SM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of oil, gas, and natural gas liquids in the state of Texas. It also has working interests in oil and gas producing wells in the Midland Basin and South Texas. The company was formerly known as St. Mary Land & Exploration Company and changed its name to SM Energy Company in May 2010. SM Energy Company was founded in 1908 and is headquartered in Denver, Colorado.

SM Energy Company

Key Points
Adjusted EPS of $1.50 beat analyst estimates by 20%, while revenue (GAAP) surpassed consensus by 0.45%.
Record net production of 19.0 million barrels of oil equivalent, up 32% year over year, driven by the Uinta Basin.
2025 capital expenditure guidance was raised by $75 million to $1.375 billion to support additional projects, but the company continues to target debt reduction.
SM Energy (NYSE:SM), an independent oil and natural gas producer with key assets in the Midland, South Texas, and Uinta basins, released its second quarter 2025 earnings on July 31, 2025. The release highlighted strong operational performance, with the company producing record volumes and surpassing market expectations on earnings (Non-GAAP) and revenue (GAAP). Adjusted earnings per share came in at $1.50, beating the analyst consensus of $1.25 (Non-GAAP), while revenue reached $785.1 million, just above the $781.6 million analyst estimate. The quarter showed substantial growth in production and cash flow, as net production reached 19.0 million barrels of oil equivalent and net cash provided by operating activities totaled $501.9 million, reflecting the successful integration of Uinta Basin assets, but also revealed rising cost pressures and a higher capital spending outlook.
Metric
Q2 2025
Q2 2025 Estimate
Q2 2024
Y/Y Change
EPS (Non-GAAP)
$1.50
$1.25
$1.85
(18.9%)
EPS (GAAP)
$1.76
$1.82
(3.3%)
Revenue (GAAP)
$785.1 million
$781.6 million
$634.6 million
23.8%
Net Cash Provided by Operating Activities
$571.1 million
$476.4 million
19.9%
Adjusted EBITDAX
$569.6 million
$485.9 million
17.2%
Adjusted Free Cash Flow
$113.9 million
$98.4 million
15.7%
Analyst estimates provided by FactSet. Management expectations based on guidance as provided in the Q1 2025 earnings report.
Business Overview and Strategic Focus
SM Energy is a U.S.-focused exploration and production company specializing in oil and natural gas. Its main operations span the Midland Basin, South Texas, and, following a significant acquisition, the Uinta Basin in Utah. The company's growth depends on high-quality assets that deliver strong production and generate reliable cash flow.
Its recent strategy centers on integrating and optimizing the newly acquired Uinta Basin assets, boosting production efficiency, and strengthening the balance sheet. The company’s key success factors include operational execution, a resilient asset portfolio, strong financial management, and effective risk controls such as hedging and cost management.
Quarter Highlights: Record Production and Financial Progress
One of the quarter’s standout features was record production, with net output reaching 19.0 million barrels of oil equivalent, or 209.1 thousand barrels per day. Net production was 5% above the mid-point of guidance and marked a 32% increase from the year-earlier period. Oil comprised 55% of total output.
The Uinta Basin acquisition has materially enhanced SM Energy’s scale. The Uinta contributed 4.37 million barrels of oil equivalent, averaging 48.0 thousand barrels of oil equivalent per day with a high oil mix of 87%. The company's CEO called out the Uinta’s “standout quarter” and impact on overall results, highlighting the asset’s role in driving performance.
Financially, the quarter delivered higher revenue and improved cash flow. Adjusted EBITDAX, a metric used in the industry to indicate earnings before interest, taxes, depreciation, depletion, amortization, and exploration expenses, rose by 17% year over year. Net debt finished at $2.63 billion as of June 30, 2025, with no outstanding balance on the credit facility, and cash on hand was $101.9 million. Management reiterated a goal of reducing net debt to adjusted EBITDAX to 1.0x by the end of the year, aiming to prioritize further deleveraging before buybacks.
Costs ticked upward, with lease operating expense per barrel increasing 15% quarter over quarter and transportation costs per barrel of oil equivalent more than doubled year over year, increasing from $1.94 in the prior-year period to $4.13. The company attributed some of this to greater Uinta Basin activity and structural differences in moving oil from that region, particularly when using rail transport. General and administrative expenses stayed steady, while the company raised capital expenditure guidance by approximately $75 million, citing non-operated project spending. Production taxes and depreciation, depletion, and amortization also trended higher, reflecting elevated activity and changes in the production base.
Product Portfolio and Market Factors
SM Energy’s product mix includes crude oil, natural gas, and natural gas liquids (NGLs). Realized oil prices before hedges averaged $62.04 per barrel, while gas prices stood at $2.15 per thousand cubic feet and NGLs realized price was $21.91 per barrel, but realized gas prices faced pressure from continued pipeline constraints in the Midland Basin. About 15–20% of Uinta oil was sold to local refineries in Salt Lake City, reducing transport costs, with the balance shipped by rail at higher expense.
Hedging continues to play a major role in managing price risk. Approximately 45% of oil and natural gas volumes are hedged for the third and fourth quarters of 2025, with oil floor prices set at $65.07 per barrel and gas at $3.67 per million British thermal units. The company also uses regional price swaps to offset negative pricing differentials in key markets, supporting revenue stability amid a volatile commodity environment.
The company reduced its estimate for 2025 cash tax payments to approximately $10 million, subject to ongoing evaluation and pending final impact from the One Big Beautiful Bill Act. This shift, attributed to revised depreciation rules and greater deductibility, improves near-term cash flow.
Looking at capital returns, the company paid $22.9 million in dividends. The company paid a quarterly fixed dividend of $0.20 per share, an increase of 11% from the prior year, and maintained its focus on debt reduction until leverage targets are met.
Looking Forward: Guidance and Watch Items
The company left its production guidance unchanged at 200–215 thousand barrels of oil equivalent per day, but raised its oil cut expectation to 53–54% of volumes, above the prior estimate. Capital spending guidance climbed to about $1.375 billion, mainly to incorporate additional non-operated projects. Production is expected to be between 209 and 215 thousand barrels of oil equivalent per day, with capital expenditures forecast at $300–320 million. Depreciation guidance also moved up to $16 per barrel of oil equivalent, reflecting higher oil output.
Management continues to focus on operational efficiency and capital discipline as key themes, stressing that additional debt reduction is the near-term priority. Cost trends—particularly higher lease operating and transportation expenses—remain areas to watch, as do persistent regional gas price discounts and the impact of higher spending on returns. The company’s hedging program and asset quality leave it well positioned, but margin resilience will depend on controlling costs and ongoing price developments.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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SM Energy (SM) Q2 Output Jumps 32%

