NYSE: SM SM-Energy.com First Quarter 2025 Financial & Operating Results May 1, 2025
SM Energy is A PREMIER OPERATOR OF TOP-TIER ASSETS Uinta Basin Denver Corporate Headquarters A PREMIER OPERATOR: Capital Efficiency OWNER OF TOP-TIER ASSETS: High-Quality Inventory with Long Runway A LEADER: Permian Basin…
Top-Tier Assets UINTA BASIN MIDLAND BASIN SOUTH TEXAS South Texas 155,000 NET ACRES Uinta Basin DIMMIT 63,600 NET ACRES Midland Basin 111,000 NET ACRES DAWSON WEBB UINTAH MARTIN DUCHESNE HOWARD MIDLAND UPTON…
2025 Core Strategic Objectives 1ST QUARTER RESULTS SUPPORT 2025 CORE OBJECTIVES Expand our portfolio of 1 Focus on operational execution 2 Return capital to stockholders 3 top-tier economic drilling inventory Successful Uinta…
Why invest in SM Energy WHAT DIFFERENTIATES US FROM PEERS 1 Premier operator with track record of capital efficiency and innovation 10+ years of high-quality, low breakeven, resilient inventory(1) with 65% 2 average projected…
Focus on Operational Execution SUCCESSFUL UINTA BASIN INTEGRATION ENVERUS ADDS 57 SUB-50/BBL BREAKEVEN LOCATIONS Uinta Upper Cube Oil Production Competitive with Other Basins(2) Douglas Creek 350 SM holds the most at 57 300…
Focus on Operational Execution NEW WELLS REACH IP30 IN UINTA BASIN AND SOUTH TEXAS OIL DIMMIT WEBB DUCHESNE UINTAH LIQUIDS-RICH GAS New Wells that Reached IP30 New Wells that Reached IP30 6 Lower Cube wells 4 Austin Chalk…
Focus on Operational Execution CONTINUED SIGNIFICANT OIL PRODUCTION OUTPERFORMANCE COMPARED TO PEERS SM Energy Wells v. Howard County Peers(1) SM Energy Wells v. Austin Chalk Peers(2) 250 250 Avg. Cumulative Oil Production Avg.…
Focus on Operational Execution DRIVING CAPITAL EFFICIENCIES ACROSS ALL THREE CORE BASINS Success in drilling 3-mile laterals UINTA INTEGRATION Record footage completed in March Record oil takeaway PERMIAN DESIGN Cost savings…
Focus on Operational Execution TECHNOLOGY IS PART OF OUR DNA Employee empowerment and innovation drives differential performance Computer Machine Learning Algorithms Vision Scale for acquisitions and exploration Machine Completion…
1Q25 Performance SUCCESSFUL UINTA BASIN INTEGRATION DRIVES STRONG 1Q RESULTS Key Metrics 1Q25 Net Production and Pricing 1Q25 NET 197.3 MBoe/d Total Net Production (MMBoe) 17.8 Total Net Production (MBoe/d) 197.3 Oil / Liquids…
Empowered by a Strong Balance Sheet REDUCED DEBT 31MM PROGRESSING TOWARDS 1X LEVERAGE Debt Maturities (millions) as of March 31, 2025: 2,000 As of March 31, 2025: 1,750 3.0B Borrowing Base 1,500 1.3x NET DEBT-TO- ADJUSTED…
Hedging Summary STRATEGY IS TO ALIGN HEDGING WITH LEVERAGE 2Q25 4Q25 SWAPS AND COLLARS:(1) 2Q25 4Q25 BASIS SWAPS: Oil volumes hedged(2) Basis Swaps Volumes Price 10,200 MBbls of expected 2Q25-4Q25 Oil MBbls /Bbl net oil…
2025 Plan Guidance 2Q25 GUIDANCE AND REGIONAL DETAILS Uinta Basin (6) 35 drills 50 completions Key Metrics Guidance 2Q25 Guidance FY25 11,200 average lateral length Capital Expenditures(1)(2) 375 385 million 1.3 billion 3 rigs 1…
Operational Excellence RECOGNIZED BY RYSTAD AS A LEADER IN SUSTAINABILITY AMONG PEERS Overall ESG Scores for Top 15 Operators(1) Peer 1 Peer 2 SM Peer 3 Peer 4 SM Energy 1 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 among…
2025 Core Strategic Objectives CORE OBJECTIVES SUPPORT LONG-TERM PROFITABILITY AND VALUE CREATION Focus on operational Expand our portfolio of 1 execution 2 Return capital to stockholders 3 top-tier economic drilling inventory To…
Appendix
1Q25 Realizations by Region THREE TOP TIER AREAS OF OPERATION Uinta Basin Midland Basin South Texas Total Net Production Volumes Oil (MBbls) 2,997 4,664 1,670 9,332 Benchmark Pricing Gas (MMcf) 2,751 15,992 17,634 36,376 NGL (MBbls) 5…
Activity by Region WELLS DRILLED, FLOWING COMPLETIONS & DUC COUNT Wells Drilled Flowing Completions DUC Count 1Q25 1Q25 As of March 31, 2025 Gross Net Gross Net Gross Net Uinta Basin Uinta Basin total 14 10 30 24 32 24 Midland…
Leasehold Summary THREE CORE BASINS WITH SUBSTANTIAL ACREAGE POSITIONS Net Acres(1) At March 31, 2025 Midland Basin RockStar Sweetie Peck(2) 83,200 27,500 111,000 Midland Basin total 110,700 MIDLAND BASIN NET ACRES South Texas…
NGL Realizations 2025 PLAN ASSUMES ETHANE PROCESSING IN 2Q AND 3Q; REJECTING ETHANE IN 4Q Realizations by Quarter 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 AUSTIN CHALK: High Liquids Content OPIS Benchmark(1) Price (/Bbl) 31.29 29.29 26.68…
Oil Derivative Positions(1) BY QUARTER NYMEX WTI NYMEX WTI Midland - Cushing MEH WTI NYMEX WTI Weighted-Average Price of Oil Oil Swaps Oil Collars Oil Basis Swaps Oil Basis Swaps Roll Basis Swaps Swaps and Collars Price Price Price…
Gas and NGL Derivative Positions(1) BY QUARTER NYMEX Henry Hub IF WAHA IF WAHA NYMEX Henry Hub IF HSC Weighted-Average Price of Gas Gas Swaps Gas Swaps Gas Basis Swaps Gas Collars Gas Swaps Swaps and Collars Volume Volume Volume Volume…
First Quarter 2025 Non-GAAP Definitions, Reconciliations and Disclosures
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, except per share data) March 31, 2025 March 31, 2025 (in thousands, except per share…
Non-GAAP Reconciliations, continued Adjusted Free Cash Flow(1) Three Months Ended (in thousands) March 31, 2025 Net cash provided by operating activities (GAAP) 482,985 Net change in working capital 31,564 Cash flow from operations…
Contact Information Patrick A. Lytle Senior Vice President Finance 303.864.2502 plytlesm-energy.com
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