2024 Stephens Annual Investment Conference November 21, 2024 NYSE: SM WEB: sm-energy.com 1
SM Energy Is A Premier Operator of Top-Tier Assets A Premier Operator Capital Efficiency Owner of Top-Tier Assets High-Quality Inventory with Long Runway A Leader Sustainability and Stewardship Denver Corporate…
Top-Tier Assets Austin Chalk Midland Basin Uinta Basin Uinta Basin 63,300 NET ACRES Midland Basin South Texas 111,000 NET ACRES 155,000 NET ACRES Note Midland Basin and South Texas are as of September 30, 2024. 4…
Operational Excellence: Midland Basin Inventory Upside in Greater Sweetie Peck What are the most significant asset- and basin-level trends for North American E&Ps... (SM Energys) recent Woodford well within its Sweetie Peck region...…
Operational Excellence: Midland Basin Klondike Wells Reached IP30 Outperforming the Acquisition Model New Wells that Reached IP30 New Wells Outperform Acquisition Model 140 120 Avg. Cumulative Oil Production 100…
Operational Excellence: Austin Chalk Fully-Bounded Tests Continue to Outperform Prolific New Wells Online in 3Q SMs Austin Chalk downspacing continues to exceed our expectations, providing rationale to shift our spacing assumption…
Operational Excellence Significant Oil Production Outperformance Compared to Regional Peers ... SM is... focused on being the most technically proficient operator. SM utilizes larger fracs and wider spacing than most peers, with a…
Operational Excellence SM Energy A Leader in Stewardship 2023 Results 2024 Sustainability Reports and Data Published October 21, 2024 2024 Letter from Our CEO to Stakeholders 2024 Performance Highlights and Quick Reference…
Sustainable Return of Capital Program Sustainable Fixed Dividend 10.1 Million Shares Repurchased(1) Dividend Increased from 0.01 to Cumulative Capital 0.20 Returned to Stockholders(1) per share(2) 521.3 million Stock Repurchase…
Empowered by a Strong Balance Sheet Low Leverage and Balance Sheet Flexibility Debt Maturities (millions) as of September 30, 2024: 2.5B As of September 30, 2024: Borrowing Base LIQUIDITY 3.0 billion 1.25B CASH BALANCE 1.7 billion…
Hedging Summary Oil Volumes Hedged Increased in Conjunction with Uinta Basin Acquisitions 2024 Hedge Program SWAPS AND COLLARS: Oil: 3,820 MBbls,(1) or 40+% of expected 4Q net oil production(2) is hedged to benchmark prices at an…
Expanded Top-Tier Portfolio Uinta Basin ...we believe SM stands out as retaining multiple resource catalysts at a time when thats largely nonexistent in E&P that can shape a more capital efficient 25 v whats appreciated.(1) (1) TD…
Expanded Top-Tier Portfolio Uinta Basin Returns Competitive with the Best SM has a long track record of operational excellence and this should lead to further enhancements moving forward. Given the depth of the inventory and contiguous…
Operational Excellence: Uinta Basin 3 Douglas Creek Wells Reached IP30 94% Oil ...we believe there are sufficient data points to acknowledge that the Uinta is a prolific, stacked- pay oil play.... We come away impressed by the overall…
Uinta Basin Operations SM Energy 3 Active Rigs at Sunrise 16
Appendix
Empowered by a Strong Balance Sheet Senior Notes Detail Principal Amount Coupon Initial Call Date Current Call Price Maturity Date Outstanding 2024 - - - - - Credit rating agency senior 2025 - - - - - unsecured debt ratings…
Leasehold Summary Growing Core Acreage Position with Uinta Basin Acquisitions Net Acres(1) At October 1, 2024 111,000 Midland Basin RockStar 83,500 Sweetie Peck(2) 27,100 MIDLAND BASIN NET ACRES Midland Basin total 110,600 South…
