{"schema_version":"secwatch.filing_event.v1","accession":"0000893538-25-000134","form_type":"8-K","ticker":"SM","cik":"0000893538","company_name":"SM Energy Co","filed_at":"2025-11-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:42.515192+00:00","generated_at":"2026-05-17T01:01:57.395149+00:00","sec_items":["7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"SM Energy to acquire Civitas in $12.8B all-stock merger; 1.45 shares per CIVI share","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000893538-25-000134","json":"https://secwatch.observer/filing/0000893538-25-000134.json","markdown":"https://secwatch.observer/filing/0000893538-25-000134.md","text":"https://secwatch.observer/filing/0000893538-25-000134.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/893538/000089353825000134/0000893538-25-000134-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/893538/000089353825000134/sm-20251102.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T01:01:57.395149+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}