SM Energy Company Investor Presentation — July 2020

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SM-ENERGY.COM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 “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

release include, among other things, revised guidance for the full year and third quarter 2020, including production volumes, oil production percentage, operating and general and administrative costs,

DD&A, and capital expenditures; the Company’s 2020 goals, including: generating free cash flow; and the number of wells the C ompany plans to drill and complete. These statements involve known

and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the f orward-looking statements. Future results may be impacted by the risks

discussed 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 Commission, specifically the second quarter 2020 Form 10 -Q. The forward -looking statements con tained herein speak as of the date of this presentation. Although

SM Energy may from time to time voluntarily update its prior forward -looking statements, it disclaims any commitment to do so, e xcept as required by securities laws.3Cash Flow

GrowthPREMIER OPERATOR OF TOP -TIER ASSETS

CHALLENGING TIMES, BUT OUR PRIORITIES HAVE NOT CHANGED

▪Growth within cash flows

▪Premier ESG performerFree Cash Flow Funded

V A L U E C R E A T I O N

MetricsCash Flow Growth per

Debt Adjusted Share+

1H20 FREE CASH FLOW(1)F R E E C A S H F L O WP R O D U C T I O N

A B S O L U T E D E B T R E D U C T I O N

C A P I T A L P R O G R A M R E D U C E D

A N D R E M A I N S F L E X I B L E~$219 MM

2Q REDUCTION IN LONG -TERM DEBT

STRONG FIRST HALF DESPITE IMPACT FROM MACRO AND COVID -19 PREMIER OPERATOR OF TOP -TIER ASSETS

▪Generated ~$28 million of free cash flow(1)in 2Q and