secwatch.observer — SEC 8-K summary
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Issuer:     SM Energy Co (SM)
CIK:        0000893538
Form:       8-K
Filed at:   2026-02-25T23:59:59+00:00
Accession:  0000893538-26-000029
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/893538/000089353826000029/0000893538-26-000029-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/893538/000089353826000029/sm-20260225.htm
  HTML page:      https://secwatch.observer/filing/0000893538-26-000029

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