SM Energy Co

SM Energy Co is a U.S.-based independent oil and gas exploration and production company focused on crude oil, natural gas, and natural gas liquids. Its operations are centered in onshore U.S. resource basins, including the Midland Basin, South Texas, and the Uinta Basin, with production, development, and acreage management organized around operated and non-operated properties.

20,5 %

+17,2 %

0.69

0.69

— SM Energy Co
%
Oil production55% Crude oil produced from onshore U.S. shale and basin assets.
Natural gas production25% Associated and dry natural gas sold from operated producing properties.
Natural gas liquids10% NGL volumes recovered and sold alongside oil and gas production.
Exploration and development10% Capital deployment for drilling, completions, and reserve replacement.

SM Energy sells hydrocarbons to commodity purchasers and marketers, while also billing co-owners for their share of...

  • Commodity purchasersprimary

    Buy crude oil, natural gas, and NGL volumes for resale, refining, or processing.

  • Joint interest ownersprimary

    Co-owners of operated properties who reimburse their share of drilling and operating costs.

  • Midstream and marketing counterpartiessecondary

    Take volumes from producing areas and provide gathering, transportation, or marketing access.

SM Energy’s business is concentrated in U.S. onshore basins, with core operations in the Permian Basin, South Texas,...

  • •Operations are concentrated in U.S. onshore shale basins
  • •Midland Basin and South Texas are core operating areas
  • •Uinta Basin contributes a meaningful production base
  • •DJ Basin and Delaware Basin expand the asset footprint
  • •Local geology, takeaway, and service costs shape returns

SM Energy’s strategy centers on developing high-quality U.S. shale assets, replacing inventory, and using capital...

01
Strategic inventory replacementmedium-term

Maintains a durable drilling runway and supports future production.

02
Portfolio optimizationmedium-term

Concentrates capital in the best assets and improves capital efficiency.

03
Operational integrationshort-term

Integration of acquired assets is needed to preserve execution quality and synergies.

SM Energy is exposed to commodity price volatility, which can quickly affect cash generation, asset values, and access...

critical

Commodity price volatility

Revenue and asset values depend heavily on realized oil, gas, and NGL prices.

Scope
Oil, gas, and NGL sales
Materiality
high
high

Merger integration risk

Combining acquired assets and systems can delay benefits and increase costs.

Scope
Civitas integration
Materiality
high
high

Counterparty and joint-interest credit risk

Receivables depend on purchasers and co-owners meeting payment obligations.

Scope
Accounts receivable and joint interest billings
Materiality
high
high

Cybersecurity and OT disruption

Digital drilling, production, and financial systems are vulnerable to attack.

Scope
IT, OT, and cloud-based applications
Materiality
medium
medium

Reservoir and offset well performance

Nearby drilling and depletion can reduce recoveries and future well economics.

Scope
Operated shale properties
Materiality
medium
Successful efforts method
Can create volatility in exploration expense and asset balances
Proved reserve estimates
Affects DD&A, carrying values, and future cash flow estimates
Commodity derivative valuation
Can create earnings and balance-sheet volatility
Asset retirement obligations
Affects liabilities and accretion expense
Acquisition accounting
Can affect asset basis, depreciation, and future impairment risk

Diamondback Energy, Inc.

FANG · Crude Petroleum & Natural Gas

EXPAND ENERGY Corp

EXE · Crude Petroleum & Natural Gas

NORTHERN OIL & GAS, INC.

NOG · Crude Petroleum & Natural Gas

Permian Resources Corp

PR · Crude Petroleum & Natural Gas

RING ENERGY, INC.

REI · Crude Petroleum & Natural Gas

Coterra Energy Inc.

Crude Petroleum & Natural Gas

: 29/04/2026