Transformational Combination Delivering Superior Stockholder Value NYSE: SM SM-Energy.com NYSE: CIVI CivitasResources.com November 3, 2025
Disclaimer Forward-Looking Statements This presentation and the oral statements made in connection therewith relate to a proposed business combination transaction between SM Energy and Civitas contain forward-looking statements within the…
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…
Transformational Combination Delivering Superior Value VALUE-ENHANCING SCALE VALUE-DRIVEN SYNERGIES VALUE-ACCRETIVE SUBSTANCE Tr a n s a c t i o n O v e r v i e w (1) Premier portfolio across the highest-return U.S. shale basins…
Step-Change in Scale PREMIER PORTFOLIO ACROSS THE HIGHEST RETURN U.S. SHALE BASINS Pro SM(1) CIVI(2) Placeholder Forma Net acres 325,000 498,000 823,000 Q225 Net production 209 317 526 Uinta DJ (Mboe/d) Basin Basin…
Value-Enhancing Scale in Highest-Return U.S. Shale Basins PERMIAN BASIN UINTA BASIN DJ BASIN SOUTH TEXAS Uinta Basin: DJ Basin: Oily high-margin asset Low-cost, high-margin basin Innovative development of stacked pay Exceptional…
Permian Position is the Cornerstone Asset EXPANDED FOOTPRINT UNLOCKING SIGNIFICANT SYNERGIES AND FURTHER DELINEATION UPSIDE Delaware Midland A Multi-Basin E&P Leader with a Permian Core Q225 Net Production (MBoe/d)(2) 9% 28% 48%…
Value-Enhancing Scale Better Positioned as Attractive Investment TRANSFORMED INTO A TOP-10 U.S. INDEPENDENT OIL-FOCUSED PRODUCER (4) 2025E Free Cash Flow(1)(2) ( billions) 2 Step-change in free cash flow - DVN CTRA OVV PR SM + SM…
Proven Management and World Class Technical Team DIFFERENTIATED COMBINED TECHNICAL EXPERTISE TO UNLOCK VALUE AND DRIVE SYNERGIES Interdisciplinary expertise solving complex challenges Technology-enabled innovative solutions…
Value-Driven Synergies Enhancing Stockholder Value IDENTIFIABLE ACHIEVABLE DELIVERABLE BY PROVEN MANAGEMENT Complementary Operations Lead To Significant Pro Forma Annual Synergies Streamlined corporate structure Overhead and…
Value-Accretive Substance Significant Free Cash Flow Generation PRIORITIZE DEBT REDUCTION, FIXED DIVIDEND, AND OPPORTUNISTIC BUYBACKS Significant accretion to cash flow, debt-adjusted cash flow, free cash flow, and NAV Per Share…
Significant Liquidity and Synergy-Accelerated Debt Reduction MANAGEABLE MATURITIES OF PRO FORMA PROFILE Pro Weighted Average SM CIVI Forma Life 3.6 years 4.6 years 4.2 years 0.6 years Coupon 6.8% 8.4% 7.8% 1.0% Opportunity to…
Dependable Leader of Sustainability and Stewardship BUILDING STRONGER COMMUNITIES THROUGH RESPONSIBLE ACTION Permian Basin: Responsible Committed to top-tier EHS standards for Energy creating a sustainable future Production…
Transformational Combination Delivering Superior Value VALUE-ENHANCING SCALE VALUE-DRIVEN SYNERGIES VALUE-ACCRETIVE SUBSTANCE Premier portfolio across the highest-return U.S. shale basins SCALE Step-change in free cash flow…
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