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:  0000893538-25-000137
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SM Energy Q3 net income $155.1M, production up 26% YoY, adjusted FCF +80% to $234.3M
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- Net income $155.1M ($1.35 diluted EPS); adjusted net income $153.7M ($1.33 diluted).
- Production 19.7 MMBoe (213.8 MBoe/d), oil up 47% YoY to 113.9 MBbl/d.
- Adjusted free cash flow $234.3M, up 80% YoY; returned $35.1M to stockholders via dividends and buybacks.
- Full-year capex guidance raised to $1.375-$1.395B due to working interest acquisitions; production narrowed to 207-208 MBoe/d.
- Net debt-to-Adjusted EBITDAX reduced to 1.1x; CEO succession to Beth McDonald next quarter.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/893538/000089353825000137/0000893538-25-000137-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/893538/000089353825000137/sm-20251103.htm
  HTML page:      https://secwatch.observer/filing/0000893538-25-000137

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