[Form 4] SM Energy Company Insider Trading Activity

Insider Trade Summary

55,479 shares exercised/converted

Mixed 10 txns

Insider Vogel Herbert S

Role President & CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	17,606	$0.00	--
Exercise	Restricted Stock Units	21,077	$0.00	--
Exercise	Restricted Stock Units	16,796	$0.00	--
Exercise	Common Stock, $.01 Par Value	17,606	$0.00	--
Tax Withholding	Common Stock, $.01 Par Value	7,704	$24.71	$190K
Exercise	Common Stock, $.01 Par Value	21,077	$0.00	--
Tax Withholding	Common Stock, $.01 Par Value	9,222	$24.71	$228K
Exercise	Common Stock, $.01 Par Value	16,796	$0.00	--
Tax Withholding	Common Stock, $.01 Par Value	7,350	$24.71	$182K
Other	Common Stock, $.01 Par Value	618	$21.34	$13K

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock, $.01 Par Value — 506,325 shares (Direct)

Footnotes (1)

1. The Reporting Person purchased 618 shares of the Issuer's common stock on June 30, 2025, 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 vested in six equal biannual installments beginning on January 1, 2023. The vested shares were issued to the Reporting Person, at which time all restrictions on the vested shares lapsed. Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in six equal biannual installments beginning on January 1, 2024. The vested shares will be issued to the Reporting Person on the earlier of such Reporting Person's retirement from the Issuer or July 1 of the applicable year, 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 six equal biannual installments beginning on January 1, 2025. The vested shares will be issued to the Reporting Person on the earlier of such Reporting Person's retirement from the Issuer or July 1 of the applicable year, at which time all restrictions on the vested shares will lapse.

Form 4 Insider Transactions: What Each Field Means →

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^*

Vogel Herbert S

(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)

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

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	06/30/2025		J(1)		618	A	$21.34	488,719	D
Common Stock, $.01 Par Value	07/01/2025		M		17,606	A	(2)	506,325	D
Common Stock, $.01 Par Value	07/01/2025		F		7,704	D	$24.71	498,621	D
Common Stock, $.01 Par Value	07/01/2025		M		21,077	A	(3)	519,698	D
Common Stock, $.01 Par Value	07/01/2025		F		9,222	D	$24.71	510,476	D
Common Stock, $.01 Par Value	07/01/2025		M		16,796	A	(4)	527,272	D
Common Stock, $.01 Par Value	07/01/2025		F		7,350	D	$24.71	519,922	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			17,606	(2)	(2)	Common Stock, $.01 Par Value	17,606	(2)	0	D
Restricted Stock Units	(3)	07/01/2025		M			21,077	(3)	(3)	Common Stock, $.01 Par Value	21,077	(3)	21,076	D
Restricted Stock Units	(4)	07/01/2025		M			16,796	(4)	(4)	Common Stock, $.01 Par Value	16,796	(4)	33,593	D

Explanation of Responses:

1. The Reporting Person purchased 618 shares of the Issuer's common stock on June 30, 2025, 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 vested in six equal biannual installments beginning on January 1, 2023. The vested shares were issued to the Reporting Person, at which time all restrictions on the vested shares lapsed.

3. Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in six equal biannual installments beginning on January 1, 2024. The vested shares will be issued to the Reporting Person on the earlier of such Reporting Person's retirement from the Issuer or July 1 of the applicable year, 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 six equal biannual installments beginning on January 1, 2025. The vested shares will be issued to the Reporting Person on the earlier of such Reporting Person's retirement from the Issuer or July 1 of the applicable year, at which time all restrictions on the vested shares will lapse.

Remarks:

	Andrew T. Fiske (Attorney-in-Fact)	07/03/2025
	** 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.
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