting from the merger with Civitas Resources, including the expected timing and magnitude; plans to achieve the Company's $1.0 billion divestiture target in 2026; and statements regarding the announced divestiture of certain South Texas assets (the "Transaction"), including the estimated timing and final purchase price, the Company's expectation that the remaining conditions to the closing of the Transaction will be satisfied or waived, and the Company's expectations regarding the application of the proceeds from the Transaction. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forward-looking statements. Future results may be impacted by the risks discussed in the Risk Factors section of SM Energy's most recent Annual Report on Form 10-K, as such risk factors may be updated from time to time in the Company's other periodic reports filed with the Securities and Exchange Commission, specifically the 2025 Form 10-K. The forward-looking statements contained herein speak as of the date of this release. Although SM Energy may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so, except as required by securities laws.RESERVES DISCLOSUREThe SEC requires oil and natural gas companies, in their filings with the SEC, to disclose estimated net proved reserves, which are those quantities of oil, natural gas and NGLs, that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions (using the trailing 12-month average first-day-of-the-month prices), operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The SEC also permits the disclosure of separate estimates of probable or possible reserves that meet SEC definitions for such reserves; however, the Company currently does not disclose probable or possible reserves in its SEC filings.Estimated net proved reserves attributable to the Company at December 31, 2025, are estimated utilizing SEC reserve recognition standards and pricing assumptions based on the trailing 12-month average first-day-of-the-month prices of $65.34 per Bbl of oil, $3.39 per MMBtu of natural gas, and $27.45 per Bbl of NGLs. At least 80% of the PV-10 of the Company's estimate of its total estimated net proved reserves as of December 31, 2025, was audited by Ryder Scott Company, L.P.FOOTNOTE 1: Indicates a non-GAAP measure or metric. Please refer to the "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" section in Financial Highlights, and the corresponding reconciliations to the most directly-comparable GAAP financial measures for additional information.ABOUT THE COMPANYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Colorado, New Mexico, Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.INVESTOR CONTACTSPatrick Lytle, MEDIA CONTACTmedia@sm-energy.com SM ENERGY COMPANYFINANCIAL HIGHLIGHTSDecember 31, 2025
Consolidated Balance Sheets


(in millions, except share data)December 31, ASSETS2025
2024Current assets:


Cash and cash equivalents$                   368
$                      —Accounts receivable331
361Derivative assets83
49Prepaid expenses and other29
25Total current assets811
435Property and equipment (successful efforts method):


Proved oil and gas properties16,012
14,302Accumulated depletion, depreciation, and amortization(8,793)
(7,603)Unproved oil and gas properties, net of valuation allowance of $12 and $33, respectively460
765Wells in progress458
482Other property and equipment, net of accumulated depreciation of $63 and $62, respectively65
48Total property and equipment, net8,202
7,993Noncurrent assets:


Derivative assets6
4Other noncurrent assets234
145Total noncurrent assets240
149Total assets$                9,253
$                8,577LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:


Accounts payable and accrued expenses$                   690
$                   760Senior Notes, net419
—Derivative liabilities2
7Other current liabilities58
22Total current liabilities1,169
790Noncurrent liabilities:


Revolving credit facility—
69Senior Notes, net2,296
2,708Asset retirement obligations150
145Net deferred tax liabilities724
545Derivative liabilities2
7Other noncurrent liabilities102
75Total noncurrent liabilities3,274
3,549Stockholders' equity:


Common stock, $0.01 par value - authorized: 200,000,000 shares; issued and outstanding: 114,630,905 and 114,461,934 shares, respectively1
1Additional paid-in capital1,517
1,502Retained earnings3,291
2,735Accumulated other comprehensive income (loss)1
(1)Total stockholders' equity4,810
4,237Total liabilities and stockholders' equity$                9,253
$                8,577
Note: Prior year amounts may not calculate due to rounding. SM ENERGY COMPANYFINANCIAL HIGHLIGHTSDecember 31, 2025
Consolidated Statements of Operations(in millions, except per share data)For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
2025
2024
2025
2024Operating revenues and other income:






Oil, gas, and NGL production revenue$                702
$                836
$              3,138
$              2,671Other operating income3
16
16
19Total operating revenues and other income705
852
3,154
2,690Operating expenses:






Oil, gas, and NGL production expense207
215
885
637Depletion, depreciation, and amortization319
261
1,207
809Exploration (1)18
16
57
64General and administrative (1)40
42
161
138Net derivative (gain) loss(2)(71)
20
(178)
(50)Other operating expense10
12
22
16Total operating expenses523
565
2,154
1,615Income from operations182
287
1,000
1,076Interest expense(43)
(46)
(173)
(141)Interest income2
1
3
32Other non-operating expense—
—
—
(1)Income before income taxes141
241
830
966Income tax expense(32)
(53)
(182)
(196)Net income$                109
$                188
$                 648
$                 770







Basic weighted-average common shares outstanding115
114
115
115Diluted weighted-average common shares outstanding115
115
115
116Basic net income per common share$               0.95
$               1.65
$                5.65
$                6.71Diluted net income per common share$               0.95
$               1.64
$                5.64
$                6.67Net dividends declared per common share$               0.20
$               0.20
$                0.80
$                0.76







(1)  Non-cash stock-based compensation included in:






Exploration expense$                    2
$                    1
$                      6
$                      5General and administrative expense6
6
23
20Total non-cash stock-based compensation$                    8
$                    8
$                   29
$                   25







(2)  The net derivative (gain) loss line item consists of the following:





Net derivative settlement gain$                (46)
$                (22)
$               (132)
$                  (69)Net (gain) loss on fair value changes(25)
43
(46)
19Total net derivative (gain) loss$                (71)
$                  20
$               (178)
$                  (50)
Note: Prior year amounts may not calculate due to rounding. SM ENERGY COMPANY



FINANCIAL HIGHLIGHTS



December 31, 2025



















Consolidated Statements of Stockholders' Equity



(in millions, except share data and dividends per share)











Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity




Common Stock








Shares
Amount







Balances, December 31, 2023115,745,393
$                  1
$           1,565
$           2,052
$                      (3)
$             3,616



Net income—
—
—
770
—
770



Other comprehensive income—
—
—
—
1
1



Net cash dividends declared, $0.76 per share—
—
—
(87)
—
(87)



Issuance of common stock under Employee Stock Purchase Plan97,500
—
3
—
—
3



Issuance of common stock upon vesting of RSUs, net of shares used for tax withholdings350,675
—
(7)
—
—
(7)



Stock-based compensation expense39,557
—
25
—
—
25



Purchase of shares under Stock Repurchase Program(1,771,191)
—
(85)
—
—
(85)



Balances, December 31, 2024114,461,934
$                  1
$           1,502
$           2,735
$                      (1)
$             4,237



Net income—
—
—
648
—
648



Other comprehensive income—
—
—
—
2
2



Net cash dividends declared, $0.80 per share—
—
—
(92)
—
(92)



Issuance of common stock under Employee Stock Purchase Plan167,027
—
3
—
—
3



Issuance of common stock upon vesting of RSUs, and settlement of PSUs, net of shares used for tax withholdings364,456
—
(5)
—
—
(5)



Stock-based compensation expense82,193
—
29
—
—
29



Purchase of shares under Stock Repurchase Program(444,705)
—
(12)
—
—
(12)



Balances, December 31, 2025114,630,905
$                  1
$           1,517
$           3,291
$                        1
$             4,810




Note: Prior year amounts may not calculate due to rounding. SM ENERGY COMPANYFINANCIAL HIGHLIGHTSDecember 31, 2025
Consolidated Statements of Cash Flows





(in millions)For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
2025
2024
2025
2024Cash flows from operating activities:






Net income$                109
$                 188
$                 648
$                 770Adjustments to reconcile net income to net cash provided by operating activities:






Depletion, depreciation, and amortization319
261
1,207
809Stock-based compensation expense8
8
29
25Net derivative (gain) loss(71)
20
(178)
(50)Net derivative settlement gain46
22
132
69Amortization of deferred financing costs2
3
10
7Deferred income taxes33
58
178
175Other, net(22)
(9)
(29)
(35)Changes in working capital:






