SM Energy Company (SM) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to the SM Energy fourth quarter and full year 2025 financial and operating results and 2026 outlook live session. At this time, all participants will be in the listen only mode. A question and answer session will follow the formal presentation. Please note today's event is being recorded. I would now like to turn the call over to Pat Lytle, SM Energy Senior Vice President, Finance. Please go ahead. Good morning and welcome to today's call. I'm joined today by our president and CEO, Beth McDonald, and executive vice president and CFO, Wade Purcell. We're looking forward to sharing our latest results and our 2026 plan with you and answering your questions. Our discussion today includes forward-looking statements. Please see slide two of our earnings presentation, page two of the earnings release, page three of our 2026 outlook release, and the risk factor section of our most recent 10-K, which was filed earlier this morning, for risks associated with these statements that could cause actual results to differ. We will also discuss non-GAAP measures and metrics. Definitions and reconciliations to the most directly comparable GAAP measures can be found in both the earnings release, outlook release, and slide deck. Now, I'll turn the call over to Beth. Beth? Thanks, Pat, and good morning, everyone. It's an exciting day as we provide our first release of the new SM Energy. 2025 was a pivotal year for our company, and it set the stage for 2026 in this transformational moment. We improved on every part of our investment thesis, including returns to stockholders, operational execution, financial strength, and increasing the scale and quality of our portfolio. With the full details in our posted materials, I will quickly hit some highlights from 2025. ...