---
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"
generated_at: "2026-05-17T01:01:57.395149+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000893538-25-000134
- JSON: https://secwatch.observer/filing/0000893538-25-000134.json
- Plain text: https://secwatch.observer/filing/0000893538-25-000134.txt

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