SM Energy Co

This Report on Form 10-Q (“Form 10-Q” or “this report”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). All statements included in this report, other than statements of historical fact, that address activities, conditions, events, or developments with respect to our financial condition, results of operations, business prospects or economic performance that we expect, believe, or anticipate will or may occur in the future, or that address plans and objectives of management for future operations, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “budget,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “outlook,” “pending,” “plan,” “potential,” “projected,” “seek,” “target,” “will,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements appear throughout this report, and include statements about such matters as:

•our outlook on future prices for crude oil, natural gas, and natural gas liquids (also referred to throughout this report as “oil,” “gas,” and “NGLs,” respectively), and the effects of inflation, tariffs, trade restrictions, and economic or geopolitical developments;

•changes in general economic and financial conditions, including inflationary pressures, the potential for economic recession, tariffs and trade restrictions, and War and Geopolitical Instability, as defined below;

•armed conflict, political instability, or civil unrest in oil and gas producing regions and shipping channels, including: instability in the Middle East; armed conflicts and wars involving the United States, Israel, Iran, and other Middle Eastern countries and regional proxy groups; the war between Russia and Ukraine; restrictions in and closures of the Strait of Hormuz; and related potential effects on laws and regulations or the imposition of economic or trade sanctions (“War and Geopolitical Instability”);

•the amount and nature of future capital expenditures, well costs, service costs, production costs, and general and administrative (“G&A”) costs, the resilience of our assets to changes in commodity prices, the ability of our assets to generate returns in the current macroeconomic environment, and the availability of liquidity and capital resources to fund capital expenditures and other costs, each of which may be impacted by the factors discussed above;

•drilling and completion activities and other exploration and development activities undertaken by us, our joint development partners, and/or other third-party operators, each of which could be affected by supply chain disruptions, pipeline capacity, our ability to obtain permits and governmental approvals, and the factors discussed above;

•business strategies and plans for future operations, including expansion and growth of operations or reallocation of capital, future dividend payments, debt repayments or redemptions, equity repurchases, capital markets activities, sustainability goals and initiatives, and our outlook on our future financial condition or results of operations;

•possible or expected acquisitions and divestitures, including our plans to execute on our divestiture target within one year of the Merger, and the possible divestiture or farm-out of, or farm-in or joint development of, certain properties;

•our expectations regarding remaining Merger integration activities and the realization of anticipated benefits, synergies, efficiencies, and cost savings from the Merger and the combined operations; see Note 2 - Mergers, Acquisitions, and Divestitures in Part I, Item 1 of this report for discussion and definition of the Merger;

•any changes to the borrowing base or aggregate revolving lender commitments under, or maturity date of, our Seventh Amended and Restated Credit Agreement, as amended (“Credit Agreement”);

•cash flows, liquidity, interest and related debt service expenses, changes in our effective tax rate, and our ability to repay debt in the future;

•oil, gas, and NGL reserve estimates and estimates of both future net revenues and the present value of future net revenues associated with those reserve estimates, and the conversion of proved undeveloped reserves to proved developed reserves;

•our expected future production volumes, identified drilling locations and prospects, inventories, projects and programs;

•our expectations related to changes in proposed or final federal and state income tax laws and regulations; and

•other similar matters, such as those discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 of this report.

Our forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments, and other factors that we believe are appropriate under the circumstances. We caution you that forward-looking statements are not guarantees of future performance, and these statements are subject to known and unknown risks and uncertainties, which may cause our actual results or performance to be materially different from any future results or performance expressed or implied by the forward-looking statements. Factors that may cause our financial condition, results of operations, business prospects or economic performance to differ from expectations include among others, commodity price volatility; changes in capital markets or access to liquidity; integration risks and the anticipated benefits of acquisitions or divestitures; operational, drilling, and production risks; regulatory or environmental developments; and other risks as discussed in the Risk Factors section in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”).

The forward-looking statements in this report speak only as of the filing of this report. Although we may from time to time voluntarily update our prior forward-looking statements, we disclaim any commitment to do so except as required by applicable securities laws.