M Energy Company (the “Company” or “SM Energy”) (NYSE: SM) today announces that it has entered into an agreement to acquire the Uinta Basin oil and gas assets owned by certain entities affiliated with XCL Resources, LLC (“XCL”), a private company backed by EnCap Investments L.P. (“EnCap”) and Rice Investment Group (“Rice”), for an unadjusted purchase price of $2.55 billion.

Operational efficiencies led to faster well completion, significantly contributing to the increased production volumes.

he allocation of drilling and completion capital is expected to be roughly 60% to the Midland Basin and 40% to South Texas and assumes the fourth rig in the Midland Basin remains in place for the majority of 2024.

SM Energy Company Production for the full year 2023 was 55.5 MMBoe or 152.0 MBoe/d, up 5% from 2022. Fourth quarter production was 14.1 MMBoe, or 153.5 MBoe/d, at 43% oil, which exceeded the high end of guidance.

SM Energy Company is a company engaged in hydrocarbon exploration and headquartered in Denver, Colorado. Capital expenditures adjusted for capital accruals are expected to be approximately $1.1 billion, excluding acquisitions.