SM Energy announces $1.3B note offering to finance XCL acquisition; raises dividend, $500M buyback

SM Energy Co

Plans to offer $650M senior notes due 2029 and $650M senior notes due 2032 in private placement.
Proceeds used to fund $2.04B (80% share) XCL acquisition of Uinta Basin assets and redeem 5.625% 2025 notes.
Acquisition targets 37,200 net acres, Q1 2024 production ~38,200 boe/d (88% oil), 145 MMBOE proved reserves.
Dividend increased to $0.20/share quarterly; Board authorized new $500M share repurchase program through 2027.
2029 notes subject to special mandatory redemption if XCL deal not closed by July 1, 2025.

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