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SM Energy (NYSE: SM) outlines Q1 2026 prices and $30M derivative loss

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

SM Energy Company is sharing preliminary first‑quarter 2026 metrics, including realized commodity prices, a projected net derivative settlement loss, and share counts used to calculate earnings per share.

Average realized prices before hedges were $73.69 per barrel for oil, $1.72 per Mcf for gas, and $21.58 per barrel for NGLs. After the effect of net derivative settlements, realized prices were $69.56 per barrel for oil, $2.27 per Mcf for gas, and $21.75 per barrel for NGLs.

For the quarter, the Company anticipates a $30 million net derivative settlement loss, reflecting hedge impacts. Basic weighted‑average shares outstanding were 199 million and diluted weighted‑average shares outstanding were 200 million. As of March 31, 2026, shares issued and outstanding totaled 239,696,577, providing the equity base against which these per‑share figures are measured.

Positive

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Insights

SM Energy outlines preliminary Q1 2026 commodity prices and a $30M hedge loss, framing expectations ahead of full results.

SM Energy provides a focused snapshot of first‑quarter 2026 economics rather than full earnings. It discloses realized prices for oil, gas, and NGLs, both before and after hedge settlements, which helps frame cash flow sensitivity to commodity markets and the company’s hedging profile.

The anticipated $30 million net derivative settlement loss shows that hedges reduced reported pricing in this period, especially for oil where the post‑hedge realized price drops to $69.56 per barrel. Conversely, gas benefits from hedging, with realized price increasing to $2.27 per Mcf after settlements.

With basic and diluted weighted‑average shares of 199 million and 200 million for Q1 2026, and total shares outstanding of 239,696,577 as of March 31, 2026, investors can later relate reported per‑share metrics to these share counts once full quarterly results are released.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Oil realized price (pre-hedge) $73.69 per Bbl Average realized oil price before net derivative settlements, Q1 2026
Gas realized price (post-hedge) $2.27 per Mcf Average realized gas price including net derivative settlements, Q1 2026
NGL realized price (post-hedge) $21.75 per Bbl Average realized NGL price including net derivative settlements, Q1 2026
Net derivative settlement loss $30 million Anticipated for the first quarter of 2026
Basic weighted-average shares 199 million shares Basic weighted-average shares outstanding, Q1 2026
Diluted weighted-average shares 200 million shares Diluted weighted-average shares outstanding, Q1 2026
Shares issued and outstanding 239,696,577 shares Total common shares as of March 31, 2026
realized price financial
"The Company presents information regarding its realized prices, commodity derivative activity and shares outstanding."
net derivative settlements financial
"Post-hedge is calculated as the average realized price after the effects of commodity net derivative settlements."
non-GAAP measure financial
"Indicates a non-GAAP measure or metric. Post-hedge is calculated as the average realized price after the effects of commodity net derivative settlements."
A non-GAAP measure is a company-crafted financial metric that adjusts or excludes items from standard accounting numbers to highlight what management sees as the business’s core performance. Investors use these figures like a filtered photo to reveal trends or cash flow drivers that raw accounting totals might hide, but because companies decide which items to remove, these measures should be compared with standard statements to avoid being misled.
weighted-average shares outstanding financial
"The Company presents information regarding ... weighted average basic and diluted shares outstanding."
Weighted-average shares outstanding is the average number of shares of a company's stock that are available to investors over a specific period, adjusted for any changes like new share issues or buybacks. It matters to investors because it ensures that earnings and profits are accurately divided among all shareholders, providing a fair view of the company's profitability per share over time.
forward-looking statements regulatory
"This on Form 8-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Oil realized price (pre-hedge) $73.69 per Bbl
Gas realized price (pre-hedge) $1.72 per Mcf
NGL realized price (pre-hedge) $21.58 per Bbl
Net derivative settlement result $30 million loss
Understanding 8-K Material Events →
0000893538false00008935382026-04-172026-04-17

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
April 17, 2026

SM Energy Company
(Exact name of registrant as specified in its charter)
Delaware001-3153941-0518430
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
1700 Lincoln Street, Suite 320080203
Denver, Colorado
(Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (303) 861-8140

