Bank of America ENERGY CREDIT CONFERENCE NOVEMBER 28, 2023 NYSE: SM WEB: sm-energy.com
Sustainable and Repeatable Business Model Sustainable Premier Operator of Top-Tier Assets SUSTAINABLE Return of Capital Strong Balance Sheet Repeatable World Class Technical Team REPEATABLE Organically Add Inventory Strategic…
Consistent Top-Tier Well Performance Third Parties Agree SM... remains the most SM has the HIGHEST OIL EUR of productive Midland operator in operators with 30 or more wells 2023... numero uno(1) 150 16 Midland Basin Productivity…
A Leader in Capital Efficiency Third Parties Agree SM a leader among peers in SM ranks 2 among Permian peers in lowest capital per EUR:(1) Proppant Pumped/day(2) Median proppant per day (2023 completions) 150 Capital per EUR (/BBL),…
Premier Operator of Top Tier Assets Delivering Optimized Performance Year-over-Year The Leaders: ...SM has shown solid trends in both South TX and the Midland Basin....(1) 30 Midland Basin Total SM development program 25 has…
Midland Basin Performance Update SM Wells v. Howard County Peers(1) Organically Building Inventory and Economic Value 300 North Martin/Dawson 20,000 net acre Acquisition Significant Implementing SM Permian Ops model Avg. Cumulative…
South Texas Austin Chalk 30 Wells YTD Reach Peak IP30 Demonstrate Continued High Returns Across Acreage Wells Reached IP30 in 2023 22 23 SM Energy Austin Chalk Wells to Date(1) Oil 60 50 Liquids-rich Gas Number of wells: 28…
Operations Surveillance Room Collaboration Technology Efficiencies Stewardship Production Operations 24/7/365 Monitoring by Operations Specialists Driving operational efficiencies and cost savings Permian Instrumentation Electrical…
Increased Return of Capital Program Repurchase 6% of Shares Outstanding Since Program Inception(1) INCREASED SUSTAINABLE DIVIDEND:(2) PER SHARE NEW 20% FIXED DIVIDEND 0.18 0.72 QUARTERLY ANNUALLY RETURN OF CAPITAL TO STOCKHOLDERS…
Sustainable Long-Term Capital Structuring Drives Low Leverage, Increasing Return to Shareholders, High Quality Inventory Sources Uses 1/1/2022 to Present: Other 5% Acquisition 1.2 billion Capital(2) FCF(1) 10% 1/1/22-9/30/23…
Empowered by a Strong Balance Sheet Balance Sheet Flexibility 0.7x NET DEBT-TO- ADJUSTED EBITDAX(1) LIQUIDITY 1.65 billion CASH BALANCE 402 million NET DEBT(1) 1.2 billion(2) BB- CREDIT AGENCY SENIOR UNSECURED DEBT…
Premier Operator SMid Cap Company Large Cap Technical Team SM boasts a SIZEABLE GEOSCIENCE STAFF and has had past SUCCESS IN ORGANICALLY ADDING INVENTORY THROUGH ITS TECHNICAL PROWESS(pushing the boundaries of the Midland Basin…
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)…
Sustainable and Repeatable Business Model Sustainable Premier Operator of Top-Tier Assets SUSTAINABLE Return of Capital Strong Balance Sheet Repeatable World Class Technical Team REPEATABLE Organically Add Inventory Strategic…
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 19
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…
2023 Plan Guidance Optimizing Free Cash Flow Over a Multi-year Plan Key Metrics Guidance FY 2023 Capital Expenditures(1) (B) 1.1 Capital expenditure guidance remains unchanged plus the additional 5 net wells from asset exchange…
2023 Plan Guidance Q4 and Regional Details Q4 2023 Guidance 2023 Regional Activity Production: 13.7-14.0 MMBoe (149-152 MBoe/d), Midland Basin Plan Details at 42% oil, 60% liquids 2023 Net wells planned: drill 46; complete 55 Capital…
Third Quarter 2023 Performance Key Metrics 3Q23 Production and Pricing 3Q23 Production 153.7 MBoe/d Total Production (MMBoe) 14.1 Total Production (MBoe/d) 153.7 Oil percentage / Liquids 44% / 61% Pre-Hedge Realized Price (/Boe)…
3Q 2023 Realizations by Region Two Top-Tier Areas of Operation Midland Basin South Texas Total Production Volumes Benchmark Pricing Oil (MBbls) 4,549 1,618 6,167 NYMEX WTI Oil (/Bbl) 82.26 Gas (MMcf) 15,388 17,543 32,931 NYMEX Henry…
Activity by Region Wells Drilled, Flowing Completions & DUC Count Wells Drilled(1) Flowing Completions(1) DUC Count 3Q23 2023 YTD 3Q23 2023 YTD As of September 30, 2023 Gross Net Gross Net Gross Net Gross Net Gross Net Midland…
Leasehold Summary Growing Midland Basin Position Net Acres(1) MIDLAND BASIN NET ACRES 111,000 Midland Basin RockStar(2) 83,800 Sweetie Peck(3) 18,000 New Acreage 9,100 Midland Basin total 110,900 South Texas 154,800 SOUTH TEXAS…
NGL Realizations Austin Chalk 2023 Plan Assumes Ethane Processing All Year High Liquids Content Realizations by Quarter % Liquids 3Q 2023 2Q 2023 1Q 2023 4Q 2022 3Q 2022 OPIS(1) Benchmark Price (/Bbl) 27.81 25.21 30.95 33.03…
Hedging Summary Hedging Volumes Lower Aligned with Lower Leverage 2023 Hedge Program 25% OIL 1,800 MBbls(2), or 30% of expected Q4 2023 oil production(3), is hedged to contract prices in the Midland Basin at a weighted-average…
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) September 30, 2023 September 30, 2023 September 30, 2023 Net income…
Non-GAAP Reconciliations Adjusted Free Cash Flow(1) Three Months Ended (in thousands) September 30, 2023 Net cash provided by operating activities (GAAP) 382,994 Net change in working capital 52,893 Cash flow from operations before…
Midland Basin Operators 36
Sweetie Peck Operators 37
South Texas Operators 38
JENNIFER MARTIN SAMUELS Vice President - Investor Relations and ESG Stewardship 303.864.2507 jsamuelssm-energy.com
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