SM Energy Company Investor Presentation — October 2020

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SM-ENERGY.COM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, Austin Chalk inventory additions, commodity mix of our expected future production, bring ingdrilled but uncompleted wells onto production, per -well costs,

expected future production margins, revised guidance for the full year and fourth quarter 2020, including production volumes, oil production percentage, operating and general and administrative

costs, DD&A, and capital expenditures; the Company’s 2020 goals, including: generating free cash flow, ESG performance, reduc ed leverage; and the number of wells the Company plans to drill and

complete. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially f romresults 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 may be updated from time to time in

the Company's other periodic reports filed with the Securities and Exchange Commission, specifically the third quarter 2020 F orm10-Q. The forward -looking statements contained herein speak as of

the date of this presentation. 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

GrowthPREMIER OPERATOR OF TOP -TIER ASSETS

CHALLENGING TIMES, BUT OUR PRIORITIES HAVE NOT CHANGED

▪Growth within cash flow

▪Net debt -to-Adjusted

▪Premier ESG performerFree Cash Flow Funded

V A L U E C R E A T I O N

MetricsCash Flow Growth per

Debt Adjusted Share+

(1) Net debt -to-Adjusted EBITDAX are non -GAAP financial measures. See “Definitions of non -GAAP measures as Calculated by the Company ” and related reconciliations in the Appendix. 4

YTD FREE CASH FLOW(1)F R E E C A S H F L O WP R O D U C T I O N