Operating Results APRIL 29, 2020 SM-ENERGY.COM DISCLAIMERS - - PowerPoint PPT Presentation

1Q 2020 Financial & Operating Results

APRIL 29, 2020 SM-ENERGY.COM

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DISCLAIMERS

Forward-looking statements Non-GAAP financial measures

This presentation references non-GAAP financial measures. Please see the “Non-GAAP Definitions and Reconciliations” section of the Appendix, which includes definitions of non-GAAP measures used and reconciliations to the directly most directly comparable GAAP measure. This presentation contains forward-looking statements within the meaning of securities laws. The words "assumes," "anticipate," "estimate," "expect," "forecast, "generate," "guidance," "implied," "plan," "project," "objectives," "outlook," "sustainable," "target," "trajectory," "will" and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, among other things, guidance for the full year and second quarter 2020, including production volumes, oil production growth, operating and general and administrative costs, DD&A, capital expenditures, average lateral feet per well, average well costs, year-over-year PDP decline, and number of rigs and completions crews expected to be running through YE 2020; the Company’s 2020 strategic priorities, including: improved operating margins and cash flow, oil mix as a percentage of production, delivery of free cash flow, and increasing inventory and inventory value; the Company’s 2020 goals, including: reducing leverage and generating full-year 2020 free cash flow; and the number of wells the Company plans to drill and complete. 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. Future results may be impacted by the risks discussed in the Risk Factors section of SM Energy's most recent Annual Report on Form 10-K and Q1 2020 Form 10-Q, 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 release. 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.

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~$81MM

FREE CASH FLOW

(1)

F R E E C A S H F L O W P R O D U C T I O N A B S O L U T E D E B T R E D U C T I O N B O R R O W I N G B A S E R E D E T E R M I N AT I O N C O M P L E T E D C A P I TA L P R O G R A M R E D U C E D A N D R E M A I N S F L E X I B L E

~$91MM

DEBT REDUCTION

STRONG FIRST QUARTER AND SCALED-BACK 2020 CAPITAL

PREMIER OPERATOR OF TOP-TIER ASSETS

▪ Generated $81MM of free cash flow(1) ▪ Production of 12.4 MMBoe (135.9 MBoe/d) and 51%

• il at high-end of guidance

▪ $41MM market purchases of 2022 bonds for $28.3MM ▪ $50MM reduction in credit facility balance ▪ Net Debt-to-Adjusted EBITDAX at 2.45x(1)

▪ Capital expenditures reduced ~20% ▪ Borrowing Base redetermined at $1.1B with

Commitments of $1.1B

FIRST QUARTER 2020 PERFORMANCE

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Adjusted EBITDAX

(1)

$286

Production

135.9

Free Cash Flow

(1)

$81

Q1 2020

Production and Pricing

Total Production (MMBoe) 12.4 Total Production (MBoe/d) 135.9 Oil percentage 51% Pre-Hedge Realized Price ($/Boe) $28.64 Post-Hedge Realized Price ($/Boe) $34.58

Costs (per Boe)

LOE $4.75 Transportation $3.11 Production & Ad Valorem taxes $1.80 Total Production Expenses $9.67 Cash Production Margin (pre-hedge) $18.97 G&A (Cash) $1.85 G&A (Non-Cash) $0.37 Operating Margin (pre-hedge) $16.76 DD&A $18.88

Earnings

GAAP net loss (per share) ($3.64) Adjusted net loss(1) (per share) ($0.05) Adjusted EBITDAX(1) ($MM) $286.0

Free Cash Flow ($MM)

Net cash provided by operating activities (GAAP) $218.1 Net change in working capital (GAAP) $18.5 Net cash provided by operating activities before net change in working capital $236.6 Less: Capital Expenditures (GAAP) $139.9 Increase in capital expenditure accruals and other (GAAP) $16.8 Free Cash Flow(1) $80.5

MBoe/d million million

Key y Metrics rics

Net debt-to-Adjusted EBITDAX

(3) Initial Call Date 2025 2024 Coupon 1.500%

Debt Maturities

( 1 )

$172.5

BALANCE SHEET FOCUS

LEVERAGE METRICS IMPROVED

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$1,250 $1,000 $750 $500 $250 $0 2027 2026 2023 2022 2021 2020 Initial Call Price Maturity Date 7/2021 11/2022 103.06% 11/2018 6.125% 5.000% 7/2018 102.50% 01/2024 5.625% 6/2020 102.81% 06/2025 6.750% 9/2021 103.38% 09/2026 6.625% 1/2022 104.97% 01/2027

