Merger Update NYSE: SM SM-Energy.com NYSE: CIVI CivitasResources.com November 17, 2025
Disclaimer Forward-Looking Statements This presentation and the oral statements made in connection therewith relate to, among other things, a proposed business combination between SM Energy and Civitas and contain forward-looking…
Disclaimer (Contd) Non-GAAP Financial Measures This presentation includes financial information not prepared in conformity with generally accepted accounting principles (GAAP). Free Cash Flow is a non-GAAP measure. The companies are…
SM Energy is A PREMIER OPERATOR EXPANDING SCALE AND INCREASING VALUE OF TOP-TIER ASSETS Pro The merger with Civitas: SM(1) CIVI(2) Forma Leverages SMs focus on operational Net acres 325,000 498,000 823,000 excellence and…
SM Energy Delivers VALUE-ENHANCING SCALE IN THE HIGHEST RETURN U.S. SHALE BASINS Uinta Basin: DJ Basin: Oily high-margin asset Low-cost, high-margin basin Innovative development of stacked pay Exceptional free cash flow generation…
Transformational Combination Delivering Superior Value UNLOCKING STOCKHOLDER VALUE THROUGH SYNERGIES, ACCRETIVE DIVESTITURES, AND RETURN OF CAPITAL Overview 200300 million of annual synergies expected to be actioned during 2026, NPV…
Announcing the Leadership Team Upon Closing TRUSTED LEADERSHIP SUPPORTED BY A WORLD-CLASS TECHNICAL TEAM Management Team:(1) Board of Directors:(1) President and Chief Executive Officer SM Energy Civitas Resources Beth McDonald(2)…
Synergy-Driven Accretion to Cash Flow and NAV ACCELERATING BALANCE SHEET STRENGTH AND RETURN OF CAPITAL Pro forma equity free cash flow yield of 25%27% 49%63% higher vs. SM standalone(1) Pro forma enterprise value cash flow yield of…
Value-Driven Synergies Actioned in 2026 NPV-10 OF SYNERGIES 1.01.5 BILLION, 22%32% OF PRO FORMA MARKET CAP (1) Overhead and Streamlined corporate structure A n n u a l R u n R a t e S y n e r g i e s (2) G&A (7095 ( millions)…
Deeper Dive: D&C and Operational Synergies INCREASED SCALE TO DRIVE ACHIEVABLE SYNERGIES AT ONLY 3% OF CATEGORY SPEND(2) Drilling and Completion (D&C): R u n R a t e S a v i n g s b y C a t e g o r y (1) Rig & frac fleet optimization…
Deeper Dive: D&C/Operational Synergies EXPANDED DETAILS D&C/Operational Annual Synergies: 100150 million Ample opportunities exist to realize savings in all cost categories across the Companys combined cornerstone Permian assets. Best…
Accretive Divestitures AT LEAST 1.0 BILLION OF PLANNED DIVESTITURES WITHIN 1 YEAR OF CLOSING Recently announced asset divestitures by public E&P peers demonstrate a robust A&D market trading at higher multiples. Recent asset…
Balance Sheet Resilient Through the Cycle ACCELERATED AND CLEAR PATH TO INVESTMENT GRADE CREDIT PROFILE Resilience Strengthened Credit Profile Keys to resilient balance sheet: Credit rating agencies response recognizes the Scale…
SM Energy is A PREMIER OPERATOR EXPANDING SCALE AND INCREASING VALUE OF TOP-TIER ASSETS Placeholder A PREMIER OPERATOR: Capital Efficiency DJ Basin Uinta OWNER OF TOP-TIER ASSETS: Basin Headquarters Headquarters High-Quality…
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