Accounts receivable25
(89)
30
(86)Prepaid expenses and other5
(15)
1
(13)Accounts payable and accrued expenses(2)
131
(17)
109Net cash provided by operating activities452
578
2,011
1,783







Cash flows from investing activities:






Capital expenditures(216)
(353)
(1,438)
(1,311)Acquisition of proved and unproved oil and gas properties(13)
(2,103)
(34)
(2,104)Other, net5
7
4
7Net cash used in investing activities(224)
(2,449)
(1,468)
(3,407)







Cash flows from financing activities:






Proceeds from revolving credit facility—
1,019
1,570
1,019Repayment of revolving credit facility—
(950)
(1,638)
(950)Net proceeds from Senior Notes—
—
—
1,477Cash paid to repurchase Senior Notes—
—
—
(349)Repurchase of common stock—
(2)
(13)
(86)Dividends paid(23)
(23)
(92)
(85)Net proceeds from sale of common stock1
1
3
3Other, net—
(11)
(5)
(20)Net cash provided by (used in) financing activities(22)
34
(175)
1,008







Net change in cash, cash equivalents, and restricted cash206
(1,837)
368
(616)Cash, cash equivalents, and restricted cash at beginning of period162
1,837
—
616Cash, cash equivalents, and restricted cash at end of period$                368
$                   —
$                 368
$                   —
Note: Prior year amounts may not calculate due to rounding. SM ENERGY COMPANYFINANCIAL HIGHLIGHTSDecember 31, 2025
Consolidated Statements of Cash Flows (Continued)





(in millions)For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
2025
2024
2025
2024Supplemental schedule of additional cash flow information and non-cash activities:






Operating activities:






Cash paid for interest, net of capitalized interest (1)$                   (2)
$                   (5)
$               (166)
$                 (88)Investing activities:






Changes in capital expenditure accruals$                   31
$                     9
$                 (39)
$                 (24)
(1) Cash paid for interest, net of capitalized interest during the year ended December 31, 2024, does not include $9 million in fees paid to secure firm commitments for senior unsecured bridge term loans, in connection with the Uinta Basin Acquisition.DEFINITIONS OF NON-GAAP MEASURES AND METRICS AS CALCULATED BY THE COMPANYTo supplement the presentation of its financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides certain non-GAAP measures and metrics, which are used by management and the investment community to assess the Company's financial condition, results of operations, and cash flows, as well as compare performance from period to period and across the Company's peer group. The Company believes these measures and metrics are widely used by the investment community, including investors, research analysts and others, to evaluate and compare recurring financial results among upstream oil and gas companies in making investment decisions or recommendations. These measures and metrics, as presented, may have differing calculations among companies and investment professionals and may not be directly comparable to the same measures and metrics provided by others. A non-GAAP measure should not be considered in isolation or as a substitute for the most directly comparable GAAP measure or any other measure of a company's financial or operating performance presented in accordance with GAAP. Reconciliations of each of the Company's non-GAAP measures to the most directly comparable GAAP measure are presented below. These measures may not be comparable to similarly titled measures of other companies.Adjusted EBITDAX: Adjusted EBITDAX is calculated as net income before interest expense, interest income, income taxes, depletion, depreciation, and amortization expense, exploration expense, property abandonment and impairment expense, non-cash stock-based compensation expense, derivative gains and losses net of settlements, gains and losses on divestitures, gains and losses on extinguishment of debt, and certain other items. Adjusted EBITDAX excludes certain items that the Company believes affect the comparability of operating results and can exclude items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. Adjusted EBITDAX is a non-GAAP measure that the Company believes provides useful additional information to investors and analysts, as a performance measure, for analysis of the Company's ability to internally generate funds for exploration, development, acquisitions, and to service debt. The Company is also subject to financial covenants under the Company's Credit Agreement, a material source of liquidity for the Company, based on Adjusted EBITDAX ratios. Please reference the Company's 2025 Form 10-K for discussion of the Credit Agreement and its covenants.Adjusted free cash flow: Adjusted free cash flow is calculated as net cash provided by operating activities before net change in working capital, including change in certain long-term prepayments, less capital expenditures before changes in accruals. The Company uses this measure as representative of the cash from operations, in excess of capital expenditures that provides liquidity to fund discretionary obligations such as debt reduction, returning cash to stockholders or expanding the business.Adjusted net income and adjusted net income per diluted common share: Adjusted net income and adjusted net income per diluted common share excludes certain items that the Company believes affect the comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include non-cash and other adjustments, such as derivative gains and losses net of settlements, impairments, net (gain) loss on divestiture activity, gains and losses on extinguishment of debt, and accruals for non-recurring matters. The Company uses these measures to evaluate the comparability of the Company's ongoing operational results and trends and believes these measures provide useful information to investors for analysis of the Company's fundamental business on a recurring basis.Net debt: Net debt is calculated as the total principal amount of outstanding senior notes plus amounts drawn on the revolving credit facility less cash and cash equivalents (also referred to as total funded debt). The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company's capital structure and financial leverage.Net debt-to-Adjusted EBITDAX: Net debt-to-Adjusted EBITDAX is calculated as Net Debt (defined above) divided by Adjusted EBITDAX (defined above) for the trailing twelve-month period (also referred to as leverage ratio). A variation of this calculation is a financial covenant under the Company's Credit Agreement. The Company and the investment community may use this metric in understanding the Company's ability to service its debt and identify trends in its leverage position. The Company reconciles the two non-GAAP measure components of this calculation.Post-hedge: Post-hedge is calculated as the average realized price after the effects of commodity net derivative settlements. The Company believes this metric is useful to management and the investment community to understand the effects of commodity net derivative settlements on average realized price.Pre-Tax PV-10: Pre-Tax PV-10 is the present value of estimated future revenue to be generated from the production of estimated net proved reserves, net of estimated production and future development costs, based on prices used in estimating the proved reserves and costs in effect as of the date indicated (unless such costs are subject to change pursuant to contractual provisions), without giving effect to non-property related expenses such as general and administrative expenses, debt service, future income tax expenses, or depreciation, depletion, and amortization, discounted using an annual discount rate of 10 percent. While this measure does not include the effect of income taxes as it would in the use of the standardized measure of discounted future net cash flows calculation, it does provide an indicative representation of the relative value of the Company on a comparative basis to other companies and from period to period. This measure is presented because management believes it provides useful information to investors for analysis of the Company's fundamental business on a recurring basis. SM ENERGY COMPANYFINANCIAL HIGHLIGHTSDecember 31, 2025
Production Data











For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
2025
2024
Percent Change
2025
2024
Percent ChangeRealized sales price (before the effect of net derivative settlements):





Oil (per Bbl)$     58.17
$     69.34
(16) %
$     63.52
$     74.49
(15) %Gas (per Mcf)$       1.81
$       2.19
(17) %
$       2.35
$       1.82
29 %NGLs (per Bbl)$     20.67
$     24.49
(16) %
$     22.22
$     23.01
(3) %Equivalent (per Boe)$     36.92
$     43.68
(15) %
$     41.58
$     42.81
(3) %Realized sales price (including the effect of net derivative settlements): (1)(2)





Oil (per Bbl)$     60.83
$     70.54
(14) %
$     65.18
$     74.92
(13) %Gas (per Mcf)$       2.28
$       2.50
(9) %
$       2.79
$       2.25
24 %NGLs (per Bbl)$     20.76
$     24.01
(14) %
$     22.01
$     22.76
(3) %Equivalent (per Boe)$     39.32
$     44.85
(12) %
$     43.32
$     43.91
(1) %Net production volumes: (2)










Oil (MMBbl)10.0
9.8
1 %
40.3
29.4
37 %Gas (Bcf)39.4
39.1
1 %
150.5
137.0
10 %NGLs (MMBbl)2.5
2.8
(10) %
10.1
10.2
(1) %Equivalent (MMBoe)19.0
19.1
(1) %
75.5
62.4
21 %Average net daily production: (2)