$436.0 $500 $500 $500 $500

$1.1B 1B

Commitments & Borrowing Base

Liquidity of $1B

(2)

Borrowing base re-determined in April 2020 in millions $72

(1) As of March 31, 2020; Commitments and Borrowing Base as of April 29, 2020. (2) Pro-forma for the Company’s senior secured revolving credit facility borrowing base redetermination which was completed on April 29, 2020. (3) Net debt-to-Adjusted EBITDAX is a non-GAAP measure. See the “Non-GAAP Definitions and Reconciliations” section in the Appendix.

2.45x

2Q – 4Q 2020 Oil Volumes Hedged

(1)

At prices > $55/Bbl 2020 Hedge dge Pro rogra ram

▪ ~14,340 MBbls(1) of 2Q – 4Q oil production hedged to WTI;

swaps at ~$57/Bbl, collar floors at $55/Bbl

▪ Midland Basin oil production for the remainder of 2020 is

substantially hedged at basis Midland to Cushing

▪ ~28,985 BBtu(2) of 2Q – 4Q natural gas production hedged ▪ NGLs hedged by product

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STRONG HEDGE PROTECTION AT CURRENT OIL PRICES

HEDGING SUMMARY

(1) 2Q – 4Q 2020 oil hedges include oil swaps and collars to WTI only; excludes basis swaps. (2) 2Q – 4Q 2020 natural gas hedges include IF HSC and WAHA gas swaps.

~14,340 MBbls

TOP-TIER EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY

MIDLAND BASIN

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MARTIN

RockS ckStar tar

HOWARD UPTON

Sweet eetie e Peck ck

MIDLAND

2 0 2 0 P L A N O B J E C T I V E S 2 0 2 0 R E V I S E D P L A N

▪ ~11,300’ expected average lateral feet per well ▪ ~$6.8MM expected average well cost ▪ ~48% Boe PDP decline (YE19 - YE20)

B E S T I N C L A S S W E L L P E R F O R M A N C E

▪ SM wells generate among the highest revenues per well in the Midland Basin(1) ▪ JP Morgan Equity Research: “We believe that western Howard County is one of the most prolific/economic areas in the Midland Basin.”(2)

L E A D I N G E D G E C A P I T A L C O S T S

▪ Expected DC&E costs further reduced to ~$600/lateral foot

O P E R AT I N G D E TA I L S

(3)

~82,000

Rigs Running: Completion Crews:

N E T A C R E S

(1) Baird Equity Research, Joseph Allman, November 4, 2019; Baird Energy Big Data Analytics (May 2018 - April 2019 first production). (2) J.P. Morgan Equity Research, Michael Glick, February 19, 2020; SM Energy 4Q:19 Flash: Huge 4Q, 1Q Guide. (3) As of April 30, 2020.

765 1,025 1,503 1,740

2017 2018 2019 Q1'20

1.0 0.6 Jan. '19 Apr. '19 July '19 Oct. '19 Jan. '20 Mar. '20

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LEADING DC&E COSTS REDUCED TO ~$600 PER LATERAL FOOT

MIDLAND BASIN: TOP-TIER CAPITAL EFFICIENCY

Drilling and Completion Efficiency Gains

Drilled and completed feet per day(1)

53%

DRILLING IMPROVEMENT

127%

COMPLETION IMPROVEMENT

Longer Laterals

Average Lateral Length Completed(2)

Lower Sand Costs

Indexed to January 2019(3)

9,300 11,300

2017 2018 2019 2020 REVISED PLAN

22%

INCREASE IN LATERAL LENGTH

43%

LOWER SAND COSTS

(1) Drilling: total lateral feet delivered per day, spud to rig release. Completion: lateral feet completed per fleet per day. (2) 2020 Plan lateral length average subject to change. (3) Sand costs exclude last mile logistics as there is variability in these charges. 510 562 645 778

2017 2018 2019 Q1'20

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FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT

SOUTH TEXAS

DIMMIT COUNTY WEBB COUNTY

North Area South Area East Area

2 0 2 0 P L A N O B J E C T I V E S O P E R AT I N G D E TA I L S

(1)

Rigs Running:

~159,000

N E T A C R E S

(1) As of April 30, 2020.

