Part I. Financial Information [Item 1. Financial Statements (unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements for SM Energy Company as of June 30, 2025, and for the three and six-month periods then ended, including balance sheets, statements of operations, comprehensive income, stockholders' equity, and cash flows, along with accompanying notes detailing significant accounting policies and financial activities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $101,877 | $0 | | Total current assets | $575,090 | $434,699 | | Total property and equipment, net | $8,260,768 | $7,992,709 | | **Total assets** | **$8,993,235** | **$8,576,647** | | **Liabilities & Equity** | | | | Total current liabilities | $837,947 | $789,950 | | Revolving credit facility | $0 | $68,500 | | Senior Notes, net | $2,711,148 | $2,708,243 | | Total noncurrent liabilities | $3,565,190 | $3,549,440 | | **Total stockholders' equity** | **$4,590,098** | **$4,237,257** | | **Total liabilities and stockholders' equity** | **$8,993,235** | **$8,576,647** | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Oil, gas, and NGL production revenue | $785,076 | $633,451 | $1,624,696 | $1,193,047 | | Total operating revenues | $792,943 | $634,555 | $1,637,487 | $1,194,425 | | Income from operations | $294,908 | $279,380 | $571,196 | $457,775 | | **Net income** | **$201,665** | **$210,293** | **$383,934** | **$341,492** | | **Diluted net income per share** | **$1.76** | **$1.82** | **$3.34** | **$2.94** | | Net dividends declared per share | $0.20 | $0.18 | $0.40 | $0.36 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,054,128 | $752,382 | | Net cash used in investing activities | ($838,962) | ($654,967) | | Net cash used in financing activities | ($113,289) | ($123,710) | | **Net change in cash** | **$101,877** | **($26,295)** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company is an independent energy firm focused on acquiring, exploring, developing, and producing oil, gas, and NGLs in Texas and Utah[27](index=27&type=chunk) Production Revenue by Operating Area (in thousands) | Area | Q2 2025 Revenue | Q2 2024 Revenue | H1 2025 Revenue | H1 2024 Revenue | | :--- | :--- | :--- | :--- | :--- | | Midland Basin | $341,859 | $401,797 | $734,652 | $774,610 | | South Texas | $211,482 | $231,654 | $444,217 | $418,437 | | Uinta Basin | $231,735 | $0 | $445,827 | $0 | | **Total** | **$785,076** | **$633,451** | **$1,624,696** | **$1,193,047** | - As of June 30, 2025, **$500.0 million** remained available for stock repurchases through December 31, 2027. No shares were repurchased during the three and six months ended June 30, 2025[37](index=37&type=chunk)[38](index=38&type=chunk) - The company's credit facility has a borrowing base of **$3.0 billion** and lender commitments of **$2.0 billion**. As of June 30, 2025, there was no outstanding balance on the revolving credit facility, providing **$1.998 billion** in available borrowing capacity[42](index=42&type=chunk)[46](index=46&type=chunk) - As of June 30, 2025, the company had commodity derivative contracts with a net asset fair value of **$51.9 million**[60](index=60&type=chunk) - On May 22, 2025, stockholders approved the 2025 Equity Incentive Compensation Plan, which increased the total number of shares available for grant by approximately **2.0 million**[76](index=76&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, focusing on the second quarter and first half of 2025, highlighting the successful integration of Uinta Basin assets, operational execution, commodity price impacts, hedging strategy, capital allocation, and an updated outlook including an increased capital budget and the positive impacts of the OBBBA tax law [Overview of the Company](index=28&type=section&id=Overview%20of%20the%20Company) - The company's strategy focuses on sustainably growing value by optimizing its high-quality asset portfolio in the Midland, Maverick (South Texas), and Uinta Basins, generating cash flows, and maintaining a strong balance sheet[90](index=90&type=chunk)[91](index=91&type=chunk) - Near-term goals include focusing on operational execution, generating cash flow for dividends, debt repayment, and stock repurchases, and expanding the drilling inventory through acquisition and exploration[90](index=90&type=chunk) [Second Quarter 2025 Overview and Outlook](index=29&type=section&id=Second%20Quarter%202025%20Overview%20and%20Outlook) - In Q2 2025, the company completed the integration of Uinta Basin assets, paid off the revolving credit facility balance, and ended the quarter with **$101.9 million** in cash[99](index=99&type=chunk) Q2 