{"schema_version":"secwatch.filing_event.v1","accession":"0000893538-25-000144","form_type":"8-K","ticker":"SM","cik":"0000893538","company_name":"SM Energy Co","filed_at":"2025-11-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:42.515605+00:00","generated_at":"2026-05-17T01:02:05.117730+00:00","sec_items":["1.01","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"SM Energy to acquire Civitas Resources in all-stock merger at 1.45x exchange ratio","bullets":["Each Civitas share will be exchanged for 1.45 shares of SM Energy common stock.","Post-merger board will have 11 directors – 6 from SM Energy, 5 from Civitas.","Termination fees: $85M from Civitas, $79M from SM; $26M/$24M expense reimbursement if stockholder vote fails.","Closing conditions include stockholder approvals and antitrust clearance; expected close by August 3, 2026.","SM Energy board unanimously approved and recommends stockholders approve the stock issuance and charter amendment."],"urls":{"canonical":"https://secwatch.observer/filing/0000893538-25-000144","json":"https://secwatch.observer/filing/0000893538-25-000144.json","markdown":"https://secwatch.observer/filing/0000893538-25-000144.md","text":"https://secwatch.observer/filing/0000893538-25-000144.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/893538/000089353825000144/0000893538-25-000144-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/893538/000089353825000144/sm-20251102.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T01:02:05.117730+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"}