SM Energy Q2 record production 209.1 MBoe/d beats guidance; net income $201.7M; debt paid to zero

SM Energy Co

2025-Q2 EPS reported $3.34 revenue$1,637,487,000

Record quarterly net production of 19.0 MMBoe (209.1 MBoe/d), 5% above guidance mid-point, oil 55% (115.7 Mbbl/d).
Net income $201.7M ($1.76 diluted EPS); adjusted net income $171.9M ($1.50 diluted EPS); Adjusted EBITDAX $569.6M.
Paid down revolver to zero, ending cash $101.9M; net debt-to-EBITDAX 1.2x; targeting 1.0x by year-end.
Full-year capex guidance raised to ~$1.375B from ~$1.3B for non-operated projects; oil mix guidance increased to 53-54%.
Cash tax estimate reduced to ~$10M from $75-95M due to OBBBA tax law benefiting from 100% bonus depreciation.

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