SM Energy Company Investor Presentation — December 2021

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SM-ENERGY.COM NYSE: SMCapital One Securities 16thAnnual

CORRECTION: THIS CONFERENCE IS NOT WEBCAST2DISCLAIMERS

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 “offers,” “indicates,” “p riorities,” “assumes,” “anticipate,” “estimate,” “expect,” “forecast,” “generate,” “guidance,” “implied,”

“maintain,” “plan,” “project,” “objectives,” “outlook,” “sustainable,” “target,” “will” and similar expressions are intended toidentify forward -looking statements. Forward -looking statements in this presentation include, among other

things, full year and fourth quarter 2021 goals and guidance, including capital expenditures, production, operating expenses andtaxes, general and administrative and exploration expenses, and DD&A, inventory and return

estimates, expected decline rates, estimated breakeven oil prices, average lateral length of wells planned to be drilled in 2 021, well costs per lateral foot, expected transportation costs, and the number of wells the Company plans

to drill and complete in 2021; estimated free cash flow yield, the average number of rigs and completion crews deployed durin g the fourth quarter of 2021, the Company’s 2021 goals, including: generating free cash flow, reducing

leverage, increasing inventory and inventory value, meeting safety and emissions targets, and ESG performance. These statemen ts involve known and unknown risks, which may cause SM Energy's actual results to differ

materially from results expressed or implied by the forward -looking statements. Future results may be impacted by the risks disc ussed in the Risk Factors section of SM Energy's most recent Annual 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 Com mission (SEC), specifically the most recent Form 10 -Q. The forward -looking statements contained

herein speak as of the date of this presentation. Although SM Energy may from time to time voluntarily update its prior forw ard-looking statements, it disclaims any commitment to do so, except as required by applicable securities

laws.3PREMIER OPERATOR OF TOP -TIER ASSETS

▪1 Rig / 1 Completion Crew(2)MIDLAND BASIN

▪2 Rigs / <1 Completion Crews(2)ENTERPRISE VALUE:

~156 MBoe/d; 56% oil (3Q21)