BlackRock (SM) discloses 33.46M-share, 14.0% stake in SM Energy (NYSE: SM)

Rhea-AI Filing Summary

SM Energy Company ownership update: BlackRock, Inc. reports beneficial ownership of 33,455,147 shares, representing 14.0% of SM Energy Company common stock as reported on this amendment.

BlackRock discloses sole voting power of 33,100,271 shares and sole dispositive power of 33,455,147 shares. The filing identifies iShares Core S&P Small-Cap ETF as a holder with more than 5% of outstanding common stock. The amendment is signed by Spencer Fleming on 03/04/2026.

Insights

Institutional Ownership Analyst

BlackRock reports a 14.0% stake in SM Energy via reporting business units.

BlackRock, Inc. states beneficial ownership of 33,455,147 shares and sole voting power over 33,100,271 shares. These figures are presented as of the amendment signed 03/04/2026.

Ownership at this scale can influence shareholder dynamics; any material change would depend on future disclosures of trades or conversions. Subsequent filings would show directional trades or changes in power.

Compliance & Proxy Specialist

Filing clarifies attribution across BlackRock reporting business units and lists a >5% ETF holder.

The schedule notes that holdings reflect certain Reporting Business Units of BlackRock and excludes other business units per SEC Release No. 34-39538. It also identifies iShares Core S&P Small-Cap ETF as a >5% interest holder.

Governance implications depend on any future Form 4/Form 13D changes; current disclosure is a passive ownership report via this amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 22)

SM ENERGY COMPANY

(Name of Issuer)

Common Stock

(Title of Class of Securities)

02/28/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

BlackRock, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 33,100,271.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 33,455,147.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

33,455,147.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SM ENERGY COMPANY
(b)	Address of issuer's principal executive offices: 1700 LINCOLN STREET SUITE 3200 DENVER CO 80203
Item 2.
(a)	Name of person filing: BlackRock, Inc. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock, Inc., 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 78454L100
Item 4.	Ownership
(a)	Amount beneficially owned: 33455147
(b)	Percent of class: 14.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 33100271
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 33455147
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The interest of 1 such person, iShares Core S&P Small-Cap ETF, in the common stock of SM ENERGY COMPANY is more than five percent of the total outstanding common stock.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BlackRock, Inc.

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	03/04/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

How many SM Energy (SM) shares does BlackRock report owning?

BlackRock reports beneficial ownership of 33,455,147 shares of SM Energy common stock, which the filing states equals 14.0% of the class as reported in this amendment.

What voting and dispositive powers does BlackRock claim in the filing?

The filing lists sole voting power for 33,100,271 shares and sole dispositive power for 33,455,147 shares, indicating direct control over votes and dispositions for those amounts.

Does the filing identify other large holders of SM Energy?

Yes; the amendment identifies iShares Core S&P Small-Cap ETF as having an interest exceeding 5% of SM Energy common stock, per Item 6 of the schedule.

Who signed the Schedule 13G/A amendment for BlackRock?

The amendment is signed by Spencer Fleming, Managing Director, with the signature date shown as 03/04/2026 on the filing.

Does this Schedule 13G/A indicate active control or a passive stake?

The filing characterizes holdings as those of certain Reporting Business Units of BlackRock under SEC guidance; it does not state an intent to actively acquire control or act as an activist investor in this amendment.