CPPIB holds 14,493,791 shares of SM Energy (NYSE: SM) in amended 13G

Rhea-AI Filing Summary

SM Energy Co filing: an amended Schedule 13G/A states that Canada Pension Plan Investment Board and its subsidiary CPPIB Crestone Peak Resources Canada Inc. beneficially hold 14,493,791 shares of SM Energy common stock, equal to 6.1% of 238,359,166 shares outstanding as of February 2, 2026. The cover pages report shared voting and dispositive power over the reported shares. The amendment is signed on May 15, 2026.

Insights

Institutional Ownership Analyst

Large passive stake disclosure by a major Canadian pension investor.

CPPIB's filing lists 14,493,791 shares representing 6.1% of Common Stock as of February 2, 2026. This is a static beneficial‑ownership disclosure; the filing does not report purchases or sales on specific dates.

Future trading activity or any plans are not disclosed here; subsequent filings or proxy statements would show changes in position or intentions.

Corporate Governance Specialist

Shared voting and dispositive power is emphasized, not sole control.

The statement attributes the securities to CPPIB Crestone Peak Resources Canada Inc. with shared voting and dispositive power. The filing notes the position is held directly by the subsidiary and reported jointly by the Reporting Persons.

Signatures dated May 15, 2026 and attached exhibits include a Power of Attorney and a Joint Filing Agreement.

Key Figures

Reported shares beneficially owned: 14,493,791 shares Percent of class: 6.1% Shares outstanding used for calculation: 238,359,166 shares +1 more

4 metrics

Reported shares beneficially owned 14,493,791 shares reported on amended Schedule 13G/A

Percent of class 6.1% calculated from outstanding shares as of <date>February 2, 2026</date>

Shares outstanding used for calculation 238,359,166 shares outstanding as of <date>February 2, 2026</date>

Filing signature date May 15, 2026 signatures of reporting persons on amendment

Key Terms

Schedule 13G/A, beneficial ownership, shared dispositive power

3 terms

Schedule 13G/A regulatory

"An amended Schedule 13G/A is filed to report beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficial ownership financial

"The ownership information presented herein represents beneficial ownership of Common Stock"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared dispositive power regulatory

"Reporting Persons may be deemed to have shared voting power and dispositive power"

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Accepted by SEC EDGAR 05/15/2026 - 07:47 PM Learn about SEC filing dates

FAQ

What stake did CPPIB report in SM Energy (SM)?

CPPIB reported beneficial ownership of 14,493,791 shares, representing 6.1% of SM Energy's common stock. The percentage is calculated from 238,359,166 shares outstanding as of February 2, 2026.

As of what date are the outstanding shares used to calculate the 6.1%?

The filing calculates the percentage using 238,359,166 shares outstanding as of February 2, 2026. That outstanding share count is sourced to SM Energy's Annual Report on Form 10‑K.

Who holds the shares reported by CPPIB in this filing?

The shares are directly held by CPPIB Crestone Peak Resources Canada Inc., a wholly owned subsidiary of the Canada Pension Plan Investment Board. The Reporting Persons state they have shared voting and dispositive power over the securities.

Does this Schedule 13G/A show recent trades by CPPIB in SM Energy?

No. The amended Schedule 13G/A reports beneficial ownership as of the filing's reference date; it does not disclose transaction dates, purchases, or sales. The amendment is signed on May 15, 2026.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

SM Energy Co

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78454L100

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 78454L100

1

Names of Reporting Persons

CPPIB Crestone Peak Resources Canada 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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,493,791.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,493,791.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,493,791.00

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)

6.1 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: Item 11 is calculated based on a total of 238,359,166 shares of common stock of SM Energy Co. (the "Issuer") outstanding as of February 2, 2026, as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2026.

SCHEDULE 13G

CUSIP Number(s): 78454L100

1

Names of Reporting Persons

Canada Pension Plan Investment Board

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,493,791.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,493,791.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,493,791.00

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)

6.1 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: Item 11 is calculated based on a total of 238,359,166 shares of common stock of the Issuer outstanding as of February 2, 2026, as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SM Energy Co
(b)	Address of issuer's principal executive offices: 1700 Lincoln Street, Suite 3200, Denver, Colorado 80203
Item 2.
(a)	Name of person filing: Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of: Canada Pension Plan Investment Board CPPIB Crestone Peak Resources Canada Inc.
(b)	Address or principal business office or, if none, residence: The principal business office address for each of the Reporting Persons is as follows: One Queen Street East Suite 2500 Toronto, Ontario M5C 2W5 Canada
(c)	Citizenship: Each of the Reporting Persons is organized under the laws of Canada.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 78454L100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Pension investment manager subject to the Canada Pension Plan Investment Board Act.
Item 4.	Ownership
(a)	Amount beneficially owned: The information contained on the cover pages to this Schedule 13G/A is incorporated by reference into this Item 4. The ownership information presented herein represents beneficial ownership of Common Stock as of the date of this filing, based upon 238,359,166 shares of common stock of the Issuer outstanding as of February 2, 2026, as disclosed in the Issuer's Annual Report on Form 10-K. The securities reported herein are directly held by CPPIB Crestone Peak Resources Canada Inc., a wholly owned subsidiary of Canada Pension Plan Investment Board. As such, the Reporting Persons may be deemed to have shared voting power and dispositive power with respect to such securities.
(b)	Percent of class: The information contained on the cover pages to this Schedule 13G/A is incorporated by reference into this Item 4.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover pages.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover pages.
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.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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. By signing below I certify that, to the best of my knowledge and belief, the Canadian regulatory scheme applicable to a pension investment manager subject to the Canada Pension Plan Investment Board Act is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

CPPIB Crestone Peak Resources Canada Inc.

Signature:	/s/ Pierre Abinakle
Name/Title:	Vice President
Date:	05/15/2026

Canada Pension Plan Investment Board

Signature:	/s/ Howard Rusak
Name/Title:	Managing Director, Legal
Date:	05/15/2026

Comments accompanying signature: Explanatory Note: Other than the change in signatories, no changes were made to the Schedule 13G filed on May 15, 2026. See Exhibit 99.1 Power of Attorney of Canada Pension Plan Investment Board.

Exhibit Information

99.1 Power of Attorney of Canada Pension Plan Investment Board 99.2 Joint Filing Agreement