SM
SM Energy Company18.27
-0.86-4.5%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details capex cadence, basin ops
Q&A fleshed out 2026 plan mechanics without contradicting prepared remarks, emphasizing front-half CapEx from 15 rigs ramping down to 11 average amid legacy Civitas declines, with H2 production hitting 420-000-430k BOE/d at 55% oil as the true run-rate. Details emerged on 3-to-2 stream conversions—DJ 20% BOE to NGLs, Permian 5%—and Permian activity split 1/3 Delaware, 2/3 Midland. Uinta and South Texas positioned for growth; DJ slowed for optimization. Leverage mid-1s comfortable, low-1s triggers more buybacks; dividend uptick from confidence alone. Minimal 2026 cash taxes. Value trumps volume. Investors eye back-half efficiencies.
Key Stats
Market Cap
2.09BP/E (TTM)
2.89Basic EPS (TTM)
6.33Dividend Yield
0.04%Recent Filings
8-K
Issues $1B notes due 2034
SM Energy issued $1.0 billion of 6.625% senior notes due 2034 on March 9, 2026, via an unregistered offering to qualified buyers. Interest pays semi-annually from October 15, 2026; early redemption options start with make-whole premiums. Notes carry subsidiary guarantees and covenants curbing debt and dividends. Covenant relief kicks in with investment-grade ratings.
8-K
Prices $1B notes offering
SM Energy priced an upsized $1.0 billion private offering of 6.625% senior notes due 2034 at par, closing expected March 9, 2026. Proceeds will fund a cash tender offer for up to $750 million of its outstanding 8.375% senior notes due 2028, plus general corporate purposes including further 2028 Notes repayment. Debt refinances at lower rates. Risks hinge on tender participation and closing conditions.
8-K
Launches $750M notes offering, tender.
SM Energy launched a $750M private offering of senior notes due 2034, subject to market conditions, to fund a cash tender for up to $750M of its $1.35B 8.375% notes due 2028—originally Civitas's, assumed post-merger. Tender terms offer $981.75 plus $50 early premium, expiring April 1, 2026. Notes swap extends maturities but hinges on market uptake.
10-K
FY2025 results
SM Energy posted FY2025 net equivalent production of 75.5 MMBOE, up 21% y/y, fueled by a full year from Uinta Basin assets (15.9 MMBOE, 87% oil) while Midland Basin grew 3% to 30.2 MMBOE and South Texas dipped 1% to 29.3 MMBOE; oil mix hit 53% of total (vs 47% prior). Revenue climbed 17% to $3.1B on volume gains despite 15% lower oil realized prices, with costs incurred plunging 59% to $1.4B sans prior acquisition. Q4 averaged 206.9 MBOE/d, down sequentially from Q3's 213.8 MBOE/d peak yet steady amid $2.65B-$2.85B '26 capex plans targeting oil-rich projects post-Civitas integration. Cash built to $368M; $488M remains for buybacks. Commodity volatility threatens momentum.
8-K
Dividend up 10% post-record year
SM Energy reported record 2025 production of 75.5 MMBoe and $2.01B operating cash flow, yet approved a 10% dividend hike to $0.88 annual ($0.22 quarterly, payable March 23 to March 9 record holders). Board signals confidence post-Civitas merger close on January 30. Dividend jumps despite lower oil prices.
BSM
Black Stone Minerals, L.P.
13.50-0.60
DVN
Devon Energy Corporation
35.09-1.08
HPK
HighPeak Energy, Inc.
4.52-0.30
MTDR
Matador Resources Company
41.37-1.84
MUR
Murphy Oil Corporation
31.23-1.35
MXC
Mexco Energy Corporation
10.05+0.15
REPX
Riley Exploration Permian, Inc.
25.34-1.22
SD
SandRidge Energy, Inc.
13.84-0.54
TXO
TXO Partners, L.P.
11.09-0.21
USEG
U.S. Energy Corp.
0.94-0.01