Oil (MBbls per day)108.4
106.9
1 %
110.5
80.2
38 %Gas (MMcf per day)428.3
424.8
1 %
412.3
374.3
10 %NGLs (MBbls per day)27.1
30.3
(10) %
27.6
27.9
(1) %Equivalent (MBoe per day)206.9
208.0
(1) %
206.8
170.5
21 %Per Boe data: (2)










Lease operating expense$       5.55
$       5.35
4 %
$       5.71
$       5.11
12 %Transportation costs$       3.67
$       4.10
(10) %
$       3.87
$       2.68
44 %Production taxes$       1.41
$       1.79
(21) %
$       1.69
$       1.86
(9) %Ad valorem tax expense$       0.23
$     (0.03)
867 %
$       0.46
$       0.56
(18) %General and administrative (3)$       2.10
$       2.19
(4) %
$       2.13
$       2.22
(4) %Net derivative settlement gain$       2.39
$       1.17
104 %
$       1.75
$       1.10
59 %Depletion, depreciation, and amortization$     16.73
$     13.61
23 %
$     15.99
$     12.97
23 %
(1) Indicates a non-GAAP measure or metric. Please refer above to the section "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" for additional information.(2) Amounts and percentage changes may not calculate due to rounding.(3) Includes non-cash stock-based compensation expense per Boe of $0.31 and $0.32 for the three months ended December 31, 2025, and 2024, respectively, and $0.30 and $0.32 for the twelve months ended December 31, 2025, and 2024, respectively. SM ENERGY COMPANYFINANCIAL HIGHLIGHTSDecember 31, 2025
Adjusted EBITDAX Reconciliation (1)



(in millions)














Reconciliations of net income (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDAX (non-GAAP):For the Three Months Ended
December 31,
For the Twelve Months
Ended December 31,
2025
2024
2025
2024Net income (GAAP)$                 109
$                 188
$                 648
$                 770Interest expense43
46
173
141Interest income(2)
(1)
(3)
(32)Income tax expense32
53
182
196Depletion, depreciation, and amortization319
261
1,207
809Exploration (2)17
15
51
59Stock-based compensation expense8
8
29
25Net derivative (gain) loss(71)
20
(178)
(50)Net derivative settlement gain46
22
132
69Other, net8
(2)
14
—Adjusted EBITDAX (non-GAAP)$                 509
$                 611
$             2,255
$             1,987Interest expense(43)
(46)
(173)
(141)Interest income2
1
3
32Income tax expense(32)
(53)
(182)
(196)Exploration (2)(3)(17)
(15)
(51)
(50)Amortization of deferred financing costs2
3
10
7Deferred income taxes33
58
178
175Other, net(30)
(7)
(42)
(44)Net change in working capital28
27
13
11Net cash provided by operating activities (GAAP)$                 452
$                 578
$             2,011
$             1,783
Note: Prior year amounts may not calculate due to rounding.(1)  See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above.(2)  Stock-based compensation expense is a component of the exploration expense and general and administrative expense line items on the accompanying consolidated statements of operations. Therefore, the exploration line items shown in the reconciliation above will vary from the amount shown on the accompanying consolidated statements of operations for the component of stock-based compensation expense recorded to exploration expense.(3)  For the three and twelve months ended December 31, 2024, amount excludes certain capital expenditures related to one well deemed non-commercial. SM ENERGY COMPANYFINANCIAL HIGHLIGHTSDecember 31, 2025
Reconciliation of Net Income to Adjusted Net Income (1)






(in millions, except per share data)















For the Three Months Ended
December 31,
For the Twelve Months
Ended December 31,
2025
2024
2025
2024Net income (GAAP)$               109
$               188
$               648
$               770Net derivative (gain) loss(71)
20
(178)
(50)Net derivative settlement gain46
22
132
69Other, net8
(2)
14
—Tax effect of adjustments (2)4
(9)
7
(4)Adjusted net income (non-GAAP)$                 96
$               220
$               623
$               785







Diluted net income per common share (GAAP)$              0.95
$              1.64
$              5.64
$              6.67Net derivative (gain) loss(0.63)
0.18
(1.55)
(0.43)Net derivative settlement gain0.40
0.19
1.15
0.59Other, net0.08
(0.02)
0.12
—Tax effect of adjustments (2)0.03
(0.08)
0.06
(0.04)Adjusted net income per diluted common share (non-GAAP)$              0.83
$              1.91
$              5.42
$              6.80







Basic weighted-average common shares outstanding115
114
115
115Diluted weighted-average common shares outstanding115
115
115
116







Note: Totals may not calculate due to rounding.






(1) See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above.(2) The tax effect of adjustments for the three months ended December 31, 2025, and 2024, was calculated using a tax rate of 22.1% and 21.8%, respectively, and 22.1% and 21.9% for the twelve months ended December 31, 2025, and 2024, respectively. These rates approximate the Company's statutory tax rate for the respective periods, as adjusted for ordinary permanent differences. Net Production by Operating Area


Fourth Quarter 2025
Midland BasinSouth TexasUinta BasinTotalOil (MMBbl / MBbl/d)4.8 / 52.61.8 / 19.13.4 / 36.610.0 / 108.4Natural Gas (Bcf / MMcf/d)17.4 / 189.218.6 / 202.73.4 / 36.539.4 / 428.3NGLs (MMBbl / MBbl/d)— / —2.5 / 27.0— / —2.5 / 27.1Total (MMBoe / MBoe/d)7.7 / 84.27.4 / 79.93.9 / 42.719.0 / 206.9



Note: Totals may not calculate due to rounding.


 
Full-Year 2025
Midland BasinSouth TexasUinta BasinTotalOil (MMBbl / MBbl/d)19.2 / 52.57.3 / 20.013.9 / 38.040.3 / 110.5Natural Gas (Bcf / MMcf/d)66.3 / 181.771.7 / 196.312.5 / 34.3150.5 / 412.3NGLs (MMBbl / MBbl/d)— / —10.1 / 27.6— / —10.1 / 27.6Total (MMBoe / MBoe/d)30.2 / 82.829.3 / 80.315.9 / 43.775.5 / 206.8
Note: Totals may not calculate due to rounding. SM ENERGY COMPANYFINANCIAL HIGHLIGHTSDecember 31, 2025








Regional Net Proved Oil and Gas Reserve Quantities
















Midland Basin
South Texas
Uinta Basin
TotalYear-end 2025 estimated net proved reserves







Oil (MMBbl)
117.0
74.3
92.6
283.9Gas (Bcf)
583.0
906.3
109.2
1,598.5NGL (MMBbl)
0.1
122.5
—
122.6MMBoe
214.2
347.9
110.9
673.0% Proved developed
80 %
55 %
44 %
61 %








Note: Totals may not calculate due to rounding.







 Pre-Tax PV-10 Reconciliation (1)

(in millions)



As of December 31,Reconciliation of standardized measure of discounted future net cash flows (GAAP) to Pre-tax PV-10 (non-GAAP):2025
2024Standardized measure of discounted future net cash flows (GAAP)$                             5,956
$                             7,268Add: 10 percent annual discount, net of income taxes4,318
5,019Add: future undiscounted income taxes1,539
1,796Pre-tax undiscounted future net cash flows11,813
14,083Less: 10 percent annual discount without tax effect(4,966)
(5,727)Pre-tax PV-10 (non-GAAP)$                             6,847
$                             8,356
(1) See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above. Reconciliation of Total Principal Amount of Debt to Net Debt (1)


(in millions)



As of December 31,
2025
2024Principal amount of Senior Notes (2)$                             2,736
$                             2,736Revolving credit facility (2)—
69Total principal amount of debt (GAAP)2,736
2,805Less: Cash and cash equivalents368
—Net debt (non-GAAP)$                             2,368
$                             2,805
(1) See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above.(2) Amounts are from Note 5 - Long-Term Debt in Part II, Item 8 of the Company's 2025 Form 10-K. SM ENERGY COMPANYFINANCIAL HIGHLIGHTSDecember 31, 2025







Adjusted Free Cash Flow (1)






(in millions)







For the Three Months
Ended December 31,
For the Twelve Months
Ended December 31,
2025
2024
2025
2024Net cash provided by operating activities (GAAP)$               452
$               578
$            2,011
$            1,783Net change in working capital, including change in certain long-term prepayments(7)
(27)
8
(11)Cash flow from operations before net change in working capital, including change in certain long-term prepayments (non-GAAP)445
551
2,019
1,771







Capital expenditures (GAAP)216
353
1,438
1,311Changes in capital expenditure accruals31
9
(39)
(24)Capital expenditures before changes in accruals (non-GAAP)247
362
1,399
1,286







Adjusted free cash flow (non-GAAP)$               198
$               189
$               620
$               485















Note: Prior year amounts may not calculate due to rounding.






