Earnings summaries and quarterly performance for SM Energy.
Executive leadership at SM Energy.
Herb Vogel
Detailed
Chief Executive Officer
CEO
AB
Alan Bennett
Detailed
Vice President - Controller
BM
Beth McDonald
Detailed
President and Chief Operating Officer
JL
James Lebeck
Detailed
Executive Vice President - Corporate Development and General Counsel
KK
Ken Knott
Detailed
Senior Vice President - Business Development and Land
ME
Mary Ellen Lutey
Detailed
Senior Vice President - Texas
PL
Patrick Lytle
Detailed
Senior Vice President of Finance
RJ
Richard Jenkins
Detailed
Senior Vice President - Utah
WP
Wade Pursell
Detailed
Executive Vice President and Chief Financial Officer
Board of directors at SM Energy.
Research analysts who have asked questions during SM Energy earnings calls.
Michael Scialla
Stephens Inc.
6 questions for SM
Also covers: AESI, APA, CNX +10 more
Zach Parham
JPMorgan Chase & Co.
5 questions for SM
Also covers: CIVI, CNX, CRC +7 more
GD
Gabriel Daoud
Cowen
4 questions for SM
Also covers: CHPT, CIVI, CNX +6 more
HH
Hsu-Lei Huang
Tudor, Pickering, Holt & Co.
4 questions for SM
Also covers: CHRD, CIVI, CRGY +1 more
LM
Leo Mariani
ROTH MKM
4 questions for SM
Also covers: APA, AR, CIVI +18 more
Scott Hanold
RBC Capital Markets
4 questions for SM
Also covers: APA, CHRD, CIVI +13 more
TR
Timothy Rezvan
KeyBanc Capital Markets Inc.
4 questions for SM
Also covers: BKV, BSM, CIVI +10 more
MF
Michael Ferro
Pickering Energy Partners
3 questions for SM
ND
Neal Dingmann
Truist Securities
3 questions for SM
Also covers: APA, CHRD, CIVI +36 more
OH
Oliver Huang
TPH&Co.
3 questions for SM
Also covers: APA, CHRD, CIVI +5 more
TR
Tim Rezvan
KeyBanc Capital Markets
3 questions for SM
Also covers: BSM, CRGY, GPOR +9 more
Kevin MacCurdy
Pickering Energy Partners
2 questions for SM
Also covers: AR, CHRD, CNX +15 more
Michael Furrow
Pickering Energy Partners
2 questions for SM
Also covers: BKV, CRC, CRGY +1 more
Phu Pham
Roth Capital Partners
2 questions for SM
Also covers: BKV, TALO
Brian Velie
Capital One Securities, Inc.
1 question for SM
Also covers: GPOR
BV
Brian Velley
Capital One Securities
1 question for SM
DD
David Deckelbaum
TD Cowen
1 question for SM
Also covers: ALB, ALTM, APA +17 more
FF
Fu Fan
ROTH Capital Partners
1 question for SM
Recent press releases and 8-K filings for SM.
SM Energy Reports Record 2025 Results, Outlines 2026 Capital Plan and Shareholder Return Strategy
SM
Earnings
Guidance Update
M&A
- SM Energy reported record operating cash flow, adjusted EBITDAX, production, and oil volumes for 2025, with oil comprising 53% of total production.
- The company strengthened its financial position by reducing net debt by $437 million in 2025, ending the year at approximately 1 times leverage, and returned $104 million to stockholders through dividends and share repurchases.
- For 2026, capital investments are projected to be between $2.65 billion and $2.85 billion, representing a 14% reduction from pro forma 2025, with 45% allocated to high-margin Permian activities.
- The fixed annual dividend was increased by 10% to $0.88 per share, and the company plans to allocate 80% of quarterly free cash flow (after dividends) to debt reduction and 20% to stock repurchases.
- Following the Civitas merger, SM Energy has already actioned $185 million of its $200 million-$300 million synergy target and expects second-half 2026 production volumes to range between 420,000 and 430,000 BOE per day at 55% oil.
