SM Energy公司2025年季度报告

FORM10-Q ☑QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number001-31539 SM ENERGY COMPANY(Exact name of registrant as specified in its charter) (I.R.S. Employer Identification No.) (303)861-8140(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☑ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of October22, 2025, the registrant had114,554,192shares of common stock outstanding. TABLE OF CONTENTS ItemCautionary Information about Forward-Looking Statements Item 1.Financial Statements (unaudited)5 Condensed Consolidated Balance SheetsSeptember 30, 2025, and December 31, 2024 5 Condensed Consolidated Statements of OperationsThree and Nine Months Ended September 30, 2025, and 2024 Condensed Consolidated Statements of Comprehensive IncomeThree and Nine Months Ended September 30, 2025, and 2024 Condensed Consolidated Statements of Stockholders’ EquityContinuous Quarterly Presentation Ended September 30, 2025, and 2024 Condensed Consolidated Statements of Cash FlowsNine Months Ended September 30, 2025, and 2024 Notes to Condensed Consolidated Financial Statements Item 4.Controls and Procedures PartII Item 1.Legal Proceedings Item 1A.Risk Factors Cautionary Information about Forward-Looking Statements This Report on Form 10-Q (“Form 10-Q” or “this report”) contains “forward-looking statements” within the meaning of Section27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended(“Exchange Act”). All statements included in this report, other than statements of historical fact, that address activities, conditions,events, or developments with respect to our financial condition, results of operations, business prospects or economic performance thatwe expect, believe, or anticipate will or may occur in the future, or that address plans and objectives of management for futureoperations, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “budget,” “could,” “estimate,” “expect,”“forecast,” “goal,” “intend,” “pending,” “plan,” “potential,” “projected,” “seek,” “target,” “will,” and similar expressions are intended toidentify forward-looking statements. Forward-looking statements appear throughout this report, and include statements about suchmatters as: •the amount and nature of future capital expenditures, the resilience of our assets to declining commodity prices, the ability ofour assets to generate returns in the current macroeconomic environment, and the availability of liquidity and capitalresources to fund capital expenditures;•our outlook on prices for future crude oil, natural gas, and natural gas liquids (also referred to throughout this report as “oil,”“gas,” and “NGLs,” respectively), well costs, service costs, production costs, and general and administrative costs, and theeffects of inflation, tariffs or trade restrictions on each of these;•risks related to the pending Merger with Civitas, including the risk that we may fail to consummate the Merger on the termsor timing currently contemplated, or at all, and the risk we ma