[Form 4] SM Energy Co Insider Trading Activity

Rhea-AI Filing Summary

SM Energy Co President & CEO Elizabeth Anne McDonald reported several equity compensation transactions. On July 1, 2026, she exercised derivative awards to acquire a total of 24,410 shares of common stock and, in separate transactions, 10,680 shares were disposed of at $26.10 per share to satisfy tax obligations through share withholding rather than open-market sales.

The filing also notes purchases of 912 shares on December 31, 2025 at $15.96 per share and 1,309 shares on June 30, 2026 at $15.90 per share through the company’s Employee Stock Purchase Plan. Following these transactions, one reported line shows McDonald holding 27,841 shares of common stock directly.

Insider Trade Summary

24,410 shares exercised/converted

Mixed 8 txns

Insider McDonald Elizabeth Anne

Role President & CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	9,690	$0.00	--
Exercise	Restricted Stock Units	14,720	$0.00	--
Exercise	Common Stock, $.01 Par Value	9,690	$0.00	--
Tax Withholding	Common Stock, $.01 Par Value	4,240	$26.10	$111K
Exercise	Common Stock, $.01 Par Value	14,720	$0.00	--
Tax Withholding	Common Stock, $.01 Par Value	6,440	$26.10	$168K
Other	Common Stock, $.01 Par Value	1,309	$15.90	$21K
Other	Common Stock, $.01 Par Value	912	$15.96	$15K

Holdings After Transaction: Restricted Stock Units — 9,690 shares (Direct, null); Common Stock, $.01 Par Value — 17,361 shares (Direct, null)

Footnotes (1)

1. The Reporting Person purchased 912 shares of the Issuer's common stock on December 31, 2025, through the Issuer's Employee Stock Purchase Plan. The Reporting Person purchased 1,309 shares of the Issuer's common stock on June 30, 2026, through the Issuer's Employee Stock Purchase Plan. Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in three equal installments on September 9, 2025, July 1, 2026 and July 1, 2027. The vested shares will be issued to the Reporting Person on the vesting dates, at which time all restrictions on the vested shares will lapse. Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in three equal annual installments beginning on July 1, 2026. The vested shares will be issued to the Reporting Person on the vesting dates, at which time all restrictions on the vested shares will lapse.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:17 PM Accepted by SEC EDGAR 07/02/2026 - 04:15 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McDonald Elizabeth Anne

(Last) (First) (Middle)

1700 LINCOLN STREET

SUITE 3200

(Street)

DENVER COLORADO 80203

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $.01 Par Value	12/31/2025		J(1)		912	A	$15.96	6,362	D
Common Stock, $.01 Par Value	06/30/2026		J(2)		1,309	A	$15.9	7,671	D
Common Stock, $.01 Par Value	07/01/2026		M		9,690	A	(3)	17,361	D
Common Stock, $.01 Par Value	07/01/2026		F		4,240	D	$26.1	13,121	D
Common Stock, $.01 Par Value	07/01/2026		M		14,720	A	(4)	27,841	D
Common Stock, $.01 Par Value	07/01/2026		F		6,440	D	$26.1	21,401	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(3)	07/01/2026		M		9,690		(3)	(3)	Common Stock, $.01 Par Value	9,690	(3)	9,690	D
Restricted Stock Units	(4)	07/01/2026		M		14,720		(4)	(4)	Common Stock, $.01 Par Value	14,720	(4)	29,443	D

Explanation of Responses:

1. The Reporting Person purchased 912 shares of the Issuer's common stock on December 31, 2025, through the Issuer's Employee Stock Purchase Plan.

2. The Reporting Person purchased 1,309 shares of the Issuer's common stock on June 30, 2026, through the Issuer's Employee Stock Purchase Plan.

3. Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in three equal installments on September 9, 2025, July 1, 2026 and July 1, 2027. The vested shares will be issued to the Reporting Person on the vesting dates, at which time all restrictions on the vested shares will lapse.

4. Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in three equal annual installments beginning on July 1, 2026. The vested shares will be issued to the Reporting Person on the vesting dates, at which time all restrictions on the vested shares will lapse.

Remarks:

	Andrew T. Fiske (Attorney-in-Fact)	07/02/2026
	** 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 4 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)