SM
SM
SM What SM Energy promised, and what happened
Guidance
What management said, and what became of it
12 of 14 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Commencement of post-merger share buybacks | Begin repurchasing shares in Q2 FY26 | Mar 2026 | we also repurchased $84 million of shares this quarter under our capital return framework. | Achieved |
| Second-half FY2026 production run rate | 420,000 to 430,000 BOE/day at 55% oil | Dec 2025 | We are raising our second half production outlook to a range of 435,000 to 440,000 barrels of oil equivalent per day with oil at approximately 238,000 barrels per day. | Revised Up |
| Civitas merger cost synergy capture | $200 million to $300 million in run-rate synergies | Dec 2025 | we have now actioned approximately $355 million of our $375 million run rate synergy target, which we raised last quarter to nearly double the original. | On Track |
The full ledger
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The rest of the ledger
Pro opens all 28 tracked commitments for SM Energy
Above is what the last two calls moved. Pro adds every quarter's revision, the source quote behind each one, and the topics management has stopped answering.