SM Energy Company Investor Presentation — March 2021

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SM-ENERGY.COMMarch 2021

Investor Presentation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 to identify forward -looking statem ents. Forward -looking statements in this presentation include, among other things, capital expenditure

guidance for 2021, guidance for the full year and first quarter 2021, estimated inventory 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 costs 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, reducing leverage, increasing inventory and inventory v alue, 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 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 Comp any's other periodic reports filed with the Securities and Exchange Commission (SEC),

specifically the most recent Form 10 -Q. The forward -looking statements contained herein speak as of the date of this presentati on. 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.

The SEC requires oil and natural gas companies, in their filings with the SEC, to disclose proved reserves, which are those q uantities of oil, natural gas and natural gas liquids (NGLs), that, by analysis of geoscience and engineering

data, can be estimated with reasonable certainty to be economically producible —from a given date forward, from known reservoirs and under existing economic conditions (using the trailing 12 -month average first -day-of-the-month