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ENERCOMS THE OIL & GAS CONFERENCE A U G U S T 1 2 , 2 0 1 9 PLEASE READ THIS PRESENTATION MAKES REFERENCE TO: FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of securities laws. The

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ENERCOM’S THE OIL & GAS CONFERENCE

A U G U S T 1 2 , 2 0 1 9

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NYSE: SM

PLEASE READ

THIS PRESENTATION MAKES REFERENCE TO:

2 FORWARD LOOKING STATEMENTS

This presentation contains forward-looking statements within the meaning of securities laws. The words "anticipate," "budget," "estimate," "expect," "forecast," "guidance," "plan," "project," "objectives," "target," "will," "on course," "potential" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forward-looking statements. Forward-looking statements in this presentation include: projections for cash flow yield; projections for higher returns; expected number of completions in the second half of 2019; expectations for improved productivity per lateral foot; Austin Chalk production and related margin projections; expected inventory growth; expected total capital spend for 2019 and beyond; the percentage of future production that is hedged; expected value creation; and, expected debt reduction and de-levering of the balance sheet. General risk factors include the availability, proximity and capacity of gathering, processing and transportation facilities; the volatility and level of oil, natural gas, and natural gas liquids prices and related differentials, including any impact on the Company’s asset carrying values or reserves arising from price declines; uncertainties inherent in projecting future test results and timing and rates of production or other results from drilling and completion activities; the imprecise nature of estimating oil and natural gas reserves; uncertainties inherent in projecting future drilling and completion activities, costs or results; the availability of additional economically attractive exploration, development, and acquisition opportunities for future growth and any necessary financings; unexpected drilling conditions and results; unsuccessful exploration and development drilling results; the availability of drilling, completion, and operating equipment and services; the risks associated with the Company's commodityprice risk management strategy; and other such matters discussed in the Risk Factors section of SM Energy's most recent Annual Report onForm 10-K, as such risk factors may be updated from time to time in the Company's other periodic reports filed with the Securities and Exchange Commission. The forward-looking statements contained herein speak as of the date of this announcement. Although SM Energy may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.

non-GAAP financial measures and forward-looking metrics: See Appendix for reconciliations and definitions

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NYSE: SM

PREMIER OPERATOR OF TOP-TIER ASSETS

FOCUSED ON TWO BASINS IN TEXAS

ENTERPRISE VALUE: ~$4 Billion PRODUCTION:

~136.5 MBoe/d; 44% oil (2Q19)

PROVED RESERVES:

503 MMBoe (YE 2018)

2019 TOTAL CAPITAL SPEND GUIDANCE:

~1,025 MM(1)

MIDLAND BASIN

▪ ~81,500 net acres ▪ 6 Rigs / 3 Completion Crews

SOUTH TEXAS

▪ ~163,000 net acres ▪ 1 Rig / 1 Completion Crew

(1) Mid-point of full year guidance; Total Capital Spend is a a non-GAAP financial measures. See “Definitions of non-GAAP Measures as Calculated by the Company” in the Appendix.

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NYSE: SM 4

Grow within cash flow Reduce leverage Prove-up and grow inventory

ON TRACK WITH OUR PRIORITIES

Expected value creation through

testing of new intervals in South Texas and Permian

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NYSE: SM

BALANCE SHEET FOCUS

2019 AND BEYOND: IMPROVING DEBT METRICS

Liquidity of $1.1B(1); no near-term maturities
Net debt to trailing twelve-month adjusted EBITDAX projected to be ~3 times at

year-end and reduced going forward

$500 $500 $500 $500 $476.8 $172.5 $0 $250 $500 $750

$1,000 $1,250 $1,500 $1,750 2027 2026 2025 2024 2023 2022 2021 2020 2019

Debt Maturities as of June 30, 2019

(in millions)

Borrowing Base: $1.6B Commitments: $1.2B

$118 Coupon

1.500% 6.125% 5.000% 5.625% 6.750% 6.625%

Yield to worst(2)

7.16%

7.40% 8.79% 8.91% 9.37%

Initial call date

11/2018

7/2018 6/2020 9/2021 1/2022

Initial call price

103.06%

102.50% 102.81% 103.38% 104.97%

(1) Liquidity as of June 30, 2019. (2) YTW as of July 31, 2019.