2025 Financial & Operational Highlights (vs. Q1 2025) | Metric | Q2 2025 | Q1 2025 | Change | | :--- | :--- | :--- | :--- | | Avg. Net Daily Production (MBOE/d) | 209.1 | 197.3 | +6% | | Net Income | $201.7 million | $182.3 million | +10.6% | | Diluted EPS | $1.76 | $1.59 | +10.7% | | Net Cash from Operations | $571.1 million | $483.0 million | +18.2% | | Adjusted EBITDAX (Non-GAAP) | $569.6 million | $588.9 million | -3.3% | - The 2025 capital program budget, excluding acquisitions, has been increased from approximately **$1.3 billion** to **$1.375 billion**, primarily to accommodate certain non-operated capital projects[105](index=105&type=chunk)[158](index=158&type=chunk) [Financial Results of Operations and Additional Comparative Data](index=34&type=section&id=Financial%20Results%20of%20Operations%20and%20Additional%20Comparative%20Data) Production and Revenue Comparison | Metric | Q2 2025 | Q1 2025 | Sequential Change | H1 2025 | H1 2024 | YTD Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Avg. Daily Production (MBOE/d) | 209.1 | 197.3 | +6% | 203.2 | 151.8 | +34% | | Production Revenue (in millions) | $785.1 | $839.6 | -6% | $1,624.7 | $1,193.0 | +36% | Key Operating Expenses per BOE | Expense per BOE | Q2 2025 | Q1 2025 | Sequential Change | H1 2025 | H1 2024 | YTD Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lease operating expense (LOE) | $5.52 | $6.13 | -10% | $5.81 | $5.16 | +13% | | Transportation costs | $4.13 | $3.92 | +5% | $4.03 | $2.00 | +102% | | DD&A | $15.40 | $15.20 | +1% | $15.30 | $12.52 | +22% | - The significant year-over-year increase in production, revenue, and certain costs (like transportation and DD&A) is primarily driven by the Uinta Basin acquisition, which closed on October 1, 2024[121](index=121&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) - The newly enacted OBBBA tax law is expected to be beneficial, particularly through the reinstatement of **100%** bonus depreciation, immediate expensing of R&D, and a less restrictive interest deduction limitation. The company does not expect to be subject to the Corporate Alternative Minimum Tax (CAMT) for the foreseeable future[145](index=145&type=chunk) [Overview of Liquidity and Capital Resources](index=39&type=section&id=Overview%20of%20Liquidity%20and%20Capital%20Resources) - The company believes it has sufficient liquidity to execute its business plan, funding its 2025 capital program and shareholder returns with cash flow from operations and its revolving credit facility if needed[147](index=147&type=chunk)[148](index=148&type=chunk) - As of June 30, 2025, the company had no outstanding balance on its **$2.0 billion** revolving credit facility[151](index=151&type=chunk)[153](index=153&type=chunk) - Primary uses of cash are for development, exploration, and acquisition of oil and gas properties. Capital expenditures for H1 2025 were **$824.0 million**[157](index=157&type=chunk) - In H1 2025, the company paid **$45.8 million** in dividends. No stock was repurchased, with **$500.0 million** remaining available under the program[160](index=160&type=chunk)[161](index=161&type=chunk) Cash Flow Analysis (in millions) | Cash Flow Activity | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Net cash from operating activities | $1,054.1 | $752.4 | +$301.7 | | Net cash used in investing activities | ($839.0) | ($655.0) | +$184.0 | | Net cash used in financing activities | ($113.3) | ($123.7) | -$10.4 | [Non-GAAP Financial Measures](index=44&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDAX Reconciliation (Non-GAAP, in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (GAAP) | $201,665 | $210,293 | $383,934 | $341,492 | | **Adjusted EBITDAX (non-GAAP)** | **$569,575** | **$485,930** | **$1,158,494** | **$894,979** | - Adjusted EBITDAX is used as a performance measure to analyze the ability to internally generate funds and is a key metric for financial covenants under the Credit Agreement[176](index=176&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to commodity price risk and interest rate risk, managing commodity price volatility through derivative contracts and minimizing current interest rate exposure due to an undrawn floating-rate revolving credit facility, while fixed-rate Senior Notes are unaffected by interest rate changes in terms of cash flow but their fair value fluctuates - A **10%** decrease in average realized commodity prices would have reduced H1 2025 production revenue by approximately **$162.5 million**, partially offset by **$48.8 million** from derivative settlements[170](index=170&type=chunk) - A **10%** change in the forward price