SM Energy Co

Our long-term vision and strategy is to sustainably grow value for all of our stakeholders as a premier operator of top-tier assets. Our 2025 strategy and operational plan seeks to deliver long-term profitability and value creation by:

•focusing on operational execution, successfully integrating our Uinta Basin assets, and delivering low breakeven, high return wells across our portfolio by optimizing capital efficiency, demonstrating innovation and remaining a leader in stewardship;

•returning capital to stockholders by generating cash flows to support our increased fixed dividend payments, reduce debt, and return value through our Stock Repurchase Program; and

•expanding our portfolio of top-tier economic drilling inventory through acquisition and exploration, and the application of advanced analytics, new technologies, and development optimization.

We expect our total 2025 capital program to be approximately $1.3 billion, excluding acquisitions, which we expect to fund with cash flows from operations, with any remaining cash needs being funded by borrowings under our revolving credit facility. We plan to focus our 2025 capital program on highly economic oil development projects in our Midland Basin, South Texas, and Uinta Basin assets.