Barclays 38th Annual CEO Energy-Power Conference September 4, 2024 NYSE: SM WEB: sm-energy.com 1
SM Energy Is A Premier Operator of Top-tier Assets A Premier Operator UT Capital Efficiency Pending Owner of Top-tier Assets High-Quality Inventory with Long Runway A Leader Sustainability and Stewardship Note: On June…
Top-Tier Assets Midland Basin Austin Chalk Midland Basin South Texas 111,000 155,000 NET ACRES NET ACRES 4
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 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... could signal…
Operational Excellence: Prolific New AC Wells Strong Performance, High Liquids Content SMs core assets performed very well, highlighted by robust Permian volumes and oilier Austin Chalk production.(1) 3 New Pads Oil New Wells…
Operational Excellence SM Energy A Leader in Stewardship Key Areas of Focus Safety protocols & procedures ESG initiatives Operational performance metrics CDP Score Climate Change 2023 Technological advancements Leadership…
Increased Return of Capital Program Increased Quarterly Fixed Dividend Reloaded Stock Repurchase Authorization Fixed Quarterly Dividend(1) Increased Stock Repurchase Authorization Reloaded(1) 11% 500 million to Through 0.20 per…
Empowered by a Strong Balance Sheet Low Leverage and Balance Sheet Flexibility Debt Maturities (millions) as of June 30, 2024: 2.5B As of June 30, 2024: Borrowing Base 1.25B Aggregate Lender 0.6x NET DEBT-TO- ADJUSTED EBITDAX(1)…
Expanding Top-Tier Portfolio Value Creation 1.25MM Value per location at 35K per flowing barrel Acquired for less than 3x 2025 projected Adjusted EBITDAX(1) EXPANDING TOPTIER ASSET PORTFOLIO Net SM Energys XCL Altamont Total 80%…
Expanding Top-Tier Portfolio Uinta Basin Returns Competitive with the Best ...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…
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…
SM Energy Is A Premier Operator of Top-tier Assets A Premier Operator UT Capital Efficiency Pending Owner of Top-tier Assets High-Quality Inventory with Long Runway A Leader Sustainability and Stewardship Note: On June…
SM Energy Is A Premier Operator And Third Parties Agree We maintain our Buy rating on relative Massive outperformance follows a positive valuation... and our view that the scale and 2Q print and a portfolio update that core oil…
Appendix
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 Core-of-the-core in Uinta with stacked pay potential with leading productivity and oil content Nearly 4,000…
Significant Resource Upside Driven By SM Energy Technical Expertise Robust Technical Data and Analysis Support Confidence in Upper Cube Reservoirs Demonstrated overpressure drives Tier 1 economic Simulated Cube Development Showing…
Excellent Operational Execution Meeting or Exceeding 2024 Core Objectives 2024 Core Objectives 2Q24 Results Focus on operational execution to 158.5 MBoe/d, at 46% oil 1 deliver low-breakeven, high-return wells, Production exceeds…
2Q 2024 Performance Key Metrics 2Q24 Net Production and Pricing Total Net Production (MMBoe) Total Net Production (MBoe/d) Oil percentage / Liquids 14.4 158.5 46% / 63% 158.5 MBoe/d 2Q24 NET PRODUCTION Pre-Hedge Realized Price…
2Q 2024 Realizations by Region Two Top-Tier Areas of Operation Net Production Volumes Midland Basin South Texas Total Benchmark Pricing Oil (MBbls) 4,671 1,946 6,617 Gas (MMcf) 15,438 16,773 32,211 NYMEX WTI Oil (/Bbl) 80.57 NGL (MBbls)…
Hedging Summary Oil Volumes Hedged Increased in Conjunction with Pending Asset Acquisitions 2024 Hedge Program SWAPS AND COLLARS: Oil: 5,830 MBbls,(1) or 40 45%, of expected 3Q-4Q net oil production(2) is hedged to benchmark prices at…
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…
Second 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 Adjusted Net Income (1) Three Months Ended (in thousands) June 30, 2024 June 30, 2024 (in thousands, except per share data) June 30, 2024 Net…
Non-GAAP Reconciliations, continued Adjusted Free Cash Flow(1) Three Months Ended Six Months Ended July 1, 2022 to (in thousands) June 30, 2024 June 30, 2024 June 30, 2024 Net cash provided by operating activities (GAAP) 476,382 752,382…
Regional Maps
Midland Basin Operators 33
Sweetie Peck Operators 34
South Texas Operators 35
Uinta Basin Acquisitions(1) & Operators XCL + Altamont All Cash Acquisitions 2.1B Acquired at 1.25MM per location 9,000 per net acre(2) 465 preliminary net locations extend inventory by 3+ years(3) (1) The Uinta Basin Acquisitions…
Contact Information Jennifer Martin Samuels Vice President Investor Relations and ESG Stewardship 303.864.2507 jsamuelssm-energy.com
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