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NYSE: SM

WELL HEDGED

PERCENTAGE OF PRODUCTION HEDGED

Benchmark Hedges(1)

3Q19 – 4Q19

~75%

BENCHMARK

~80% of expected 3Q19 – 4Q19 oil production hedged;

swaps at ~$61/Bbl, collar floors at ~$50/Bbl

~50% + of expected 2020 oil production hedged; swaps at

~$60/Bbl, collar floors at $55/Bbl

~70% of expected 3Q19 – 4Q19 gas production hedged;

swaps at ~$2.85/MMBtu, collar floors at $2.50/MMBtu

~10% + of expected 2020 gas production hedged at

~$2.85/MMBtu

Hedged by product

REGIONAL

~70%(2) of expected 3Q19 – 4Q19 Permian gas production

hedged at WAHA (3Q19 at $1.30/MMBtu, 4Q19 at $1.75/MMBtu)

~60%(3) of expected 3Q19 – 4Q19 and 2020 Permian oil

production covered by Midland to Cushing basis hedges at ~$2.85/Bbl and ~$0.70/Bbl, respectively

(1) Total Company percentage includes oil swaps and collars at NYMEX WTI, natural gas swaps and collars at HSC, and NGL swaps (excludes WAHA swaps and basis hedges). (2) Permian gas hedges at WAHA based on Permian residue/tailgate volumes. (3) Midland to Cushing basis hedges based on expected Permian oil volumes.

Note: Hedging data as of July 31, 2019

O i l G a s N G L s W A H A M i d l a n d - C u s h i n g O i l

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NYSE: SM

MIDLAND BASIN

TOP-TIER EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY

MARTIN

RockStar

HOWARD UPTON

Sweetie Peck

E x e c u t i n g O n O u r P l a n

COMPLETIONS EXECUTION

~100+ net completions planned for 2019
32 net completions in 2Q19; 59 net completions YTD

GREAT NEW WELLS

27 new RockStar wells reached their 30-day peak rates that

averaged approximately 1,250 Boe/d (87% oil)

Merlin Maximus: All 25 wells across three intervals have now

reached 30-day peak IP rates averaging approximately 1,400 Boe/d (86% oil)

New Intervals: Continued encouraging results from Middle

Spraberry, Wolfcamp D, and Dean test wells TOP TIER CAPITAL EFFICIENCY

Drilling/completing faster, longer laterals, lower sand costs

YE 2018 INVENTORY: 12 – 16 YEARS

O p e r a t i n g D e t a i l s ( 1 )

~81,500

Rigs Running: Completion Crews:

N E T A C R E S

MIDLAND

(1) As of August 1, 2019

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NYSE: SM

MIDLAND BASIN: TOP-TIER CAPITAL EFFICIENCY

RECENT DC&E WELL COSTS AT ~$765 PER LATERAL FOOT

+22%

Increase in Lateral Feet Drilled / Day

(YTD19 / 2017)

+73% +13%

Increase in Lateral Feet Completed / Day

(YTD19 / 2017)

Increase in Avg. Lateral Length Completed

(2019 Plan / 2017)

Decrease in Sand Costs

(June 19 / Jan. 18)

(1) Total lateral feet delivered per day, spud to rig release. (2) Lateral feet completed per fleet per day. (3) 2019 includes drilled and planned wells. (4) Excludes last mile logistics as there is variability in these charges.

510 562 620

2017 2018 YTD19

Drilling Faster

Lateral Ft Drilled per Day(1) 9,300 10,100 10,500

2017 2018 2019

Longer Laterals

Avg Lateral Length Completed(3)

0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 Jan Apr Jul Oct Jan Apr

Lower Sand Costs

Indexed to January 2018(4)

765 1,025 1,323

2017 2018 YTD19

Completing Faster

Lateral Ft Completed per Day(2)

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NYSE: SM

50,000 100,000 150,000 200,000 250,000 30 60 90 120 150 180 210 240 270 300 330 360 Cumulative Production (Boe) Days on Production Previously Reported Well Avg New Well Avg

MIDLAND BASIN: GREAT NEW ROCKSTAR RESULTS

NEW WELL PERFORMANCE CONSISTENT WITH PRIOR WELLS(1)(2)

(1) (2)

(1) Previously Reported Well Average includes all (155) previously reported SM operated wells at RockStar on production since 11/3/2016. (2) New Well Average includes 27 new wells at RockStar that have not been previously reported.

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NYSE: SM

50,000 100,000 150,000 200,000 250,000 30 60 90 120 150 180 210 240 270 300 330 360 Cumulative Production (Boe) Days on Production Previously Reported Well Avg Merlin Maximus 25 well avg.

