{"schema_version":"secwatch.filing_event.v1","accession":"0000893538-26-000029","form_type":"8-K","ticker":"SM","cik":"0000893538","company_name":"SM Energy Co","filed_at":"2026-02-25T23:59:59+00:00","discovered_at":"2026-05-14T18:02:37.970463+00:00","generated_at":"2026-05-16T00:35:55.619579+00:00","sec_items":["2.02","8.01","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"SM Energy Q4/FY2025: record production 75.5 MMBoe, record OCF $2.01B, raises dividend 10%","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000893538-26-000029","json":"https://secwatch.observer/filing/0000893538-26-000029.json","markdown":"https://secwatch.observer/filing/0000893538-26-000029.md","text":"https://secwatch.observer/filing/0000893538-26-000029.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/893538/000089353826000029/0000893538-26-000029-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/893538/000089353826000029/sm-20260225.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T00:35:55.619579+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"}