Activity by Region Wells Drilled, Flowing Completions & DUC Count Wells Drilled Flowing Completions DUC Count 3Q24 2024 YTD 3Q24 2024 YTD As of September 30, 2024 Gross Net Gross Net Gross Net Gross Net Gross Net Midland Basin…
Uinta Basin: Marketing High-Value Products Realize Price Premiums Expanded Takeaway Capacity CRUDE OIL - Supports Growth Majority of crude is transported by BNSF and Union Pacific on rail to multiple destinations (Gulf Coast, Cushing…
Significant Resource Upside Driven By SM Energy Technical Expertise Track Record in Full Stack Co-Development to Optimize Value LOWER GARDEN GULCH UPPER CUBE UPPER DOUGLAS CREEK Core-of-the-core in Uinta with stacked pay potential…
Significant Resource Upside Driven By SM Energy Technical Expertise Stacked Pay Potential Proven and Emerging across as many as 17 Benches Over 900 MMBbls oil produced from 8,500+ Wasatch and Green River wells to date 800+…
Significant Resource Upside Driven By SM Energy Technical Expertise Leading Productivity with Oil Content Oil EUR per 1,000 by Play with Oil %(1) Undeveloped inventory competes favorably with 100 100% high profile plays like Delaware…
Excellent Operational Execution Meeting or Exceeding 2024 Core Objectives 2024 Core Objectives 3Q24 Results Uinta Acquisitions increased acreage 63,300 net acres 1 Maintain and expand portfolio quality and depth, applying advanced…
3Q 2024 Performance Key Metrics 3Q24 Net Production and Pricing Total Net Production (MMBoe) Total Net Production (MBoe/d) Oil / Liquids percentage 15.6 170.0 46% / 63% 170.0 MBoe/d 3Q24 NET PRODUCTION Pre-Hedge Realized Price…
3Q 2024 Realizations by Region Two Top-Tier Areas of Operation Net Production Volumes Midland Basin South Texas Total Benchmark Pricing Oil (MBbls) 5,099 2,019 7,118 Gas (MMcf) 16,067 18,472 34,540 NYMEX WTI Oil (/Bbl) 75.10 NGL (MBbls)…
NGL Realizations 2024 Plan Assumes Ethane Processing All Year Austin Chalk Realizations by Quarter 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 High Liquids Content OPIS Benchmark(1) Price (/Bbl) 26.68 27.96 29.28 26.89 27.81 SM Energy NGL…
Oil Derivative Positions(1) By Quarter NYMEX WTI NYMEX WTI Midland - Cushing MEH WTI NYMEX WTI Weighted-Average Price Oil Oil Swaps Oil Collars Oil Basis Swaps Oil Basis Swaps Roll Basis Swaps of Swaps and Collars Price Price Price…
Gas and NGL Derivative Positions(1) By Quarter NYMEX Henry Hub IF WAHA IF WAHA IF HSC NYMEX Henry Hub Weighted-Average Price Gas Gas Swaps Gas Swaps Gas Basis Swaps Gas Basis Swaps Gas Collars of Swaps and Collars Volume Volume Volume…
Third Quarter 2024 Non-GAAP 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 Trailing Twelve Adjusted EBITDAX(1) Three Months Ended Months Ended (1) Adjusted Net Income Three Months Ended (in thousands) September 30, 2024 September 30, 2024 (in thousands, except per share data)…
Non-GAAP Reconciliations, continued Adjusted Free Cash Flow(1) Three Months Ended Nine Months Ended July 1, 2022 to (in thousands) September 30, 2024 September 30, 2024 September 30, 2024 Net cash provided by operating activities (GAAP)…
Regional Maps
Midland Basin Operators 36
Sweetie Peck Operators 37
South Texas Operators 38
Uinta Basin Operators 39
Contact Information Jennifer Martin Samuels Lindsay Miller Vice President Investor Relations Manager Investor Relations and ESG and ESG Stewardship 303.864.2507 303.830.5860 jsamuelssm-energy.com lmillersm-energy.com
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