(1) See "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" above.  





View original content to download multimedia:https://www.prnewswire.com/news-releases/sm-energy-reports-fourth-quarter-and-full-year-2025-financial-and-operating-results-302697525.htmlSOURCE SM Energy Company

Original: SM ENERGY REPORTS FOURTH QUARTER AND FULL-YEAR 2025 FINANCIAL AND OPERATING RESULTS

SM ENERGY PROVIDES 2026 OUTLOOKFebruary 25, 2026 4:11 PM
PR Newswire (US)

Plan maximizes free cash flow and strengthens balance sheetAccelerates return of capital, including a 10% dividend increase, under an enhanced frameworkDENVER, Feb. 25, 2026 /PRNewswire/ -- SM Energy Company (the "Company" or "SM Energy") (NYSE: SM) today issued its 2026 outlook, designed to maximize free cash flow through disciplined investments in its high-return development projects. It also provided a new stockholder return framework, which includes a 10% increase to its quarterly dividend policy. Accompanying slides can be found on the Company's website at sm-energy.com/investors/news-events/presentations. A conference call is scheduled for 8 a.m. MT/10 a.m. ET on February 26, 2026. Participation details can be found within this release."Our 2026 plan maximizes free cash flow to further strengthen our balance sheet and accelerate returns to stockholders under our upgraded return of capital framework," said Beth McDonald, President and CEO. "Our expanded, top-tier asset portfolio provides flexibility to allocate capital to our highest-return opportunities. As previously messaged, we're adjusting activity levels to improve capital efficiency and generate higher free cash flow. The strength of our asset portfolio, combined with reduced rig activity, 14% lower capital spend, and our recently announced $950 million asset sale, gives us the confidence to increase our fixed dividend by 10%, while prioritizing debt reduction and accelerating share buybacks."2026 OUTLOOKThe Company's 2026 plan focuses on three strategic priorities:Integrate and Capture Synergies – Successfully integrate Civitas Resources, Inc. ("Civitas") and action $200–$300 million of identified and expected synergies, of which approximately $185 million has already been actioned to date.Maximize Free Cash Flow – Execute high-grade investments across an expanded asset portfolio to enhance capital efficiency and maximize inventory value, with a safety-first, efficiency-driven operational mindset.Strengthen Capital Structure – Bolster the balance sheet and accelerate returns to stockholders through an increased return of capital framework. Highlights include:$1.0+ Billion Divestiture Target – The Company's recently announced agreement to sell $950 million of certain South Texas assets (expected to close in the second quarter) largely accomplishes this objective and accelerates SM Energy's path to lower leverage.Enhanced Liquidity – As announced on January 30, 2026, the Company's lenders increased the borrowing base to $5.0 billion, increased commitments to $2.5 billion, and extended the maturity date of the Company's revolving credit facility to January 30, 2031. Total liquidity as of February 20, 2026, was $2.9 billion.New Stockholder Return Framework – Balances free cash flow allocation between debt reduction and returning capital to stockholders.Annual fixed dividend policy increased 10% to $0.88 per share paid quarterly, representing an expected yield of nearly 4% at current market prices. See below for information regarding declaration of the first quarter dividend.Calculated on a quarterly basis, after dividend payments, the Company plans to allocate free cash flow as follows:Approximately 20% to share repurchases. Approximately $488 million of availability remains under the Company's previously authorized $500 million repurchase program, which extends through December 31, 2027.Approximately 80% to debt reduction.The Company expects to increase the allocation to share repurchases as leverage and absolute debt levels decline.2026 GUIDANCEThe Company's merger with Civitas closed on January 30, 2026; therefore, full-year 2026 guidance reflects 11 months of Civitas contribution. In addition, 2026 guidance reflects the conversion of certain acquired volumes to two-stream reporting and the planned divestiture of certain South Texas assets, expected to close in the second quarter of 2026, with an effective date of February 1, 2026.Full-Year 2026 Highlights:Capital expenditures, adjusted for accruals,(1) are expected to be $2.65–$2.85 billion, with $2.3–$2.5 billion allocated to drilling, completion and well connection.Total net production volumes are expected to be 146–153 MMBoe (approximately 54% oil).Activity levels include an average of 11 operated rigs and 4.5 completion crews (down from 15 and seven, respectively, entering 2026, on a pro forma basis). The Company expects to drill approximately 245 net wells and turn-in-line approximately 295 net wells.Permian – The Company plans to allocate approximately 45% of capital running an average of six rigs and two completion crews to turn-in-line approximately 150 net wells.DJ – The Company plans to allocate approximately 20% of capital running an average of one rig and one completion crew to turn-in-line approximately 80 net wells.South Texas – The Company plans to allocate approximately 15% of capital running an average of 1.5 rigs and one completion crew to turn-in-line approximately 35 net wells.Uinta – The Company plans to allocate approximately 20% of capital running an average of 2.5 rigs and one completion crew to turn-in-line approximately 30 net wells.Guidance
1Q26
FY26Total production (MMBoe)
30.5–32.5
146–153Oil mix
~ 52%
~ 54%Capital expenditures adjusted for accruals,(1) net of expected synergies

$740 – $780 million
$2.65 – $2.85 billion (net of $50 million of expected synergies)Drilling, completion and well connection