curves for commodities would change the net value of the company's derivative positions by approximately **$122.2 million**[171](index=171&type=chunk) - As of June 30, 2025, the company had **$2.7 billion** in fixed-rate debt and no floating-rate debt outstanding, mitigating near-term interest rate cash flow risk[169](index=169&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of June 30, 2025, with no material changes during the second quarter of 2025 affecting internal control over financial reporting - The CEO and CFO concluded that the company's Disclosure Controls are effective at a reasonable assurance level as of the end of the period covered by the report[182](index=182&type=chunk) - No changes occurred in the second quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[183](index=183&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) As of the filing date, the company reports no pending legal proceedings that are expected to have a materially adverse effect on its financial condition, results of operations, or cash flows - There are no pending legal proceedings against the company that are believed to be individually or collectively likely to have a materially adverse effect[184](index=184&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors have occurred since the 2024 Form 10-K filing[185](index=185&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its common stock during the three months ended June 30, 2025, with **$500.0 million** remaining available for repurchases under its stock repurchase program authorized through December 31, 2027 - No shares of common stock were repurchased during the three months ended June 30, 2025[186](index=186&type=chunk)[187](index=187&type=chunk) - As of June 30, 2025, **$500.0 million** remained available under the Stock Repurchase Program, which extends through December 31, 2027[187](index=187&type=chunk) [Item 6. Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed or furnished with the Form 10-Q, including corporate governance documents, new compensatory plan agreements, and required certifications by the CEO and CFO - Exhibits filed with the report include the 2025 Equity Incentive Compensation Plan and forms of new Restricted Stock Unit and Performance Share Unit award agreements[191](index=191&type=chunk)

分组1 - SM Energy reported quarterly earnings of $1.5 per share, exceeding the Zacks Consensus Estimate of $1.23 per share, but down from $1.85 per share a year ago, representing an earnings surprise of +21.95% [1] - The company posted revenues of $792.94 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.64%, and up from $634.55 million year-over-year [2] - SM Energy has surpassed consensus EPS estimates four times over the last four quarters and topped consensus revenue estimates two times in the same period [2] 分组2 - The stock has underperformed, losing about 28.5% since the beginning of the year, while the S&P 500 gained 8.2% [3] - The current consensus EPS estimate for the coming quarter is $1.41 on revenues of $832.39 million, and for the current fiscal year, it is $5.71 on revenues of $3.28 billion [7] - The Zacks Industry Rank for Oil and Gas - Exploration and Production - United States is currently in the bottom 35% of over 250 Zacks industries, indicating potential challenges for the sector [8]

[Highlights and CEO Commentary](index=1&type=section&id=Highlights) SM Energy reported record Q2 2025 production from Uinta Basin assets, enabling full revolving credit facility payoff and progress towards 1.0x leverage Q2 2025 Key Performance Indicators | Metric | Value | Note | | :--- | :--- | :--- | | Net Production | 19.0 MMBoe (209.1 MBoe/d) | 5% above guidance midpoint | | Oil Production | 115.7 MBbls/d (55% of total) | 59% YoY increase | | Net Income | $201.7 million | - | | Adjusted Net Income | $171.9 million | - | | Adjusted EBITDAX | $569.6 million | - | | Adjusted Free Cash Flow | $113.9 million | - | - The company fully paid down its revolving credit facility, ending the quarter with a zero balance and a cash balance of **$101.9 million**[5](index=5&type=chunk) - CEO Herb Vogel emphasized the successful integration and move to optimization of the Uinta Basin assets, which are expected to continue driving value[4](index=4&type=chunk) - The company expects to reach its target leverage metric of **1.0x** by year-end based on current commodity prices[4](index=4&type=chunk)[5](index=5&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Strong Q2 2025 financial performance, with operating cash flow up 18% and Adjusted EBITDAX up 17%, driven by higher production and oil mix [Net