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SM Energy Company USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

US independent E&P across multiple onshore basins with operated and non-operated wells.

Sector: United States — oil & gas exploration & production

US_EP_SM

No intraday sparkline from the default exchange feed; Yahoo or day change may still appear below when available.

No price chart.

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
—
Market cap
—

Growth

Δ revenue y/y
75.0%
Δ EBITDA y/y
-75.5%

Multiples

P/E (LTM)
—
P/B (FY)
—
EV/EBITDA (LTM)
—

Cash return

Dividend yield
—
FCF yield (LTM)
—

Liquidity

Daily turnover
—

Shares: sec_filing_text/893538:2026-04-08

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 6 / Err: 5 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-09-30 Q3⚠Warn 1
2023-12-31 FY✗Errors 2Warn 1
2024-03-31 Q1⚠Warn 1
2024-06-30 Q2⚠Warn 1
2024-09-30 Q3⚠Warn 1
2024-12-31 FY✗Errors 1Warn 2
2025-03-31 Q1✗Errors 1Warn 2
2025-06-30 Q2⚠Warn 1
2025-09-30 Q3⚠Warn 1
2025-12-31 FY✗Errors 1Warn 2
2026-03-31 Q1✗Errors 4Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK1479.0
y/y 75.0%
-298.0
y/y -208.0%
432.0
y/y 60.0%
134.0
y/y -75.5%
-335.0
y/y -284.1%
640.0-628.019144.0
y/y 117.9%
6868.0
y/y 55.9%
-22.9%7527.0Link
2025-12-31FY 2025 (12M)OK704.5
y/y -17.3%
182.6
y/y -36.4%
318.6
y/y 22.4%
501.2
y/y -8.4%
109.2
y/y -41.9%
451.9-224.29253.0
y/y 7.9%
4810.0
y/y 13.5%
13.6%-310.0Link
2025-09-30Q3 2025 (3M)OK811.6
y/y 26.1%
246.5
y/y -25.5%
325.4
y/y 60.3%
571.9
y/y 7.1%
155.1
y/y -35.5%
505.0-404.89089.5
y/y 13.2%
4713.1
y/y 16.0%
4.4%2550.5Link
2025-06-30Q2 2025 (3M)OK792.9
y/y 25.0%
294.9
y/y 5.6%
293.0
y/y 63.1%
587.9
y/y 28.1%
201.7
y/y -4.1%
571.1-410.08993.2
y/y 35.1%
4590.1
y/y 19.4%
17.9%2609.3Link
2025-03-31Q1 2025 (3M)OK845.0
y/y 50.9%
276.0
y/y 54.7%
270.0
y/y 62.5%
546.0
y/y 58.5%
182.0
y/y 38.7%
483.0-429.08787.7
y/y 37.3%
4404.0
y/y 19.1%
16.8%37.4Link
2024-12-31FY 2024 (12M)OK852.0
y/y —
287.3
y/y —
260.2
y/y —
547.5
y/y —
188.0
y/y —
578.4-2449.18577.0
y/y 34.4%
4237.0
y/y 17.2%
18.6%91.0Link
2024-09-30Q3 2024 (3M)OK643.6
y/y 0.4%
331.0
y/y 69.2%
202.9
y/y 7.2%
533.9
y/y 38.7%
240.5
y/y 8.2%
452.3-302.98027.8
y/y 32.1%
4061.5
y/y 19.3%
8.1%971.4Link
2024-06-30Q2 2024 (3M)OK634.6
y/y —
279.4
y/y —
179.7
y/y —
459.0
y/y —
210.3
y/y —
476.4-322.76657.0
y/y —
3843.9
y/y —
22.3%1089.0Link
2024-03-31Q1 2024 (3M)OK559.9
y/y —
178.4
y/y —
166.2
y/y —
344.6
y/y —
131.2
y/y —
276.0-332.36398.5
y/y —
3698.3
y/y —
14.3%1069.9Link
2023-12-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
476.1—6380.0
y/y —
3616.0
y/y —
23.3%-600.7Link
2023-09-30Q3 2023 (3M)OK640.9
y/y —
195.6
y/y —
189.4
y/y —
385.0
y/y —
222.3
y/y —
383.0-237.26078.6
y/y —
3404.3
y/y —
—1172.6Link
Data quality — review suggested

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
678.30 mln boe
2024
Reserve life (R/P)
12.0 yrs
reserves ÷ annual output
Annual production
56.50 mln boe
2025

Proved reserves

YearReserves, mln boe
2024678.30
2023604.90
2022537.40
2021492
2020404.60
2019462
2018503.40
2017468.10
2016395.80

Production

YearProduction, mln boeper day
202556.50154 795
202462.40170 959
202355.50152 055
202253145 205
202151.40140 822
202046.40127 123
201948.30132 329
201843.90120 274
201744.50121 918

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%100%2023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

Net debt / cash ($ mln)

-2 00002 0004 0006 0008 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

EV/EBITDA — daily history

Current 6.2x · 3-year average 2.5x

EV/EBITDA3-year average

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +16.3%

206.8192.1177.4162.7148.0202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): +16.0% · Reserves life (R/P): 8.9 yr

673.0629.8586.5543.2500.0202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31206.8673——
2024-12-31148520——
2023-12-31153500——

Spot EBITDA forecast (next 12 months)

Model: apply spot-vs-LTM commodity price moves to LTM revenue mix (oil/gas/NGL). Purchased products scale with revenue; remaining cash expenses inflate (PPI proxy). Fair value: EBITDA at trailing ~3y average commodity prices, conservative used EBITDA (average of spot and 3y-avg when spot is higher), × 3y average EV/EBITDA − net debt.