$2.3 – $2.5 billionFacility, land and other


~ $280 millionNon-recurring integration costs


~ $70 millionNet wells drilled
~ 65
~ 245Net wells completed
~ 65
~ 295
Notes: Key assumptions: $60/Bbl WTI; $3.50/MMBtu; $24/Bbl NGL and hedges currently in place. Guidance reflects 11 months of Civitas' impact due to timing of the merger closing, the conversion of certain acquired volumes to two-stream reporting, and the planned divestiture of certain South Texas assets in 2Q26. Refer to slide 9 in the accompany presentation for a detailed reconciliation of these impacts.For additional 1Q26 and FY26 guidance and detail refer to the accompanying slides on the Company's website at sm-energy.com/investors/news-events/presentations.BOARD DECLARES QUARTERLY CASH DIVIDENDSM Energy's Board of Directors approved the quarterly cash dividend of $0.22 per share of common stock outstanding. The dividend will be paid on March 23, 2026, to stockholders of record as of the close of business on March 9, 2026.CONFERENCE CALL AND WEBCASTThe Company plans to host a conference call and webcast at 8 a.m. MT/10 a.m. ET. on February 26, 2026. The call is accessible via:Webcast (available live and for replay) – on the Company's website at sm-energy.com/investors (replay accessible approximately 1 hour after the live call); orTelephone - join the live conference call by registering at our conference call registration webpage. Dial-in for domestic toll free/International is 877-407-6050 / +1 201-689-8022.CONFERENCE PARTICIPATIONMarch 3, 2026 – J.P. Morgan 2026 Global High Yield & Leveraged Finance Conference. President and Chief Executive Officer Beth McDonald and Executive Vice President and Chief Financial Officer Wade Pursell will present at 9 a.m. MT/11 a.m. ET and will participate in investor meetings at the event.March 4, 2026 – Citadel SMID Cap Generalist Investor Conference. President and Chief Executive Officer Beth McDonald and Executive Vice President and Chief Financial Officer Wade Pursell will participate in investor meetings at the event.March 23, 2026 – 38th Annual ROTH Conference. Executive Vice President and Chief Financial Officer Wade Pursell will participate in investor meetings at the event.DISCLOSURESFORWARD LOOKING STATEMENTSThis release contains forward-looking statements within the meaning of securities laws. The words "action," "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "guidance," "integrate," "maintain," "objectives," "optimize," "project," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, among other things, the Company's 2026 strategic objectives, operational plan and priorities, including: plans to successfully integrate Civitas; expectations regarding increased scale; expectations to action and realize synergies, including the expected timing and magnitude; plans to maximize free cash flow and inventory value, increase liquidity, reduce debt, improve capital efficiency and strengthen the balance sheet and capital structure; plans to accelerate the Company's return of capital program through increased fixed quarterly dividends and share repurchases; the Company's expected annual dividend yield; the Company's expected allocation of free cash flow to its capital return program and future changes thereto; achievement of the Company's $1 billion divestiture target in 2026; statements regarding the announced divestiture of certain South Texas assets (the "Transaction"), including the estimated timing and final purchase price, the Company's expectation that the remaining conditions to the closing of the Transaction will be satisfied or waived, the Company's expectations regarding the application of the proceeds from the Transaction; expected future commodity prices; assumptions and projections for the first quarter and full year 2026 regarding guidance for production and oil mix as a percentage of total production, capital expenditures, the number of net wells to be drilled and turned in line, and the allocation of activity and capital expenditures among our operating areas and activities. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forward-looking statements. Future results may be impacted by the risks discussed in the Risk Factors section of SM Energy's most recent Annual Report on Form 10-K, as such risk factors may be updated from time to time in the Company's other periodic reports filed with the Securities and Exchange Commission, specifically the 2025 Form 10-K. The forward-looking statements contained herein speak as of the date of this release. Although SM Energy may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so, except as required by securities laws.FOOTNOTE 1: Indicates a non-GAAP measure or metric. Please refer to the "Definitions of non-GAAP Measures and Metrics as Calculated by the Company" section in accompanying presentation on the Company's website at sm-energy.com/investors/news-events/presentations, and the corresponding reconciliations to the most directly-comparable GAAP financial measures for additional information.ABOUT THE COMPANYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Colorado, New Mexico, Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.INVESTOR CONTACTSPatrick Lytle, MEDIA CONTACTmedia@sm-energy.com 





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Original: SM ENERGY PROVIDES 2026 OUTLOOK

SM ENERGY ANNOUNCES AGREEMENT TO SELL $950 MILLION IN ASSETSFebruary 18, 2026 8:00 AM
PR Newswire (US)

Proceeds to accelerate deleveraging and strengthen balance sheetDENVER, Feb. 18, 2026 /PRNewswire/ -- SM Energy Company (NYSE: SM) today announced that it has entered into an agreement to sell certain South Texas assets to Caturus Energy, LLC for a cash purchase price of $950 million (the "Transaction"), subject to customary adjustments."This timely asset sale largely accomplishes one of our key priorities of selling more than $1.0 billion in assets, which will enable us to reduce debt and strengthen our capital structure," said President and CEO Beth McDonald. "We are excited about the impact this divestiture has on our balance sheet and look forward to sharing our updated return-of-capital program when we report earnings next week."SM Energy has agreed to sell approximately 61,000 net acres and approximately 260 producing wells in its southern Maverick Basin position in Webb County, Texas, along with related support facilities. Production from these assets is expected to average approximately 37-39 MBoe/d in 2026 (45% liquids, 9% oil) and generate approximately $160 million of asset-level cash flows for the full year, excluding corporate burdens(1). As of December 31, 2025, net proved reserves associated with these properties were approximately 168 MMBoe.The Transaction is expected to close in the second quarter of 2026 with an effective date of February 1, 2026. SM Energy expects to prioritize debt reduction with the proceeds, reinforcing its commitment to balance sheet strength and financial flexibility.RBC Capital Markets is serving as exclusive financial advisor to SM Energy and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to SM Energy.(1) Based on $60/bbl WTI oil, $3.50/Mcf HH natural gas, and $24/BBL OPIS Mt. Belvieu NGLFORWARD LOOKING STATEMENTSThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address events, or developments that SM Energy expects, believes, or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "budget," "continue," "could," "effort," "estimate," "expect," "forecast," "goal," "guidance," "identify," "intend," "may," "might," "objective," "opportunity," "outlook," "path," "plan," "potential," "possibly," "predict," "projection," "prospect," "seek," "should," "target," "upside," "will," "would," and other similar words can be used to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the Transaction, including the estimated timing and final purchase price, the Company's expectation that the remaining conditions to the closing of the Transaction will be satisfied or waived, the Company's expectations regarding the application of the proceeds from the Transaction, and the expected production of, and free cash flow to be generated from, the assets being divested. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction that could reduce anticipated benefits or cause the parties to abandon the Transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the purchase and sale agreement, the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the Transaction, the risk that any announcements relating to the Transaction could have adverse effects on the market price of SM Energy's common stock or on the ability of SM Energy to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers and on its operating results and businesses generally, and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond SM Energy's control, including those detailed in SM Energy's annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K that are available on its website at www.sm-energy.com/investors and on the SEC's website at www.sec.gov. All forward-looking statements are based on assumptions that SM Energy believes to be reasonable but that may not prove to be accurate. Such forward-looking statements are based on assumptions and analyses made by SM Energy in light of its perceptions of current conditions, expected future developments, and other factors that SM Energy believes are appropriate under the circumstances. These statements are subject to a number of known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual events may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements in this press release speak as of the date of this press release.ABOUT THE COMPANYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Colorado, New Mexico, Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.INVESTOR CONTACTSPatrick Lytle,





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Original: SM ENERGY ANNOUNCES AGREEMENT TO SELL $950 MILLION IN ASSETS

SM ENERGY ANNOUNCES CREDIT FACILITY AMENDMENTJanuary 30, 2026 9:15 AM
PR Newswire (US)

Amendment increases borrowing base and lender commitments while extending maturity dateDENVER, Jan. 30, 2026 /PRNewswire/ -- SM Energy Company ("SM Energy" or the "Company") (NYSE: SM) announced today the Fourth Amendment to its existing credit agreement that includes:Borrowing Base Increase: The borrowing base increased to $5.0 billion. Lender Commitments Increase: Lender commitments increased to $2.5 billion.Expanded Bank Group: The Company's bank group now includes 18 banks with the addition of three to the bank group.Extension of Maturity Date: The facility's scheduled maturity date has been extended to January 30, 2031, further strengthening the Company's long-term capital structure.These enhancements were unanimously supported by the Company's bank group, demonstrating confidence in the Company's top-tier assets, operational execution, and disciplined capital management.Executive Vice President and Chief Financial Officer Wade Pursell commented: "We are excited to welcome three new banks to our bank group and appreciate the strong support of all our lenders. Today's amendments significantly enhance our liquidity and underscore the quality of our assets and the strength of our balance sheet. With no outstanding borrowings under the credit facility at closing, and expected proceeds from divestitures this year, we are encouraged by recent discussions with the rating agencies and intend to manage our business to investment-grade metrics. We are well-positioned to execute our business plan and create long-term value for our stakeholders."ABOUT SM ENERGYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Colorado, New Mexico, Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.FOR FORWARD LOOKING STATEMENTSThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address events or developments that SM Energy expects, believes, or anticipates will or may occur in the future are forward-looking statements. The words "intend," "expect," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the Company's long-term capital structure and liquidity, the quality of the Company's assets and strength of its balance sheet; the Company's plans for future divestitures, the status of discussions with, and future actions of rating agencies, the Company's intention to manage its business to investment-grade metrics, and the Company's ability to execute its business plan and create long-term value. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. All such factors are difficult to predict and are beyond SM Energy's control, including those detailed in SM Energy's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K that are available on its website at www.sm-energy.com/investors and on the U.S. Securities and Exchange Commission's website at www.sec.gov. All forward-looking statements are based on assumptions that SM Energy believes to be reasonable but that may not prove to be accurate. Such forward-looking statements are based on assumptions and analyses made by SM Energy in light of its perceptions of current conditions, expected future developments, and other factors that SM Energy believes are appropriate under the circumstances. These statements are subject to a number of known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual events may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements in this press release speak as of the date of this press release.INVESTOR CONTACTPatrick Lytle,

SM ENERGY CLOSES MERGER WITH CIVITAS RESOURCESJanuary 30, 2026 9:10 AM
PR Newswire (US)

Company schedules conference call to discuss fourth quarter and full-year 2025 results and 2026 outlookDENVER, Jan. 30, 2026 /PRNewswire/ -- SM Energy Company ("SM Energy" or the "Company") (NYSE: SM) announced today the closing of its all-stock merger with Civitas Resources, Inc. ("Civitas") (NYSE: CIVI) (the "Transaction"). The Transaction was approved by stockholders of both companies at special meetings held on January 27, 2026. The combined company continues to trade under the ticker symbol "SM" and will retain the name SM Energy Company.As previously announced, upon the closing of the Transaction, Beth McDonald was appointed President and Chief Executive Officer and joined the Company's Board of Directors (the "Board"), and Blake McKenna was appointed Executive Vice President and Chief Operating Officer. Additionally, the Company's Board was increased to 11 members, comprising six representatives from SM Energy and five from Civitas. Julio Quintana remains Non-Executive Chairman of the Board. Other members of the Board include Bart Brookman, Morris Clark, Carrie Fox, Billy Helms, Beth McDonald, Ramey Peru, Rose Robeson, Wouter van Kempen, Ashwin Venkatraman, and Howard Willard III. Board member biographies are available on the Company's website at https://www.sm-energy.com/about-us/leadership.SM Energy President and Chief Executive Officer Beth McDonald commented: "Today's close marks the start of our work together as one SM, a top 10 U.S. independent oil-focused producer, with a larger, complementary footprint across the highest-return U.S. shale basins—including a premier Permian position. We are focused on effectively integrating the two companies to unlock additional free cash flow by achieving our previously announced annual synergy target of $200 to $300 million and executing our previously announced divestiture target of at least $1.0 billion over the next year. We expect these steps to further strengthen our balance sheet, accelerate our return of capital to stockholders, and drive considerable upside in our equity. We look forward to sharing our 2026 operating plan and our updated return of capital framework on our upcoming conference call in late February."FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND 2026 OUTLOOK CONFERENCE CALLThe Company plans to report its fourth quarter and full year 2025 financial and operational results and its 2026 outlook after market close on February 25, 2026. Information will be posted to the Company's website at https://www.sm-energy.com/investors. A conference call is scheduled for 8 a.m. MT / 10 a.m. ET, February 26, 2026. This call will be accessible via:Webcast (available live and for replay) - on the Company's website at https://www.sm-energy.com/investors (replay accessible approximately one hour after the live call); orTelephone - join the live conference call by registering at: SM Energy 4Q 2025 Earnings Call Registration. Dial-in for domestic toll free/International is 877-407-6050 / +1 201-689-8022.ABOUT SM ENERGYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in Colorado, New Mexico, Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit www.sm-energy.com.FORWARD LOOKING STATEMENTSThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address events or developments that SM Energy expects, believes, or anticipates will or may occur in the future are forward-looking statements. The words "intend," "expect," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the size of the Company and the size and quality of the Company's assets; the Company's plans for integration; the Company's projections with respect to certain operational and financial metrics, including free cash flow and annual synergies; the Company's plans to execute on its divestiture target within the next year; the Company's plans to strengthen its balance sheet, accelerate its return of capital program, and drive upside in its stock price; and expected timing of fourth quarter and full year 2025 reporting. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include the ability to successfully integrate the businesses, risks related to disruption of management time from ongoing business operations, the risk that any announcements relating to the Transaction could have adverse effects on the market price of SM Energy's common stock, the risk that the Transaction could distract management and the Company will incur substantial costs, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve synergies or divestiture targets, or that it may take longer than expected to achieve those synergies and divestiture targets, and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond SM Energy's control, including those detailed in SM Energy's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K that are available on its website at www.sm-energy.com/investors and on the U.S. Securities and Exchange Commission's website at www.sec.gov. All forward-looking statements are based on assumptions that SM Energy believes to be reasonable but that may not prove to be accurate. Such forward-looking statements are based on assumptions and analyses made by SM Energy in light of its perceptions of current conditions, expected future developments, and other factors that SM Energy believes are appropriate under the circumstances. These statements are subject to a number of known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual events may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements in this press release speak as of the date of this press release.INVESTOR CONTACTPatrick Lytle,

TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT Set to Join S&P MidCap 400; Others to Join S&P SmallCap 600January 27, 2026 11:02 PM
PR Newswire (US)

NEW YORK, Jan. 27, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600:
S&P SmallCap 600 constituent TTM Technologies Inc. (NASD: TTMI) will replace Civitas Resources Inc. (NYSE: CIVI) in the S&P MidCap 400, and Amneal Pharmaceuticals Inc. (NASD: AMRX) will replace TTM Technologies in the S&P SmallCap 600 effective prior to the opening of trading on Friday, January 30. S&P SmallCap 600 constituent SM Energy Co. (NYSE: SM) is acquiring Civitas Resources in a deal expected to be completed soon, pending final closing conditions. SM Energy will remain in the S&P SmallCap 600 post-merger.Dutch Bros Inc. (NYSE: BROS) will replace PotlatchDeltic Corp. (NASD: PCH) in the S&P MidCap 400 effective prior to the opening of trading on Monday, February 2. S&P MidCap 400 constituent Rayonier Inc. (NYSE: RYN) is acquiring PotlatchDeltic in a deal expected to be completed soon, pending final closing conditions. Rayonier will remain in the S&P MidCap 400 post-merger.S&P SmallCap 600 constituent Advanced Energy Industries Inc. (NASD: AEIS) will replace Comerica Inc. (NYSE: CMA) in the S&P MidCap 400, and Apellis Pharmaceuticals Inc. (NASD: APLS) will replace Advanced Energy Industries in the S&P SmallCap 600 effective prior to the opening of trading on Monday, February 2. S&P 500 constituent Fifth Third Bancorp (NASD: FITB) is acquiring Comerica in a deal expected to be completed soon, pending final closing conditions.American Healthcare REIT Inc. (NYSE: AHR) will replace Cadence Bank (NYSE: CADE) in the S&P MidCap 400 effective prior to the opening of trading on Monday, February 2. S&P 500 constituent Huntington Bancshares Inc. (NASD: HBAN) is acquiring Cadence Bank in a deal expected to be completed soon, pending final closing conditions.LegalZoom.com Inc. (NASD: LZ) will replace Elme Communities (NYSE: ELME) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, February 2. Elme Communities has announced ongoing liquidation activities and is no longer appropriate for the S&P SmallCap 600.Following is a summary of the changes that will take place prior to the open of trading on the effective date:Effective DateIndex Name       ActionCompany NameTickerGICS SectorJan 30, 2026S&P MidCap 400AdditionTTM TechnologiesTTMIInformation TechnologyJan 30, 2026S&P MidCap 400DeletionCivitas ResourcesCIVIEnergyJan 30, 2026S&P SmallCap 600AdditionAmneal PharmaceuticalsAMRXHealth CareJan 30, 2026S&P SmallCap 600DeletionTTM TechnologiesTTMIInformation TechnologyFeb 2, 2026S&P MidCap 400AdditionDutch BrosBROSConsumer DiscretionaryFeb 2, 2026S&P MidCap 400AdditionAdvanced Energy IndustriesAEISInformation TechnologyFeb 2, 2026S&P MidCap 400AdditionAmerican Healthcare REITAHRReal EstateFeb 2, 2026S&P MidCap 400DeletionComericaCMAFinancialsFeb 2, 2026S&P MidCap 400DeletionCadence BankCADEFinancialsFeb 2, 2026S&P MidCap 400DeletionPotlatchDelticPCHReal EstateFeb 2, 2026S&P SmallCap 600AdditionApellis PharmaceuticalsAPLSHealth CareFeb 2, 2026S&P SmallCap 600AdditionLegalZoom.comLZIndustrialsFeb 2, 2026S&P SmallCap 600DeletionAdvanced Energy IndustriesAEISInformation TechnologyFeb 2, 2026S&P SmallCap 600DeletionElme CommunitiesELMEReal EstateABOUT S&P DOW JONES INDICESS&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.FOR MORE INFORMATION:S&P Dow Jones Indices
index_services@spglobal.com Media Inquiries
spdji.comms@spglobal.com



