SM Energy Q1 production 197.3 MBoe/d (high-end); net income $182.3M, up 39% YoY; Uinta outperforms

SM Energy Co

2025-Q1 EPS reported $1.59 revenue$844,544,000

Net production 17.8 MMBoe (197.3 MBoe/d), 53% oil; total daily production +36% YoY, oil +63% YoY driven by Uinta Basin assets.
Net income $182.3M ($1.59/diluted share); Adjusted net income $1.76/share; Adjusted EBITDAX $588.9M, up 44% YoY.
Adjusted free cash flow $73.8M used for dividends ($22.9M), revolver reduction ($31M), and Uinta acquisition settlement ($14.9M).
Capital expenditures $440.8M (incl. $15M accelerated equipment spend and $5M non-op Midland); full-year LOE guidance raised to ~$5.90/Boe.
Appointed Blake McKenna as SVP Strategic Planning & Corporate Reserves; borrowing base reaffirmed at $3.0B, liquidity ~$2.0B.

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