SM Energy Company Investor Presentation — June 2021

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SM-ENERGY.COM NYSE: SMINVESTOR PRESENTATION

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

“plan,” “potential,” “priorities,” “project,” “objectives,” “outlook,” “sustainable,” “target,” “will” and similar expressio ns are intended to identify forward -looking statements. Forward -looking statements in this presentation include,

among other things, capital expenditure guidance for 2021, guidance for the full year and second quarter 2021, estimated inve ntory life, possible inventory additions from contingent resources and prospective new intervals,

inventory return estimates, targeted reinvestment rate, average lateral length of wells planned to be drilled in 2021, well c osts per lateral foot, expected future condensate realizations and transportation costs, and the number of

wells the Company plans to drill and complete in 2021; the Company’s 2021 goals, including: generating free cash flow, reduci ng leverage, increasing inventory and inventory value, meeting safety and emissions targets, and ESG

performance. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materiall y 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 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 (SEC), specifically the most recent Form 10 -Q. The forward -looking statements contained here in 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, except as required by applicable securities laws.3PREMIER OPERATOR OF TOP -TIER ASSETS

▪2 Rigs / 0 Completion Crews(1)MIDLAND BASIN

▪3 Rigs / 3 Completion Crews(1)ENTERPRISE VALUE:

~112 MBoe/d; 54% oil (1Q21)

2021 CAPEX GUIDANCE:

(1) As of June 1, 2021.FOCUSED ON TWO BASINS IN TEXAS4A VERY COMPELLING TIME TO BE AN “OWNER” OF SM ENERGYPREMIER OPERATOR OF TOP -TIER ASSETS