SM Energy Co
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Acreage
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, 2025:
| Developed Acres (1) | Undeveloped Acres (2)(3) | Total | ||||
|---|---|---|---|---|---|---|
| Gross | Net | Gross | Net | Gross | Net | |
| Midland Basin | 98,757 | 88,291 | 14,145 | 9,543 | 112,902 | 97,834 |
| South Texas (4) | 95,507 | 94,443 | 63,251 | 60,534 | 158,758 | 154,977 |
| Uinta Basin | 86,835 | 55,414 | 14,231 | 6,682 | 101,066 | 62,096 |
| Other (5) | 10,699 | 10,524 | 126,028 | 61,939 | 136,727 | 72,463 |
| Total | 291,798 | 248,672 | 217,655 | 138,698 | 509,453 | 387,370 |
(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 February 2, 2026, 47,657, 7,511, and 3,852 net acres of our undeveloped acreage, inclusive of the acquired Civitas assets, is scheduled to expire by December 31, 2026, 2027, and 2028, 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)On February 17, 2026, we entered into the PSA with Caturus to sell approximately 61,000 net acres located in South Texas, of which, approximately 49,000 are developed and approximately 12,000 are undeveloped. Refer to Note 17 – Mergers, Acquisitions, and Divestitures in Part II, Item 8 of this report for additional discussion.
(5)Includes other non-core acreage located in Colorado, Louisiana, Montana, North Dakota, Texas, Utah, and Wyoming.
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