---
schema_version: "secwatch.filing_event.v1"
accession: "0000893538-25-000111"
form_type: "8-K"
ticker: "SM"
cik: "0000893538"
company_name: "SM Energy Co"
filed_at: "2025-07-31T23:59:59+00:00"
generated_at: "2026-05-17T22:38:25.311057+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000893538-25-000111
- form_type: 8-K
- ticker: SM
- cik: 0000893538
- company_name: SM Energy Co
- filed_at: 2025-07-31T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/893538/000089353825000111/0000893538-25-000111-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/893538/000089353825000111/sm-20250731.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000893538-25-000111
- JSON: https://secwatch.observer/filing/0000893538-25-000111.json
- Plain text: https://secwatch.observer/filing/0000893538-25-000111.txt

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