SM Energy Q1 2026: net loss $1.68/sh, raises full-year production guidance, ups synergy target to $375M

SM Energy Co

2026-Q1 EPS reported -$1.68 vs consensus $1.18 ▼ miss (-242.8%)

Q1 net loss of $1.68/diluted share (non-cash derivative loss); adjusted EPS $1.55.
Average net daily production 371.2 MBoe/d (190.3 MBbl/d oil), above mid-point guidance.
Full-year 2026 production guidance raised to 410-430 MBoe/d (222-228 MBbl/d oil); capex plan unchanged at $2.65-2.85B.
Closed $950M South Texas divestiture on Apr 30; net ~$900M used to redeem $819M of 2026 Senior Notes.
Increased annual fixed dividend 10% to $0.88/sh; targeting 20% of post-dividend FCF for buybacks.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SM Energy Co updated its the first quarter 2026 guidance (raised).

Period: the first quarter 2026
Guidance: raised
Result: guidance update

Exact text from the filing

Strong first quarter results led to a raise in full-year 2026 production guidance to 410–430 MBoe/d (222–228 MBbl/d of oil), compared to previous guidance of 400–420 MBoe/d (216–226 MBbl/d of oil).

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SM Energy Co reported the first quarter 2026 results: net income Net loss was $1.68 per diluted share, EPS Net loss was $1.68 per diluted share. Guidance raised.

Period: the first quarter 2026
Net income: Net loss was $1.68 per diluted share
EPS: Net loss was $1.68 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

run rate to approximately 430 MBoe/d, including approximately 238 MBbl/d of oil. • Maintained full-year 2026 capital expenditure guidance of $2.65–$2.85 billion. • Net loss was $1.68 per diluted share, primarily related to a non-cash mark-to-market loss on the Company’s commodity derivatives at period end due to a sharp rise in forward oil prices; adjusted net

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Source: SEC EDGAR

accession 0000893538-26-000059

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