2 0 2 0 R E V I S E D P L A N

▪ ~11,700’ expected average lateral feet per well ▪ ~$7.25MM expected average well cost / DC&E costs further reduced to ~$620/lateral foot ▪ ~27% Boe PDP decline (YE19 - YE20)

A U S T I N C H A L K S U C C E S S

▪ Briscoe G 109H, completed in the fourth quarter of 2020, continues to

• utperform expectations

50 100 150 200 250 300 20 40 60 80 100 120 140

Cumulative Production Days on Production

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HIGHER OIL CONTENT = HIGHER RETURNS

SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES

Briscoe G 109H

Continued outperformance v. expectations

Total Production

(MBoe; 3-stream)

Oil Production

(MBo)

Demonstrating Geographic Expanse

Note: Boe rates provided are 3-stream.

Briscoe C (SA1) State 108H IP30: 1,693 Boe/d IP30 oil: 779 Bbl/d Lateral Length: 11,269’ % liquids: 73% API Gravity: 50.0 Watson (SA2) State 167H IP30: 3,096 Boe/d IP30 oil: 651 Bbl/d Lateral Length: 12,875’ % liquids: 56% API Gravity: 56.7 Briscoe G 109H IP30: 2,634 Boe/d IP30 oil: 1,581 Bbl/d Lateral Length: 6,502’ % liquids: 78% API Gravity: 52.4 Galvan Ranch C917H IP30: 2,024 Boe/d IP30 oil: 310 Bbl/d Lateral Length: 7,886’ % liquids: 47% API Gravity: 61.9 Galvan Ranch B904H IP30: 3,452 Boe/d IP30 oil: 887 Bbl/d Lateral Length: 11,306’ % liquids: 58% API Gravity: 53.5



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

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

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) 2019 TRIR: 0.46

2020 compensation tied to targeted top-quartile(1) safety metrics

$1.5 million in 2019

SM charitable contributions totaled approximately 2019 GHG Emissions Intensity

12. 2.4

2019 top quartile(1) Methane Emissions

0.11%

2019 top-quartile(1) Spill Volumes (Bbls spilled / 1,000 Bbls produced) (% of methane produced): Intensity (mT CO2e / MBoe):

0.0 .015

2019 Flaring Percentage

Executive compensation aligned with long-term corporate strategy and performance measures tied to creation of stockholder value CORPO RPORA RATE TE RESP SPONSIBI SIBILI LITY TY REPOR PORT T

AVAILABLE AT:

SM-ENERGY.COM

1.3 .3%

(% of gas flared to total production):

Board has annually established top-quartile(1) EHS performance goals, which are reviewed quarterly and impact compensation of every employee

(1) Top-quartile based on surveyed and/or publicly available data from American Exploration & Production Council members.

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Appendix

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TWO TOP-TIER AREAS OF OPERATION

1Q 2020 REALIZATIONS BY REGION

Midlan and d Basin in Sou

• uth

Texas Total al

Production Volumes Oil (MBbls) 5,932 415 6,347 Gas (MMcf) 9,931 16,570 26,501 NGL (MBbls) 3 1,599 1,602 Total (Mboe) 7,590 4,776 12,367 Revenue (in thousands) Oil $276,136 $15,557 $291,693 Gas $11,334 $29,376 $40,710 NGL $58 $21,772 $21,830 Total $287,528 $66,705 $354,233 Expenses (in thousands) LOE $47,950 $10,843 $58,793 Ad Valorem $5,727 $1,719 $7,445 Transportation $28 $38,411 $38,438 Production Taxes $13,627 $1,248 $14,875 Per Unit Metrics Realized Oil Per Bbl $46.55 $37.45 $45.96 % of Benchmark - WTI 101% 81% 100% Realized Gas per Mcf $1.14 $1.77 $1.54 % of Benchmark - NYMEX Henry Hub 58% 91% 79% Realized NGL per Bbl $16.77 $13.62 $13.62 % of Benchmark - HART 99% 80% 80% Realized Price per Boe $37.88 $13.97 $28.64 LOE per Boe $6.32 $2.27 $4.75 Transportation per Boe

