secwatch.observer — SEC 8-K summary
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Issuer:     SM Energy Co (SM)
CIK:        0000893538
Form:       8-K
Filed at:   2025-05-01T23:59:59+00:00
Accession:  0000893538-25-000039
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/893538/000089353825000039/0000893538-25-000039-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/893538/000089353825000039/sm-20250501.htm
  HTML page:      https://secwatch.observer/filing/0000893538-25-000039

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