SM Energy Co (SM Energy) is an independent upstream oil and gas company. Its operations are concentrated in three onshore operating areas primarily in, the Midland Basin in West Texas, the Maverick Basin in South Texas, and the Uinta Basin in northeast Utah. As of December 2025, SM Energy had proved reserves of 673 million barrels of oil equivalent (MMboe), which comprises 61% proved developed reserves and 39% proved undeveloped reserves. The company’s proved reserve base includes 283.9 million barrels (MMbbls) of oil, 1,598.5 billion cubic feet (Bcf) of natural gas, and 122.6 MMbbls of natural gas liquids (NGLs).

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