In a strategic move aligned with shifting commodity price dynamics, SM Energy is proactively reducing its rig count in the Permian Basin through 2025. The company started the year with 9 active rigs, scaled back to 7 rigs by the end of Q1, and plans to operate just 6 rigs for the remainder of the year. This reduction isn’t reactionary—it’s part of a deliberate capital allocation strategy designed to protect margins and preserve flexibility in a potentially volatile oil market.

SM Energy (NYSE: SM) continues to strengthen its position in the Midland Basin, one of the most productive oil and gas regions in the U.S. The company’s 2024 operational success and 2025 strategic plan highlight key efficiency gains, cost optimizations, and growth initiatives that position SM Energy for sustained profitability and shareholder returns.

SM Energy Company (the “Company”) (NYSE: SM) announced today that it has closed the previously announced Uinta Basin acquisition of an 80% undivided interest in the oil and gas assets of XCL Resources, LLC

SM Energy Company (NYSE: SM) today announced robust financial and operational results for the second quarter of 2024, highlighting significant advancements in production and strategic acquisitions. The company reported strong net production and financial performance, driven by excellent operational execution in its core areas.

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.