Sm Energy Company · NYSE:SM
Sm Energy — Merger or Acquisition (November 2025)
14 slides from Sm Energy's merger presentation, Nov 3, 2025
Slide 1: Transformational Combination Delivering Superior Stockholder Value
Transformational Combination Delivering Superior Stockholder Value NYSE: SM | SM-Energy.com NYSE: CIVI | CivitasResources.com November 3, 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation and the oral statements made in connection therewith relate to a proposed business combination transaction between SM Energy and Civitas contain “forward-looking statements” within the meaning of the federal securities laws, including Section 2
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Non-GAAP Financial Measures This presentation includes financial information not prepared in conformity with generally accepted accounting principles (GAAP). Free Cash Flow is a non-GAAP measure. The companies are unable to provide a reconciliation of forward- looking non-GAAP Fr
Slide 4: Transformational Combination Delivering Superior Value
Transformational Combination Delivering Superior Value VALUE-ENHANCING SCALE | VALUE-DRIVEN SYNERGIES | VALUE-ACCRETIVE SUBSTANCE Tr a n s a c t i o n O v e r v i e w (1) ✓ Premier portfolio across the highest-return U.S. shale basins Transaction Enterprise Value SCALE ✓ Step-change in free cash flo
Slide 5: Step-Change in Scale
Step-Change in Scale PREMIER PORTFOLIO ACROSS THE HIGHEST RETURN U.S. SHALE BASINS Pro SM(1) CIVI(2) Placeholder Forma Net acres 325,000 498,000 823,000 Q2’25 Net production 209 317 526 Uinta DJ (Mboe/d) Basin Basin Headquarters YE24 estimated net proved reserves 678 798 1,476 (MMBoe) 2025E CapEx (m
Slide 6: Value-Enhancing Scale in Highest-Return U.S. Shale Basins
Value-Enhancing Scale in Highest-Return U.S. Shale Basins PERMIAN BASIN | UINTA BASIN | DJ BASIN | SOUTH TEXAS Uinta Basin: DJ Basin: • Oily high-margin asset • Low-cost, high-margin basin • Innovative development of stacked pay • Exceptional free cash flow generation • Key source of future inventor
Slide 7: Permian Position is the Cornerstone Asset
Permian Position is the Cornerstone Asset EXPANDED FOOTPRINT UNLOCKING SIGNIFICANT SYNERGIES AND FURTHER DELINEATION UPSIDE Delaware Midland A Multi-Basin E&P Leader with a Permian Core Q2’25 Net Production (MBoe/d)(2) 9% 28% 48% 526 MBoe/d 48% Permian 15% YE24 Estimated Net Proved Reserves(3) 7% 24
Slide 8: Value-Enhancing Scale | Better Positioned as Attractive Investment
Value-Enhancing Scale | Better Positioned as Attractive Investment TRANSFORMED INTO A TOP-10 U.S. INDEPENDENT OIL-FOCUSED PRODUCER (4) 2025E Free Cash Flow(1)(2) ($ billions) $2 Step-change in free cash flow $- DVN CTRA OVV PR SM + SM + APA CHRD CIVI CRGY CRC SM MTDR MGY NOG TALO VTLE MUR CIVI CIVI
Slide 9: Proven Management and World Class Technical Team
Proven Management and World Class Technical Team DIFFERENTIATED COMBINED TECHNICAL EXPERTISE TO UNLOCK VALUE AND DRIVE SYNERGIES ▪ Interdisciplinary expertise solving complex challenges ▪ Technology-enabled innovative solutions ▪ Collaborative, inquisitive culture that challenges paradigms ▪ Rapid,
Slide 10: Value-Driven Synergies Enhancing Stockholder Value
Value-Driven Synergies Enhancing Stockholder Value IDENTIFIABLE → ACHIEVABLE → DELIVERABLE BY PROVEN MANAGEMENT Complementary Operations Lead To Significant Pro Forma Annual Synergies ✓ Streamlined corporate structure Overhead and ✓ Optimized G&A on combined asset G&A base A n n u a l R u n R a t e
Slide 11: Value-Accretive Substance | Significant Free Cash Flow Generation
Value-Accretive Substance | Significant Free Cash Flow Generation PRIORITIZE DEBT REDUCTION, FIXED DIVIDEND, AND OPPORTUNISTIC BUYBACKS ✓ Significant accretion to cash flow, debt-adjusted cash flow, free cash flow, and NAV Per Share before synergies Accretion (1) ✓ Meaningfully enhanced by $200 - $3
Slide 12: Significant Liquidity and Synergy-Accelerated Debt Reduction
Significant Liquidity and Synergy-Accelerated Debt Reduction MANAGEABLE MATURITIES OF PRO FORMA PROFILE Pro Weighted Average SM CIVI Forma Δ Life 3.6 years 4.6 years 4.2 years 0.6 years Coupon 6.8% 8.4% 7.8% 1.0% Opportunity to reduce interest cost upon refinance Yield 6.5% 7.0% 6.8% 0.3% ~ $4.4B We
Slide 13: Dependable Leader of Sustainability and Stewardship
Dependable Leader of Sustainability and Stewardship BUILDING STRONGER COMMUNITIES THROUGH RESPONSIBLE ACTION Permian Basin: Responsible Committed to top-tier EHS standards for Energy creating a sustainable future Production Future- Top-Tier Uinta Basin: Focused Focused on stewardship and high margin
Slide 14: Transformational Combination Delivering Superior Value
Transformational Combination Delivering Superior Value VALUE-ENHANCING SCALE | VALUE-DRIVEN SYNERGIES | VALUE-ACCRETIVE SUBSTANCE ✓ Premier portfolio across the highest-return U.S. shale basins SCALE ✓ Step-change in free cash flow enabling sustained capital returns ✓ Enhanced trading liquidity and
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