SM ENERGY'S LENDER GROUP UNANIMOUSLY REAFFIRMS BORROWING BASE AND APPROVES AMENDMENT TO CREDIT AGREEMENT

Rhea-AI Summary

SM Energy (NYSE: SM) announced the completion of its semi-annual borrowing base redetermination under its reserves-based revolving credit facility on October 16, 2025. The lender group reaffirmed the borrowing base at $3.0 billion and the elected commitment remained unchanged at $2.0 billion. The company also executed an amendment to its Credit Agreement that replaces a springing maturity provision with a more flexible structure tied to short-term debt and borrowing availability. Management said the actions reflect banking partners' continued trust in SM Energy's disciplined strategy and financial strength.

Positive

• Borrowing base reaffirmed at $3.0 billion
• Commitment unchanged at $2.0 billion
• Credit agreement amended to add flexible short-term maturity structure
• Sign of lender confidence in company strategy and financial strength

Negative

• None.

News Market Reaction – SM

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In the Oct 17 session, SM declined 2.43%, reflecting a moderate negative market reaction.

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DENVER, Oct. 16, 2025 /PRNewswire/ -- SM Energy Company (the "Company") (NYSE: SM) today announced the completion of its semi-annual borrowing base redetermination under its reserves-based revolving credit facility. In connection with the redetermination, the lender group reaffirmed the borrowing base at $3.0 billion and the elected commitment amount remained unchanged at $2.0 billion. 

The Company also announced an amendment to its existing Credit Agreement, which replaces the prior springing maturity provision with a more flexible structure based on short-term debt and borrowing availability.

Executive Vice President and Chief Financial Officer Wade Pursell commented: "We're pleased with the reaffirmed borrowing base and unchanged commitment levels, which—alongside the amended terms—reflect our banking partners' continued trust in SM Energy's disciplined strategy and financial strength."

ABOUT THE COMPANY

SM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the states of Texas and Utah. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at http://www.sm-energy.com.

SM ENERGY INVESTOR CONTACTS
Pat Lytle, plytle@sm-energy.com, 303-864-2502
Meghan Dack, mdack@sm-energy.com, 303-837-2426

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SOURCE SM Energy Company

FAQ

What did SM Energy announce about its borrowing base on October 16, 2025?

The lender group reaffirmed SM Energy's borrowing base at $3.0 billion on October 16, 2025.

Did SM Energy's elected credit commitment change with the October 2025 redetermination?

No. The elected commitment amount remained unchanged at $2.0 billion.

What change did SM Energy make to its Credit Agreement on October 16, 2025?

SM Energy amended its Credit Agreement to replace a springing maturity provision with a more flexible structure tied to short-term debt and borrowing availability.

How might the October 2025 credit amendment affect SM Energy shareholders?

The amendment may reduce refinancing timing risk by providing a more flexible maturity structure tied to borrowing availability.

Does the reaffirmed borrowing base indicate lender confidence in SM Energy (NYSE: SM)?

Yes. The company described the reaffirmation and unchanged commitment as reflecting banking partners' continued trust in SM Energy's strategy and financial strength.