SM Energy Company Investor Presentation — November 2020

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SM-ENERGY.COMSTEPHENS ANNUAL

INVESTMENT CONFERENCE

NOVEMBER 18, 2020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 toidentify forward -looking statements. Forward -looking statements in this

release include, among other things, 2020 capital expenditure guidance, Austin Chalk inventory additions, commodity mix of our expected future production, bringing drilled but uncompleted wells

onto production, per -well costs, expected future production margins, expected future condensate realizations and transportation costs; the Company’s 2020 goals, including: generating free cash

flow, ESG performance, reduced leverage; and the number of wells the Company plans to drill and complete. These statements in volve 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 i mpacted 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 pe riodic reports filed with the Securities and Exchange Commission,

specifically the third quarter 2020 Form 10 -Q. The forward -looking statements contained herein speak as of the date of this pre sentation. 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.3PREMIER OPERATOR OF TOP -TIER ASSETS

FOCUSED ON TWO BASINS IN TEXAS

▪3 Rigs / 2 Completion Crews

▪1 Rig / 1 Completion CrewENTERPRISE VALUE:

~126.36 MBoe/d; 47% oil (3Q20)

2020 CAPEX GUIDANCE:

(1) As of November 16, 2020.

(2) As of November 16, 2020, includes adjustment for South Texas third party agreement to fund the majority of completion costs for six wells; CAPEX calculated as capital expenditures before changes in capital expenditure accruals .4Cash Flow

GrowthPREMIER OPERATOR OF TOP -TIER ASSETS