NYSE: SM SM-Energy.com September 2025 Investor Presentation
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…
Step-Change in Scale and Value PROVED RESERVES AND PRODUCTION GROWTH: 5+ YEAR CLIMB No Dilution, Reduced Leverage, Estimated Net Proved Reserves(3) and Average Net Daily Production More Value Net Proved Reserves Total Production…
World Class Technical Team TECHNOLOGY IS PART OF OUR DNA PROVEN, VALUE-DRIVEN EXPERTISE Interdisciplinary expertise solving complex challenges Technology-enabled innovative solutions Collaborative, inquisitive culture that…
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 5,150 industry horizontal wells(1) Current…
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…
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 +…
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…
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…
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…
Operational Excellence SETTING THE STANDARD IN RESPONSIBLE DEVELOPMENT Board and Executive We feel very fortunate to Utah Field Tour have a company like SM working in Utah. State Senator Ronald M. Winterton Expanding Our…
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…
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…
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
Updated Sustainability Disclosures PUBLISHED AUGUST 2025 BASED ON 2024 DATA (3) Note: Unless stated otherwise, the 2024 performance metrics include full-year Uinta Basin assets acquired on October 1, 2024. (1) Improvement noted…
Updated Sustainability Disclosures, cont. (1) (2) (2) (1) Includes full-year 2024 local taxes paid for the Companys Texas assets and local taxes paid for the Companys Uinta Basin assets for the post-effective date period…
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…
Focus on Operational Execution NEW WELLS REACH IP30 IN UINTA BASIN AND SOUTH TEXAS OIL DIMMIT WEBB DUCHESNE UINTAH LIQUIDS-RICH GAS New Wells that Reached IP30 New Wells that Reached IP30 22 Lower Cube wells 4 Austin Chalk…
Subsurface Excellence: New Target APPLYING GEOSCIENCE EXPERTISE DELIVERS INVENTORY AND DIFFERENTIAL RESULTS SM Energy Woodford-Barnett Wells v. Peers(1) 250 200 Avg. Cumulative Oil Production 50% Mbbl/10,000 ft) 150…
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.…
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…
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…
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…
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…
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…
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…
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 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 Volume…
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…
Midland Basin Operators
Sweetie Peck Operators
South Texas Operators
Uinta Basin Operators
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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