SM Energy Company Investor Presentation — June 2022

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SM-ENERGY.COM NYSE: SMJ.P. MORGAN 2022 ENERGY, POWER &

RENEWABLES CONFERENCE

JUNE 23, 2022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 “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; certain projections for the full year

including the number of wells the Company plans to drill and complete; percentage of expected production that is hedged; expe cted average lateral length per well; expected production declines; impact of new completion design

on estimated ultimate recovery and net asset value; components of 2022 completion design; expected South Texas transportation costs; expected time to payout for certain South Texas wells; and expected number of Austin Chalk

locations. 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 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 m ay 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 statements contained herein speak as of the date o f 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 securities laws.3SM ENERGY IS…

ESG StewardshipTop Tier Assets

Inventory Quality with Long RunwayPremier Operator

Capital EfficiencyFast ApproachingA PREMIER OPERATOR OF TOP TIER ASSETSPremier Operator

45CAPITAL EFFICIENCY & TECHNICAL EXPERTISEPREMIER OPERATOR

$- $200 $400 $600 $800 $1,000 $1,200