Earnings Releases·Nov 3, 2026, 4:11 PM ET

SM Energy — Third Quarter 2026 Earnings Summary

Total operating revenues surged to $2.17 billion from $812 million year-over-year, driven by higher realized prices, though net income of $93 million was significantly impacted by a $684 million non-cash net derivative loss.
The company reduced net debt to $6.0 billion from $7.4 billion, redeemed $417 million in senior notes to eliminate maturities until mid-2028, and returned $133 million to stockholders via share repurchases and dividends.
Full-year 2026 oil production guidance was lowered by 1% to 220-222 MBbl/d due to Permian downtime and Uinta takeaway constraints expected to resolve in early 2027, while capital expenditure guidance was narrowed to $2.75 billion.
The Civitas merger integration is substantially complete, exceeding synergy targets with run-rate synergies of $400 million and an increased NPV-10 of $2.0 billion.