SM Energy Co

As of December 31, 2025, approximately 98 percent and 96 percent of our Texas and Utah operated oil and gas producing assets, respectively, were located on private lands, held pursuant to oil and gas leases from private mineral owners, and were not located on federal lands or leased from the federal government. The remainder of our operated oil and gas producing assets in Texas are located on state lands, and the remainder of our operated oil and gas producing assets in Utah are located on federal, state or tribal lands. We have obtained title opinions or have conducted other title review on substantially all of our producing properties and believe we have satisfactory title to such properties. We obtain new or updated title opinions prior to commencing initial drilling operations on the properties that we operate. Most of our producing properties are subject to mortgages securing indebtedness under our Credit Agreement, as defined in Note 5 – Long-Term Debt in Part II, Item 8 of this report, royalty and overriding royalty interests, liens for current taxes, and other ordinary course burdens that we believe do not materially interfere with the development of such properties. We typically perform title investigations in accordance with standards generally accepted in the oil and gas industry before acquiring developed and undeveloped leasehold acreage.