---
schema_version: "secwatch.filing_event.v1"
accession: "0000893538-26-000059"
form_type: "8-K"
ticker: "SM"
cik: "0000893538"
company_name: "SM Energy Co"
filed_at: "2026-05-06T23:59:59+00:00"
generated_at: "2026-05-14T23:05:29.366571+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000893538-26-000059
- form_type: 8-K
- ticker: SM
- cik: 0000893538
- company_name: SM Energy Co
- filed_at: 2026-05-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/893538/000089353826000059/0000893538-26-000059-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/893538/000089353826000059/sm-20260506.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000893538-26-000059
- JSON: https://secwatch.observer/filing/0000893538-26-000059.json
- Plain text: https://secwatch.observer/filing/0000893538-26-000059.txt

## Source-grounded claims
- claim_id: 6c4dc887c95ad686147d3a60c061f8ba58b39bef
  claim: SM Energy Co updated its the first quarter 2026 guidance (raised).
  evidence_excerpt: 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).
  evidence_url: https://www.sec.gov/Archives/edgar/data/893538/000089353826000059/0000893538-26-000059-index.htm
- claim_id: bc969364f3fc2feca2adc7387d73215d179abee3
  claim: 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.
  evidence_excerpt: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/893538/000089353826000059/0000893538-26-000059-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.