(RTTNews) - SM Energy Co. (SM) reported a profit for second quarter that Drops, from last year
The company's bottom line came in at $201.67 million, or $1.76 per share. This compares with $210.29 million, or $1.82 per share, last year.
Excluding items, SM Energy Co. reported adjusted earnings of $171.94 million or $1.50 per share for the period.
The company's revenue for the period rose 25.0% to $792.94 million from $634.56 million last year.
SM Energy Co. earnings at a glance (GAAP) :
-Earnings: $201.67 Mln. vs. $210.29 Mln. last year. -EPS: $1.76 vs. $1.82 last year. -Revenue: $792.94 Mln vs. $634.56 Mln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SM Energy Co. Reveals Decline In Q2 Income

Diamondback Energy (FANG) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 4. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on theearnings call it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus Estimate
This energy exploration and production company is expected to post quarterly earnings of $2.63 per share in its upcoming report, which represents a year-over-year change of -41.8%.
Revenues are expected to be $3.37 billion, up 35.9% from the year-ago quarter.
Estimate Revisions Trend
The consensus EPS estimate for the quarter has been revised 6.83% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings Whisper
Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Diamondback?
For Diamondback, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +1.28%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that Diamondback will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?
Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Diamondback would post earnings of $4.09 per share when it actually produced earnings of $4.54, delivering a surprise of +11.00%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom Line
An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Diamondback appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected Results
SM Energy (SM), another stock in the Zacks Oil and Gas - Exploration and Production - United States industry, is expected to report earnings per share of $1.23 for the quarter ended June 2025. This estimate points to a year-over-year change of -33.5%. Revenues for the quarter are expected to be $780.12 million, up 22.9% from the year-ago quarter.
The consensus EPS estimate for SM Energy has been revised 0.7% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -2.64%.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that SM Energy will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Diamondback Energy (FANG) Expected to Beat Earnings Estimates: Can the Stock Move Higher?

