J.P. Morgan Energy, Power & Renewables Conference JUNE 21, 2023 NYSE: SM WEB: sm-energy.com
Breaking News 2Q and FY: Production Capital Expenditures(1) Production 1.0 MMBoe Oil production 3% Capital expenditures(1) 50 MM 2023 Revised Guidance Original 2Q Original FY23 Key Metrics Guidance 2Q Revision Guidance…
Breaking News Repurchases Outperformance - Acquisitions SHARE REPURCHASES(1) 2.6 2.2% Shares Million shares 7% Second Quarter 2023 outstanding repurchased repurchased Yield-to-market 221 capitalization 5.3 Million in…
Breaking News What this Means for SM Investors MORE MORE MORE OIL MORE RETURN OF GROWTH INVENTORY CAPITAL 5
SM Energy Is A Premier Operator of Top-Tier Assets A PREMIER OPERATOR Capital Efficiency OWNER OF TOP-TIER ASSETS High Inventory Quality with Long Runway A LEADER ESG Stewardship 6
Midland Basin Focused on Execution, Well Performance and Capital Efficiency SM Energy Wells vs. Howard County Peers(1) 21-22 Midland Oil Wells Breakeven(2) 300 SM SM Energy Best Peer 1 Among 250 Significant Peer 2 Peer 3…
Midland Basin High-Quality Long-Duration Tier-1 Inventory LEONARD 6,500 LEONARD First test 870 days* on production, 298 MBoe produced to date from 9,900 lateral MIDDLE SPRABERRY 7,100 Six Leonard tests wells scheduled to…
South Texas Austin Chalk 7 New Wells With Peak IP30 Demonstrate Continued High Returns Across Acreage New Wells Reached IP30 22 23 SM Energy Austin Chalk Wells to Date(1) 40 Oil Liquids-rich Gas 30 Number of wells: 17 (Mboe per…
South Texas Best Austin Chalk Inventory Amongst Peers SM, MGY and Mesquite Lead With Over 300 AC Locations Remaining Enverus(1) 600 500 Net Remaining AC Locations 400 300 200 100 0 Endeavor SM…
Inventory Quality A Favorite Among SMID-Caps We continue to believe that SM has the deepest and highest-quality well inventory among our SMid-cap coverage. Capital One Securities, Inc. April 28, 2023 13
Strategic Inventory Capture: Repeatable Performance World Class Technical Teams Transformative Understanding Discovery Before SM Entry 2015(1) Post SM Entry 2022(1) Howard County Howard County 79 horizontal wells 3200 industry…
Value Creation: Continuing Efforts and Upside Midland Basin Example Optimizing the Value of Every Completion 25,000 Unique designs analyzed 2022 SM Base Design Midland Average NPV Completions Capital 15
Quality Inventory Designed to Optimize Returns TOTAL COMPANY EXPECTED ECONOMIC INVENTORY(1) 1013+ years IN EACH OF THE MIDLAND BASIN AND SOUTH TEXAS 60% TOTAL COMPANY INVENTORY EXPECTED AVERAGE RETURN 65/bbl oil (1)…
Low Leverage Favorable Leverage Compared to Peers Financial Flexibility YE23 Net Debt-to-EBITDA(1)(3) Peer 1 (0.6) 0.6x Peer 2 - NET DEBT-TO- SM 0.5 ADJUSTED EBITDAX(1) Peer 3 0.7 LIQUIDITY 1.7 billion Peer 4 0.9 CASH…
Strong Balance Sheet Balance Sheet Flexibility Borrowing base and aggregate lender commitments reaffirmed(2) No debt maturities before 2025 BB- B2 CREDIT AGENCY SENIOR SECURED DEBT RATINGS: S&P BB- Outlook: Positive Fitch…
SM Energy - Leader in Stewardship Exceeded 2022 Internal Targets OVERALL CDP SCORE 2022 Results Methane Intensity 0.03 mT CH4/MBOE* Scope 1 + 2 GHG Intensity 8.23 mT CO2e/MBOE down 40% since base year 2019 SUPPLIER ENGAGEMENT…
Sustainable and Repeatable Business Model Sustainable Premier Operator of Top Tier Assets Return of Capital SUSTAINABLE Strong Balance Sheet Repeatable World Class Technical Team REPEATABLE Organically Add Inventory Strategic…
First Quarter 2023 Performance Key Metrics 1Q23 Production and Pricing 1Q23 Production 146.4 MBoe/d Total Production (MMBoe) 13.2 Total Production (MBoe/d) 146.4 Oil percentage / Liquids 43% / 59% Pre-Hedge Realized Price (/Boe)…
1Q 2023 Realizations by Region Two Top-Tier Areas of Operation Midland Basin South Texas Total Production Volumes Benchmark Pricing Oil (MBbls) 4,240 1,424 5,664 NYMEX WTI Oil (/Bbl) 76.13 Gas (MMcf) 14,471 17,761 32,232 NYMEX Henry…
Activity by Region Wells Drilled, Flowing Completions & DUC Count Wells Drilled(1) Flowing Completions DUC Count(1) 1Q23 1Q23 As of March 31, 2023 Gross Net Gross Net Gross Net Midland Basin RockStar(1) 5 3 5 5 29 24 Sweetie Peck…
Leasehold Summary Growing Midland Basin Position MIDLAND BASIN NET ACRES Net Acres(1) 91,000 Midland Basin RockStar 63,500 + 20,000 Sweetie Peck(2) 18,500 New Acreage 9,100 Midland Basin total 91,100 PENDING CLOSE(3) South…
NGL Realizations 2023 Plan Assumes Ethane Processing All Year SM Energy Realizations by Quarter NGL Composition 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Iso OPIS(1) Benchmark Price (/Bbl) 48.36 50.05 42.47 33.03 30.95 Butane SM…
South Texas Confidence In The Austin Chalk Not Your Old Austin Chalk: Austin Chalk P10:P90 Ratio(1) is Indicative of an Outstanding Resource Play 50 1988 2010 Wells 400 41 40 Expected Well Count = 3,644 30…
Hedging Summary Hedging Volumes Lower Aligned with Lower Leverage 2023 Hedge Program OIL 5,300 MBbls(2), or 30% of expected Q2-Q4 2023 oil production, is hedged to contract prices in the Midland Basin at a weighted- average price of…
Definitions of Non-GAAP Measures and Metrics as Calculated by the Company To supplement the presentation of its financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides…
Non-GAAP Reconciliations Adjusted EBITDAX(1) Three Months Ended Trailing Twelve Months Ended Adjusted Net Income(1) Three Months Ended (in thousands) (in thousands) March 31, 2023 March 31, 2023 March 31, 2023 Net income (GAAP)…
Non-GAAP Reconciliations Adjusted Free Cash Flow(1) Three Months Ended (in thousands) March 31, 2023 Net cash provided by operating activities (GAAP) 331,634 Net change in working capital 26,216 Cash flow from operations before net…
Midland Basin Operators 36
Sweetie Peck Operators 37
South Texas Operators 38
JENNIFER MARTIN SAMUELS Vice President - Investor Relations 303.864.2507 jsamuelssm-energy.com
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