2025 Results & 2026 Outlook FEBRUARY 25, 2026 NYSE: SM SM-Energy.com
Why Invest in SM PREMIER OPERATOR OF TOP-TIER ASSETS RETURNS-FOCUSED 1 Maximize free cash flow over multi-year period Prioritize VALUE over VOLUME WORLD-CLASS TECHNICAL TEAM Proven execution excellence Successful history of…
SM Energy A Powerhouse in Shale PREMIER OPERATOR OF TOP-TIER ASSETS ACROSS THE HIGHEST-RETURN U.S. BASINS DJ Basin SM AT A GLANCE 340,000 NET ACRES (FY26e, unless noted) Uinta Basin 26% of total prod(3) Net Acres(1) (as of Jan 2026)…
2025 A Year of Record Performance EXECUTING ON OUR CORE STRATEGIC OBJECTIVES Operational Excellence Net Proved Reserves(3) Record operating cash flow and adj. EBITDAX(1) 1000 Avg. Net Daily Production Record production and oil…
2026 Strategic Objectives A CLEAR PATHWAY TO VALUE CREATION 1 INTEGRATE 2 EXECUTE 3 BOLSTER Integrate & Capture Maximize Free Strengthen Capital Synergies Cash Flow Structure Action 200300 million of Safety-led, efficiency-driven…
Capture Value-Accretive Synergies POST-MERGER INTEGRATION UNLOCKS 1.01.5 BILLION IN EXPECTED VALUE (NPV-10)(1) Annual Cost Synergies (millions) 25 300/yr 50 25 Actioned To Date Identified Synergies 25 30 200/yr Potential…
2026 Plan Highlights EXPANDED PORTFOLIO PROVIDES FLEXIBILITY TO MAXIMIZE FREE CASH FLOW Operational Plan Capital Assumptions Total Production(1) 146 153 Total Capital Expenditures(2)(3) 2.65 2.65 2.85B 2.85B (MMBoe) ( 54% Oil)…
Prioritizing VALUE Over VOLUME REDUCING ACTIVITY LEVELS TO MAXIMIZE FREE CASH FLOW AND IMPROVE RETURNS DISCIPLINED EXPECTED TOTAL PRODUCTION ENHANCED INVESTMENTS (MMBoe) VALUE 14% Capex Decrease 2H26 run-rate 420 430 MBoe/d…
Permian BasinHigh-Margin Oil EXECUTION AT DEPTHDRILLING MORE COMPLEX, OIL-BEARING ZONES Well Performance Recent Highlights SM Energy Wells v. Howard County Successfully drilling higher- 250 Peers(1) complexity reservoirs FY 2026…
Oil-Weighted DJ Basin BRINGING VALUE FORWARD THROUGH EXECUTION AND INNOVATION Well Performance Recent Highlights SM Energy Watkins Wells by Year(1) Watkins well performance improved in 2025 FY 2026 Plan Avg. Cumulative Oil…
Liquids-Rich South Texas OPERATING EFFICIENCIES DRIVING D&C COSTS DOWN Well Performance Drilled Ft/Day 250 SM Energy Wells v. Austin Chalk Peers(1) FY 2026 Plan(2) Avg. Cumulative Oil Production (MBbl/10,000 ft) 26% Faster…
Uinta BasinOil-Rich, Premium Crude INNOVATION IMPROVES CAPITAL EFFICIENCY AND UNLOCKS RESOURCE VALUE Well Performance Recent Highlights Uinta Oil Production Competitive with Other Basins(1) Successful 4-mile lateral drilling…
Long-Run Inventory Strength HIGH-QUALITY, LOW BREAKEVEN ASSETS WITH OPTIONALITY 8+ years(1) Total Net Inventory Lateral Length 11,600-foot pro forma 60/Bbl 140% net lateral feet avg. lateral price-resilient asset portfolio…
Bolster the Balance Sheet ENHANCED DURABILITY WITH INCREASED LIQUIDITY, DIVESTITURES, IMPROVED CREDIT millions Debt Maturities(1) as of January 31, 2026 2.9B 1.0B+ 2,500 Liquidity Divestiture Target as of Accelerating February 20,…
Enhanced Return of Capital Program BALANCED AND ADAPTABLE PROGRAM INCREASES STOCKHOLDER VALUE Annual Fixed Dividend 10% dividend increase0.88/share Sustainable growth over time 0.88/ share Free Cash Flow Debt Reduction Apply…
