Financial Data and Key Metrics Changes - The company reported adjusted EPS of $1.41 per share, adjusted EBITDAX of $409 million, and adjusted free cash flow of $68 million, all exceeding street consensus [22] - Production guidance was increased by 2% to a range of 57 to 60 MMBoe, reflecting better performance of new wells and completion cadence [24] - Capital expenditure guidance was lowered by 2% to a range of $1.14 billion to $1.18 billion, with first-quarter capital on track at around $300 million [42] Business Line Data and Key Metrics Changes - The company achieved a 10% improvement in feet drilled per day in Midland Basin and a 20% improvement in South Texas operations compared to 2022 [2] - Feet completed per day improved by 85% in Midland Basin and 30% in South Texas due to better efficiency of simul-frac and zipper fleets [17] - New Briscoe C wells outperformed expectations by 5% to 10%, with an average peak IP30 of just over 2,000 Boe/d per well [19] Market Data and Key Metrics Changes - The company noted that Midland Basin gas accounted for only 7% of first-quarter oil and gas revenue, with approximately 50% of Midland gas hedged to basis, mitigating exposure to weak regional pricing [45] - Transportation expense guidance was lowered by 9% to a midpoint of $2.10 to $2.20 per Boe due to reduced fuel gas costs [37] Company Strategy and Development Direction - The company aims to maintain an attractive return of capital to stockholders through dividends and share repurchases, returning about $54 million or 79% of free cash flow in the first quarter [9] - A new agreement allows the company to increase its South Texas Austin Chalk position by 8,000 net acres, indicating a focus on expanding high-quality asset portfolio [15] - The company is focused on operational execution to deliver low-breakeven, high-return wells, with better-than-expected well performance driving improved bottom-line results [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in production performance and capital cost savings, leading to positive updates in guidance [35] - The company is well positioned for an excellent 2024, with operational performance year-to-date being very strong [10] - Management highlighted the importance of safety and stewardship, receiving a CDP score of A- for supplier engagement [21] Other Important Information - The company completed 27 net wells in the first quarter, exceeding the expectation of 20 net wells [42] - The company has about $182 million in share repurchase authorization remaining for 2024, with a plan for a generally ratable repurchase rate over the next three quarters [23] Q&A Session Summary Question: What is the outlook for production in the upcoming quarters? - The expectation for second-quarter production is a 7% sequential increase to a range of 14.1 to 14.3 MMBoe, with about 44% oil [44] - The third quarter is expected to be flat to slightly up compared to the second quarter, with another step up anticipated in the fourth quarter [44] Question: How does the company plan to manage capital expenditures? - Capital expenditure guidance for the second quarter is set at $315 million to $325 million, including an expected 31 net wells to be drilled and 38 net wells completed [46] - The company is realizing capital efficiencies and cost savings, contributing to the reduction in capital expenditure guidance [36]

Wells Drilled Flowing Completions DUC Count Leasehold Summary 21 NGL price realizations tied to OPIS, fixed fee-based contracts By Quarter MEH – WTI Oil Basis Swaps (1) Includes derivative contracts for settlement at any time during the second quarter of 2024 and later periods, entered into through April 25, 2024. (2) Weighted-average contract price. (3) Volume weighted-average contract price for NYMEX WTI swaps and NYMEX WTI collars. NGLs Propane Swaps Isobutane Swaps Normal Butane Swaps IF WAHA Gas Swaps ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-31539 SM ENERGY COMPANY (Exact name of registrant as specified in its charter) Delaware 41-0518430 (State or other ...

News Release EXHIBIT 99.1 President and Chief Executive Officer Herb Vogel comments: "Top-tier assets and excellent operational execution delivered strong financial results and kicked-off another great year. Seventy-nine percent of first quarter Adjusted free cash flow was returned to stockholders while we maintained low leverage of 0.6 times. We are very well positioned to deliver on all of our 2024 objectives to create long term value as we focus on operational execution, successfully work to expand our t ...

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 001-31539 SM ENERGY COMPANY (Exact name of registrant as specified in its charter) Delaware 41-0518430 (State or other jurisdiction of incorporation or organization) (I.R.S. Employ ...