• $8.04

$3.11 Ad Valorem per Boe $0.75 $0.36 $0.60 Production Tax per Boe $1.80 $0.26 $1.20 Production Tax as % of Pre-hedge Revenue 4.7% 1.9% 4.2% Production Margin per Boe $29.01 $3.04 $18.97 Benchmark Pricing NYMEX WTI Oil ($/Bbl) $ 46.17 NYMEX LLS Oil ($/Bbl) $ 49.90 NYMEX Henry Hub Gas ($/MMBtu) $ 1.95 Hart Composite NGL ($/Bbl) $ 17.02

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WELLS DRILLED, FLOWING COMPLETIONS AND DUC COUNT

1Q 2020 ACTIVITY BY REGION

Wells Drilled Flowing Completions

DUC Count(1)

Gross Net Gross Net Gross Net

Midland Basin Sweetie Peck 5 4 5 5 6 5 RockStar 20 18 14 14 51 47 Midland Basin total 25 22 19 19 57 52 South Texas 3 3 1 1 23 23 Total 28 25 20 20 80 75

(1) As of March 31, 2020.

Oil Swaps Oil Collars Midland - Cushing Oil Basis Swaps NYMEX WTI - ICE Brent Oil Basis Swaps NYMEX WTI Roll Basis Swaps

Period Volume (MBbls) $/Bbl(2) Volume (MBbls) Ceiling $/Bbl(2) Floor $/Bbl(2) Volume (MBbls) Price Differential $/Bbl(2) Volume (MBbls) Price Differential $/Bbl(2) Volume (MBbls) Price Differential $/Bbl(2) Q2 2020 2,838 $58.81 1,881 $62.17 $55.00 3,637 ($0.62) 910 ($8.06) 600 ($2.37) Q3 2020 3,361 $56.43 1,252 $62.90 $55.00 3,607 ($0.62) 920 ($8.01) 2,506 ($1.29) Q4 2020 4,397 $57.03 610 $61.90 $55.00 4,087 ($0.38) 920 ($8.01) 2,552 ($1.29) Q1 2021 2,200 $44.01 329 $56.70 $55.00 2,834 $0.86 900 ($7.86) 270 ($0.37) Q2 2021 1,456 $37.57

• 2,922

$0.87 910 ($7.86) 273 ($0.37) Q3 2021 1,765 $37.98

• 2,885

$0.87 920 ($7.86) 276 ($0.37) Q4 2021 2,139 $38.53

• 2,886

$0.87 920 ($7.86) 276 ($0.37) Q1 2022

• 2,222

$1.15 900 ($7.78)

• Q2 2022
• 2,374

$1.15 910 ($7.78)

• Q3 2022
• 2,442

$1.15 920 ($7.78)

• Q4 2022
• 2,462

$1.15 920 ($7.78)

• IF HSC Gas Swaps

WAHA Gas Swaps

Period Volume (BBtu) $/MMBtu(2) Volume (BBtu) $/MMBtu(2) Q2 2020 4,160 $2.20 3,838 $0.67 Q3 2020 4,493 $2.41 4,628 $1.08 Q4 2020 6,994 $2.32 4,872 $1.21 Q1 2021 8,148 $2.32 5,158 $1.52 Q2 2021 8,115 $2.32 4,525 $1.47 Q3 2021 9,371 $2.32 4,629 $1.47 Q4 2021 9,184 $2.32 4,722 $1.46 Q1 2022 1,632 $2.23

• Q2 2022

1,545 $2.23

• Q3 2022

1,497 $2.23

• Q4 2022

1,430 $2.23

• Ethane

Propane

Period Volume (MBbls) $/Bbl(2) Volume (MBbls) $/Bbl(2) Q2 2020 264 $11.13 382 $22.34 Q3 2020

• 409

$22.33 Q4 2020

• 466

$22.29

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BY QUARTER

OIL, GAS, AND NGL DERIVATIVE POSITIONS

(1)

Oil Gas NGLs

(1) Includes derivative contracts for settlement at any time during the second quarter of 2020 and later periods, entered into as of 4/28/2020. (2) Weighted-average contract price.

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NO LEASEHOLD ON FEDERAL LANDS IN THE MIDLAND BASIN OR SOUTH TEXAS

LEASEHOLD SUMMARY

MIDLAND BASIN NET ACRES

~82,000

Midland Basin Sweetie Peck(2) 18,000 RockStar 63,800 Midland Basin total 81,800 South Texas 158,900 Rocky Mountain Other 10,600 Other Areas / Exploration 26,400 Total 277,700

SOUTH TEXAS NET ACRES

~159,000

As of March 31, 2020

Net t Acre res

(1)

(1) Includes developed and undeveloped oil and natural gas leasehold, fee properties, and mineral servitudes held as of March 31, 2020. (2) Sweetie Peck acreage includes 1,940 net drill-to-earn acreage.

