[Form 4] SM Energy Company Insider Trading Activity

Rhea-AI Filing Summary

SM Energy Company (SM) filed a Form 4 reporting that Senior Vice President – Texas Blake Douglas McKenna received 12,481 restricted stock units (RSUs) on 25 Jul 2025. Each RSU entitles the holder to one share of common stock.

The award carries no exercise price and vests in three equal annual installments beginning 1 Jul 2026. Upon this grant, McKenna holds 12,481 derivative securities directly; no open-market purchases or sales of SM common shares were disclosed.

This appears to be routine equity compensation rather than an active investment decision. While it modestly aligns executive and shareholder interests, the transaction is unlikely to affect near-term valuation or trading dynamics.

Insights

Securities Analyst

TL;DR – Routine RSU grant; negligible market impact.

The Form 4 shows a standard equity incentive: 12,481 RSUs to the SVP, vesting over three years. No cash outlay, no share sales, and the quantity is immaterial relative to SM Energy’s ~125 million shares outstanding. Such grants are common in the sector and mainly serve to align management with shareholders. Because there is no open-market purchase, the filing does not signal insider conviction about valuation. I classify the event as neutral for the stock’s risk-return profile.

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).

1. Name and Address of Reporting Person^*

McKenna Blake Douglas

(Last) (First) (Middle)

1700 LINCOLN STREET

SUITE 3200

(Street)

DENVER CO 80203

(City) (State) (Zip)

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)
	Senior Vice President - Texas

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

4. 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 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

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	(1)	07/25/2025		A		12,481		(1)	(1)	Common Stock, $.01 Par Value	12,481	$0	12,481	D

Explanation of Responses:

1. 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)	07/25/2025
	** 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.

FAQ

How many RSUs did SM Energy's SVP receive on July 25 2025?

He received 12,481 restricted stock units.

When will the granted SM Energy RSUs vest?

They vest in three equal annual installments beginning July 1, 2026.

What is Blake Douglas McKenna's role at SM Energy?

He is Senior Vice President – Texas.

Did the insider buy or sell SM common shares in the open market?

No; the Form 4 reports only an equity grant with no purchases or sales.

How many derivative securities does the insider own after the transaction?

He beneficially owns 12,481 RSUs directly following the grant.