---
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"
generated_at: "2026-05-17T01:02:05.117730+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# SM Energy to acquire Civitas Resources in all-stock merger at 1.45x exchange ratio

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000893538-25-000144
- JSON: https://secwatch.observer/filing/0000893538-25-000144.json
- Plain text: https://secwatch.observer/filing/0000893538-25-000144.txt

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