2021 Earnings and 2022 Operating Plan FEBRUARY 2 4 , 2 0 2 2 NYSE: SM SM-ENERGY.COM
PREMIER OPERATOR OF TOP-TIER ASSETS 2021 RESULTS SIGNIFICANTLY EXCEEDED PLAN GOALS 2021 Plan Goals 2021 Plan Results 2021 Goal: Generate positive free cash flow(1) 2021 Result: 378MM Free Cash Flow(1) 2021 Goal: Reduce leverage…
PREMIER OPERATOR OF TOP-TIER ASSETS EXECUTING ON OUR PRIORITIES 2021 Highlights CASH FLOWS & WELL CAPITAL BALANCE SHEET RESERVE PERFORMANCE EFFICIENCY STRENGTH GROWTH Full year production of 51.4 Full year capital expenditures…
BALANCE SHEET FOCUSED ON IMPROVING BALANCE SHEET STRENGTH As of December 31, 2021: Net debt-to-Adjusted EBITDAX (1) D e b t M a t u r i t i e s (2) 1.47x in millions 1.1B 1,250 Borrowing Base & Commitments 1,000…
YEAR-END 2021 PROVED RESERVES PROVED RESERVES UP 22% COMPARED TO PRIOR YEAR Pre-tax PV-10(1) (proved reserves) 8 B 492 Reserves life index (proved reserves / 2021 production) 10 years 405 Production Replacement…
YEAR-END 2021 INVENTORY COMPELLING ECONOMICS EVEN AT LOW COMMODITY PRICES Total Company expected inventory(1) 13 years + February 2022 Inventory Analysis(2) 12 Midland Basin years expected inventory(1) 55% Total Company…
Plan Overview & Guidance 8
PREMIER OPERATOR OF TOP-TIER ASSETS 2022 STRATEGIC OBJECTIVES 2022 Strategic Objectives 1) Build NAV through scaled up Austin Chalk program 2) Grow FCF and reduce leverage to 1.0x and absolute debt to 1B 3) Maintain top-tier…
2022 PLAN GUIDANCE(1) Guidance Key Metrics FY 2022 Capital Expenditures(2) (MM) 750 2022 budget Total Production (MMBoe) Total Production (MBoe/d) 51 - 54 140 - 148 Capital Expenditures(2) Oil percentage 46 - 47% 750 million LOE…
HEDGING SUMMARY HEDGED VOLUMES DECLINING WITH LOWER LEVERAGE Oil volumes hedged(1) 2022 Hedge Program Oil 50% 12,353 MBbls(1), or approximately 50% of expected 2022 oil production, hedged to WTI at an average price of…
2021 Regional Results & 2022 Operations Plan 12
MIDLAND BASIN FOCUSED ON EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY 2 0 2 2 O P E R AT I N G P L A N 2022 PLAN DETAILS HOWARD 40 net wells completed and 55 net wells drilled RockStar 12,360 expected average lateral feet…
MIDLAND BASIN NEW COMPLETION DESIGN DRIVING HIGHER EUR AND NPV PER WELL Miracle Max . Working to optimize EUR and NPV 3 wells with new completion design by employing data analytics Actual Production New Design (64 Bbls/ft fluid…
MIDLAND BASIN ENVERUS: LARGER FRAC JOBS MAKE SM ENERGY A MIDLAND ROCKSTAR(1) SM Energy Record: Highest IP90 Productivity (2) Three wells averaging: 2,500 + 91% Boe/d oil . Slider D 2269WB Madador B 2346WA Smails D 2385DN…
SOUTH TEXAS FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT 2 0 2 2 O P E R AT I N G P L A N 2022 PLAN DETAILS 38 net wells completed and 37 net wells drilled 11,000 expected average lateral feet per well 38% Boe PDP decline expected…
SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES SUCCESSFUL TEST RESULTS ACROSS ACREAGE POSITION IN 2021 400 9 Austin Chalk Wells Currently Producing 35 wells producing 50-80% liquids(1) Expected months 80 Locations 70 Average…
PREMIER OPERATOR OF TOP-TIER ASSETS 2022 STRATEGIC OBJECTIVES 2022 Strategic Objectives 1) Build NAV through scaled up Austin Chalk program 2) Grow FCF and reduce leverage to 1.0x and absolute debt to 1B 3) Maintain top-tier…
Appendix 19
FOURTH QUARTER AND FULL YEAR 2021 PERFORMANCE Key Metrics 4Q21 2021 2021 Production Production and Pricing Total Production (MMBoe) 14.6 51.4 Total Production (MBoe/d) Oil percentage Pre-Hedge Realized Price (/Boe) Post-Hedge…
4Q 2021 REALIZATIONS BY REGION TWO TOP-TIER AREAS OF OPERATION Benchmark Pricing NYMEX WTI Oil (/Bbl) 77.19 Midland South Basin Texas Total NYMEX Henry Hub Gas (/MMBtu) 5.83 Hart Composite NGL (/Bbl) 44.21 Production Volumes Oil…
SM ENERGY AUSTIN CHALK: TOP-TIER ECONOMICS Transportation per Boe 2021: Austin Chalk operating 10.00 Total South Texas 8.00 6.00 costs per Boe were 30% 4.00 2.00 AC only lower than blended South 0.00 2020Q1 2020Q2 2020Q3…
ACTIVITY BY REGION WELLS DRILLED, FLOWING COMPLETIONS, AND DUC COUNT Wells Drilled Flowing Completions DUC Count(1) 4Q21 2021 YTD 4Q21 2021 YTD As of December 31, 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 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Mont Belvieu Benchmark Price (/Bbl) 21.68 30.47 31.52 40.39 44.21 NGL price realizations tied to SM NGL Realization (/Bbl) 18.43 26.93 28.41 36.87…
2021 PROVED RESERVES PROVED RESERVES AT YEAR-END WERE 492 MMBOE, UP 22% COMPARED WITH PRIOR YEAR Proved Reserves by Region YE 2020 (MMBoe) 222.0 182.6 404.6 YE 2021 Midland Basin South Texas Total Proved 492 Reserves Oil (MMBbl)…
Fourth Quarter & Full Year 2021 Non-GAAP Reconciliations and Disclosures 30
NON-GAAP RECONCILIATIONS Adjusted EBITDAX(1) Three Months Ended December 31, Twelve Months Ended December 31, Adjusted Net Income(1) Three Months Ended December 31, Twelve Months Ended December 31, (in thousands) 2021 2021 (in…
NON-GAAP RECONCILIATIONS Free Cash Flow(1) Adjusted Operating Margin(1) Three Months Ended Twelve Months Ended Three Months Ended Twelve Months Ended December 31, December 31, December 31, 2021 December 31, 2021 (in thousands) 2021…
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 34
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