Notes: Revenue mix derived from FY2025 10-K production volumes × realized sales prices (see Production & realized prices table below).
Spot 12M revenue
4 985 USDm
+26.9% vs LTM
Spot 12M EBITDA
2 782 USDm
+51.2% vs LTM
EV / Spot EBITDA
—
Show calculation
Line itemValue
1 · Reported baseline
LTM or latest FY revenue/EBITDA and revenue mix.
LTM revenue (last 4 quarters)3 929 USDm
LTM EBITDA (last 4 quarters)1 840 USDm
Baseline cash costs (revenue − EBITDA)2 089 USDm
Revenue mix: oil / gas / NGL / other81.6% / 11.3% / 7.2% / 0.0%
· Crude oil2 560 USDm (81.6% of implied)
· Natural gas354 USDm (11.3% of implied)
· NGLs224 USDm (7.2% of implied)
2 · Commodity prices
Spot move = last ÷ LTM average. 3y-avg-price EBITDA uses trailing ~3y mean ÷ LTM average.
Oil — spot & 3y avg vs LTMspot 95.96 · LTM avg 72.44 · 3y avg — → spot move +32.5%
Gas — spot & 3y avg vs LTMspot 3.15 · LTM avg 3.41 · 3y avg — → spot move -7.6%
NGL — spot & 3y avg vs LTMspot 5 862.50 · LTM avg 4 970.46 · 3y avg — → spot move +17.9%
3 · Cash cost model
Purchased products scale with revenue; other costs inflate.
Purchased products / revenue0.0%
PPI inflation multiplier (12m)1.055
→ Projected purchased cost (at spot revenue)0 USDm
→ Projected other cash cost (inflated)2 204 USDm
4 · Spot forward P&L
Headline spot cards use §4.
= Projected spot revenue4 985 USDm
= Spot EBITDA2 782 USDm
= EBITDA at 3y avg commodity prices1 744 USDm
5 · Valuation vs spot
Current EV vs spot EBITDA.
Enterprise value (current)—
EV ÷ Spot EBITDA—
6 · Fair value & upside
Conservative used EBITDA × 3y average EV/EBITDA → fair market cap.
EBITDA at 3y avg commodity prices1 744 USDm
= Conservative used EBITDA2 263 USDm
Fair market cap (3y avg EV/EBITDA × used EBITDA − net debt)—

Flow: baseline → commodity prices → expense model → spot P&L → fair value (used EBITDA × 3y avg EV/EBITDA − net debt). Hover for formulas.

2025-12-31 · FY

Production & proved reserves

FY2025 net production and year-end 2025 proved reserves per SM Energy Form 10-K / supplemental disclosures.

Line itemAmount
Crude oil equivalent (net, Mboe/d)206.8
Proved reserves (net, MMboe)673

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 1 'Areas of Operation' net production; realized sales prices before net derivative settlements (sm-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil40.3 MMBbls63.52 USD/bbl2,559.981.6%
Natural gas150,500 MMcf2.35 USD/Mcf353.711.3%
NGLs10.1 MMBbls22.22 USD/bbl224.47.2%
Total (implied product revenue)3,138100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)3,154USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)473USD mln
General & administrative161USD mln
Exploration expense57USD mln
Interest expense173USD mln
Income tax expense (benefit)182USD mln
Total costs and expenses (consolidated)2,154USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 net production and proved reserves — SM Energy Form 10-K (rounded).

Line itemAmount
Crude oil equivalent (net, Mboe/d)148
Proved reserves (net, MMboe)520

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,690USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)499USD mln
General & administrative138USD mln
Exploration expense64USD mln
Interest expense141USD mln
Income tax expense (benefit)196USD mln
Total costs and expenses (consolidated)1,615USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 — Form 10-K 2023 (rounded).

Line itemAmount
Crude oil equivalent (net, Mboe/d)153
Proved reserves (net, MMboe)500

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,374USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)279USD mln
General & administrative121USD mln
Exploration expense59USD mln
Interest expense92USD mln
Impairment — oil & gas properties0USD mln
Income tax expense (benefit)96USD mln
Total costs and expenses (consolidated)1,387USD mln

Primary SEC filing for this FY (HTML)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Investor reporting (IR): https://ir.sm-energy.com/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)