MIDLAND BASIN: MERLIN MAXIMUS

HIGHLY SUCCESSFUL 25-WELL DEVELOPMENT

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NYSE: SM

MIDLAND BASIN: ENCOURAGING RESULTS IN THREE INTERVALS IN ROCKSTAR AREA

R O C K S TAR AR E A I N V E N TO RY U P S I D E

MIDDLE SPRABERRY

~1,000 Boe/d (86% oil) 30-day peak rate on

10,113’ lateral

Independent development
Planning additional tests – northern acreage

most prospective

DEAN

~1,550 Boe/d (92% oil) 30-day peak rate on

10,346’ lateral

Co-development with WA/LS
Additional testing planned

WOLFCAMP D

~1,400 Boe/d (80% oil) 30-day peak rate on

7,920’ lateral; naturally flowing and slightly

ver-pressured
Independent development
Planning additional test – southern acreage

most prospective

7 , 3 0 0 ’ 8 , 3 0 0 ’ 8 , 9 0 0 ’ 1 0 , 0 0 0 ’

Y E 1 8 I N V E N TO RY 1 2 + Y E AR S ( 1 ) I n t e r va l s :

Wolfcamp A and B
Lower Spraberry
Middle Spraberry (limited area)

L a t e r a l L e n g t h s :

85% > 10,000’

D S U We l l S p a c i n g ( 2 ):

Wolfcamp A and Lower Spraberry spacing

averages ~875’

Wolfcamp B spacing averages ~1,200’

(1) Estimates as of year-end 2018 (2) 100,000 gross DSU acres (~81,500 net acres at average 82% WI)

D e p t h

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NYSE: SM

SOUTH TEXAS

FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT

DIMMIT COUNTY WEBB COUNTY North Area South Area East Area

COMPLETIONS EXECUTION

~19 net completions planned for 2019
11 net completions in 2Q19; 13 net completions YTD
Joint development partner to complete 12 gross wells in

2H19

AUSTIN CHALK SUCCESS

Second Austin Chalk test well reached its 30-day peak rate
f 3,200 Boe/d (>55% liquids, 3-stream)
Two additional Austin Chalk wells planned in 2H19

VALUE ENHANCEMENT THROUGH HIGHER RETURN WELLS

Progress toward optimal well design implementation

YE 2018 INVENTORY: 12 – 14 YEARS

E n h a n c i n g I n v e n t o r y Va l u e O p e r a t i n g D e t a i l s ( 1 )

Rigs Running: Completion Crews:

~163,000

N E T A C R E S

(1) As of August 1, 2019

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NYSE: SM

SOUTH TEXAS: EXCELLENT CAPITAL EFFICIENCY

RECENT DC&E WELL COSTS AT ~$650 PER LATERAL FOOT

666 721 799

2017 2018 YTD19

Drilling Faster

Lateral Ft Drilled per Day(1) 8,392 10,483 12,531

2017 2018 2019

Drilling Longer

Avg. Lateral Length Completed(3)

851 737 634

2017 2018 YTD19

Lower Costs

DC&E Cost / Lateral Foot(4) 1,210 1,256 1,663

2017 2018 YTD19

Completing Faster

Lateral Feet Completed per Day(2)

(1) Total lateral feet delivered per day, spud to rig release. (2) Lateral feet completed per fleet per day.

+20% +49% +37%

Decrease in Well Costs

(YTD19 / 2017)

(3) 2019 includes drilled and planned wells. (4) Includes drilling, toe-prep, stim, drill-out & flowback.

Increase in Lateral Feet Completed / Day

(YTD19 / 2017)

Increase in Lateral Feet Drilled / Day

(YTD19 / 2017)

Increase in Avg. Lateral Length Completed

(2019 plan / 2017)

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NYSE: SM

1,000 1,500 2,000 2,500 3,000 3,500 4,000 50 100 150 200 250 300 350 400

Boe/Day (3 stream) Days Online

SOUTH TEXAS: EXPECTED VALUE CREATION FROM THE AUSTIN CHALK

>55% LIQUIDS CONTENT = HIGHER RETURNS

Watson (SA2) State 167H

Watson (SA2) State 167H Galvan Ranch C 917H Well shut-in for tubing installation Galvan Ranch C 917H (7,886’ LL) Watson (SA2) State 167H (12,875’ LL) AC Partial Penetration Producing AC Target – 2019 drill / 2020 planned completion Surface equipment repairs AC Target – 4Q19 planned completion

