secwatch.observer — SEC 8-K summary
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Issuer:     SM Energy Co (SM)
CIK:        0000893538
Form:       8-K
Filed at:   2025-11-03T23:59:59+00:00
Accession:  0000893538-25-000134
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/893538/000089353825000134/0000893538-25-000134-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/893538/000089353825000134/sm-20251102.htm
  HTML page:      https://secwatch.observer/filing/0000893538-25-000134

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