Income and Earnings Per Share](index=2&type=section&id=NET%20INCOME%20AND%20NET%20INCOME%20PER%20SHARE) Q2 2025 net income slightly decreased to $201.7 million ($1.76/share) due to lower realized oil prices and higher interest expense Net Income and EPS Comparison (Q2) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income | $201.7 million | $210.3 million | | Diluted EPS | $1.76/share | $1.82/share | | Adjusted Net Income | $171.9 million | $214.4 million | | Adjusted Diluted EPS | $1.50/share | $1.85/share | [Cash Flow and Adjusted EBITDAX](index=4&type=section&id=NET%20CASH%20PROVIDED%20BY%20OPERATING%20ACTIVITIES) Net cash from operating activities before working capital increased 18% to $501.9 million, with Adjusted EBITDAX up 17% Cash Flow and EBITDAX (Q2 YoY) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Cash from Ops (before WC) | $501.9 M | $426.2 M | +18% | | Adjusted EBITDAX | $569.6 M | $485.9 M | +17% | [Capital Expenditures and Adjusted Free Cash Flow](index=4&type=section&id=CAPITAL%20EXPENDITURES%20AND%20ACTIVITY) Q2 2025 capital expenditures totaled $388.0 million, resulting in $113.9 million of adjusted free cash flow Q2 2025 Capital & Free Cash Flow | Metric | Value | | :--- | :--- | | Capital Expenditures (adjusted) | $388.0 million | | Adjusted Free Cash Flow | $113.9 million | - Faster than expected drilling and completion times accelerated certain costs into Q2 2025, resulting in more wells being drilled and completed than planned[14](index=14&type=chunk) [Operational Performance](index=2&type=section&id=NET%20PRODUCTION%20BY%20OPERATING%20AREA) Record Q2 2025 production of 19.0 MMBoe (209.1 MBoe/d), up 32% YoY, driven by Uinta Basin's high oil cut [Production](index=2&type=section&id=NET%20PRODUCTION%20BY%20OPERATING%20AREA) Q2 2025 total net production was 19.0 MMBoe, with Uinta Basin outperforming at 48.0 MBoe/d and 87% oil cut Q2 2025 Production by Operating Area (MBoe/d) | Basin | Oil (MBbl/d) | Gas (MMcf/d) | NGLs (MBbl/d) | Total (MBoe/d) | | :--- | :--- | :--- | :--- | :--- | | Midland Basin | 53.9 | 177.9 | — | 83.6 | | South Texas | 19.9 | 183.5 | 26.9 | 77.4 | | Uinta Basin | 41.9 | 36.9 | — | 48.0 | | **Total** | **115.7** | **398.3** | **26.9** | **209.1** | - Total net daily production increased **32%** and net daily oil production rose **59%** compared to the second quarter of 2024[5](index=5&type=chunk) [Realized Prices and Hedges](index=2&type=section&id=REALIZED%20PRICES%20BY%20OPERATING%20AREA) Average realized price was $41.27/Boe pre-hedge, $43.36/Boe post-hedge, with Midland Basin gas prices impacted by WAHA differentials Q2 2025 Realized Prices per Boe | Metric | Price per Boe | | :--- | :--- | | Pre-hedge | $41.27/Boe | | Post-hedge | $43.36/Boe | | Net Derivative Gain | $2.09/Boe | - Realized gas prices in the Midland Basin were negatively affected by pipeline constraints pressuring WAHA basis differentials, a challenge expected to continue into **2026**[11](index=11&type=chunk) [Financial Position and Shareholder Returns](index=4&type=section&id=FINANCIAL%20POSITION%2C%20LIQUIDITY%2C%20AND%20NET%20DEBT-TO-ADJUSTED%20EBITDAX) Company strengthened financial position with zero revolving credit facility balance, $101.9 million cash, and reduced net debt to $2.63 billion (1.2x leverage) - As of June 30, 2025, the company had paid its revolving credit facility down to **zero** and held a cash balance of **$101.9 million**[17](index=17&type=chunk) Debt and Leverage Metrics (as of June 30, 2025) | Metric | Value | | :--- | :--- | | Long-Term Debt | $2.74 billion | | Net Debt | $2.63 billion | | Net debt-to-Adjusted EBITDAX | 1.2x | - Returned **$22.9 million** to stockholders through a **$0.20 per share** quarterly fixed dividend[16](index=16&type=chunk) [Outlook and Guidance](index=5&type=section&id=2025%20OPERATING%20PLAN%20AND%20GUIDANCE) SM Energy updated 2025 guidance, increasing oil mix and capex, while significantly reducing cash taxes to $10 million due to OBBBA legislation [Full Year 2025 Guidance](index=5&type=section&id=UPDATED%20GUIDANCE%20FULL%20YEAR%202025%3A) Full-year 2025 production guidance maintained at 200-215 MBoe/d, with oil mix increased to 53-54% and capex to ~$1.375 billion Full Year 2025 Guidance Updates | Metric | Previous Guidance | Updated Guidance | | :--- | :--- | :--- | | Net Production | 200-215 MBoe/d | Unchanged | | Oil as % of Total | 51-52% | 53-54% | | Capital Expenditures | ~$1.3 B | ~$1.375 B | | DD&A Expense | ~$15/Boe | ~$16/Boe | [Third Quarter 2025 Guidance](index=6&type=section&id=GUIDANCE%20THIRD%20QUARTER%202025%3A) Q3 2025 production guided to 209-215 MBoe/d, capex $300-$320 million, with 2025 cash taxes reduced to ~$10 million due to OBBBA Q3 2025 Guidance | Metric | Guidance | | :--- | :--- | | Net Production | 209-215 MBoe/d | | Oil as % of Total | 53-54% | | Capital Expenditures | $300 M - $320 M | - The company reduced its estimated cash taxes for 2025 to approximately **$10 million** (from **$75-$95 million**) due to the expected benefits of the One Big Beautiful Bill Act (OBBBA)[24](index=24&type=chunk) [Financial Statements and Non-GAAP Reconciliations](index=8&type=section&id=FINANCIAL%20HIGHLIGHTS%20%28UNAUDITED%29) This section presents unaudited condensed consolidated financial statements and detailed reconciliations for non-GAAP measures like Adjusted EBITDAX and Free Cash Flow [Condensed Consolidated Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Unaudited condensed consolidated Balance Sheets, Statements of Operations, Stockholders' Equity, and Cash Flows are presented Balance Sheet Highlights (June 30, 2025 vs Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $8.99 B | $8.58 B | | Total Liabilities | $4.40 B | $4.34 B | | Total Stockholders' Equity | $4.59 B | $4.24 B | Statement of Operations Highlights (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Operating Revenues | $792.9 M | $634.6 M | | Income from Operations | $294.9 M | $279.4 M | | Net Income | $201.7 M | $210.3 M | Statement of Cash Flows Highlights (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $571.1 M | $476.4 M | | Net Cash used in Investing Activities | ($410.2 M) | ($322.7 M) | | Net Cash used in Financing Activities | ($59.1 M) | ($70.1 M) | [Non-GAAP Reconciliations](index=14&type=section&id=DEFINITIONS%20OF%20NON-GAAP%20MEASURES%20AND%20METRICS%20AS%20CALCULATED%20BY%20THE%20COMPANY) Reconciliations for non-GAAP measures like Adjusted EBITDAX, Adjusted Net Income, Net Debt, and Adjusted Free Cash Flow are provided - The company uses non-GAAP measures like Adjusted EBITDAX, Adjusted Net Income, Net Debt, and Adjusted Free Cash Flow to help investors assess financial condition, results of operations, and cash flows, and to compare performance[41](index=41&type=chunk) Reconciliation of Net Income to Adjusted EBITDAX (Q2) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (GAAP) | $201.7 M | $210.3 M | | Adjustments | +$367.9 M | +$275.6 M | | **Adjusted EBITDAX (non-GAAP)** | **$569.6 M** | **$485.9 M** | Reconciliation of Net Income to Adjusted Net Income (Q2) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (GAAP) | $201.7 M | $210.3 M | | Adjustments | -$29.7 M | +$4.1 M | | **Adjusted Net Income (non-GAAP)** | **$171.9 M** | **$214.4 M** |

DENVER, July 31, 2025 /PRNewswire/ -- SM Energy Company (the "Company") (NYSE: SM) today reported operating and financial results for the second quarter 2025 and provided certain full year and third quarter 2025 guidance. Highlights include: Midland Basin South Texas Uinta Basin (Pre/Post-hedge(1)) Record Net Quarterly Production: 19.0 MMBoe, or 209.1 MBoe/d, exceeded expectations at 5% above the mid-point of guidance, with oil making up 55% (115.7 MBbls/d). Strong performance from the Company's Uinta Basin ...

Core Viewpoint - Sierra Madre Gold and Silver Ltd. has successfully closed the second tranche of its brokered private placement, raising a total of $19,500,600 from the offering [1][3]. Group 1: Offering Details - The second tranche consisted of 2,500,000 units sold at a price of $0.70 per unit, generating gross proceeds of $1,750,000 [1]. - Each unit includes one common share and one half of a common share purchase warrant, with each warrant allowing the purchase of one common share at $0.85 for 12 months [2]. - The offering was facilitated by Beacon Securities Limited as the lead agent, along with Canaccord Genuity Corp. as part of the syndicate [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to expand the capacity of the Guitarra mine, conduct exploration programs at the East District, and for working capital and general corporate purposes [3]. Group 3: Compensation and Fees - In connection with the closing of the second tranche, the company paid the agents a cash fee of $61,250 and issued 87,500 compensation options, each allowing the purchase of one common share at the issue price for 12 months [4]. Group 4: Company Overview - Sierra Madre Gold and Silver Ltd. focuses on the Guitarra mine in Mexico and the Tepic property, with the Guitarra mine being a permitted underground mine that restarted commercial production in January 2025 [7]. - The Tepic Project covers over 2,600 hectares and hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource [8].

