Vanguard discloses 12.05% stake in SM Energy via 13G/A

Rhea-AI Filing Summary

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 14)

SM Energy Co

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78454L100

(CUSIP Number)

09/30/2025

(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 No. 78454L100

1

Names of Reporting Persons

The Vanguard Group

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

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 818,886.00
7	Sole Dispositive Power 12,910,265.00
8	Shared Dispositive Power 946,287.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,856,552.00

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)

12.05 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SM Energy Co
(b)	Address of issuer's principal executive offices: 1775 Sherman Street, Suite 1200, Denver, CO, 80203
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(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).
Item 4.	Ownership
(a)	Amount beneficially owned: 13856552
(b)	Percent of class: 12.05 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 818886
	(iii) Sole power to dispose or to direct the disposition of: 12910265
	(iv) Shared power to dispose or to direct the disposition of: 946287
Item 5.	Ownership of 5 Percent or Less of a Class.
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 Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
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.

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.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	10/31/2025

FAQ

What ownership stake did The Vanguard Group report in SM (SM Energy Co)?

Vanguard reported beneficial ownership of 13,856,552 shares, or 12.05% of SM Energy Co common stock.

What voting powers did Vanguard disclose for its SM shares?

Vanguard reported 0 shares with sole voting power and 818,886 shares with shared voting power.

What dispositive powers did Vanguard report over SM shares?

Vanguard reported 12,910,265 shares with sole dispositive power and 946,287 shares with shared dispositive power.

What is the event date tied to this 13G/A filing for SM?

The event date is 09/30/2025.

Why did Vanguard file on Schedule 13G/A rather than 13D for SM?

Vanguard certified the holdings were acquired and are held in the ordinary course of business and not to change or influence control.

Who may receive dividends or proceeds related to these SM shares?

Vanguard stated its clients, including registered investment companies and other managed accounts, have the right to receive or direct the receipt of dividends or sale proceeds. No one other person’s interest exceeds 5%.