SM Energy

(SM)

Crude oil-primary · Permian · 7 hedge positions disclosed

As of 10-K FY2025 · Feb 24, 2026.

SM Energy may have added, unwound, or restructured hedges since this filing · the changes won't appear here until their next quarterly disclosure. Treat all numbers below as a point-in-time snapshot.

Market Cap
$5.5B
Production /d
412
MBoe or MMcfe per filing
% Natural Gas
33%
FCF Breakeven
$33.00
$/Boe
Hedges basis

Crude Oil positions

TypePeriodVolumePrice level
SwapJan 2026 - Dec 202610,000 /d$68.00
CollarJan 2026 - Dec 20268,000 /d$55.00 × $78.00
SwapJan 2027 - Dec 20275,000 /d$65.00
CollarJan 2027 - Dec 20274,000 /d$55.00 × $80.00

Natural Gas positions

TypePeriodVolumePrice level
SwapJan 2026 - Dec 202680,000 /d$3.50
CollarJan 2026 - Dec 202650,000 /d$3.00 × $4.50
CollarJan 2027 - Dec 202730,000 /d$3.25 × $5.25

Sourced from SM Energy's 10-K FY2025 dated Feb 24, 2026. Hedge positions disclosed in 10-K / 10-Q filings reflect the company's book as of the filing date. Material activity may have occurred since. BoxWood does not estimate post-filing changes or current mark-to-market.

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