SM Energy Company (SM) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Welcome to the SM Energy's 2026 first quarter operating results live session. At this time, all participants are in listen-only mode. Question and answer session will follow the formal presentation. Please note today's event is being recorded. And now let's turn the call over to Megan Hayes, SM Energy's Vice President, Investor Relations. Please go ahead, Megan. Thank you, Rob. Good morning and welcome to SM Energy's first quarter 2026 earnings call. It's a busy morning for everyone, so we'll jump right in. Joining me are Beth McDonald, our President and CEO, Wade Purcell, our Executive Vice President and CFO, and Blake McKenna, COO. Today's discussion will reference forward-looking statements. Please see slide two of our earnings presentation, as well as the risk factors in our most recent Form 10-K for risks and uncertainties that could cause actual results to differ materially. We will also reference non-GAAP financial measures throughout the call. You can find the definitions and reconciliations to the closest comparable GAAP measures in yesterday's earnings release and in the slide deck available on our website. Please limit your questions to one question and one follow-up, as this simply allows us to get more of your questions in today. With that, I'll turn it over to Beth. Thanks, Megan. Good morning, everyone. The first quarter validates what we've set out to build with the new SM. We closed the Civitas merger on January 30th, and in just two months of operating as a combined company, we delivered production over the top end of guidance, capital below guidance, and synergy capture that is tracking nearly two times our original target. That doesn't happen without an exceptional team. So let me tell you what we built SM to do. We have been deliber...