SM Energy pre-announces Q2 2026 results: $220M derivative loss, $0.17/Mcf gas price

Filed July 16, 2026 · Period ending July 16, 2026 · ~1 min read

Key Changes

• high

  SM expects ~$220M net derivative settlement loss for Q2 2026, reflecting hedges that locked in prices below strong spot oil levels ($96.85/Bbl realized) but provided significant gas upside.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
• high

  Natural gas realized only $0.17/Mcf before hedges in Q2 2026, an exceptionally weak spot price; derivative settlements lifted the effective price to $1.54/Mcf.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
• medium

  Oil hedges reduced Q2 2026 realizations by $16.23/Bbl (from $96.85 to $80.62), while NGL prices were essentially flat at $24.69/Bbl before and $24.83/Bbl after derivatives.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →