NYSE: SM SM-Energy.com Second Quarter 2025 Financial & Operating Results July 31, 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…
Top-Tier Assets UINTA BASIN MIDLAND BASIN SOUTH TEXAS South Texas 155,000 NET ACRES Uinta Basin DIMMIT 63,700 NET ACRES Midland Basin 109,000 NET ACRES DAWSON WEBB UINTAH MARTIN DUCHESNE HOWARD MIDLAND UPTON…
2025 Core Strategic Objectives 2ND QUARTER STANDOUT PERFORMANCE BUILDS MOMENTUM TOWARDS OBJECTIVES Expand our portfolio of 1 Focus on operational execution 2 Return capital to stockholders 3 top-tier economic drilling inventory…
Step-Change in Scale and Value PROVED RESERVE AND PRODUCTION GROWTH: 5+ YEAR CLIMB Estimated Net Proved Reserves(3) and Average Net Daily Production 68%(1) Net Proved Reserves Total Production Oil Production 1000 Estimated Net…
Value-Driven Technical Expertise TECHNOLOGY IS PART OF OUR DNA Computer Upcoming Vision 16th Annual Geosciences & Technical Conference Machine Text Learning Analytics Algorithms Advanced Analytics Robotic Predictive…
What SM Energy has demonstrated is Focus on Operational Execution unquestionable and bold leadership in deploying cutting edge technology in the Uinta Basin, which benefits the company, the ESTABLISHING PRESENCE, DRIVING PERFORMANCE…
Focus on Operational Execution CONTINUED OUTPERFORMANCE COMPARED TO PEERS SM Energy Wells v. Howard County Peers(1) SM Energy Wells v. Austin Chalk Peers(2) 250 250 Avg. Cumulative Oil Production Avg. Cumulative Oil…
Focus on Operational Execution NEW WELLS REACH IP30 IN UINTA BASIN AND SOUTH TEXAS OIL DIMMIT NEW NEW WEBB DUCHESNE UINTAH LIQUIDS-RICH GAS New Wells that Reached IP30 New Wells that Reached IP30 22 Lower Cube wells 4…
Uinta Basin: Delivering on the Promise INTEGRATION ACHIEVED OPTIMIZATION UNDERWAY Driver of production beat Optimized marketing boosts oil takeaway Record daily volume from Price River Terminal (1) Capital Capitalefficiency…
Texas: Reliable Execution Efficiency Gains FASTER DRILLING & COMPLETION IMPROVED LOGISTICS Permian Improved Woodford drilling footage per day Avg. per Day Drilling Footage 19% Engineering well design for efficiency and cost +…
Operational Excellence SETTING THE STANDARD IN RESPONSIBLE DEVELOPMENT Executive Utah Field Tour We feel very fortunate to 17 Board Members and Executives in Attendance have a company like SM working in Utah. State Senator Ronald…
Performing at a High Level UINTA BASIN SHINES Key Metrics 2Q25 Net Production and Pricing 2Q25 NET 209.1 MBoe/d Total net production (MMBoe) 19.0 Total net production (MBoe/d) 209.1 Oil / liquids percentage Pre-hedge realized price…
Prioritizing Debt Reduction As of June 30, 2025 REDUCED NET DEBT(1) 140MM PROGRESSING TOWARDS 1X LEVERAGE TARGET 102MM Cash Debt Maturities (millions) as of June 30, 2025: 2,000 As of June 30, 2025: 1,750 3.0B Borrowing Base…
Hedging Summary STRATEGY IS TO ALIGN HEDGING WITH LEVERAGE Disciplined and Consistent Program 3Q25 4Q25 SWAPS AND COLLARS:(1) Strategy aligned with leverage Management of commodity price Oil volumes hedged(2) volatility and risk…
Plan Intact 2025 GUIDANCE AND REGIONAL DETAILS Key Metrics Guidance 3Q25 Guidance FY25 Midland Basin(4) Capital Expenditures(1) 300 320 million 1.375 billion FY: 45 drills 60 completions Drills (net wells) 25 115 12,300 average…
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
2Q25 Realizations by Region THREE TOP TIER AREAS OF OPERATION Midland Basin South Texas Uinta Basin Total Net Production Volumes Benchmark Pricing Oil (MBbls) 4,906 1,814 3,811 10,532 NYMEX WTI Oil (/Bbl) 63.74 Gas (MMcf) 16,193 16,695…
Activity by Region WELLS DRILLED, FLOWING COMPLETIONS & DUC COUNT Wells Drilled Flowing Completions DUC Count 2Q25 2025 YTD 2Q25 2025 YTD As of June 30, 2025 Gross Net Gross Net Gross Net Gross Net Gross Net Midland Basin RockStar 5…
NGL Realizations 2025 PLAN ASSUMES ETHANE PROCESSING IN 3Q; REJECTING ETHANE IN 4Q Realizations by Quarter 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 AUSTIN CHALK: High Liquids Content OPIS Benchmark(1) Price (/Bbl) 26.99 31.29 29.29 26.68…
Leasehold Summary THREE CORE BASINS WITH SUBSTANTIAL ACREAGE POSITIONS At June 30, Net Acres(1) 2025 Midland Basin RockStar 81,500 Sweetie Peck(2) 27,500 Midland Basin total 109,000 109,000 South Texas 155,000 MIDLAND BASIN NET…
Oil Derivative Positions(1) BY QUARTER NYMEX WTI NYMEX WTI NYMEX WTI Midland - Cushing MEH WTI Weighted-Average Price of Oil Oil Swaps Oil Collars Oil Basis Swaps Oil Basis Swaps Roll Differential Swaps and Collars Swaps Price…
Gas and NGL Derivative Positions(1) BY QUARTER NYMEX Henry Hub IF WAHA IF WAHA NYMEX Henry Hub IF HSC Weighted-Average Price Gas Gas Swaps Gas Swaps Gas Basis Swaps Gas Collars Gas Swaps of Swaps and Collars Volume Volume Volume…
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) 589.9 million Stock…
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) June 30, 2025 June 30, 2025 (in thousands, except per share…
Non-GAAP Reconciliations, continued Adjusted Free Cash Flow(1) Three Months Ended Six Months Ended (in thousands) June 30, 2025 June 30, 2025 Net cash provided by operating activities (GAAP) 571,143 1,054,128 Net change in working…
Contact Information Patrick A. Lytle Meghan Dack Senior Vice President Finance Senior Manager Investor Relations 303.864.2502 303.837.2426 plytlesm-energy.com mdacksm-energy.com
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