SM Energy Co

All of our drilling and completion activities are conducted by independent contractors using equipment they own and operate. The following table summarizes the number of operated and outside-operated wells drilled and completed or recompleted on our properties in 2025, 2024, and 2023, excluding non-consented projects, active injector wells, saltwater disposal wells, or wells in which we own only a royalty interest:

Note: The number of wells drilled refers to the number of wells completed at any time during the respective year, regardless of when drilling was initiated.

(1) For each of the years ended December 31, 2024, and 2023, one gross (one net) well was unsuccessful due to technical issues during the drilling phase and was not included in the drilled or completed well counts.

In addition to the wells completed in 2025 (included in the table above), excluding any wells related to the Civitas Merger, we were actively participating in the drilling of 22 gross (17 net) wells and had 84 gross (69 net) drilled but not completed wells as of January 31, 2026. Drilled but not completed wells as of January 31, 2026, represent wells that were being completed or were waiting on completion. The drilled but not completed well count as of January 31, 2026, includes two gross (two net) wells that were not included in our five-year development plan as of December 31, 2025, each of which are in the Eagle Ford shale.