12,875’ Lateral 30-day Peak IP: ~3,200 Boe/d (3-stream) 19% oil 38% NGLs

Successful Early AC results Added 2 AC wells to 2019 Program to Test Geographic Expanse

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NYSE: SM

200 400 600 800 100 200 300 400 500 600

Cumulative Production (Mboe) Producing Days

20 40 60 80 200 400 600

Cumulative Production (Mboe/1,000') Producing Days

SOUTH TEXAS: VALUE ENHANCEMENT

PROGRESS TOWARD OPTIMAL WELL DESIGN

Implementing wider spacing and optimized

completion expected to improve productivity per lateral foot

Increasing lateral length with less capex per

lateral foot

Higher productivity with greater lateral length

and lower cost higher returns expected

1Q18 wells

(unbounded)

2017 wells

(562’ spacing)

4Q18 wells

(moderate spacing: 807’)

2 0 1 7 2 0 2 0

P R O G R E S S T O W A R D S I M P L E M E N T I N G E X P E C T E D O P T I M A L W E L L D E S I G N

C U R R E N T

4Q18 wells

(Scaled to 12,500’ lateral length)

2017 wells

(562’ spacing, 7,850’ LL)

A C T U A L P R O D U C T I O N P E R L A T E R A L F T T O T A L W E L L P R O D U C T I O N

2 0 1 8 - 2 0 1 9 t o 2 0 1 7

1Q19 well

(845’ spacing, >12,500’ LL)

1Q19 well

(moderate spacing: 845’)

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NYSE: SM

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

MAKING PEOPLE’S LIVES BETTER BY RESPONSIBLY PRODUCING OIL & NATURAL GAS

2 0 1 8 C O R P O R AT E R E S P O N S I B I LT Y R E P O R T

S M - E N E R G Y . C O M

SM’S BOARD OF DIRECTORS IS ACTIVELY ENGAGED IN ESG OVERSIGHT

Board composition includes: independent chairman; 8 of 9 independent

directors; diversity of gender, race, geography, tenure and expertise

Executive compensation aligned with corporate long-term strategy and

value creation objectives with relative performance measures

Board annually establishes top quartile EHS performance goals, which

are reviewed quarterly and impact compensation of every employee

Committed to building and maintaining partnerships with our

stakeholders by investing in and connecting with the communities where we live, work and operate

Valuing employee development exemplified by Leadership Learning

Journey program to involve 100% of employees in leadership training

Support volunteering of all employees in local community and

national programs plus charitable contribution matching; SM contributions totaled approximately $1.7 million in 2018

Member in API Environmental Partnership – energy companies

committed to improving the industry’s environmental performance

Since 2017, employed leak detection and repair (LDAR) program at

new facilities to monitor fugitive emissions

Implemented Spill Reduction Planning in each region that meets EPA

requirements

E S G

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NYSE: SM

STRENGTHS

BEST WELLS IN THE MIDLAND BASIN

“The Company’s high-quality Howard County assets have yielded some of the best results in the area to date in the highest

il cut county.” – Raymond James, July 2019

“SM’s prolific, oil-weighted assets in Howard County differentiate itself versus other SMID peers in a potentially lower for longer oil price.” – JP Morgan, July 2019 “Our analysis of the Permian, which includes every horizontal well drilled in the Midland Basin since 2013, indicates that the SM wells are among the most productive on a lateral foot basis in terms of cumulative production.” – JP Morgan, July 2019 Baird Equity Research has repeatedly ranked SM as #1 and typically among the top 5 in their monthly ranking of highest revenue per well in the Midland Basin

TOP-TIER CAPITAL EFFICIENCY

We are very capital efficient among Midland operators, comparable to larger scale operators Cost per lateral foot: ~$765 in Permian, ~$650 in South Texas

INVENTORY: 12+ YEARS AND SUBSTANTIAL UPSIDE POTENTIAL

Recent and exciting successes in four new horizons, providing expected upside of growing inventory organically

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NYSE: SM

2016 2017 2018 2019e 2020e Discretionary Cash Flow(1)

VISIBILITY TO FREE CASH FLOW AND REDUCED LEVERAGE

(1) Discretionary cash flow and Net Debt : TTM EBITDAX are a non-GAAP financial measures. See “Definitions of non-GAAP Measures as Calculated by the Company” in the Appendix. Please see discussion of Forward-looking non-GAAP measures, also in the Appendix. The graphs are intended to represent the strategic direction of our plan and not predict or guide to forward discretionary cash flow or leverage.

