[Form 4] SM Energy Company Insider Trading Activity

Rhea-AI Filing Summary

Form 144 filed for Datadog, Inc. (DDOG) discloses a planned sale of insider shares under Rule 144.

• Seller & volume: David Obstler intends to sell 15,000 Class A common shares, representing roughly 0.005 % of the 319,498,060 shares outstanding.
• Estimated proceeds: At an aggregate market value of $2.03 million, the transaction is scheduled for 07 July 2025 through broker Morgan Stanley Smith Barney LLC on the NASDAQ.
• Acquisition details: The shares derive from a 07 July 2025 stock-option exercise paid in cash.
• 10b5-1 activity: The filing lists six prior sales in the last three months under a 10b5-1 plan, totaling 105,016 shares and approximately $12.6 million in gross proceeds.

The filing contains the standard certification that the seller possesses no undisclosed material adverse information. There is no indication of new corporate developments, earnings data, or changes to capital structure; the document strictly concerns insider share dispositions.

Insights

Financial Analyst

TL;DR – Routine insider sale; small versus float, modest negative sentiment.

This Form 144 signals continued insider selling by David Obstler, who has already liquidated over 105 k shares in the prior quarter. The new 15 k-share notice is immaterial relative to the 319 M float, but cumulative sales near $14 M may raise eyebrows among momentum or governance-sensitive investors. The use of a 10b5-1 plan tempers concerns by framing transactions as pre-scheduled, and market impact should be negligible. Overall, the filing is not fundamentally impactful yet contributes to a slightly negative narrative on insider sentiment.

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

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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^*

Lebeck James Barker

(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)
	EVP Corp Development & GC

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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
Common Stock, $.01 Par Value	12/31/2024		J(1)		276	A	$32.7	532	D
Common Stock, $.01 Par Value	07/01/2025		M		5,269	A	(2)	5,801	D
Common Stock, $.01 Par Value	07/01/2025		F		2,306	D	$24.71	3,495	D
Common Stock, $.01 Par Value	07/01/2025		M		6,107	A	(3)	9,602	D
Common Stock, $.01 Par Value	07/01/2025		F		2,672	D	$24.71	6,930	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	(2)	07/01/2025		M			5,269	(2)	(2)	Common Stock, $.01 Par Value	5,269	(2)	5,269	D
Restricted Stock Units	(3)	07/01/2025		M			6,107	(3)	(3)	Common Stock, $.01 Par Value	6,107	(3)	12,216	D

Explanation of Responses:

1. The Reporting Person purchased 276 shares of the Issuer's common stock on December 31, 2024, through the Issuer's Employee Stock Purchase Plan.

2. 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, 2024. 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.

3. 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, 2025. 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)	07/01/2025
	** Signature of Reporting Person	Date
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