SM Energy Co

The following table sets forth the number of gross and net surface acres of developed and undeveloped oil and gas leasehold, fee properties, and mineral servitudes that we held as of December 31, 2024:

(1)Developed acreage is acreage assigned to producing wells for the state approved spacing unit for the producing formation. Our developed acreage that includes multiple formations with different well spacing requirements may be considered undeveloped for certain formations but has been included only as developed acreage in the table above.

(2)Undeveloped acreage is acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil, gas, and/or NGLs regardless of whether such acreage contains estimated net proved reserves.

(3)As of January 31, 2025, 6,299, 46,663, and 640 net acres of our undeveloped acreage is scheduled to expire by December 31, 2025, 2026, and 2027, respectively, unless production is established, or we take other action to extend the terms of the applicable leases (a majority of this acreage is included in Other). Certain of our acreage, primarily in South Texas, is subject to lease consolidation agreements containing drilling, completion, and other obligations that we currently expect to satisfy. Failure to meet these obligations results in payments to lessors, or termination of the lease consolidation agreements, which could result in additional future lease expirations if continuous development obligations required by individual leases are not met.

(4)As of December 31, 2024, total Midland Basin acreage excludes 1,050 net acres associated with drill-to-earn opportunities that we intend to pursue.

(5)Includes other non-core acreage located in Colorado, Louisiana, Montana, North Dakota, Texas, Utah, and Wyoming.