Why Invest in SM PREMIER OPERATOR OF TOP-TIER ASSETS RETURNS-FOCUSED 1 Maximize free cash flow over multi-year period Prioritize VALUE over VOLUME WORLD-CLASS TECHNICAL TEAM Proven execution excellence Successful history of…
Appendix
2026 Guidance and Asset Details Guidance 1Q26 FY26 Capital Program FY: 125 drills 150 TILs Capital Expenditures(1) 740 780 million 2.65 2.85 billion Permian 11,300 average lateral length DC&E 2.3 2.5 billion Basin(7) FY Avg: 6 rigs…
Leasehold Summary FOUR CORE BASINS WITH SUBSTANTIAL ACREAGE POSITIONS As of Net Acres(1) Permian Basin January 31, 2026 240,000 PERMIAN BASIN NET ACRES Midland Basin 207,500 Delaware 32,500 Permian Basin Total (2) 240,000 340,000…
SM Energy A Powerhouse in Shale PREMIER OPERATOR OF TOP-TIER ASSETS ACROSS THE HIGHEST-RETURN U.S. BASINS Permian Basin DJ Basin Uinta Basin 240,000 NET ACRES 340,000 NET ACRES 62,000 NET ACRES WELD MORGAN BOULDER…
2025 in Review RECORD FULL YEAR ADJ. EBITDAX (1) UP 13% YOY WITH RECORD NET PRODUCTION FY25 ADJ. FREE CASH NET INCOME ADJ. EBITDAX(1) NET PRODUCTION FLOW (1) 5.64 2.26 620 206.8 Per Diluted Share Billion Million MBoe/d 4Q25…
4Q25 Financial Highlights RESILIENT MARGINS Key Metrics 4Q25 Net Production and Pricing Total net production (MMBoe) 19.0 206.9 MBoe/d Total net production (MBoe/d) 206.9 Oil / liquids percentage 52% / 65% Pre-hedge realized…
4Q25 Realizations by Asset Midland Basin South Texas Uinta Basin Total Benchmark Pricing Net Production Volumes Oil (MMBbls) 4.8 1.8 3.4 10.0 NYMEX WTI Oil (/Bbl) 59.14 Gas (Bcf) 17.4 18.6 3.4 39.4 NGL (MMBbls) 0.0 2.5 0.0 2.5 NYMEX…
2025 Net Proved Reserves Estimated Net Proved Reserves by Asset SEC Pricing As of Midland South Uinta 2025 2024 % Change Total December 31, 2025 Basin Texas Basin Oil (/Bbl) 65.34 75.48 -13% Oil (MMBbl) 117.0 74.3 92.6 283.9 Gas…
Activity by Asset WELLS DRILLED, FLOWING COMPLETIONS & DUC COUNT Wells Drilled Flowing Completions DUC Count 4Q25 2025 YTD 4Q25 2025 YTD As of December 31, 2025 Gross Net Gross Net Gross Net Gross Net Gross Net Midland Basin RockStar…
Hedging Summary STRATEGY IS TO ALIGN HEDGING WITH LEVERAGE 2026 SWAPS AND COLLARS:(1) Disciplined and Consistent Program Oil volumes hedged(2) Hedging aligned with leverage Management of commodity price volatility Hedged, and risk…
Gas and NGL Derivative Positions(1) Weighted-Average NYMEX Henry Hub IF WAHA IF HSC NYMEX Henry Hub Gas Gas Swaps Gas Swaps Gas Swaps Gas Collars Price of Swaps and Collars Volume Volume Volume Volume Floor Ceiling Floor Ceiling…
NGL Realizations 2026 PLAN ASSUMES ETHANE REJECTION IN 1Q26 AND 4Q26 AUSTIN CHALK: High Liquids Content Realizations by Quarter 4Q25 3Q25 2Q25 1Q25 4Q24 OPIS Benchmark(1) Price (/Bbl) 24.92 25.58 26.99 31.29 29.29 SM Energy NGL…
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 Twelve Months Ended Adjusted Net Income(1) Three Months Twelve Months Ended December Ended December (in millions) December 31, 2025 December 31, 2025 (in millions, except…
Non-GAAP Reconciliations Three Months Twelve Months Adjusted Free Cash Flow(1) Ended December 31, Ended December 31, (in millions) 2025 2025 Net cash provided by operating activities (GAAP) 452 2,011 Net change in working capital,…
Contact Information INVESTOR RELATIONS Patrick A. Lytle Senior Vice President Finance 303.864.2502 plytlesm-energy.com Meghan Dack Senior Manager Investor Relations 303.837.2426 mdacksm-energy.com MEDIA…
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