THIRD 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 OCTOBER 28, 2021 SM-ENERGY.COM
PREMIER OPERATOR OF TOP-TIER ASSETS THE FOUNDATION FOR VALUE CREATION Value Creation Momentum Intrinsic increase in NAV/EV from confirmation of Austin Chalk Conversion of EV from debt to equity Multiple expansion as leverage…
PREMIER OPERATOR OF TOP-TIER ASSETS EXECUTING ON OUR PRIORITIES Third Quarter 2021 Highlights WELL CAPITAL CASH BALANCE SHEET PERFORMANCE EFFICIENCY FLOWS IMPROVEMENT Production of 14.3 MMBoe Capital expenditures of 180.1 Generated…
THIRD QUARTER 2021 PERFORMANCE Key Metrics 3Q21 Production and Pricing Production Total Production (MMBoe) 14.3 Total Production (MBoe/d) Oil percentage Pre-Hedge Realized Price (/Boe) Post-Hedge Realized Price (/Boe) 155.8 56%…
BALANCE SHEET FOCUSED ON IMPROVING BALANCE SHEET STRENGTH As of September 30, 2021: D e b t M a t u r i t i e s (2) Net debt-to-Adjusted EBITDAX (1) 1.96x in millions Liquidity 1.1 billion 1.1B 1,250 Borrowing Base &…
HEDGING SUMMARY HEDGE VOLUMES EXPECTED TO DECLINE WITH LEVERAGE Oil volumes hedged(1) SM Energy Hedge Program Oil Q4 2021 5,052 MBbls(1), or approximately 70-75% of expected 4Q 2021 oil production, 70-75% hedged to WTI at an…
(1) 2021 GOALS AND PLAN GUIDANCE FULL-YEAR PRODUCTION GUIDANCE RAISED AND NARROWED Guidance Change Key Metrics 2021 Goals FY 2021 (v. July Guidance) Capital Expenditures(3) (MM) 670 - 675 2% Generate positive free cash flow(2)…
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 3Q21: 24 net wells completed and 14 net wells drilled HOWARD YTD 3Q21: 78 net wells completed and 38…
MIDLAND BASIN NEW COMPLETION DESIGN DRIVING HIGHER EUR AND NPV PER WELL Miracle Max . Optimizing EUR and NPV by employing data analytics 3 wells with new completion design Approximately 80 wells have employed 500,000 Actual…
MIDLAND BASIN LONGEST LATERAL IN TX & FIRST SIMUL-FRAC A TESTAMENT TO OPERATIONS LEADERSHIP Clarice Starling First Simul-Fracs Sundown D 4542 WA Lateral length: 4 miles (20,900) longest lateral in state of Texas 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 3Q21: 11 net wells completed and 10 net wells drilled YTD 3Q21: 19 net wells completed and 26 net wells drilled; full year…
SOUTH TEXAS: NEW AC WELLS AT DEVELOPMENT SPACING STRONG PERFORMANCE AND HIGH OIL CONTENT New Austin Chalk Well Results Performance at development spacing First 6 Austin Chalk wells completed at consistent with wells to date…
SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES SUCCESSFUL TEST RESULTS ACROSS ACREAGE POSITION South Texas: 155,000 total net acres; significant area delineated for Austin Chalk development, supporting Austin Chalk Wells Currently…
HIGH QUALITY INVENTORY SM ENERGY AUSTIN CHALK BREAKEVEN OIL PRICE COMPETITIVE WITH PERMIAN PEERS Permian Breakeven oil price(1) at 20:1 WTI to NYMEX Low breakeven costs translate to more free 56 cash flow (per Boe produced) at…
2022 J.P. MORGAN ESTIMATED FCF 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…
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) MAKING PEOPLES LIVES BETTER BY RESPONSIBLY PRODUCING OIL & NATURAL GAS 1 Rystad Energy: SM Energy top Environmental score among Permian Basin operators(1) ESG disclosure for 2020 was…
ESG - HUMAN CAPITAL COLLABORATION AND INCLUSIVE CULTURE ARE CORE TO OUR BUSINESS Workforce Metrics: Number of Employees 504 Board Diversity (as of 12/31/20) 57% (as of 9/27/21) Women Employees 33% 2020 Charitable…
Appendix 20
3Q 2021 REALIZATIONS BY REGION TWO TOP-TIER AREAS OF OPERATION Benchmark Pricing NYMEX WTI Oil (/Bbl) 70.56 Midland South Basin Texas Total NYMEX Henry Hub Gas (/MMBtu) 4.01 Hart Composite NGL (/Bbl) 40.39 Production Volumes Oil…
ACTIVITY BY REGION WELLS DRILLED, FLOWING COMPLETIONS, AND DUC COUNT Wells Drilled Flowing Completions DUC Count(1) 3Q21 2021 YTD 3Q21 2021 YTD As of September 30, 2021 Gross Net Gross Net Gross Net Gross Net Gross Net Midland…
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 63,500 81,500 82,000 South Texas…
NGL REALIZATIONS Realizations by Quarter 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Mont Belvieu Benchmark Price (/Bbl) 19.13 21.68 30.47 31.52 40.39 NGL price realizations tied to SM NGL Realization (/Bbl) 14.07 18.43 26.93 28.41…
SM ENERGY AUSTIN CHALK VS. DELAWARE BASIN NOT THE OLD EAST TEXAS AUSTIN CHALK 600,000 Austin Chalk SM Austin Chalk wells have superior liquids 500,000 content compared to average Delaware Delaware Basin(1) Basin well Cumulative…
Third Quarter 2021 Non-GAAP Reconciliations and Disclosures 28
NON-GAAP RECONCILIATIONS Adjusted EBITDAX(1) Three Months Ended Nine Months Ended September 30, September 30, Adjusted Net Income(1) Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2021 (in…
NON-GAAP RECONCILIATIONS Free Cash Flow(1) Three Months Ended Nine Months Ended September 30, September 30, Net Debt(1) As of September 30, (in thousands) (in thousands) 2021 2021 2021 Net cash provided by operating activities…
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 32
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