Director Clark Morris reports 62,812 SM Energy (NYSE: SM) shares

Rhea-AI Filing Summary

SM Energy Company director Clark R. Morris has filed an initial ownership report showing beneficial ownership of 62,812 shares of common stock, held directly. This reflects his position following SM Energy’s acquisition of Civitas Resources.

Under the merger agreement among SM Energy, Cars Merger Sub, Inc. and Civitas Resources, each Civitas common share was converted into 1.45 SM Energy common shares. Each Civitas deferred stock unit (DSU) also fully vested and was converted into an SM Energy DSU using the same 1.45 conversion ratio, rounded up to the nearest whole share. The reported amount includes vested DSUs that will be settled in SM Energy stock when Morris leaves the board.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Clark Morris R

(Last) (First) (Middle)

1700 LINCOLN ST

SUITE 3200

(Street)

DENVER CO 80203

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/30/2026

3. Issuer Name and Ticker or Trading Symbol
SM Energy Co [ SM ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $.01 Par Value	62,812(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Pursuant to the Agreement and Plan of Merger by and among SM Energy Company ("SM Energy"), Cars Merger Sub, Inc. and Civitas Resources, Inc. ("Civitas"), (a) each outstanding share of Civitas' common stock was converted into 1.45 shares of SM Energy common stock and (b) each outstanding Civitas deferred stock unit (DSU) award fully vested and was converted into an SM Energy DSU award equal to the product of the number of shares of Civitas common stock subject to such Civitas DSU Award and 1.45, rounded up to the nearest whole number. Amount shown includes vested DSUs that will settle in SM Energy common stock upon the director's separation from the board.

Remarks:

	Andrew T. Fiske (Attorney-in-Fact)	02/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What does the Form 3 filing show for SM (SM Energy)?

The Form 3 shows director Clark R. Morris beneficially owning 62,812 shares of SM Energy common stock. This total includes vested deferred stock units that will convert into SM Energy shares when he leaves the company’s board of directors.

How did the Civitas merger affect SM (SM Energy) director share holdings?

The merger converted each share of Civitas common stock into 1.45 SM Energy common shares. Each Civitas deferred stock unit also fully vested and became an SM Energy deferred stock unit using the same 1.45 conversion factor, rounded up to the nearest whole share.

What are deferred stock units (DSUs) in the SM (SM Energy) filing?

Deferred stock units are equity awards that convert into actual shares later. In this case, vested SM Energy DSUs will settle in SM Energy common stock when director Clark R. Morris separates from the board, increasing his delivered share count at that future point.

Is Clark R. Morris’ SM Energy ownership direct or indirect?

The filing classifies the 62,812 SM Energy common shares as held directly by Clark R. Morris. The amount includes vested deferred stock units that are scheduled to settle into SM Energy shares when he eventually leaves his position on the company’s board.

What was the effective date of Clark R. Morris’ SM (SM Energy) holdings?

The event date tied to Clark R. Morris’ beneficial ownership is January 30, 2026. That date aligns with his post-merger position after Civitas Resources shareholders received SM Energy stock and deferred stock units under the agreed 1.45-for-1 exchange ratio.