SM Energy Co
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Production
The following table summarizes our net production volumes and realized prices for oil, gas, and NGLs produced and sold during the periods presented, and related production expense on a per BOE basis:
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net production volumes | |||
| Oil (MMBbl) | 40.3 | 29.4 | 23.8 |
| Gas (Bcf) | 150.5 | 137.0 | 132.4 |
| NGLs (MMBbl) | 10.1 | 10.2 | 9.7 |
| Equivalent (MMBOE) (1) | 75.5 | 62.4 | 55.5 |
| Midland Basin net production volumes (2) | |||
| Oil (MMBbl) | 19.2 | 19.1 | 17.5 |
| Gas (Bcf) | 66.3 | 62.0 | 59.8 |
| NGLs (MMBbl) | — | — | — |
| Equivalent (MMBOE) (1) | 30.2 | 29.4 | 27.5 |
| Maverick Basin net production volumes (2) | |||
| Oil (MMBbl) | 7.3 | 7.4 | 6.2 |
| Gas (Bcf) | 71.6 | 72.2 | 72.5 |
| NGLs (MMBbl) | 10.1 | 10.2 | 9.6 |
| Equivalent (MMBOE) (1) | 29.3 | 29.6 | 27.9 |
| Uinta Basin net production volumes (2) | |||
| Oil (MMBbl) | 13.9 | 2.9 | — |
| Gas (Bcf) | 12.5 | 2.7 | — |
| NGLs (MMBbl) | — | — | — |
| Equivalent (MMBOE) (1) | 15.9 | 3.3 | — |
| Realized price | |||
| Oil (per Bbl) | $63.52 | $74.49 | $76.28 |
| Gas (per Mcf) | $2.35 | $1.82 | $2.48 |
| NGLs (per Bbl) | $22.22 | $23.01 | $23.02 |
| Per BOE | $41.58 | $42.81 | $42.60 |
| Production expense per BOE | |||
| Lease operating expense | $5.71 | $5.11 | $5.13 |
| Transportation costs | $3.87 | $2.68 | $2.46 |
| Production taxes | $1.69 | $1.86 | $1.89 |
| Ad valorem tax expense | $0.46 | $0.56 | $0.67 |
(2)For each of the years ended December 31, 2025, and 2024, total estimated net proved reserves attributed to our Midland Basin, Maverick Basin, and Uinta Basin fields each exceeded 15 percent of our total estimated net proved reserves expressed on an equivalent basis. For the year ended December 31, 2023, total estimated net proved reserves attributed to our Midland Basin and Maverick Basin fields each exceeded 15 percent of our total estimated net proved reserves expressed on an equivalent basis.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.