Core Insights - SM Energy reported fourth-quarter 2025 adjusted earnings of 83 cents per share, exceeding the Zacks Consensus Estimate of 73 cents, but down from $1.91 in the same quarter last year [1][10] - Total quarterly revenues were $705 million, missing the Zacks Consensus Estimate of $766 million and declining from $852 million year-over-year [1][10] Operational Performance - Production volume for the fourth quarter was 206.9 thousand barrels of oil equivalent per day (MBoe/d), a 1% decrease from 208 MBoe/d year-over-year, and below the Zacks Consensus Estimate of 209 MBoe/d [3][10] - Oil production increased approximately 1% year-over-year to 108.4 thousand barrels per day (MBbls/d), but fell short of the Zacks Consensus Estimate of 111 MBbls/d [4] - Natural gas production was 428.3 million cubic feet per day, up 1% year-over-year, while natural gas liquids production decreased 10% year-over-year to 27.1 MBbls/d [4] Realized Prices - The average realized price per Boe was $36.92, down from $43.68 in the year-ago quarter [5] - Average realized oil price decreased 16% to $58.17 per barrel, while natural gas prices fell 17% to $1.81 per thousand cubic feet, and natural gas liquids prices declined 16% to $20.67 per barrel [5] Costs & Expenses - Unit lease operating expenses rose 4% year-over-year to $5.55 per Boe, while general and administrative expenses decreased 4% to $2.10 per Boe [6] - Total operating expenses for the quarter decreased to $523 million from $565 million in the previous year [7][10] Capital Expenditures - Capital expenditures for the fourth quarter totaled $216 million, with adjusted free cash flow amounting to $198 million [8][10] Balance Sheet - As of December 31, 2025, SM Energy had cash and cash equivalents of $368 million and a net debt of $2.4 billion [11] Guidance - For Q1 2026, total production is expected to be between 30.5-32.5 million barrels of oil equivalent (MMBoe), with oil accounting for approximately 52% [12] - Full-year 2026 net production volume is projected to be in the range of 146-153 MMBoe, with about 54% from oil, and capital expenditures forecasted between $2.65-$2.85 billion [12]

The share price of SM Energy Company (NYSE:SM) fell by 5.77% between February 18 and February 25, 2026, putting it among the Energy Stocks that Lost the Most This Week. SM Energy (SM) Posts Mixed Results for Q4 2025 SM Energy Company (NYSE:SM) is an independent energy company focused on the exploration, exploitation, development, acquisition, and production of natural gas and crude oil in the United States. SM Energy Company (NYSE:SM) reported mixed results for Q4 2025 on February 25, with the company’s ...

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Financial Data and Key Metrics Changes - The company reported record operating cash flow, adjusted EBITDAX, production, and oil volumes for 2025, with oil comprising 53% of total production [3][4] - Net debt was reduced by $437 million, resulting in a leverage ratio of approximately 1 times at year-end [4] - A total of $104 million was returned to stockholders through dividends and share repurchases [4] Business Line Data and Key Metrics Changes - The company plans to allocate about 45% of its capital investments to high-margin Permian activities, with total expected CapEx for 2026 being approximately 14% lower than pro forma 2025 [7] - Production volumes in the second half of 2026 are expected to range between 420,000 and 430,000 BOE per day, with 55% oil [7][8] Market Data and Key Metrics Changes - The company anticipates operating in a $60 oil and $3.50 gas environment for its 2026 plan [7] - The merger with Civitas is expected to unlock up to $1.5 billion in present value synergies, representing nearly 30% of the company's market cap [5] Company Strategy and Development Direction - The company has three strategic objectives for 2026: integrate, execute, and bolster [5][8] - The integration of Civitas is progressing well, with $185 million of the targeted $200 million-$300 million in synergies already actioned [5][88] - The focus is on maximizing sustainable free cash flow and strengthening the balance sheet while returning capital to stockholders [5][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maximize free cash flow and reduce debt, emphasizing a safety-first mindset in operations [5][12] - The company is focused on capital efficiency and optimizing its asset development to enhance returns [5][12] Other Important Information - The company announced a 10% increase in the fixed dividend to $0.88 per share annually, providing a current yield of just under 4% [12] - Remaining free cash flow will be allocated 80% to debt reduction and 20% to stock repurchases [12] Q&A Session Summary Question: Total production guidance for the year and impact of three-stream to two-stream conversions - Management clarified that the production change is not significantly different when normalized for moving items, with specific allocations for NGLs in different basins [18][19] Question: Capital expenditure and rig count throughout the year - Management confirmed that the first quarter will see higher CapEx due to starting with 15 rigs, which will decrease to an average of 11 rigs by year-end [22][23] Question: Leverage profile and inventory life considerations - Management stated that they are comfortable with a leverage ratio in the mid-ones area and are focused on improving inventory life through high-quality locations [30][32] Question: Composition of the Permian program and activity split - Management indicated that the program will allocate about one-third to Delaware and two-thirds to Midland Basin, with ongoing optimization efforts [55] Question: Production growth expectations in various areas - Management noted that Uinta and South Texas are expected to be growth areas, while the focus remains on maximizing free cash flow across the portfolio [71] Question: Decision to increase the dividend - Management emphasized that the increase was based on confidence in the company's future and not due to investor pressure [73]

SM Energy Company (NYSE:SM) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsBeth McDonald - President and CEOKevin MacCurdy - Director of ResearchMichael Scialla - Managing DirectorOliver Huang - Director of E&P ResearchPat Lytle - SVP of FinancePhu Pham - Equity Research AssociateWade Pursell - EVP and CFOConference Call ParticipantsBrian Velie - Energy Equity AnalystTim Rezvan - Managing Director and Equity Research AnalystOperatorGood morning, and welcome to the SM Energy fourth q ...

SM Energy Company (NYSE:SM) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Speaker7Good morning, and welcome to the SM Energy fourth quarter and full year 2025 financial and operating results and 2026 outlook live session. At this time, all participants will be in a listen-only mode. A question and answer session will follow the formal presentation. Please note, today's event is being recorded. I would now like to turn the call over to Pat Lytle, SM Energy Senior Vice President, Finance. Please go ahea ...

2025 Results & 2026 Outlook FEBRUARY 25, 2026 NYSE: SM SM-Energy.com Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of securities laws. The words "action," "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "guidance," "integrate," "maintain," "objectives," "optimize," "project," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this ...

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Delaware 41-0518430 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1700 Lincoln Street, Suite 3200, Denver, Colorado 80203 (Address of principal executive offices) (Zip Code) ☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securit ...

FULL-YEAR 2025: 1 News Release EXHIBIT 99.1 SM ENERGY REPORTS FOURTH QUARTER AND FULL-YEAR 2025 FINANCIAL AND OPERATING RESULTS Full-year 2025 results include record production and record operating cash flow and adjusted EBITDAX (1) DENVER, Feb. 25, 2026 – SM Energy Company (the "Company" or "SM Energy") (NYSE: SM) today reported financial and operating results for the fourth quarter and full-year 2025. Accompanying slides can be found on the Company's website at sm-energy.com/investors/news-events/presenta ...

and will participate in investor meetings at the event.DISCLOSURESFORWARD LOOKING STATEMENTSThis release contains forward-looking statements within the meaning of securities laws. The words "action," "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "guidance," "integrate," "maintain," "objectives," "optimize," "project," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, amo ...