SM Energy Q4/FY2025: record production 75.5 MMBoe, record OCF $2.01B, raises dividend 10%

SM Energy Co

2025-FY EPS reported $5.64 vs consensus $0.87 ▲ beat (+547.6%)

Full-year 2025 net income $648M ($5.64 diluted EPS); adjusted net income $623M ($5.42). Record production 75.5 MMBoe (+21% YoY), 53% oil.
Record adjusted EBITDAX $2.26B (+13% YoY); record operating cash flow $2.01B. Adjusted free cash flow $620M (+28% YoY).
Net debt reduced $437M to 1.05x leverage. Announced $950M South Texas asset sale post-year-end, aiming to cut debt further.
Dividend increased 10% to $0.22/share quarterly ($0.88 annual), payable March 23, 2026. New return framework: 20% buybacks, 80% debt reduction.
2026 guidance: capex $2.65-$2.85B (net of synergies), production 146-153 MMBoe (54% oil). 11 operated rigs, down from 15, to improve free cash flow.

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