SM Energy Company Investor Presentation — September 2022

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SM-ENERGY.COM NYSE: SM

WELLS FARGO LEVERAGED

S E P T E M B E R 8 , 2 0 2 2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 “demonstrate,” “estimate, ” “expect,” "goal," "generate," “plan,” and similar expressions are intended to identify forward -looking

statements. Forward -looking statements in this release include, among other things, timeline for achieving low leverage; expecte d breakeven prices in certain basins and associated inventory; 2030 greenhouse gas emissions

reduction goal; plans to use aerial -based LiDAR technology; certain projections for the third quarter and full year regarding gu idance for capital expenditures, production, percent of oil, operating costs, general and administrative

expenses, exploration expenses, and DD&A; the portion of capital expenditures to be allocated to drilling and completion cost s and each of our operating areas; the number of wells the Company plans to drill and complete;

reinvestment rate; percentage of expected future production that is hedged; expected average lateral length per well; expecte d production declines; components of 2022 completion design; expected South Texas transportation

costs; and expected number of Austin Chalk locations. These statements involve known and unknown risks, which may cause SM En ergy's actual results to differ materially from results 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 Annu al 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 second quarter 2022 Form 10 -Q and 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 comm itment to do so, except as required by securities laws.3SM ENERGY IS…

ESG StewardshipTop Tier Assets

Inventory Quality with Long RunwayPremier Operator

Capital EfficiencyFast ApproachingA PREMIER OPERATOR OF TOP TIER ASSETS4CLEAR VISIBILITY TO ACHIEVING OUR TARGET OF 1 & 1!RETURN OF CAPITAL TO SHAREHOLDERS