Earnings summaries and quarterly performance for SM Energy.
Executive leadership at SM Energy.
Herb Vogel
Detailed
Chief Executive Officer
CEO
Alan Bennett
Detailed
Vice President - Controller
Beth McDonald
Detailed
President and Chief Operating Officer
James Lebeck
Detailed
Executive Vice President - Corporate Development and General Counsel
Ken Knott
Detailed
Senior Vice President - Business Development and Land
Mary Ellen Lutey
Detailed
Senior Vice President - Texas
Patrick Lytle
Detailed
Senior Vice President of Finance
Richard Jenkins
Detailed
Senior Vice President - Utah
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.
Zach Parham
JPMorgan Chase & Co.
5 questions for SM
Also covers: CIVI, CNX, CRC +7 more
Gabriel Daoud
Cowen
4 questions for SM
Also covers: CHPT, CIVI, CNX +6 more
Hsu-Lei Huang
Tudor, Pickering, Holt & Co.
4 questions for SM
Also covers: CHRD, CIVI, CRGY +1 more
Leo Mariani
ROTH MKM
4 questions for SM
Also covers: APA, AR, CIVI +16 more
Michael Scialla
Stephens Inc.
4 questions for SM
Also covers: AESI, APA, CNX +10 more
Scott Hanold
RBC Capital Markets
4 questions for SM
Also covers: APA, CHRD, CIVI +13 more
Timothy Rezvan
KeyBanc Capital Markets Inc.
4 questions for SM
Also covers: BKV, BSM, CIVI +10 more
Michael Ferro
Pickering Energy Partners
3 questions for SM
Neal Dingmann
Truist Securities
3 questions for SM
Also covers: APA, CHRD, CIVI +33 more
Michael Furrow
Pickering Energy Partners
2 questions for SM
Also covers: CRC, CRGY, TALO
David Deckelbaum
TD Cowen
1 question for SM
Also covers: ALB, ALTM, APA +17 more
Fu Fan
ROTH Capital Partners
1 question for SM
Oliver Huang
TPH&Co.
1 question for SM
Also covers: APA, CHRD, CIVI +5 more
Tim Rezvan
KeyBanc Capital Markets
1 question for SM
Also covers: BSM, CRGY, GPOR +7 more
Recent press releases and 8-K filings for SM.
SM Energy Discusses Civitas Merger Synergies and Strategic Outlook
SM
M&A
Guidance Update
Debt Issuance
- SM Energy's merger with Civitas is projected to overdouble its size and generate $200 million-$300 million in annual run rate synergies, mainly from D&C, LOE, and overhead savings.
- The combined entity expects $30 million-$45 million in cost of capital savings, with total synergies expected to be actioned in 2026 and fully realized on a run rate basis by 2027 and beyond.
- Post-merger, SM Energy plans to divest over $1 billion in assets within the first year to reduce pro forma leverage from the "mid ones area" towards one times, with the pro forma company generating $1.5 billion in free cash flow this year for debt reduction.
- The Civitas deal is anticipated to close in the first quarter.
Dec 2, 2025, 3:10 PM
SM Energy Outlines Post-Merger Strategy and Synergies
SM
M&A
Guidance Update
Debt Issuance
- SM Energy recently merged with Civitas, anticipating $200 million-$300 million in annual run-rate synergies, primarily from drilling and completion (D&C) and lease operating expenses (LOE), alongside $30 million-$45 million in cost of capital savings.
- The company plans to divest $1 billion plus in assets within the first year post-merger to strengthen the balance sheet and accelerate deleveraging, aiming to reduce pro forma leverage from the mid-ones area back to the one times area.
- The merger is expected to close in Q1 2026, with all identified synergies anticipated to be actioned in 2026 and fully realized on a run-rate basis by 2027.
- The pro forma company is projected to generate approximately $1.5 billion in free cash flow this year, which will be prioritized for debt reduction.
Dec 2, 2025, 3:10 PM
SM Energy Discusses Civitas Merger and Post-Merger Financial Strategy
SM
M&A
Guidance Update
New Projects/Investments
- SM Energy's merger with Civitas will overdouble the company's size in assets across four top-tier basins.
- The company anticipates annual run-rate synergies of $200 million-$300 million, primarily from drilling and completion (D&C) and lease operating expenses (LOE), with an additional $30 million-$45 million in cost of capital savings.
- SM Energy plans to target over $1 billion in divestitures within the first year post-merger to strengthen the balance sheet, aiming to return to a one-times debt area from the current mid-ones.
- The pro forma company is expected to generate approximately $1.5 billion in free cash flow this year, which will be prioritized for debt reduction.
- The Civitas deal is anticipated to close in the first quarter.
Dec 2, 2025, 3:10 PM
SM Energy Details Transformational Civitas Merger and Financial Strategy
SM
M&A
Guidance Update
New Projects/Investments
- SM Energy's recent merger agreement with Civitas Resources is considered transformational, with projected synergies of $200-$300 million translating to $1 billion-$1.5 billion in NPV, representing up to 30% of the company's market cap.
- The transaction is expected to be highly accretive, more than doubling the company's size and production, and is anticipated to generate approximately $1.5 billion in pro forma free cash flow for 2025.
- The company has announced a divestiture target of at least $1 billion to accelerate delevering and debt reduction, with the merger expected to close in Q1.
- SM Energy is leveraging AI and machine learning for gas lift optimization in its production operations, which has led to incremental barrels on PDP production in the Midland Basin.
