NYSE: SM SM-Energy.com J.P. Morgan 2025 Energy, Power, Renewables & Mining Conference June 24, 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…
Proven Track Record Adding Value GROWING INVENTORY THROUGH DIFFERENTIAL GEOSCIENCE CAPABILITY Before SM Energy After SM Energy(1) Howard County Howard County 79 industry horizontal wells 2015 4,900 industry horizontal wells(1) Current…
Uinta Basin Next Chapter, Same Playbook APPLYING OUR SKILLS TO ADD VALUE Past Now(1) Our Future Producing conventionally for over 75 years Extensive data and de-risking from over 8,500 vertical wells 4,000 of stacked play…
World Class Technical Team 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…
Optimizing Subsurface Design for Value Add PRE-DRILL SIMULATIONS AND DATA-DRIVEN MULTI-VARIATE ANALYSIS OPTIMIZE VALUE Significantly Higher Average NPV per Well NPV 25,000 Unique Designs 2024 SM Base Designs Midland Basin…
Optimizing Subsurface Design for Value Add MACHINE LEARNING PERFORMANCE PREDICTIONS Cutting-edge machine learning drives differential well performance and cash flow generation Undiscounted Cumulative Cashflow () Unique Well…
Actual results from Subsurface Design Optimization 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…
Subsurface Excellence: New Target APPLYING GEOSCIENCE EXPERTISE DELIVERS INVENTORY AND DIFFERENTIAL RESULTS SM Energy Woodford-Barnett Wells v. Peers(1) 180 Avg. Cumulative Oil Production 160 140 50+% Mbbl/10,000 ft) 120 100…
Subsurface Excellence: New Target APPLYING GEOSCIENCE EXPERTISE DELIVERS INVENTORY AND DIFFERENTIAL RESULTS Klondike Wells Delineation Program Delivering Optimization 160 Acquisition Model 140 Well 1 Well 2 Well 3 120 Avg.…
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…
Uinta Basin: Delivering on the Promise EARLY INTEGRATION SUCCESS Driver of Q1 production beat Optimized marketing boosts oil takeaway Capital Capital efficiency efficiency gains gains Record pumping time Record-setting wells…
Focus on Operational Execution NEW WELLS REACH IP30 IN UINTA BASIN AND SOUTH TEXAS OIL DIMMIT NEW WEBB DUCHESNE UINTAH LIQUIDS-RICH GAS New Wells that Reached IP30(1) New Wells that Reached IP30(1) 6 Lower Cube wells 3…
Premier Operator: 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% 99% 10%…
Operational Excellence SAFETY & TECHNOLOGY RECOGNIZED BY RYSTAD AS A LEADER IN SUSTAINABILITY AMONG PEERS Executive Utah Field Tour Overall ESG Scores for Top 15 Operators(1) Peer 1 17 Board Members & Executives in Attendance Peer…
Empowered by a Strong Balance Sheet REDUCED DEBT 31MM IN Q1 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-…
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) 567.0 million Stock…
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…
Appendix
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…
Focus on Operational Execution DRIVING CAPITAL EFFICIENCIES ACROSS ALL THREE CORE BASINS IN 1Q25 Success in drilling 3-mile laterals UINTA INTEGRATION Record footage completed in March Record oil takeaway PERMIAN DESIGN Cost…
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…
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…
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…
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…
Company Record Proved Reserves(1) OIL RESERVES 29% YE2024 OVER YE2023 Proven Track Record of Production Replacement and Reserve Growth Year End Proved Reserves(1)(5) Proved Reserves(1)(5) 678 MMBoe 800 678 Pre-tax PV-10(2) 8.4B…
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…
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 12,000 MBbls of expected 2Q25-4Q25 Oil MBbls /Bbl net oil…
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…
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
Loading...
