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SM Energy Company reported third-quarter results and outlined key updates. Total operating revenues were $811,591,000, driven by oil, gas, and NGL production revenue of $811,009,000. Net income was $155,088,000, or $1.35 per diluted share. Year to date, operating cash flow reached $1,559,088,000, supporting a quarterly dividend of $0.20 per share.
As of September 30, 2025, cash and cash equivalents were $162,251,000. Senior Notes, net, totaled $2,712,711,000 (with a $418,593,000 current portion). The revolving credit facility had no borrowings at quarter end, with available borrowing capacity of $1,998,500,000 as of October 22, 2025. The company repurchased 445,000 shares in Q3 for $12,119,000, leaving $487,900,000 authorized for repurchases through 2027. Derivative positions were a net asset of $58,504,000.
Subsequent to quarter end, SM Energy entered into a merger agreement to acquire Civitas Resources, under which each Civitas share will be exchanged for 1.45 SM shares, subject to customary approvals, with closing expected in the first quarter of 2026.
SM Energy Company furnished a press release announcing its third‑quarter 2025 financial and operating results, along with an operational update. The company replaced its previously scheduled November 5 webcast with a conference call today, November 3, at 8:00 a.m. Mountain / 10:00 a.m. Eastern, accessible via webcast and telephone as described in the release. The press release is provided as Exhibit 99.1.
SM Energy Company announced it entered into an Agreement and Plan of Merger with Civitas Resources on November 2, 2025, using a wholly owned subsidiary to effect the deal. The companies issued a joint press release and investor presentation describing a $12.8 billion combination, as reflected in the exhibit titles.
The companies plan to file a Form S-4 that will include a joint proxy statement/prospectus, which will be mailed to stockholders after effectiveness. The transaction is subject to stockholder approvals and required governmental and regulatory approvals. The disclosure highlights customary risks, including potential delays, the possibility of termination, integration challenges, and impacts on market price and business relationships.
Investors can access the press release (Exhibit 99.1) and investor presentation (Exhibit 99.2) on the companies’ websites and the SEC’s EDGAR system.
The Vanguard Group filed a Schedule 13G/A (Amendment No. 14) reporting beneficial ownership of SM Energy Co common stock. Vanguard reported ownership of 13,856,552 shares, representing 12.05% of the class as of the event date 09/30/2025.
Vanguard listed 0 shares with sole voting power and 818,886 shares with shared voting power. It reported 12,910,265 shares with sole dispositive power and 946,287 shares with shared dispositive power. Vanguard certified the securities were acquired and are held in the ordinary course of business and not to change or influence control.
SM Energy Company amended its revolving Credit Agreement. The Third Amendment removes the prior “springing maturity” that could have accelerated the October 1, 2029 maturity if over $50,000,000 of senior notes remained outstanding 91 days before their due date. The new clause accelerates maturity only if two conditions are both met: (i) the outstanding balance of all Senior Notes and other unsecured debt maturing within 91 days exceeds $50,000,000 in aggregate, and (ii) borrowing availability under the Credit Agreement, less that near‑term unsecured debt, is less than 20% of the current revolving commitment.
The company also announced completion of its semi‑annual borrowing base redetermination and the amendment via a press release furnished under Regulation FD. The press release was included as an exhibit.
Elizabeth Anne McDonald, President & COO of SM Energy Co (SM), reported securities transactions dated 09/09/2025. The filing shows a grant of 9,690 restricted stock units (RSUs) that vest in three equal annual installments on 09/09/2025, 07/01/2026 and 07/01/2027; vested shares will be issued to the reporting person when restrictions lapse. The filing also reports a disposition of 4,240 shares at a price of $26.71, leaving 5,450 shares beneficially owned following the reported transactions. The form is signed by an attorney-in-fact on behalf of the reporting person on 09/09/2025.
SM Energy Company announced an executive leadership transition: Chief Executive Officer Herbert S. Vogel informed the board he will retire as CEO on March 1, 2026 and resigned as President effective September 4, 2025. Mr. Vogel will remain on the board. To support an orderly handoff, the company named Elizabeth A. McDonald (age 46) as President and Chief Operating Officer effective September 4, 2025. Ms. McDonald joined the company as Executive Vice President and Chief Operating Officer in September 2024 and spent ~20 years at Pioneer Natural Resources in senior Permian Basin and South Texas roles. No related-party or reportable transactions or special arrangements were disclosed regarding her selection.
Q2-25 snapshot: SM Energy (SM) reported operating revenue of $792.9 million, up 25% YoY, as the October 2024 Uinta Basin purchase now delivers 30% of sales. Net income eased 4% to $201.7 million and diluted EPS slipped to $1.76 from $1.82 amid higher lifting and DD&A costs.
Key metrics
- 1H-25 operating cash flow rose 40% YoY to $1.05 billion, comfortably covering $824 million of capex.
- Cash & equivalents: $101.9 million; revolver paid down to $0, leaving $2.0 billion of unused commitments.
- Senior notes outstanding: $2.71 billion; no maturities until 2026; net debt unchanged.
- Quarter dividend maintained at $0.20/share; $500 million remains on the repurchase authorization (no buybacks YTD).
- Q2 hedge book added $78.3 million non-cash gain plus $39.7 million cash settlements.
- Cost pressure: production expense +64% YoY to $224.0 million; DD&A +63% to $293.0 million; interest expense doubled to $42.6 million.
Management is shifting from integration to optimization of the Uinta asset while reiterating its focus on balance-sheet strength and shareholder returns. Liquidity is ample, covenant headroom strong, but rising operating costs and capex temper earnings momentum.