JPM Global Leverage Finance Conference February 25, 2025 NYSE: SM WEB: sm-energy.com 1
Why Invest in the Energy Sector Vs. Other Sectors: High Yield Low Multiples Low Leverage High Growth 1. Sizeable projected growth in energy and power needs 2. North American resources developed responsibly 3. Supports global…
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 Midland Basin South Texas Uinta Basin Uinta Basin 63,300 NET ACRES Midland Basin South Texas 111,000 NET ACRES 155,000 NET ACRES 5 Note Acreage held as of December 31, 2024.
Operational Excellence: Texas Significant Oil Production Outperformance Compared to Regional Peers SM Energy Wells v. Howard County Peers(1) SM Energy Wells v. Austin Chalk Peers(2) 250 250 Avg. Cumulative Oil Production Avg.…
Expanded Top-Tier Portfolio Uinta Basin Returns Competitive with the Best Utah Compared to Texas(1) Compared to Industry in Other Basins(2) 350 350 300 300 Avg Cumulative Production Avg Cumulative Production 250 250…
Operational Excellence: Midland Basin Klondike Wells Reached Peak IP30 Outperforming the Acquisition Model New Wells that Reached IP30 New Wells Outperform Acquisition Model 140 Avg. Cumulative Oil Production 120 100…
Operational Excellence: Midland Basin Outperformance Drives Value Creation SM Energy Woodford-Barnett Wells v. Peers(1) 140 120 20,000+ net acres Avg. Cumulative Oil Production at Sweetie Peck prospective for 100 50+%…
Operational Excellence: Austin Chalk Prolific New Wells Reach Peak IP30 22-24 SM Energy Austin Chalk Wells to Date(1) 80 70 Liquids-rich Gas Number of wells: 54 (Mboe per 1,000' / 3-stream) 60 Cumulative Production 50…
Operational Excellence: Uinta Basin 18 Wells Reached Peak IP30 93% Oil 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…
Operational Excellence Building Competencies and Skills SM Energy A Leader in Stewardship 2025 EHS Safety Calendar Winner Eisley Swarts Daughter of Geologist Overall Excellence in Leadership Development 12
Full Year 2024 Performance Highlights Increasing Scale Increasing Cash Flow 2024 NET PRODUCTION 170.5 MBoe/d 12% 2024 ADJ. EBITDAX(1) 2.0 billion 16% 2024 ADJ. EPS(1) 6.80 5.7 ADJ. EPS MULTIPLE(2) 2024 ADJ. FREE CASH…
2025 Plan Capital Program Delineate New Assets Optimize Costs Grow Free Cash Flow Uinta Basin Plan Details(1) Midland Basin Plan Details(1) South Texas Plan Details(1) 2025 Net wells planned: 35 drills 2025 Net wells planned: 40 drills…
Sustainable Return of Capital Program Sustainable Fixed Dividend 10.1 Million Shares Repurchased(1) Annual Dividend Increased from Cumulative Capital 0.02 to 0.80 Returned to Stockholders(1) per share(2) 544.2 million Stock…
Empowered by a Strong Balance Sheet Low Leverage and Balance Sheet Flexibility Debt Maturities (millions): 3.0B Borrowing Base 1.4x NET DEBT-TO- ADJUSTED EBITDAX(1) 2.0B LIQUIDITY 1.9 billion Aggregate NET DEBT(1)(2) 2.8…
Record Proved Reserves(1) YE 2024 Oil Reserves 29% YE2024 over YE2023 Proven Track Record of Production Replacement and Reserve Growth Year End Proved Reserves(1)(5) 800 Proved Reserves(1)(5) 678 MMBoe 700 678 Pre-tax PV-10(2)…
High-Quality, Long-Duration Inventory High Average Expected Return Low Expected Breakeven Cost Nearly 90% 3P NEARLY 10+ YEARS 90% 3P TOTAL COMPANY(1) HIGH QUALITY INVENTORY(1) Inventory Upside(2) Uinta Basin Deep Cube 65%…
2025 Core Strategic Objectives Core Objectives Support Long-Term Profitability and Value Creation 1 FOCUS ON 2 RETURN CAPITAL 3 EXPAND OUR PORTFOLIO OPERATIONAL EXECUTION TO STOCKHOLDERS OF TOP-TIER ECONOMIC to realize a step…
Appendix
