SM Energy Company Investor Presentation — April 2022

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SM-ENERGY.COM NYSE: SMFIRST QUARTER 2022

F I N A N C I A L A N D O P E R AT I N G R E S U LT S

Forward -looking statements

Non-GAAP financial measures

This presentation references non -GAAP financial measures. Please see the “Non -GAAP Definitions and Reconciliations” section of t he Appendix, which includes definitions of non -GAAP measures used in this presentation and

reconciliations to the most directly comparable GAAP measure.This presentation contains forward -looking statements within the meaning of securities laws. The words “demonstrate,” "establish ," “estimate,” "goal," "generate," “optimize,” "target," and similar expressions are intended to identify

forward -looking statements. Forward -looking statements in this release include, among other things, timeline for achieving low l everage; expected breakeven prices in certain basins and associated inventory; expected 2022 free

cash flow yield for the Company and select other exploration and production companies; total projected debt reduction during first half of 2022; 2030 greenhouse gas emissions reduction goal; projections for the full year and

second quarter 2022, including guidance for the amount and allocation of capital expenditures, production, operating expenses , general and administrative expenses, exploration expenses and depletion, depreciation, amortization,

and asset retirement obligation liability accretion as well as the number of wells the Company plans to drill and complete in the second quarter of 2022; percentage of expected production that is hedged; expected average lateral

length per well; expected production declines; impact of new completion design on estimated ultimate recovery and net asset v alue; components of 2022 completion design; expected South Texas transportation costs; and

expected number of Austin Chalk locations. These statements involve known and unknown risks, which may cause SM Energy's actu al results to differ materially from results expressed or implied by the forward -looking

statements. Future results may be impacted by the risks discussed in the Risk Factors section of SM Energy's most recent Annu al Report on Form 10 -K, as such risk factors may be updated from time to time in the Company's

other periodic reports filed with the Securities and Exchange Commission, specifically the 2021 Form 10 -K. The forward -looking s tatements contained herein speak as of the date of this release. Although SM Energy may from time

to time voluntarily update its prior forward -looking statements, it disclaims any commitment to do so, except as required by sec urities laws.3SM ENERGY IS…

ESG StewardshipTop Tier Assets

Inventory Quality with Long RunwayPremier Operator