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Original: TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT Set to Join S&P MidCap 400; Others to Join S&P SmallCap 600

STOCKHOLDERS RESOUNDINGLY APPROVE SM ENERGY AND CIVITAS MERGERJanuary 27, 2026 9:15 PM
PR Newswire (US)

DENVER, Jan. 27, 2026 /PRNewswire/ -- SM Energy Company (NYSE: SM) ("SM Energy") and Civitas Resources, Inc. ("Civitas") (NYSE: CIVI) today announced that the stockholders of both companies voted in favor of all proposals necessary for the closing of the companies' previously announced all-stock merger. The merger is expected to close on January 30, 2026, subject to satisfaction of other customary closing conditions. The combined company will trade as SM Energy. At the special meeting of SM Energy stockholders held earlier today, approximately 76.5 percent of the outstanding shares of SM Energy common stock were represented. Of the shares present or represented, approximately 99.1 percent voted to approve the issuance of SM Energy common stock to Civitas stockholders and approximately 98.6 percent voted to approve an amendment to SM Energy's Restated Certificate of Incorporation in order to increase the number of authorized shares.  At today's special meeting of Civitas stockholders, approximately 82.9 percent of the outstanding shares of Civitas common stock were represented, of which approximately 97.7 percent voted to adopt the merger agreement.  SM Energy and Civitas will each file final voting results for their respective special meetings on a Form 8-K with the U.S. Securities and Exchange Commission (the "SEC").SM Energy Chief Executive Officer Herb Vogel commented: "We are delighted with the strong endorsement of this transformative merger by our stockholders. This combination brings together two highly complementary organizations to create a leading oil and gas company with enhanced scale and top-tier assets. Our team is focused on generating significant free cash flow and delivering superior, long-term value for our stockholders."Civitas Interim Chief Executive Officer Wouter van Kempen commented: "Today's merger approval brings together two premier operators with exceptional assets and technical talent. This combination strengthens our competitive position in the highest return U.S. shale basins and will ultimately unlock meaningful synergies and free cash flow, better positioning the organization to drive long term, sustainable growth and value creation through every cycle."ABOUT SM ENERGYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.ABOUT CIVITAS Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development, and production of crude oil and liquids-rich natural gas from its premier assets in the Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. For more information about Civitas, please visit www.civitasresources.com.FORWARD LOOKING STATEMENTSThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address events or developments that SM Energy and Civitas expect, believe, or anticipate will or may occur in the future are forward-looking statements. The words "intend," "expect," "believe," "will," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the proposed merger of SM Energy and Civitas Resources, Inc. (the "Transaction"), including the expected closing date of the Transaction, expectations for the combined company and its operations, scale, assets, value-creation opportunities, competitive position, synergies, financial prospects and anticipated future performance. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include the expected timing and likelihood of completion of the Transaction, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations, the risk that any announcements relating to the Transaction could have adverse effects on the market price of SM Energy's common stock or Civitas common stock, the risk the pending Transaction could distract management of both entities and they will incur substantial costs, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve synergies or it may take longer than expected to achieve those synergies and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond SM Energy's or Civitas' control, including those detailed in SM Energy's annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K that are available on its website at www.sm-energy.com/investors and on the SEC's website at www.sec.gov, and those detailed in Civitas' annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K that are available on Civitas' website at ir.civitasresources.com/investor-relations and on the SEC's website at www.sec.gov. All forward-looking statements are based on assumptions that SM Energy or Civitas believe to be reasonable but that may not prove to be accurate. Such forward-looking statements are based on assumptions and analyses made by SM Energy and Civitas in light of their perceptions of current conditions, expected future developments, and other factors that SM Energy and Civitas believe are appropriate under the circumstances. These statements are subject to a number of known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual events may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements in this press release speak as of the date of this press release.NO OFFER OR SOLICITATIONThis communication is for informational purposes only and is not intended to, and shall not, constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.ADDITIONAL INFORMATION AND WHERE TO FIND ITIn connection with the proposed Transaction, SM Energy has filed, and the SEC declared effective on December 19, 2025, a registration statement on Form S-4 (the "Registration Statement"), which contains a joint proxy statement of SM Energy and Civitas and a prospectus of SM Energy (the "Joint Proxy Statement/Prospectus"). SM Energy and Civitas commenced the mailing of the Joint Proxy Statement/Prospectus to their respective stockholders on or about December 22, 2025. Each of SM Energy and Civitas may also file other relevant documents with the SEC regarding the proposed Transaction. This communication is not a substitute for the Joint Proxy Statement/Prospectus or Registration Statement or any other document that SM Energy or Civitas, as applicable, has filed or may in the future file with the SEC in connection with the proposed Transaction. INVESTORS AND SECURITY HOLDERS OF SM ENERGY AND CIVITAS ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT SM ENERGY, CIVITAS, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders can obtain free copies of the Registration Statement and the Joint Proxy Statement/Prospectus, as well as other filings containing important information about SM Energy, Civitas and the proposed Transaction, once such documents are filed with the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by SM Energy are available free of charge on SM Energy's website at www.sm-energy.com/investors. Copies of the documents filed with the SEC by Civitas are available free of charge on Civitas' website at ir.civitasresources.com/investor-relations. The information included on, or accessible through, SM Energy's or Civitas' website is not incorporated by reference into this communication.SM ENERGY INVESTOR CONTACTPatrick Lytle,

Looks like it will go again.

$sm $17.82 ^ 1.46 (8.92%)
Volume: 4,740,375 @03/26/21 7:59:56 PM EDT

$sm $13.91 v -0.69 (-4.73%)
Volume: 4,752,437 @02/25/21 4:58:38 PM EST

Wow!!

$sm $11.11 ^ 0.52 (4.91%)
Volume: 4,313,273 @02/05/21 7:27:36 PM EST

$sm $8.49 v -0.39 (-4.39%)
Volume: 5,467,843 @01/15/21 7:56:36 PM EST

$sm $5.78 v -0.19 (-3.18%)
Volume: 10,776,926 @12/18/20 7:57:49 PM EST

$sm $4.75 ^ 0.15 (3.26%)
Volume: 9,875,937 @11/25/20 7:43:54 PM EST

$sm $4.14 ^ 0.52 (14.36%)
Volume: 12,570,845 @11/23/20 4:40:14 PM EST

I see someone knows whats going on Welcome my friend spread the word far and wide about the lies
https://foreignpolicy.com/2020/04/01/coronavirus-pandemic-war-games-simulation-dark-winter/

Rip and dip. This still has gaps to fill.

Just In: $SM Are These The 4 Best Epicenter Penny Stocks To Buy Right Now?

Epicenter Stocks To Watch As Economies Slowly Reopen When you’re talking about popular penny stocks , some of the top names can be found among a list of epicenter stocks. What are epicenter stocks ? Originally popularized by Fundstrat’s Tom Lee, epicenter stocks ar...

Got this from SM - Are These The 4 Best Epicenter Penny Stocks To Buy Right Now?

$SM Dark Winter is a deep state scam to reset a failed Fiat system. Energy stocks are ripe to explode. New standard will explode energy stocks.

Hurricane Backfire! No reset on Fiat dollar. Fraud-Exposed!

$SM short selling manipulation to abruptly stop at the drop of a hat.

My senator said, they won't what hit them and will have to cover every shorted stock immediately.

Plan in place to end all manipulation and eliminate short selling.

Short sellers will burn when short selling stops abruptly by the Govt.

