NYSE: SM
SM Energy CoCIK 0000893538 · SIC 1311 · Crude Petroleum & Natural Gas
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SM Energy Q2 2026: Net income +430% to $1.07B on Civitas merger, South Texas sale
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SM Energy pre-announces Q2 2026 results: $220M derivative loss, $0.17/Mcf gas price
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SM Energy retires $419M in senior notes, eliminating 6.75% debt due 2026
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SM Energy boosts CEO pay target to $5.8M, amends change-of-control severance agreement
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SM Energy redeems $400M in 5.000% Senior Notes due 2026, eliminating debt obligation
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SM: revenue $1.48B, net income -$335.0M. SM Energy closes Civitas merger, sells South Texas for, eliminates 2026 debt
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SM Energy reports Q1 2026 earnings, schedules May 7 conference call
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SM Energy closes $950M South Texas asset sale, to redeem $819M in 2026 senior notes at par
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating revenues and other income: | ||||
| Oil, gas, and NGL production revenue | 2,156 | 785 | 3,633 | 1,625 |
| Gain on divestiture activity | 262 | — | 262 | — |
| Other operating income | 82 | 8 | 84 | 13 |
| Total operating revenues and other income | 2,500 | 793 | 3,979 | 1,637 |
| Operating expenses: | ||||
| Oil, gas, and NGL production expense | 556 | 224 | 984 | 449 |
| Depletion, depreciation, and amortization | 592 | 293 | 1,024 | 563 |
| Exploration | 21 | 15 | 47 | 27 |
| General and administrative | 79 | 42 | 253 | 81 |
| Net derivative (gain) loss | (272) | (78) | 425 | (61) |
| Other operating expense | 28 | 2 | 48 | 7 |
| Total operating expenses | 1,004 | 498 | 2,781 | 1,066 |
| Income from operations | 1,496 | 295 | 1,198 | 571 |
| Interest expense | (111) | (43) | (224) | (87) |
| Other non-operating income, net | 4 | — | 5 | — |
| Income before income taxes | 1,389 | 253 | 979 | 485 |
| Income tax expense | (318) | (51) | (243) | (101) |
| Net income | 1,071 | 202 | 736 | 384 |
| Basic weighted-average common shares outstanding | 239 | 115 | 219 | 115 |
| Diluted weighted-average common shares outstanding | 240 | 115 | 220 | 115 |
| Basic net income per common share | 4.48 | 1.76 | 3.35 | 3.35 |
| Diluted net income per common share | 4.46 | 1.76 | 3.34 | 3.34 |
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 620 | 368 |
| Accounts receivable | 989 | 331 |
| Derivative assets | 145 | 83 |
| Prepaid expenses and other | 146 | 29 |
| Total current assets | 1,900 | 811 |
| Property and equipment (successful efforts method): | ||
| Proved oil and gas properties | 23,214 | 16,012 |
| Accumulated depletion, depreciation, and amortization | (8,466) | (8,793) |
| Unproved oil and gas properties, net of valuation allowance of $12 and $12, respectively | 860 | 460 |
| Wells in progress | 809 | 458 |
| Other property and equipment, net of accumulated depreciation of $67 and $63, respectively | 131 | 65 |
| Total property and equipment, net | 16,548 | 8,202 |
| Noncurrent assets: | ||
| Derivative assets | 56 | 6 |
| Other noncurrent assets | 354 | 234 |
| Total noncurrent assets | 410 | 240 |
| Total assets | 18,858 | 9,253 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | 2,367 | 690 |
| Senior Notes, net | 416 | 419 |
| Derivative liabilities | 184 | 2 |
| Other current liabilities | 122 | 58 |
| Total current liabilities | 3,089 | 1,169 |
| Noncurrent liabilities: | ||
| Revolving credit facility | — | — |
| Senior Notes, net | 6,620 | 2,296 |
| Asset retirement obligations | 430 | 150 |
| Deferred tax liabilities, net | 630 | 724 |
| Derivative liabilities | 1 | 2 |
| Other noncurrent liabilities | 275 | 102 |
| Total noncurrent liabilities | 7,956 | 3,274 |
| Commitments and contingencies (note 7) | ||
| Stockholders’ equity: | ||
| Common stock, $0.01 par value authorized: 400,000,000 and 200,000,000 shares, respectively; issued and outstanding: 237,494,374 and 114,630,905 shares, respectively | 2 | 1 |
| Additional paid-in capital | 3,888 | 1,517 |
| Retained earnings | 3,921 | 3,291 |
| Accumulated other comprehensive income | 2 | 1 |
| Total stockholders’ equity | 7,813 | 4,810 |
| Total liabilities and stockholders’ equity | 18,858 | 9,253 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 736 | 384 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Gain on divestiture activity | (262) | — |
| Depletion, depreciation, and amortization | 1,024 | 563 |
| Stock-based compensation expense | 36 | 13 |
| Net derivative (gain) loss | 425 | (61) |
| Net derivative settlement gain (loss) | (250) | 47 |
| Amortization of deferred financing costs and debt premiums, net | (10) | 5 |
| Deferred income tax expense | 231 | 69 |
| Other, net | (38) | (4) |
| Net change in working capital | (149) | 38 |
| Net cash provided by operating activities | 1,743 | 1,054 |
| Cash flows from investing activities: | ||
| Net proceeds from the sale of oil and gas properties | 897 | — |
| Capital expenditures | (1,309) | (824) |
| Acquisition of business, net of cash acquired | (49) | — |
| Other | (24) | (15) |
| Net cash used in investing activities | (485) | (839) |
| Cash flows from financing activities: | ||
| Proceeds from revolving credit facility | 341 | 1,385 |
| Repayment of revolving credit facility | (341) | (1,453) |
| Net proceeds from Senior Notes | 984 | — |
| Cash paid to repurchase Senior Notes | (1,743) | — |
| Repurchase of common stock | (87) | (1) |
| Dividends paid | (135) | (46) |
| Other, net | (25) | 2 |
| Net cash used in financing activities | (1,006) | (113) |
| Net change in cash, cash equivalents, and restricted cash | 252 | 102 |
| Cash, cash equivalents, and restricted cash at beginning of period | 368 | — |
| Cash, cash equivalents, and restricted cash at end of period | 620 | 102 |
| Supplemental schedule of additional cash flow information: | ||
| Operating activities: Cash paid for interest, net of capitalized interest | (185) | (85) |
| Operating activities: Net cash paid for income taxes | (32) | (5) |
| Investing activities: Changes in capital expenditure accruals | 80 | 5 |
| Non-cash investing and financing activities (1) | ||
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share data); (in millions, except share data); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