Looking at the universe of stocks we cover at Dividend Channel, on 7/18/25, SM Energy Co. (Symbol: SM) will trade ex-dividend, for its quarterly dividend of $0.20, payable on 8/4/25. As a percentage of SM's recent stock price of $26.17, this dividend works out to approximately 0.76%, so look for shares of SM Energy Co. to trade 0.76% lower — all else being equal — when SM shares open for trading on 7/18/25.
In general, dividends are not always predictable; but looking at the history above can help in judging whether the most recent dividend from SM is likely to continue, and whether the current estimated yield of 3.06% on annualized basis is a reasonable expectation of annual yield going forward. The chart below shows the one year performance of SM shares, versus its 200 day moving average:
Looking at the chart above, SM's low point in its 52 week range is $19.67 per share, with $48.49 as the 52 week high point — that compares with a last trade of $26.20.
In Wednesday trading, SM Energy Co. shares are currently off about 5% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Ex-Div Reminder for SM Energy

Looking at the universe of stocks we cover at Dividend Channel, in trading on Thursday, shares of SM Energy Co. (Symbol: SM) were yielding above the 3% mark based on its quarterly dividend (annualized to $0.8), with the stock changing hands as low as $25.92 on the day. Dividends are particularly important for investors to consider, because historically speaking dividends have provided a considerable share of the stock market's total return. To illustrate, suppose for example you purchased shares of the iShares Russell 3000 ETF (IWV) back on 5/31/2000 — you would have paid $78.27 per share. Fast forward to 5/31/2012 and each share was worth $77.79 on that date, a loss of $0.48 or 0.6% decrease over twelve years. But now consider that you collected a whopping $10.77 per share in dividends over the same period, increasing your return to 13.15%. Even with dividends reinvested, that only amounts to an average annual total return of about 1.0%; so by comparison collecting a yield above 3% would appear considerably attractive if that yield is sustainable. SM Energy Co. (Symbol: SM) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets.
In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of SM Energy Co., looking at the history chart for SM below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 3% annual yield.
Click here to find out which 9 other dividend stocks just recently went on sale »
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SM Dividend Yield Pushes Above 3%

SM Energy Co. (Symbol: SM) has been named as a Top 10 dividend paying energy stock, according to Dividend Channel, which published its weekly ''DividendRank'' report. The report noted that among energy companies, SM shares displayed both attractive valuation metrics and strong profitability metrics. The report also cited the strong quarterly dividend history at SM Energy Co., and favorable long-term multi-year growth rates in key fundamental data points.
The report stated, ''Dividend investors approaching investing from a value standpoint are generally most interested in researching the strongest most profitable companies, that also happen to be trading at an attractive valuation. That's what we aim to find using our proprietary DividendRank formula, which ranks the coverage universe based upon our various criteria for both profitability and valuation, to generate a list of the top most 'interesting' stocks, meant for investors as a source of ideas that merit further research.''
The annualized dividend paid by SM Energy Co. is $0.8/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 04/18/2025. Below is a long-term dividend history chart for SM, which Dividend Channel stressed as being of key importance. Indeed, studying a company's past dividend history can be of good help in judging whether the most recent dividend is likely to continue.
Also see:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This Stock Has A 3.23% Yield And Sells For Less Than Book

