SM Energy Company Investor Presentation — May 2024

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Financial and Operating Results

Forward -looking Statements

This presentation contains forward -looking statements within the meaning of securities laws. The words “believes,” “demonstrate, ” “estimate,” “expect,”

“intends,” “plan,” “target,” and similar expressions are intended to identify forward -looking statements. Forward -looking statem ents in this release include,

among other things: certain projections for the full year and second quarter 2024 regarding the Company’s 2024 strategic obje ctives including operational

execution, delivering low break -even high return wells, returning capital to stockholders and reducing debt, and maintaining and expanding portfolio quality

and depth; full year and second quarter 2024 guidance for capital expenditures, net production, percent of oil, operating costs, exploration, G&A , DD&A and

cash taxes; the number of wells we plan to drill and complete and the associated activity and capital split in each of our op erating areas during the full year;

average number of drilling rigs and completion crews to be deployed through 2024; expected drill, complete and equip costs (“ DC& E”); expected program

returns; average lateral length and PDP decline rates for wells in each of our operating areas; expected wells to be drilled at greater than or equal to 15,000

feet in the Midland Basin; percentage of expected future net production that is hedged; and plan to process ethane for 2024. The se statements involve known

and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forw ard-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, and such risk

factors may be updated from time to time in the Company's other periodic reports filed with the Securities and Exchange Commi ssion. 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.

Non -GAAP Financial Measures and Metrics

This presentation references non- GAAP financial measures and metrics. Please see the “Non- GAAP Reconciliations and Disclosures” section of the

Appendix, which includes definitions of non- GAAP measures and metrics used in this presentation and reconciliations of non- GAAP measures to the most

directly comparable GAAP measure.

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