NYSE: SM SM-Energy.com Third Quarter 2025 Financial & Operating Results November 3, 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 62,000 NET ACRES Midland Basin 107,500 NET ACRES DAWSON WEBB UINTAH MARTIN DUCHESNE HOWARD MIDLAND UPTON…
Exceptional Growth STEP-CHANGE IN SCALE AND VALUE No Dilution, Reduced Leverage, Estimated Net Proved Reserves(3) and Average Net Daily Production More Value Net Proved Reserves Total Production Oil Production 1000 208 68%(1)…
Executing Today PREMIER OPERATOR OF TOP-TIER ASSETS CONSECUTIVE QUARTERS OF FINANCIAL BEAT Expand our portfolio of 1 Focus on operational execution 2 Return capital to stockholders 3 top-tier economic drilling inventory Q3…
Empowering Tomorrow OUR COMMITMENT TO SUSTAINABLE LEADERSHIP AND LOCAL IMPACT Highlights: Sustainable Profitability Responsible Energy Production 2025 Sustainability Top-Tier Stewardship Reports Innovation Published in August 2025…
Enduring Financial Strength RESILIENT MARGINS CONSECUTIVE QUARTERS OF FINANCIAL BEAT Key Metrics 3Q25 Net Production and Pricing 3Q25 NET 213.8 MBoe/d Total net production (MMBoe) 19.7 Total net production (MBoe/d) 213.8 Oil / liquids…
Enduring Financial Strength As of September 30, 2025 DISCIPLINED LEVERAGE REDUCTION ON TRACK FOR 1X BY YEAR-END 162MM Cash Debt Maturities (millions) as of September 30, 2025: 2,000 1,750 As of September 30, 2025: 3.0B…
Enduring Financial Strength SUSTAINABLE FIXED DIVIDEND 10.5 MILLION SHARES REPURCHASED(1) PROGRAM TO-DATE Annual Dividend Increased from Cumulative Capital 0.02 to 0.80 Returned to Stockholders(1) per share(2) 625 million 12.1…
Plan Intact 2025 GUIDANCE AND REGIONAL DETAILS Key Metrics Guidance 4Q25 Guidance FY25 Midland Basin(4) Capital Expenditures(1) 225 245 million 1.375 1.395 FY: 45 drills 60 completions billion 12,300 average lateral length Drills…
Appendix
3Q25 Realizations by Region THREE TOP TIER AREAS OF OPERATION Midland Basin South Texas Uinta Basin Total Net Production Volumes Benchmark Pricing Oil (MBbls) 4,745 2,061 3,677 10,483 NYMEX WTI Oil (/Bbl) 64.93 Gas (MMcf) 16,742 18,689…
Activity by Region WELLS DRILLED, FLOWING COMPLETIONS & DUC COUNT Wells Drilled Flowing Completions DUC Count 3Q25 2025 YTD 3Q25 2025 YTD As of September 30, 2025 Gross Net Gross Net Gross Net Gross Net Gross Net Midland Basin…
NGL Realizations 2025 PLAN ASSUMES REJECTING ETHANE IN 4Q Realizations by Quarter 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 AUSTIN CHALK: High Liquids Content OPIS Benchmark(1) Price (/Bbl) 25.58 26.99 31.29 29.29 26.68 SM Energy NGL…
Leasehold Summary THREE CORE BASINS WITH SUBSTANTIAL ACREAGE POSITIONS At September 30, Net Acres(1) 2025 Midland Basin RockStar 80,000 Sweetie Peck(2) 27,500 Midland Basin total 107,500 107,500 South Texas 155,000 MIDLAND…
Hedging Summary STRATEGY IS TO ALIGN HEDGING WITH LEVERAGE Disciplined and Consistent Program 4Q25 SWAPS AND COLLARS:(1) Strategy aligned with leverage Management of commodity price Oil volumes hedged(2) volatility and risk 5,100…
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 HSC NYMEX Henry Hub IF WAHA IF HSC - NYMEX Weighted-Average Price Gas Gas Swaps Gas Swaps Gas Swaps Gas Collars Gas Basis Swaps Gas Basis Swaps of Swaps and…
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) September 30, 2025 September 30, 2025 (in thousands, except per share data)…
Non-GAAP Reconciliations, continued Adjusted Free Cash Flow(1) Three Months Ended Nine Months Ended (in thousands) September 30, 2025 September 30, 2025 Net cash provided by operating activities (GAAP) 504,960 1,559,088 Net change in…
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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