SECOND QUARTER 2021 F I N A N C I A L & O P E R AT I N G R E S U LT S NYSE: SM JULY 29, 2021 SM-ENERGY.COM
FIVE YEAR PLAN KEY PRIORITIES SECOND QUARTER PERFORMANCE PUTS US AHEAD OF SCHEDULE IN MEETING PRIORITIES Key Priorities: Progress: Free cash flow(1) generation Free cash flow(1) generation 2Q21 production ahead of expectations and…
2022 THIRD-PARTY FREE CASH FLOW YIELD(1) COMPARISON SM ENERGY: TOP-TIER FCF YIELD IN 2022, BASED ON JPM ESTIMATES 35% 30% 25% J.P. Morgan 20% 2022 Free Cash Flow Yield (1) Estimates 15% Source: J.P. Morgan Research; July…
PREMIER OPERATOR OF TOP-TIER ASSETS EXECUTING ON OUR PRIORITIES Second Quarter 2021 Highlights WELL CAPITAL CASH BALANCE SHEET PERFORMANCE EFFICIENCY FLOWS IMPROVEMENT Production of 12.4 MMBoe Capital expenditures of 222.6 Cash…
SECOND QUARTER 2021 PERFORMANCE Key Metrics 2Q21 Production and Pricing Total Production (MMBoe) 12.4 Total Production (MBoe/d) 136.5 Oil percentage Pre-Hedge Realized Price (/Boe) 54% 45.28 Production Post-Hedge Realized Price…
BALANCE SHEET FOCUSED ON IMPROVING BALANCE SHEET STRENGTH Reduced near-term maturities 2Q21: D e b t M a t u r i t i e s (2) Extended nearly 400 million in near-term in millions maturities to 2028 by retiring or repurchasing nearly…
HEDGING SUMMARY RISK MANAGEMENT SM Energy Hedge Program Q3-Q4 2021 Oil Volumes Hedged(1) Oil 10,505 MBbls(1), or approximately 75-80%(1) of expected 3Q-4Q 75-80% 2021 oil production, hedged to WTI at an average price 41.67 7,580…
(1) 2021 GOALS AND PLAN GUIDANCE FULL-YEAR PRODUCTION GUIDANCE NARROWED Guidance Key Metrics 2021 Goals Capital Expenditures(3) (MM) FY 2021 650 - 675 Total Production (MMBoe) 47.5 49.5 Generate positive free cash flow(2) Total…
MIDLAND BASIN FOCUSED ON EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY 2 0 2 1 O P E R AT I N G P L A N 2021 PLAN DETAILS HOWARD 2Q21: 40 net wells completed and 11 net wells drilled YTD 2Q21: 54 net wells completed and 24…
PREMIER OPERATOR OF TOP-TIER ASSETS LONGEST LATERAL IN TX & FIRST SIMUL-FRAC A TESTAMENT TO OPERATIONS LEADERSHIP Clarice Starling First Simul-Fracs Sundown D 4542 WA Lateral length: 20,900 Drilled in 20 days Completed a max of…
MIDLAND BASIN TOP-TIER BREAKEVEN PRICES DRIVEN BY CAPITAL EFFICIENCY 1,500 2H19 2021E Lowest Permian well costs 1,000 (Per lateral foot) Peers include CDEV, CPE, ESTE, FANG, LPI, MTDR, OVV, PDCE, PXD, XEC 500 Source: Enverus…
SOUTH TEXAS FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT 2 0 2 1 O P E R AT I N G P L A N 2021 PLAN DETAILS 2Q21: 5 net wells completed and 11 net wells drilled YTD 2Q21: 8 net wells completed and 16 net wells drilled 12,000…
SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES SUCCESSFUL TEST RESULTS ACROSS ENTIRE ACREAGE POSITION South Texas: 155,000 total net acres; significant Austin Chalk Wells Currently Producing area delineated for Austin Chalk…
SOUTH TEXAS: PROLIFIC NEW AUSTIN CHALK WELL RESULTS STRONG WELL PERFORMANCE INDICATES CONSISTENCY AND REPEATABILITY Currently Producing Austin Chalk Wells New East Area Well Results New eastern wells producing 55-62% liquids Galvan…
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) MAKING PEOPLES LIVES BETTER BY RESPONSIBLY PRODUCING OIL & NATURAL GAS First Electric Frac Fleet Utilized by SM Energy October 2020 Focused on emissions and safety: Prelim ina ry…
Appendix 17
2Q 2021 REALIZATIONS BY REGION TWO TOP-TIER AREAS OF OPERATION Benchmark Pricing NYMEX WTI Oil (/Bbl) 66.07 Midland South Basin Texas Total NYMEX Henry Hub Gas (/MMBtu) 2.83 Hart Composite NGL (/Bbl) 31.52 Production Volumes Oil…
ACTIVITY BY REGION WELLS DRILLED, FLOWING COMPLETIONS, AND DUC COUNT Wells Drilled Flowing Completions DUC Count(1) 2Q21 2021 YTD 2Q21 2021 YTD As of June 30, 2021 Gross Net Gross Net Gross Net Gross Net Gross Net Midland Basin…
LEASEHOLD SUMMARY NO LEASEHOLD ON FEDERAL LANDS IN THE MIDLAND BASIN OR SOUTH TEXAS MIDLAND BASIN Net Acres (1) NET ACRES Midland Basin Sweetie Peck(2) RockStar Midland Basin total 18,000 64,100 82,100 82,000 South Texas…
HIGH QUALITY MULTI-FORMATION INVENTORY COMPELLING ECONOMICS AT LOW COMMODITY PRICES Total Company Midland Basin expected inventory(1): expected inventory(1): Enverus Research(2) 13+ years 9 years Years of Sub 40 WTI and 2.25 HH…
NGL REALIZATIONS Realizations by Quarter 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Mont Belvieu Benchmark Price (/Bbl) 14.02 19.13 21.68 30.47 31.52 NGL price realizations tied to SM NGL Realization (/Bbl) 10.43 14.07 18.43 26.93…
SOUTH TEXAS: AUSTIN CHALK DELIVERS SIGNIFICANT VALUE SUPERIOR AUSTIN CHALK MARGINS Expected Production Margin per Boe (1) Estimated breakeven for Austin Chalk wells to date is 12 - 28/Bbl NYMEX(2) Austin Chalk v. Eagle Ford at go…
Second Quarter 2021 Non-GAAP Reconciliations and Disclosures 26
NON-GAAP RECONCILIATIONS Adjusted EBITDAX(1) Three Months Ended June 30, Six Months Ended June 30, Adjusted Net Income (Loss)(1) Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2021 (in thousands) 2021…
NON-GAAP RECONCILIATIONS Free Cash Flow(1) Three Months Ended June 30, Six Months Ended June 30, Net Debt(1) As of June 30, (in thousands) (in thousands) 2021 2021 2021 Net cash provided by operating activities (GAAP) 296,399…
SM ENERGY CONTACTS Jennifer Martin Samuels Vice President - Investor Relations 303.864.2507 jsamuelssm-energy.com Jeremy Kline Manager - Investor Relations 303.863.4313 jklinesm-energy.com 30
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