SM Energy to acquire Civitas in $12.8B all-stock merger; 1.45 shares per CIVI share

SM Energy Co

Each Civitas share exchanges for 1.45 SM Energy shares; combined enterprise value ~$12.8B; expected close Q1 2026.
Pro forma Q2 2025 production 526 MBoe/d; full-year 2025 consensus free cash flow >$1.4B.
Identified annual synergies ~$200M (upside to $300M); fixed quarterly dividend maintained at $0.20/share.
Herb Vogel to remain CEO; Julio Quintana named non-executive chairman; combined HQ in Denver.
SM Energy stockholders own ~48%, Civitas stockholders ~52% of combined company on fully diluted basis.

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