Financial Data and Key Metrics Changes - The company generated substantial free cash flow of $509 million and returned $300 million to stockholders, representing an approximate 7% yield and about 60% of the free cash flow generated [2][21] - Net proved reserves increased by 13% year-over-year to a record 605 million barrels of oil equivalent (MMBoe), with a net increase in reserves replacing production by more than 2.2 times [14][21] - The company achieved net debt of less than $1 billion, with a net debt-to-adjusted EBITDAX ratio of 0.57x, providing flexibility for free cash flow allocation in 2024 [14] Business Line Data and Key Metrics Changes - Production was up approximately 5% year-over-year, driven by well performance from the Austin Chalk program, which exceeded expectations [7] - The gross inventory in the Austin Chalk increased by 16% to 465 locations, reflecting confidence in the economic performance of previously drilled wells [15] Market Data and Key Metrics Changes - Production guidance for 2024 is set at 56-59 million barrels of oil equivalent (MMBoe), an increase of 3-4% year-over-year, with oil volumes expected to rise around 6% [13] - The company expects to drill and complete 115-120 total net wells in 2024, with approximately 60% in the Midland Basin and 40% in South Texas [26] Company Strategy and Development Direction - The company aims to execute operationally to deliver low breakeven, high-return wells through new technologies and maintain leadership in environmental, social, and governance (ESG) stewardship [10] - Strategic objectives for 2024 include returning capital to stockholders through share repurchases and dividends, while also expanding portfolio quality and depth using advanced analytics [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in slightly increasing activity levels in 2024 and maintaining low leverage, positioning the company for attractive returns of capital [6] - The company anticipates a favorable commodity price outlook, which supports increased oil-directed activity [10] Other Important Information - The company reported a total shareholder return of 13% in 2023, despite declines in oil and gas prices [16] - The company received a leadership level score of A minus in CDP scores, highlighting its commitment to safety and environmental stewardship [23] Q&A Session Summary - No specific questions and answers were provided in the content, indicating that the Q&A session may have occurred but was not included in the provided text [33]

605 MMBoe | --- | --- | --- | |----------------------------------------|-----------|-----------| | Net Production and Pricing | | | | Total Net Production (MMBoe) | 14.1 | 55.5 | | Total Net Production (MBoe/d) | 153.5 | 152.0 | | Oil percentage / Liquids | 43% / 60% | 43% / 60% | | Pre-Hedge Realized Price ($/Boe) | $42.99 | $42.60 | | Post-Hedge Realized Price(1) ($/Boe) | $43.45 | $43.09 | | Costs (per Boe) | | | | LOE | $5.31 | $5.13 | | Transportation | $2.08 | $2.46 | | Production & Ad Valorem taxes | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-31539 SM ENERGY COMPANY (Exact name of registrant as specified in its charter) Delaware 41-0518430 (State or ot ...

SM Energy Co (NYSE:SM) Q3 2023 Earnings Conference Call November 2, 2023 4:15 PM ET Company Participants Jennifer Samuels - VP, IR & ESG Stewardship Herbert Vogel - President, CEO & Director Wade Pursell - EVP & CFO Jennifer Samuels Good afternoon, and welcome to SM Energy's Third Quarter 2023 Results Webcast. Before we get started on our prepared remarks, I'll remind you that our discussion today will include forward-looking statements. I direct you to Slide 2 of the accompanying slide deck, Page 6 of the ...

3 NYSE: SM WEB: sm-energy.com A Premier Operator of Top-Tier Assets A PREMIER OPERATOR Capital Efficiency OWNER OF TOP-TIER ASSETS High Inventory Quality with Long Runway 2023 Strategic Objectives 22,800 Net acres added in the Midland Basin INCREASED RETURN OF CAPITAL TO STOCKHOLDERS – OPPORTUNISTIC REPURCHASES OPERATIONAL EXECUTION – OUTPERFORMANCE 14.1MMBoe SECOND QUARTER 2023 FINANCIAL AND OPERATING RESULTS 2 Forward-looking statements This presentation contains forward-looking statements within the mean ...