This stock is being ripped off. Senate is ready to act on bank manipulation. Plan in place.

$sm $2.27 ? 0.0 (0.00%)
Volume: 6,795,908 @11/10/20 4:39:56 PM EST

News; $SM SM Energy (SM) Q3 2020 Earnings Call Transcript

Image source: The Motley Fool. SM Energy (NYSE: SM) Q3 2020 Earnings Call Oct 30, 2020 , 10:00 a.m. ET Operator Continue reading For further details see: SM Energy (SM) Q3 2020 Earnings Call Transcript

In case you are interested SM - SM Energy (SM) Q3 2020 Earnings Call Transcript

$sm $1.55 ^ 0.08 (5.44%)
Volume: 8,105,167 @10/30/20 7:06:04 PM EDT

News; $SM SM Energy Company Announces Retirement Date Of Chief Executive Officer Javan D. Ottoson And Appointment Of Herbert S. Vogel To The Board Of Directors

SM Energy Company Announces Retirement Date Of Chief Executive Officer Javan D. Ottoson And Appointment Of Herbert S. Vogel To The Board Of Directors PR Newswire DENVER, Oct. 30, 2020 DENVER , Oct. 30, 2020 /PRNewswire/ -- SM Energy Company ("SM Energy" o...

Read the whole news SM - SM Energy Company Announces Retirement Date Of Chief Executive Officer Javan D. Ottoson And Appointment Of Herbert S. Vogel To The Board Of Directors

SM Energy: Strong Upside Potential

Summary
By reducing capex, cutting debt and positive cash flow generation, SM is withstanding the downturn.

Q3 earnings to be announced next week.

Due to how depressed shares are at present, we see limited downside but significant upside.

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When either trading or investing in the financial markets, we believe the key is to be able to put oneself in positions where there is limited downside but yet significant upside. This is one of the iron-clad rules of being able to successfully trade the financial markets. The trader/investor who can do this consistently automatically stacks the odds in his favour in a very big way.

One such stock which may be a candidate for what we are looking for (small downside risk but significant upside potential) is SM Energy Company (NYSE:SM) which operates in the energy sector. We actually wrote about SM Energy in December of last year when we actually took a bullish stance on the stock. At the time, we were actually looking for a double bottom reversal pattern to play itself out. Suffice it to say, the reversal pattern never materialised, and shares are now down 80%+ since that article (current price is $1.61).

Shares finally bottomed in March of this year just above the $1 level before more than quadrupling in price to hit $6+ a share in just the space of a few months. Shares, though, couldn't keep the momentum going, and it now looks like we will revisit those March lows shortly unless we can confirm a clear change in trend.

In fact, as we can see from the chart below, price will need to convincingly break above that down-cycle daily trend line before a bullish trend can begin.

Despite not being profitable at present, SM Energy's present valuation remains compelling. Trading with a book multiple of 0.08, a sales multiple of 0.14, and a cash/flow multiple of 0.23, shares have never been this cheap. Despite posting -$0.15 in earnings in the most recent second quarter, the firm still managed to generate $114 million in operating cash flow. This means $777 million of operating cash flow was generated over the past four quarters, which gives rise to the ultra-low cash flow multiple (current market cap is $184 million).

What investors need to take into account here is that, despite the negative EPS number in Q2, SM Energy still managed to generate $108 million of free cash flow over the first 6 months of the year as well as reduce the long-term debt by $219 million. Reported liquidity came in at $865 million. Yes, many will point to how leveraged SM Energy's balance sheet is, but its debt is well covered by its assets on hand. In the Q2 report, $5.267 billion of assets were reported on the balance sheet versus $2.98 billion of combined liabilities (of which $2.456 billion was reported as long-term debt). Suffice it to say, the balance sheet at present has the same amount of equity ($2.28 billion) as the end of fiscal 2014 when shares were trading close to $40 a share.

In late February and March of this year, plenty of insider buying took place at prices well north of the current share price. Plenty of buying went on between the $5 and $7 level from the CEO and CFO in these months which obviously mean that they saw value at these prices.

The reason being is that, for every dollar invested in this stock, the investor receives $12.50 worth of its assets at present. This number is really attractive when compared to the sector in earnest and especially when we see the success of SM's wells in the Midland basis not to mind how costs have been improving in South Texas. We have seen what the company's assets have returned in the past (2014, 2018, etc.) under the right conditions. There is no reason to believe why they can't return solid numbers once more.

In terms of strategy, our objective here would be to keep positions small to control risk as much as possible. Considering the upside in this stock, there is no need to push the boat out with respect to position-sizing. With third quarter earnings numbers expected next week, a positive report could easily send shares above that down-cycle trend line. In any event, our play here would be a small position initially followed by a larger position if indeed we get a post-earnings breakout.

Therefore, to sum up, SM Energy definitely attracts us due to its ultra-low valuation as well as its continued ability to generate positive cash flow from its operations. Let's see what the third quarter brings and see if we can finally break out to the upside.

https://seekingalpha.com/article/4381143-sm-energy-strong-upside-potential

$sm $1.52 ^ 0.01 (0.66%)
Volume: 3,584,335 @10/02/20 7:58:13 PM EDT

BREAKING NEWS: $SM Why Energy Stocks Core Laboratories, Occidental Petroleum, and SM Energy Jumped Today

Shares of small U.S. oil and gas company SM Energy (NYSE: SM) rose as much as 11% on Sept. 16. Fellow driller Occidental Petroleum (NYSE: OXY) were up roughly 10% at one point. Drilling services provider Core Laboratories (NYSE: CLB) also joined the energy sector uptick, rising aro...

Read the whole news SM - Why Energy Stocks Core Laboratories, Occidental Petroleum, and SM Energy Jumped Today

$sm $3 with news

$sm $2.38 ^ 0.17 (7.69%)
Volume: 6,893,573 @09/04/20 7:00:00 PM EDT

Not a sell off, it's a Rip Off!

SEC crooks allowing severe manipulation with U.S. Securities.

Energy, Steel, Basic materials and several CME companies are being manipulated and robbed.

The paid off crooks are turning a blind eye while pumping crashing central banks that are now crashing but because of their handy work, one wouldn't know it. These crashing central banks are wreaking as much havoc as they can before they're insolvent.

Complete overhaul of the SEC, Finra and CME crooked manipulators is coming.

$sm $2.95 v -0.53 (-15.23%)
Volume: 19,369,300 @07/31/20 7:58:37 PM EDT

New wells in South Texas are outstanding.

SEC Warns S&P on Volatility Gauges — WSJ Just reported.

$SM has been reported to Finra on multiple occasions for short selling away of an American energy firm and it's about time the SEC stood up.

A Wells notice is a letter saying the SEC plans to bring a civil enforcement action against a company or individual and gives the recipients a chance to argue why the action shouldn't be taken.

The proposed SEC enforcement action "would allege violations of federal securities laws with respect to the absence of disclosure of a quality assurance mechanism and the impact of that mechanism on certain volatility related index values published on one business day in 2018," the filing from S&P Global said. The index unit is cooperating with the SEC, the filing said.


https://www-prd.morningstar.com/news/dow-jones/202007303028/sec-warns-sp-on-volatility-gauges-wsj

Shorted to death after excellent quarterly report.

Unbelievable wall street robbery. The manipulation needs to stop.

A toll-free number that senior investors can call to get assistance from FINRA or raise concerns about issues with brokerage accounts and investments.

Call 844-57-HELPS (844-574-3577)
Monday – Friday
9 a.m. – 5 p.m. Eastern Time

https://www.finra.org/investors/have-problem/helpline-seniors

News: $SM Stock Markets Get an Energy Boost on Crude Oil Gains; Chevron-Noble Merger Points to More Deals Ahead

The stock market has posted amazing gains since March, but when you look past the major indexes to see what's happening, you get a much different picture. There's been a tug of war between young tech companies and old-economy stocks, and for the most part, the upstarts have stolen the show in 20...

Read the whole news SM - Stock Markets Get an Energy Boost on Crude Oil Gains; Chevron-Noble Merger Points to More Deals Ahead