SM Energy and Civitas announce merger leadership, $1B+ divestiture target, $200M synergies

SM Energy Co

Beth McDonald named CEO; Wade Pursell CFO; Blake McKenna COO; James Lebeck EVP post-close.
Board to total 11 members: 6 from SM Energy, 5 from Civitas; Julio Quintana Non-Executive Chairman.
Target of at least $1 billion in divestitures within first year after closing to reduce debt and boost returns.
Identified annual synergies of $200M (upside $300M); NPV-10 of $1.0-$1.5B, representing 22%-32% of pro-forma market cap.
S&P Global and Fitch placed SM Energy on CreditWatch/Rating Watch Positive reflecting improved credit profile.

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