Vancouver, British Columbia--(Newsfile Corp. - July 24, 2025) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) ("Sierra Madre" or the "Company") is pleased to announce it has closed the first tranche (the "First Tranche") of its previously announced brokered private placement offering of up to 27,858,000 units of the Company (each a "Unit") at a price of $0.70 per Unit (the "Issue Price") for aggregate gross proceeds to the Company of up to $19,500,600 (the "Offering"). The First Tranche consisted of 25,358, ...

SM Energy (SM) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on July 31, might help the stock move higher if these key numbers are better than expectations. On ...

Core Viewpoint - Sierra Madre Gold and Silver Ltd. is increasing its private placement offering to issue up to 27,858,000 units at a price of $0.70 per unit, aiming for gross proceeds of up to $19,500,600 [1][2]. Group 1: Offering Details - The offering will consist of units, each comprising one common share and half a common share purchase warrant, with warrants allowing the purchase of additional shares at $0.85 for 12 months [3]. - The offering is available to Canadian residents, excluding Quebec, under the Listed Issuer Financing Exemption, with no hold period for Canadian subscribers [4]. - The expected closing date for the offering is around July 24, 2025, pending necessary regulatory approvals [7]. Group 2: Company Background - Sierra Madre Gold and Silver Ltd. focuses on precious metals development and exploration, particularly at the Guitarra mine in Mexico, which has resumed commercial production as of January 2025 [8]. - The Tepic Project, covering over 2,600 hectares, contains low-sulphidation epithermal gold and silver mineralization with an existing historic resource [9]. - The management team has extensive experience in raising capital for mining companies, having collectively raised over $1 billion [9].

Group 1 - SM Energy Company plans to release its second quarter 2025 financial and operating results after market hours on July 31, 2025 [1] - The release will include an earnings report, a pre-recorded webcast, and an associated presentation, all available on the Company's website [1] - A Q&A session with SM Energy management is scheduled for August 1, 2025, at 8:00 a.m. Mountain time/10:00 a.m. Eastern time [2] Group 2 - SM Energy is an independent energy company focused on the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in Texas and Utah [2] - Important information about SM Energy is routinely posted on its website [2] - Investor contact information includes Pat Lytle, with a provided email and phone number for inquiries [3]

Core Insights - SM Energy is an independent exploration and production firm focused on the Permian Basin, Uinta Basin, and South Texas region, owning approximately 111,000 net acres in the Midland Basin and 63,300 net acres in the Uinta Basin, along with 155,000 net acres in South Texas [1] Financial Performance - SM Energy reported first-quarter 2025 revenues of $844.5 million and net income of $182.3 million, showing significant improvement from the prior-year quarter, driven by increased daily oil production and operational efficiency [3] - The company aims for a 30% increase in oil production and a 20% increase in total production for 2025, which is expected to enhance financial performance [4] Asset Integration - Successful integration of Uinta Basin assets contributed to a 63% increase in daily oil production compared to the first quarter of 2024, with drilling and completion efficiency exceeding expectations [5] - The Uinta Basin wells are expected to contribute to a higher oil mix, particularly in the second half of 2025, driving sustained growth [5] Financial Strategy - SM Energy is strategically using free cash flows to reduce its debt burden, aiming for a leverage ratio of about 1, which will strengthen its balance sheet [6] - The company can generate free cash flows even at a flat $55 per barrel oil price, supporting capital expenditures and prioritizing debt reduction [7] Market Position - Despite strong financial performance, SM Energy's stock has underperformed compared to the broader Zacks Exploration and Production industry, with shares falling 36.9% over the past year [8] - The company faces vulnerability to commodity price volatility, with potential adjustments needed if oil prices fall below $55 per barrel [11] Dividend Considerations - SM Energy's current dividend yield lags behind industry peers, as the company prioritizes debt reduction over aggressive shareholder return measures [12]