---
schema_version: "secwatch.filing_event.v1"
accession: "0000893538-25-000039"
form_type: "8-K"
ticker: "SM"
cik: "0000893538"
company_name: "SM Energy Co"
filed_at: "2025-05-01T23:59:59+00:00"
generated_at: "2026-05-23T01:38:48.023004+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000893538-25-000039
- form_type: 8-K
- ticker: SM
- cik: 0000893538
- company_name: SM Energy Co
- filed_at: 2025-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/893538/000089353825000039/0000893538-25-000039-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/893538/000089353825000039/sm-20250501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000893538-25-000039
- JSON: https://secwatch.observer/filing/0000893538-25-000039.json
- Plain text: https://secwatch.observer/filing/0000893538-25-000039.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.