Not applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, $0.01 par value
SM
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition
In accordance with General Instruction B.2. of Form 8-K, the following information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information and exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
SM Energy Company (the “Company”) is providing the following summary of earnings considerations that management believes will impact results for the first quarter of 2026. This summary is intended solely to provide information regarding current estimates of these factors. It is not comprehensive of all results for, or changes that have occurred during, the first quarter of 2026 and does not constitute an estimate of the Company’s first quarter 2026 earnings. In addition, this summary may not reflect all adjustments and charges required to fully account for changes in industry conditions, is preliminary in nature, and remains subject to completion of the Company’s financial reporting process for the first quarter of 2026.
The Company presents in this Item 2.02 certain information for the three months ended March 31, 2026, regarding its realized prices, commodity derivative activity and weighted average basic and diluted shares outstanding.
Realized Prices
The following table presents information about average realized prices:
For the Three Months Ended
March 31, 2026
Realized price (before the effect of net derivative settlements):
Oil (per Bbl)$73.69 
Gas (per Mcf)$1.72 
NGLs (per Bbl)$21.58 
Realized price (including the effect of net derivative settlements): (1)
Oil (per Bbl)$69.56 
Gas (per Mcf)$2.27 
NGLs (per Bbl)$21.75 
______________________________________
(1)    Indicates a non-GAAP measure or metric. Post-hedge is calculated as the average realized price after the effects of commodity net derivative settlements. The Company believes this metric is useful to management and the investment community to understand the effects of commodity net derivative settlements on average realized price.

Commodity Derivative Activity
For the first quarter of 2026, the Company anticipates a net derivative settlement loss of $30 million.
Basic and Diluted Weighted-Average Shares Outstanding
For the first quarter of 2026, basic and diluted weighted-average shares outstanding are as follows (in millions):
For the Three Months Ended
March 31, 2026
Basic weighted-average shares outstanding199
Diluted weighted-average shares outstanding200
As of March 31, 2026, the Company had 239,696,577 shares issued and outstanding.


Forward Looking Statements
This Current Report on Form 8‑K contains “forward‑looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, other than statements of historical fact, including estimates for factors that may impact the Company’s results for the first quarter of 2026, are forward‑looking statements.
Forward‑looking statements are based on management’s current estimates, assumptions and expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These statements include, without limitation, statements regarding commodity prices, realized prices, derivative activity, basic and diluted weighted-average shares outstanding, market conditions, anticipated financial results and other factors affecting the Company’s results of operations. The information provided herein is preliminary in nature, is subject to completion of the Company’s financial reporting processes for the first quarter of 2026, and may change.
Forward‑looking statements speak only as of the date of this report. The Company undertakes no obligation to publicly update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Actual results may differ materially from those expressed or implied in the forward‑looking statements due to a number of risks and uncertainties, including those described under the heading “Risk Factors” in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025 and in the Company’s other filings with the Securities and Exchange Commission.


SIGNATURES
Pursuant to the requirements of the Exchange Act, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SM ENERGY COMPANY
Date:April 17, 2026By:/s/ ALAN D. BENNETT
Alan D. Bennett
Vice President - Controller

Source: View Original Filing on SEC EDGAR

FAQ

What preliminary Q1 2026 pricing did SM (SM Energy Company) report?

SM Energy reported preliminary Q1 2026 average realized prices of $73.69 per barrel for oil, $1.72 per Mcf for gas, and $21.58 per barrel for NGLs before hedge effects, outlining the commodity environment driving its upcoming results.

How did hedging affect SM Energy’s realized prices in Q1 2026?

After net derivative settlements, SM Energy’s realized prices were $69.56 per barrel for oil, $2.27 per Mcf for gas, and $21.75 per barrel for NGLs. These figures show how hedging reduced oil realizations but improved gas pricing for the quarter.

What net derivative settlement result did SM Energy estimate for Q1 2026?

For the first quarter of 2026, SM Energy anticipates a $30 million net derivative settlement loss. This reflects the aggregate cash impact of settling its commodity hedges during the period and influences the difference between market prices and realized prices.

How many shares did SM Energy use for Q1 2026 EPS calculations?

SM Energy reported preliminary basic weighted‑average shares outstanding of 199 million and diluted weighted‑average shares of 200 million for Q1 2026. These share counts will be used to calculate basic and diluted earnings per share in the full quarterly results.

How many SM Energy shares were outstanding as of March 31, 2026?

As of March 31, 2026, SM Energy had 239,696,577 shares issued and outstanding. This figure represents the company’s total common equity base at quarter‑end, which investors often compare with trading float and per‑share valuation metrics.

Is SM Energy’s Q1 2026 information final or preliminary?

The Q1 2026 information is described as preliminary and focused on selected factors like prices and derivatives. It is subject to completion of SM Energy’s financial reporting processes and may change when full quarterly results are issued.

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