CPPIB affiliate holds 14.49M shares of SM Energy (NYSE: SM) in Schedule 13G

Rhea-AI Filing Summary

SM Energy Co reported a Schedule 13G showing Canada Pension Plan Investment Board entities beneficially own 14,493,791 shares of Common Stock, representing 6.1% of the class. The shares are directly held by CPPIB Crestone Peak Resources Canada Inc., a wholly owned subsidiary of the Canada Pension Plan Investment Board. The 6.1% figure is calculated using 238,359,166 shares outstanding as of February 2, 2026, per the issuer's Form 10-K.

Insights

Institutional Ownership Analyst

Large passive stake disclosed by CPPIB affiliate; position equals 6.1% of outstanding shares.

The filing reports 14,493,791 shares held by CPPIB Crestone Peak Resources Canada Inc., with shared voting and dispositive power. The position is reported on a Schedule 13G, which is typical for passive institutional investors.

Timing and active intent are not stated; subsequent filings would show if this remains passive or converts to an active Schedule 13D. Cash‑flow treatment is not disclosed in the excerpt.

Corporate Governance Specialist

Shared voting/dispositive power is documented and attributed to a subsidiary structure.

The statement clarifies that the securities are directly held by a wholly owned subsidiary, creating shared voting and dispositive power for the Reporting Persons. Signatures and a joint filing agreement are included as exhibits.

Investors should note the as of date of outstanding shares is February 2, 2026; any change after that date would require updated disclosure.

Key Figures

Shares held: 14,493,791 shares Percent of class: 6.1% Shares outstanding: 238,359,166 shares +1 more

4 metrics

Shares held 14,493,791 shares Directly held by CPPIB Crestone Peak Resources Canada Inc.

Percent of class 6.1% Calculated on 238,359,166 shares outstanding as of February 2, 2026

Shares outstanding 238,359,166 shares Shares outstanding used for percent calculation, as of February 2, 2026

Filing date / signature 05/15/2026 Schedule 13G signed by CPPIB officers

Key Terms

Schedule 13G, Beneficial ownership, Shared dispositive power

3 terms

Schedule 13G regulatory

"This statement is filed on behalf of: Canada Pension Plan Investment Board"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficial ownership financial

"Amount beneficially owned: The information contained on the cover pages to this is incorporated by reference"

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

"Shared Dispositive Power 14,493,791.00"

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

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 Number(s): 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 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 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/ Brian Savage
Name/Title:	Secretary
Date:	05/15/2026

Canada Pension Plan Investment Board

Signature:	/s/ Pierre Abinakle
Name/Title:	Managing Director, Head of Compliance
Date:	05/15/2026

Comments accompanying signature: 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

FAQ

What stake does CPPIB hold in SM Energy Co (SM)?

CPPIB entities hold 14,493,791 shares, equal to 6.1% of SM Energy's common stock. The percentage is calculated using 238,359,166 shares outstanding as of February 2, 2026, per the issuer's Form 10-K.

Who directly holds the shares reported by CPPIB in SM Energy Co?

The shares are directly held by CPPIB Crestone Peak Resources Canada Inc., a wholly owned subsidiary of the Canada Pension Plan Investment Board. The filing attributes shared voting and dispositive power to the Reporting Persons.

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

The filing is a Schedule 13G, filed by an institutional investor, which typically signals a passive investment intent. The statement does not assert active control or takeover intent in the provided excerpt.

What outstanding-share figure was used to calculate the 6.1% stake?

The percentage is calculated using 238,359,166 shares outstanding as of February 2, 2026, as disclosed in SM Energy Co's Annual Report on Form 10-K filed February 26, 2026.

Are voting and dispositive powers held solely by CPPIB?

No. The filing shows 0 sole voting power and 14,493,791 shared voting and dispositive power, indicating shared control over voting and disposition among the Reporting Persons.