SM Energy (SM) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Energy· May 7, 2026

Source: earnings call transcript

SM Energy delivered a strong first quarter, exceeding production guidance and managing capital efficiently following the Civitas merger. The company raised its synergy target and full-year production outlook, while maintaining capital guidance, demonstrating successful integration. With accelerated debt reduction and a clear path to low 1x leverage, SM Energy plans to commence share buybacks in Q2, signaling confidence in its equity and future free cash flow generation.

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SM operating KPIs by quarter

SM operating KPIs stated on its earnings calls, by fiscal quarter
KPI	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Production	371K boe/d Production was above expectations at 371,000 barrels of oil equivalent per day, with oil at 190,000 barrels per day. Source: earnings call transcript	~440K boe/d On Execute, production averaged approximately 440,000 barrels of oil equivalent per day within our guidance range and building into the second half of 2026, pro forma for the divestiture of our Galvan assets in South Texas. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.