SM Energy Company SM reported first-quarter 2025 adjusted earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.60. The bottom line also increased from the year-ago quarter’s figure of $1.41.
Total quarterly revenues of $845 million beat the Zacks Consensus Estimate of $822 million. The top line increased from the year-ago quarter’s level of $560 million. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
The strong quarterly results were primarily driven by increased oil equivalent production volumes and higher realized oil-equivalent prices.
SM Energy Company Price, Consensus and EPS Surprise
SM Energy Company price-consensus-eps-surprise-chart | SM Energy Company Quote
Operational Performance
Production
SM Energy’s first-quarter production volumes amounted to 197.3 thousand barrels of oil equivalent per day (MBoe/d) (almost 53% oil), reflecting an increase of 36% from the year-ago level of 145.1 MBoe/d. The Zacks Consensus Estimate for the same was pinned at 196 MBoe/d.
Oil production increased approximately 63% year over year to 103.7 thousand barrels per day (MBbls/d). The Zacks Consensus Estimate for the same was pegged at 103 MBbls/d.
The company produced 404.2 million cubic feet per day of natural gas in the quarter, up 18% year over year. Natural gas liquids production totaled 26.2 MBbls/d in the first quarter. The figure improved 8% on a year-over-year basis.
Realized Prices
Before the effects of derivative settlements, the average realized price per Boe was $47.29 compared with $42.39 in the year-ago quarter. The average realized oil price slipped 7% to $70.56 per barrel.
The average realized price of natural gas improved 51% year over year to $3.30 per thousand cubic feet, while that for natural gas liquids increased 13% to $25.86 per barrel.
Costs & Expenses
On the cost front, unit lease operating expenses increased 11% year over year to $6.13 per Boe. General and administrative expenses decreased 3% to $2.22 per Boe from the prior-year level of $2.60. Transportation expenses jumped 89% to $3.92 per Boe.
Total hydrocarbon production expenses in the quarter were $225 million compared with the year-ago level of $137.4 million. Total exploration expenses were $11.8 million, lower than the year-ago quarter’s figure of $18.6 million.
Capex
Capital expenditures in the March-end quarter totaled $440.8 million, and adjusted free cash flow amounted to $73.8 million.
Balance Sheet
As of March 31, 2025, SM Energy had cash and cash equivalents of $54,000 and a net debt of $2.77 billion.
Guidance
For the second quarter of 2025, SM Energy expects production to be in the range of 197-203 MBoe/d. Of the total production, oil is expected to contribute 54-55%. Capital expenditures (net of the change in capital accruals), excluding acquisitions, are forecasted to be in the $375-$385 million range. Lease operating expenses are anticipated to be $6.10 per Boe in the second quarter.
For full-year 2025, the company anticipates net production volume to be in the range of 200-215 MBoe/d. Oil is anticipated to account for 51-52% of the total production. At the midpoint, this implies a year-over-year increase of approximately 22% in net production on a Boe basis. Full-year capital expenditures are expected to be approximately $1.3 billion. Lease operating expenses are anticipated to be $5.90 per Boe for full-year 2025.
SM’s Zacks Rank and Key Picks
SM currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the energy sector are Archrock Inc. AROC, Nine Energy Service NINE and Kinder Morgan, Inc. KMI. While Archrock currently sports a Zacks Rank #1 (Strong Buy), Nine Energy Service and Kinder Morgan carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.
Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. It operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the need for NINE’s services is anticipated to increase, which should position it for growth in the long run.
Kinder Morgan is a leading midstream player with a stable and resilient business model in North America, largely driven by take-or-pay contracts. KMI’s stable business model shields it from commodity price volatility, resulting in predictable earnings and facilitating reliable capital returns to shareholders. In the first quarter of 2025, Kinder Morgan declared quarterly cash dividends of 29.25 cents per share, reflecting an approximately 2% increase from the prior-year level.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SM Energy Q1 Earnings Surpass Estimates on Higher Production Volumes

(RTTNews) - SM Energy Co. (SM) released a profit for its first quarter that increased from last year
The company's bottom line came in at $182.27 million, or $1.59 per share. This compares with $131.20 million, or $1.13 per share, last year.
Excluding items, SM Energy Co. reported adjusted earnings of $202.0 million or $1.76 per share for the period.
The company's revenue for the period rose 50.8% to $844.54 million from $559.87 million last year.
SM Energy Co. earnings at a glance (GAAP) :
-Earnings: $182.27 Mln. vs. $131.20 Mln. last year. -EPS: $1.59 vs. $1.13 last year. -Revenue: $844.54 Mln vs. $559.87 Mln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SM Energy Co. Q1 Income Climbs

It has been about a month since the last earnings report for SM Energy (SM). Shares have lost about 16.7% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is SM Energy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended downward during the past month.
The consensus estimate has shifted -19.34% due to these changes.
VGM Scores
At this time, SM Energy has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, SM Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
SM Energy is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, EQT Corporation (EQT), a stock from the same industry, has gained 2.2%. The company reported its results for the quarter ended December 2024 more than a month ago.
EQT reported revenues of $1.82 billion in the last reported quarter, representing a year-over-year change of +17.6%. EPS of $0.69 for the same period compares with $0.48 a year ago.
EQT is expected to post earnings of $0.98 per share for the current quarter, representing a year-over-year change of +19.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.2%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for EQT. Also, the stock has a VGM Score of D.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Is SM Energy (SM) Down 16.7% Since Last Earnings Report?

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SM Energy Company

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