1 day ago
SM Energy announces Q4 2025 results and 2026 outlook
SM
Earnings
Guidance Update
M&A
- SM Energy reported Q4 2025 Net Income per Diluted Share of $0.95 and Adjusted EBITDAX of $509 million, with Adjusted Free Cash Flow of $198 million.
- For the full year 2025, the company achieved record Adjusted EBITDAX of $2.26 billion and record net production of 206.8 MBoe/d.
- The company provided 2026 guidance including total production of 146-153 MMBoe (or 400-420 MBoe/d) with an oil mix of approximately 54%, and total capital expenditures of $2.65-$2.85 billion.
- SM Energy plans to integrate Civitas Resources, Inc., targeting $200-$300 million in synergies for 2026, with $185 million actioned to date.
- The company aims to strengthen its balance sheet through over $1.0 billion in divestitures and enhance its return of capital program with a 10% fixed dividend increase and allocating 80% of quarterly free cash flow to debt reduction and 20% to share buybacks.
1 day ago
SM Energy Reports Q4 2025 Results and Provides 2026 Outlook
SM
Earnings
Guidance Update
M&A
- SM Energy delivered record operating cash flow, adjusted EBITDAX, production, and oil volumes in 2025, reducing net debt by $437 million and distributing $104 million to stockholders through dividends and share repurchases.
- The company is actively integrating the Civitas merger, targeting $200 million-$300 million in synergies, with $185 million already actioned.
- For 2026, capital investments are projected to be $2.65 billion-$2.85 billion, representing a 14% reduction from pro forma 2025, with activity levels reset to 11 rigs.
- Second half 2026 production is expected to range between 420,000 and 430,000 BOE per day at 55% oil.
- SM Energy strengthened its financial position with nearly $3 billion in liquidity and a $950 million asset sale, while increasing the fixed dividend by 10% to $0.88 per share annually and allocating 80% of quarterly free cash flow after dividends to debt reduction and 20% to stock repurchases.
1 day ago
SM Energy Reports Strong 2025 Results, Outlines 2026 Plan with Reduced Capital and Increased Shareholder Returns
SM
Earnings
Guidance Update
M&A
- SM Energy delivered record operating cash flow, adjusted EBITDAX, production, and oil volumes in 2025, with oil comprising 53% of total volumes. The company strengthened its financial position by reducing net debt by $437 million, ending the year at approximately one times leverage, and returned $104 million to stockholders through dividends and share repurchases.
- For 2026, capital investments are projected to be $2.65 billion-$2.85 billion, which is 14% lower than pro forma 2025, with 45% allocated to high-margin Permian activities. Activity levels have been reset to 11 rigs, down from a pro forma average of 14, prioritizing value over volume. Second half 2026 volumes are expected to range between 420,000 and 430,000 BOE per day at 55% oil.
- The company has significantly increased its liquidity, with a borrowing base raised to $5 billion and lender commitments to $2.5 billion, resulting in nearly $3 billion of current liquidity. SM Energy also announced the sale of select South Texas assets for $950 million, expected to close in Q2 2026, further strengthening its liquidity.
- SM Energy increased its fixed dividend by 10% to $0.88 per share annually. The company plans to allocate 80% of quarterly free cash flow after dividends to debt reduction and 20% to stock repurchases.
- Integration of the Civitas merger is progressing, with $185 million of the target $200 million-$300 million in synergies already actioned. The company's pro forma leverage is in the mid-ones area, with a goal to drive it down to the low ones area.
1 day ago
SM Energy Reports Record 2025 Results, Strategic Divestiture, and 2026 Outlook
SM
Earnings
M&A
Guidance Update
- SM Energy reported record operating cash flow of $2.01 billion and record adjusted EBITDAX of $2.26 billion for full-year 2025, with net income of $648 million or $5.64 per diluted share.
- The company achieved record net production of 75.5 MMBoe (206.8 MBoe/d) in 2025, an increase of 21% year-over-year, and reduced net debt by $437 million.
- The merger with Civitas Resources closed on January 30, 2026, and SM Energy announced an agreement to sell certain South Texas assets for $950 million, substantially achieving its $1.0 billion divestiture target.