Operational Excellence: Capital Efficiency Faster Drilling + Faster Completions = Lower Costs Improvements 2022 to 2024 Midland Basin Avg. per Day + Avg. per Day = Avg. per Foot Drilling Footage Completed Footage D&C Cost 20%…
2025 Plan - Capital Program Flat Capital Expenditures Delivers Expected 20+% Production and 10+% Completions Capital Allocation by Region Uinta Basin Midland Basin 35%-40% 35%-40% Capital Expenditures(1)(2) 1.3B 38% DC&E…
2025 Plan Guidance Optimizing Free Cash Flow Over a Multi-Year Plan Key Metrics Guidance FY 2025 Guidance 1Q25 Capital Expenditures(1)(2) 1.3 billion 425435 million Total Net Production (MBoe/d) 200215 191198 Total Net Oil…
4Q and Full Year 2024 Performance Outstanding 2024 Results Key Metrics 4Q24 2024 Key Metrics 4Q24 2024 Net Production and Pricing Earnings Total net production (MMBoe) 19.1 62.4 GAAP earnings (per diluted share) 1.64 6.67 Total…
4Q 2024 Realizations by Region Three Top-Tier Areas of Operation Net Production Volumes Uinta Basin Midland Basin South Texas Total Benchmark Pricing Oil (MBbls) 2,870 4,957 2,011 9,838 NYMEX WTI Oil (/Bbl) 70.27 Gas (MMcf) 2,703 16,028…
2024 Company Record Proved Reserves(1) Proved Reserves 12% Year Over Year Proved Reserves(1) by Region Uinta Midland South YE 2024 Total Basin Basin Texas Oil (MMBbl) 82.5 134.3 79.2 296.0 Gas (Bcf) NGL (MMBbl) 104.6 576.4 0.1…
Activity by Region Wells Drilled, Flowing Completions & DUC Count Wells Drilled Flowing Completions DUC Count 4Q24 2024 YTD 4Q24 2024 YTD As of December 31, 2024 Gross Net Gross Net Gross Net Gross Net Gross Net Uinta Basin Uinta…
Hedging Summary Hedge Volumes Aligned with Leverage 2025 Hedge Program Targets 30%-35% OF 2025 ESTIMATED NET OIL AND GAS VOLUMES 2025 Hedge Program SWAPS AND COLLARS: Oil: 12,600 MBbls,(1) or slightly more than 30%, of expected 2025…
Oil Derivative Positions(1) By Quarter NYMEX WTI NYMEX WTI Midland - Cushing MEH WTI Weighted-Average Price Oil Oil Swaps Oil Collars Oil Basis Swaps Oil Basis Swaps Oil Roll Swaps of Swaps and Collars Price Price Price Volume…
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 IF HSC Swap of Swaps and Collars Volume…
Leasehold Summary Growing Core Acreage Position with Uinta Basin Acquisitions Net Acres(1) At December 31, 2024 111,000 Midland Basin RockStar 83,500 Sweetie Peck(2) 27,500 MIDLAND BASIN NET ACRES Midland Basin total 111,000…
NGL Realizations 2025 Plan Assumes Ethane Processing in 2Q and 3Q; Rejecting Ethane in 1Q and 4Q Realizations by Quarter 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Austin Chalk OPIS Benchmark(1) Price (/Bbl) 29.29 26.68 27.96 29.28 26.89…
Uinta Basin: Marketing High-Value Products Optionality to Deliver Product to Multiple End-Points CRUDE OIL Price River Terminal Uinta waxy crude is attractive to refiners due to low levels of impurities (sulfur, acid, nitrogen and…
Fourth 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 Adjusted EBITDAX(1) Three Months Ended Twelve Months Ended Adjusted Net Income(1) Three Months Ended Twelve Months Ended (in thousands) December 31, 2024 December 31, 2024 (in thousands, except per share data)…
Non-GAAP Reconciliations, continued Adjusted Free Cash Flow(1) Three Months Ended Twelve Months Ended (in thousands) December 31, 2024 December 31, 2024 Net cash provided by operating activities (GAAP) 577,869 1,782,514 Net change in…
Regional Maps
Midland Basin Operators 39
Sweetie Peck Operators 40
South Texas Operators 41
Uinta Basin Operators 42
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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