SM Energy Company Investor Presentation — March 2022

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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 “build,” “demonstrate,” “ establish,” “estimate,” “goal,” “generate,” “grow,” “optimize,” “target,” and similar expressions are

intended to identify forward -looking statements. Forward -looking statements in this presentation include, among other things, pr ojections for the first quarter and full year 2022 regarding guidance for capital, production, operating

costs, general and administrative expenses, exploration expenses, and DD&A; total expected inventory and inventory estimates by operating area, the Company’s 2022 strategic objectives including reductions in leverage and

absolute debt, as well as targeted reinvestment rate, the portion of capital expenditures to be allocated to drilling and com pletion costs and each of our operating areas; expected breakeven pricing; the number of wells expected to

be drilled and completed in each of our operating areas; planned completion design and expected PDP decline rates. These stat ements 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, specifically the 2021 Form 10 -K. The forward -looking statements contained herein speak

as of the date of 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.

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

prices), operating methods and government regulations —prior to the time at which contracts providing the right to operate expire , unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or