2016 2017 2018 2019e 2020e Net Debt : TTM EBITDAX(1)

D iscret ionary C ash Flow Leverage

Note: 2019e and 2020e based on 2019 Plan price assumptions: $55/Bbl WTI oil / $3/MMBtu Henry Hub natural gas.

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NYSE: SM 19

APPENDIX

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NYSE: SM

SECOND QUARTER 2019 PERFORMANCE

Production & Pricing 2Q19 2019 YTD

Total Production (MMBoe / MBoe/d) 12.4/136.5 23.1/127.7 Oil Percentage 44% 44% Pre-Hedge Realized Price ($/Boe) $32.75 $32.34 Post-Hedge Realized Price ($/Boe) $33.07 $32.30

Costs ($/Boe) 2Q19 2019 YTD

LOE $4.16 $4.64 Ad Valorem $0.44 $0.59 Transportation $4.00 $4.04 Production Taxes $1.30 $1.30 Production Expenses $9.90 $10.57 Cash Production Margin (pre-hedge) $22.85 $21.77 G&A – Cash $2.10 $2.32 G&A – Non Cash $0.39 $0.41 Operating Margin (pre-hedge) $20.36 $19.04 DD&A $16.61 $16.62

Earnings 2Q19 2019 YTD

EPS (Diluted) $0.45 $(1.13) Adjusted EPS(1) $0.01 $(0.32) Adjusted EBITDAX(1) ($MM) $263.0 $449.5

(1) Adjusted EPS and Adjusted EBITDAX are non-GAAP financial measures. See “Definitions of non-GAAP Measures as Calculated by the Company” in the Appendix.

+37%

Permian Production Increase (2Q19 / 2Q18)

Capital < Guidance

(2Q19 actual vs. 2Q19 guidance)

Highest Reported

adj. EBITDAX

(since 2Q15)

Highest Reported

Oil Production

(all time high)

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NYSE: SM

2Q19 REALIZATIONS BY REGION

Benchmark Pricing NYMEX WTI Oil ($/Bbl) $59.81 NYMEX LLS Oil ($/Bbl) $67.20 NYMEX Henry Hub Gas ($/MMBtu) $2.64 Hart Composite NGL ($/Bbl) $22.23 Production Volumes South Texas Permian Total Oil (MBbls) 290 5,137 5,427 Gas (MMcf) 19,822 8,469 28,291 NGL (MBbls) 2,283 nm 2,282 Total (Mboe) 5,877 6,548 12,425 Revenue (in thousands) Oil $15,697 $288,447 $304,144 Gas 48,775 16,449 65,224 NGL 37,529 (43) 37,486 Total $102,001 $304,853 $406,854 Expenses (in thousands) LOE $13,046 $38,691 $51,736 Ad Valorem $4,851 $632 $5,484 Transportation $49,741 $(14) $49,727 Production Taxes $1,552 $14,551 $16,104 Per Unit Metrics:- Realized Oil per Bbl $54.15 $56.15 $56.04 % of Benchmark - WTI 91% 94% 94% Realized Gas per Mcf $2.46 $1.94 $2.31 % of Benchmark – NYMEX HH 93% 73% 88% Realized NGL per Bbl $16.44 nm $16.42 % of Benchmark – HART 74% nm 74% Realized per Boe $17.36 $46.56 $32.75 LOE per Boe $2.22 $5.91 $4.16 Transportation per Boe $8.46

$4.00

Ad Val per Boe $0.83 $0.10 $0.44 Production Tax - per Boe/% of Pre-Hedge Revenue $0.26/1.5% $2.22/4.8% $1.30/4.0% Production Margin per Boe $5.59 $38.33 $22.85

Note: Totals may not calculate due to rounding and other classifications.

SIMPLIFIED PORTFOLIO: 2 TOP-TIER AREAS OF OPERATION

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NYSE: SM

2019 ACTIVITY BY REGION

WELLS DRILLED, FLOWING COMPLETIONS AND DUC COUNT

As of June 30, 2019

(1) During the second quarter of 2019, there were five gross joint development wells drilled. As of June 30, 2019, there were twelve gross joint development DUCs. (2) Non-operated activity relates to wells located in the Permian Basin. The single well that was drilled during the second quarter of 2019 was included in a trade that closed in June, 2019.