- For 2026, the company issued guidance projecting capital expenditures (adjusted for accruals) between $2.65 billion and $2.85 billion and total net production volumes between 146 MMBoe and 153 MMBoe.
- SM Energy also announced a 10% increase to its annual fixed dividend policy to $0.88 per share and a free cash flow allocation strategy of 80% to debt reduction and 20% to share repurchases.
2 days ago
SM Energy provides 2026 outlook and enhances capital return framework
SM
Guidance Update
Dividends
Share Buyback
- SM Energy issued its 2026 outlook, focusing on maximizing free cash flow, strengthening its balance sheet, and accelerating returns to stockholders.
- The company announced an enhanced stockholder return framework, including a 10% increase to its annual fixed dividend policy, now $0.88 per share paid quarterly.
- Under this framework, SM Energy plans to allocate approximately 20% of quarterly free cash flow to share repurchases and 80% to debt reduction.
- For full-year 2026, the company expects total net production volumes of 146–153 MMBoe (approximately 54% oil) and capital expenditures of $2.65–$2.85 billion.
2 days ago
SM Energy Reports Record Full-Year 2025 Production and Cash Flow, Announces Strategic Divestiture
SM
Earnings
M&A
Dividends
- SM Energy reported record full-year 2025 net production of 75.5 MMBoe (206.8 MBoe/d), a 21% year-over-year increase, and record operating cash flow of $2.01 billion.
- For full-year 2025, the company achieved net income of $648 million ($5.64 per diluted share) and record adjusted EBITDAX of $2.26 billion, a 13% increase from 2024.
- The company announced a merger with Civitas Resources (closed January 30, 2026) and an agreement to sell certain South Texas assets for $950 million, advancing its $1.0 billion divestiture target.
- SM Energy reduced net debt by $437 million and returned $104 million to stockholders in 2025 through dividend payments and share buybacks.
2 days ago
SM Energy Sells South Texas Assets Amid Capital Discipline Trend
SM
M&A
- SM Energy exemplified the U.S. energy sector's emphasis on capital discipline by selling $950 million in South Texas assets.
- This sale is part of a broader trend among U.S. energy companies to sell noncore assets and cut debt to strengthen balance sheets.
- U.S. natural gas inventories fell by approximately 144 billion cubic feet in the week ended February 13, leaving stocks at about 2.07 trillion cubic feet, which is below year-ago and five-year averages.
- Natural gas fundamentals remain tight, with U.S. LNG exports consuming a record 5,000 billion cubic feet of gas between January and November 2025, contributing to a 61% rise in the Henry Hub spot price in 2025.
Feb 19, 2026, 3:59 PM
SM Energy announces agreement to sell $950 million in assets
SM
M&A
Debt Issuance
- SM Energy Company entered into an agreement on February 17, 2026, to sell certain South Texas assets to Caturus Energy, LLC for a cash purchase price of $950 million.
- The assets being sold include approximately 61,000 net acres and 260 producing wells in Webb County, Texas, with net proved reserves of approximately 168 MMBoe as of December 31, 2025.
- These divested assets are expected to average 37-39 MBoe/d in 2026 (45% liquids, 9% oil) and generate approximately $160 million of asset-level cash flows for the full year.
- The transaction is anticipated to close in the second quarter of 2026, with the proceeds primarily intended for debt reduction.
Feb 18, 2026, 9:15 PM
SM Energy announces agreement to sell South Texas assets for $950 million
SM
M&A
- SM Energy Company has entered into an agreement to sell certain South Texas assets to Caturus Energy, LLC for a cash purchase price of $950 million.
- The assets being sold include approximately 61,000 net acres and 260 producing wells, which are expected to average 37-39 MBoe/d in 2026 and had approximately 168 MMBoe in net proved reserves as of December 31, 2025.
- The company anticipates these assets will generate approximately $160 million of asset-level cash flows for the full year 2026.
- SM Energy plans to use the proceeds from the sale to reduce debt and strengthen its balance sheet, with the transaction expected to close in the second quarter of 2026 with an effective date of February 1, 2026.
Feb 18, 2026, 1:00 PM
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