Second Quarter 2024 Financial and Operating Results August 7, 2024 NYSE: SM WEB: sm-energy.com 1
Disclaimers Forward-looking Statements This presentation contains forward-looking statements within the meaning of securities laws. The words believes, demonstrate, estimate, expect, intends, plan, preliminary, target, and similar…
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…
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…
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…
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 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: Prolific New AC Wells Strong Performance, High Liquids Content SMs Briscoe C spacing pilot in the Austin Chalk is performing in line with more conservatively spaced offsets and could add over 60 locations to our…
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…
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…
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 (IN 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…
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(1) 349 5.625% 6/2020 100.000% 6/2025…
2024 Plan Guidance 2Q24 Guidance Update Increased Oil Percentage Standalone Guidance Key Metrics Guidance FY 24 Capital Expenditures(1) (B) 1.141.18 Total Net Production (MMBoe) 5760 4th Quarter Additions from Total Net Production…
2024 Plan Guidance Focused on: Midland Basin Delineation of New Assets Optimized Well Costs Midland Basin Plan Details 2024 Net wells planned: 72 drills and 71 completions 11,760 ft expected average lateral length per well, including…
Appendix
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)…
Activity by Region Wells Drilled, Flowing Completions & DUC Count Wells Drilled Flowing Completions DUC Count 2Q24 2024 YTD 2Q24 2024 YTD As of June 30, 2024 Gross Net Gross Net Gross Net Gross Net Gross Net Midland Basin RockStar 19…
Leasehold Summary Growing Midland Basin Position Net Acres(1) Midland Basin RockStar Sweetie Peck(2) 83,900 27,100 155,000 Midland Basin total 111,000 SOUTH TEXAS NET ACRES South Texas 154,800 Rocky Mountain Other 10,600 Other…
Uinta Basin Acquisitions Leasehold(1) Offset Operator Map 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…
NGL Realizations 2024 Plan Assumes Ethane Processing All Year Austin Chalk Realizations by Quarter 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 High Liquids Content OPIS Benchmark(1) Price (/Bbl) 27.96 29.28 26.89 27.81 25.21 SM Energy NGL…
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…
Contact Information Jennifer Martin Samuels Vice President Investor Relations and ESG Stewardship 303.864.2507 jsamuelssm-energy.com
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