Wells Drilled Flowing Completions DUC Count

2nd Quarter 2019 2019 YTD 2nd Quarter 2019 2019 YTD As of June 30, 2019

Region

Gross Net Gross Net Gross Net Gross Net Gross Net

Permian Sweetie Peck

3 2 7 5 5 4 11 8 1 1

RockStar

23 23 50 48 31 28 55 51 51 48

Permian total

26 25 57 53 36 32 66 59 52 49

South Texas(1)

7 3 15 10 11 11 13 13 30 20

Subtotal Operated Wells

33 28 72 63 47 43 79 72 82 69

Non-operated Wells(2)

n/a 1 n/a 1 n/a

n/a
n/a
Total

n/a 29 n/a 64 n/a 43 n/a 72 n/a 69

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NYSE: SM

LEASEHOLD SUMMARY

Region

Net Acres(1) June 30, 2019 Midland Basin RockStar 64,520 Sweetie Peck(2) 16,850 Midland Basin Total 81,370 South Texas 162,990 Rocky Mountain Other(3) 173,980 Other Areas/Exploration 26,380

Total 444,720

(1) Includes developed and undeveloped oil and gas leasehold, fee properties, and mineral servitudes held as of June 30, 2019. (2) Sweetie Peck acreage includes 1,740 net drill-to-earn acreage. (3) Rocky Mountain Other includes non-core Williston Basin, and other non-core acreage located in North Dakota, Montana, Wyoming, and Utah.

SLIDE 24

NYSE: SM

NGL REALIZATIONS

NGL price realizations are predominantly tied to Mont Belvieu, fee

based contracts

Differential reflects composite NGL barrel product mix, transportation

and fractionation fees

42% 27% 9% 9% 13%

SM Typical NGL Bbl(1)

Ethane Propane Isobutane Normal Butane Natural Gasoline

2Q18 3Q18 4Q18 1Q19 2Q19

Mt. Belvieu ($/Bbl)

$33.10 $37.97 $29.91 $26.28 $22.23

SM Realization ($/Bbl)

$27.55 $30.77 $24.01 $19.39 $16.42

% Differential to

Mt. Belvieu

83% 81% 80% 74% 74%

(1) Reflects ethane rejection; if the Company were to process ethane, the typical NGL barrel would consist of 51% ethane, 23% propane, 12% natural gasoline, 7% normal butane, and 7% isobutane. During 2019, the Company elected to process ethane in January through June. The Company expects to reject ethane July – Sept. 2019.

SLIDE 25

NYSE: SM

OIL AND GAS DERIVATIVE POSITIONS(1)

BY QUARTER THROUGH 2020

25 Midland - Cushing Oil Swaps Oil Collars Oil Basis Swaps

Period Volume (MBbls) $/Bbl(2) Volume (MBbls) Ceiling $/Bbl(2) Floor $/Bbl(2) Volume (MBbls)

Price Differential $/Bbl(2) 3Q’19 1,217 $61.41 2,547 $62.64 $49.50 3,291 ($2.86) 4Q’19 1,686 $61.38 3,168 $62.49 $50.54 3,338 ($2.87) 1Q’20 1,938 $60.35 2,266 $63.91 $55.00 4,193 ($0.68) 2Q’20 2,192 $59.67 1,881 $62.17 $55.00 3,311 ($0.77) 3Q’20 1,634 $59.63 1,252 $62.90 $55.00 3,325 ($0.74) 4Q’20 1,584 $59.00 610 $61.90 $55.00 3,261 ($0.73)

IF HSC Gas Swaps IF HSC Gas Collars WAHA Gas Swaps

Period Volume (BBTU) $/MMBTU(2)

Volume (BBTU) Ceiling $/MMBTU(2) Floor $/MMBTU(2)

Volume (BBTU) $/MMBTU(2)

3Q’19 14,102 $2.84 5,066 $2.83 $2.50 4,340 $1.30 4Q’19 14,433 $2.88 4,818 $2.83 $2.50 2,962 $1.75 1Q’20 9,123 $2.98

2,060

$2.20 2Q’20

$0.83 3Q’20 2,650 $2.49

$1.24 4Q’20

1,009

$1.93

(1) Includes derivative contracts for settlement at any time during the third quarter of 2019 and later periods through 2020, entered into as of 7/31/19. (2) Weighted-average contract price.

SLIDE 26

NYSE: SM

NGL DERIVATIVE SWAP POSITIONS(1)

OPIS MT. BELVIEU

(1) Includes derivative contracts for settlement at any time during the third quarter of 2019 and later periods through 2020, entered into as of 7/31/19. (2) Weighted-average contract price.

Ethane