Nov 20, 2025, 7:00 PM
SM Energy Discusses Transformational Civitas Merger, Leadership Change, and Operational Efficiencies
SM
M&A
Management Change
New Projects/Investments
- SM Energy is undergoing a transformational merger with Civitas Resources, with synergy targets of $200-$300 million expected to translate to $1 billion-$1.5 billion in NPV, representing up to 30% of SM Energy's market cap.
- The combined entity is projected to generate approximately $1.5 billion in free cash flow for pro forma 2025 and plans a $1 billion divestiture target to accelerate delevering.
- Beth McDonald, current Chief Operating Officer, is set to become the new Chief Executive Officer of SM Energy.
- The company is leveraging AI and predictive analytics for production operations, specifically for gas lift optimization in the Midland Basin, leading to incremental production.
Nov 20, 2025, 7:00 PM
SM Energy Discusses Transformational Civitas Merger and Future Strategy
SM
M&A
Guidance Update
New Projects/Investments
- SM Energy views its merger with Civitas Resources as transformational, projecting $200-$300 million in synergies, which translates to $1 billion-$1.5 billion in NPV and up to 30% of its current market cap.
- The combined company is expected to generate approximately $1.5 billion in free cash flow in 2025, with a plan to quickly delever the balance sheet through this cash flow and an announced at least $1 billion divestiture target.
- Management believes the market is currently undervaluing the company post-merger announcement, citing an Embarras valuation that indicates over 120% upside for SM compared to 3% for its peer group.
- The merger is anticipated to close in Q1.
- SM is implementing operational innovations, including AI and machine learning for gas lift optimization in the Midland Basin, and cost-saving measures such as remote frac and sand mine integration in the Uinta Basin.
Nov 20, 2025, 7:00 PM
SM Energy and Civitas Resources Announce Merger Details and Post-Closing Leadership
SM
M&A
Management Change
Board Change
- SM Energy and Civitas Resources, Inc. announced additional details regarding their planned merger, which is expected to close in Q1 2026. The pro forma ownership will be 48% SM Energy and 52% Civitas, based on an exchange ratio of 1.45 shares of SM for each CIVI share.
- The merger is projected to generate $200 million to $300 million in annual synergies, with an NPV-10 of $1.0 billion to $1.5 billion, representing 22% to 32% of the pro-forma market cap. These synergies are expected to be actioned in 2026, with at least $200 million realized in 2027.
- The combined company plans at least $1.0 billion in divestitures within the first year following closing to strengthen the balance sheet and accelerate stockholder return of capital. This has led S&P Global Ratings and Fitch Ratings to place SM Energy on CreditWatch Positive and Rating Watch Positive, respectively.
- Upon closing, the leadership team will include Beth McDonald as President and CEO, Wade Pursell as EVP and CFO, and Blake McKenna as EVP and COO. The Board of Directors will comprise 11 members, with Julio Quintana serving as Non-Executive Chairman.
Nov 17, 2025, 9:18 PM
SM Energy Announces Additional Merger Details with Civitas Resources
SM
M&A
Management Change
Board Change
- Upon closing of the transaction, the leadership team will include Beth McDonald as President and Chief Executive Officer, and the Board of Directors will total 11 members, with six representatives from SM Energy and five from Civitas, and Julio Quintana serving as Non-Executive Chairman.
- The combined company targets greater than $1.0 billion in planned divestitures within the first year following the closing of the Transaction to strengthen the balance sheet and accelerate stockholder return of capital.
- Identified and achievable annual expected synergies total $200 million, with upside potential to $300 million, and an NPV-10 of $1.0 billion to $1.5 billion. At least $200 million of these synergies are expected to be realized in 2027.
- S&P Global Ratings and Fitch Ratings have placed SM Energy on CreditWatch Positive and Rating Watch Positive, respectively, reflecting strong confidence in the post-merger outlook and strengthened credit profile.
Nov 17, 2025, 9:15 PM
SM Energy Reports Strong Q3 2025 Financial Results and Provides 4Q 2025 Guidance
SM
Earnings
Guidance Update
Dividends
- SM Energy reported strong Q3 2025 financial performance with Adjusted EBITDAX of $588.2 million and Adjusted Free Cash Flow of $234.3 million. Total net production for the quarter was 213.8 MBoe/d, and GAAP earnings per diluted share were $1.35.
- The company focused on capital allocation and debt reduction, decreasing net debt by over $60 million to achieve a 1.1x leverage ratio. It returned capital to stockholders by paying a $0.20 per share cash dividend and executing $12.1 million in share repurchases during Q3 2025.
- For 4Q 2025, SM Energy projects total net production between 206-212 MBoe/d and capital expenditures between $225-$245 million. The full-year 2025 guidance includes total net production of 207-208 MBoe/d and capital expenditures of $1.375-$1.395 billion.
Nov 5, 2025, 3:00 PM
SM Energy Reports Q3 2025 Financial Results and Updates 2025 Guidance
SM
Earnings
Guidance Update
Dividends
- SM Energy reported Adjusted EBITDAX of $588.2 million and Adjusted Free Cash Flow of $234.3 million for Q3 2025.
- The company's Q3 2025 net production was 213.8 MBoe/d, with an oil/liquids percentage of 53%/67%.
- SM Energy returned capital to stockholders in Q3 2025 through a $0.20 per share cash dividend and $12.1 million in share repurchases, while also reducing net debt by over $60 million.
- For fiscal year 2025, SM Energy provided guidance for total net production of 207-208 MBoe/d and capital expenditures between $1.375 billion and $1.395 billion.
Nov 4, 2025, 9:15 PM
Quarterly earnings call transcripts for SM Energy.
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