SM Energy drilled 65 wells year-to-date across the Permian Basin, with 37 wells in the Midland Basin and 28 wells in the Delaware Basin, highlighting a balanced multi-basin development strategy following the Civitas merger. The company’s activity was led primarily by Helmerich & Payne and Ensign rigs, supporting management’s focus on operational scale, longer laterals, improved efficiencies, and free cash flow growth in the Permian.

SM Energy closed its $950M South Texas asset sale to Caturus Energy, using proceeds to eliminate $819M in near-term debt and strengthen its balance sheet. Meanwhile, Caturus is actively scaling in the Eagle Ford with 21 wells drilled YTD across McMullen, Webb, and Live Oak counties, supported by H&P and Nabors rigs.

SM Energy agreed to sell its southern Maverick Basin assets in Webb County, Texas to Caturus Energy for $950 million, divesting 61,000 net acres and 260 producing wells that are expected to generate $160 million of cash flow in 2026. The sale accelerates SM Energy’s balance-sheet reset, with proceeds earmarked for debt reduction and an updated return-of-capital framework to be announced with upcoming earnings.

The SM Energy–Civitas merger approval brings together a multi-basin drilling portfolio with clear 2025–2026 activity concentration in the Uinta Basin, DJ Basin, Permian core counties, and South Texas Eagle Ford.
With 361 combined drilling records since 2025, the merged company is positioned for disciplined, long-cycle development focused on inventory depth, operational flexibility, and stable drilling execution rather than aggressive growth.

Two of America’s leading independent shale producers — SM Energy (NYSE: SM) and Civitas Resources (NYSE: CIVI) — have announced a merger that will reshape the U.S. upstream landscape. The $12.8 billion all-stock transaction, including debt, will create one of the largest independent oil and gas companies with a dominant position in the Permian Basin, the nation’s most productive shale play.

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.