Differential reflects NGL composite barrel product mix as well as transportation and fractionation fees

NGL REALIZATIONS

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NGL price realizations tied to Mont Belvieu, fee-based contracts

SM Ener ergy gy NGL Comp mposition

• sition

(1 (1)

40% 29% 13% 9% 9% Ethane

Isobutane Natural Gasoline

Propane

Normal Butane

(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 the first quarter of 2020, the Company rejected ethane, and expects to continue rejecting ethane for the second quarter.

1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Mont Belvieu Benchmark Price ($/Bbl) $26.28 $22.23 $18.89 $21.96 $17.02 SM NGL Realization ($/Bbl) $19.39 $16.42 $15.73 $17.84 $13.62 % Differential to Mont Belvieu 74% 74% 83% 81% 80%

Realization alizations s by Quart rter

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Non-GAAP Definitions & Reconciliations

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Adjusted EBITDAX: Adjusted EBITDAX is calculated as net income (loss) before interest expense, interest income, income taxes, depletion, depreciation, amortization and asset retirement obligation liability accretion expense, exploration expense, property abandonment and impairment expense, non-cash stock-based compensation expense, derivative gains and losses net of settlements, gains and losses on divestitures, gains and losses on extinguishment of debt, and certain other items. Adjusted EBITDAX excludes certain items that the Company believes affect the comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. Adjusted EBITDAX is also important as it is considered among financial covenants under the Company’s Credit Agreement, a material source of liquidity for the Company. Please reference the Company’s 2019 Form 10-K and first quarter 2020 Form 10-Q for discussion of the Credit Agreement and its covenants. Adjusted net income (loss): Adjusted net income (loss) excludes certain items that the Company believes affect the comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include non-cash and other adjustments, such as derivative gains and losses net of settlements, impairments, net (gain) loss on divestiture activity, gains and losses on extinguishment of debt, and accruals for non-recurring matters. Free cash flow: Free cash flow is calculated as net cash provided by operating activities before net change in working capital less capital expenditures before increase in capital expenditure accruals and other. Net debt: The total principal amount of outstanding senior notes, senior convertible notes plus amounts drawn on the revolving credit facility (also referred to as total funded debt) less cash and cash equivalents. Net debt-to-Adjusted EBITDAX: Net debt-to-Adjusted EBITDAX is calculated as Net Debt (defined above) divided by Adjusted EBITDAX (defined above). A variation of this calculation is a financial covenant under the Company’s Credit Agreement for its revolving credit facility beginning in the fourth quarter of 2018.

NON-GAAP DEFINITIONS

Definitions of non-GAAP measures as Calculated by the Company

The following non-GAAP measures are presented in addition to financial statements as the Company believes these metrics and performance measures are widely used by the investment community, including investors, research analysts and others, to evaluate and compare investments among upstream oil and gas companies in making investment decisions or recommendations. These measures, as presented, may have differing calculations among companies and investment professionals and may not be directly comparable to the same measures provided by others. A non-GAAP measure should not be considered in isolation or as a substitute for the related GAAP measure or any other measure of a company’s financial or operating performance presented in accordance with GAAP. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure or measures is presented below. These measures may not be comparable to similarly titled measures of other companies.

Three Months Ended March 31, 2020 (in thousands) Net loss (GAAP) $ (411,895) Net derivative gain (545,340) Derivative settlement gain 73,437 Impairment 989,763 Gain on extinguishment of debt (12,195) Other, net 386 Tax effect of adjustments(3) (109,813) Valuation allowance on deferred tax assets 10,017 Adjusted net loss (non-GAAP) $ (5,640) Diluted net loss per common share (GAAP) $ (3.64) Net derivative gain (4.83) Derivative settlement gain 0.65 Impairment 8.76 Gain on extinguishment of debt (0.11) Other, net

• Tax effect of adjustments(3)

(0.97) Valuation allowance on deferred tax assets 0.09 Adjusted net loss (non-GAAP) $ (0.05) Basic weighted-average common shares outstanding 113,009 Diluted weighted-average common shares outstanding 113,009 Three Months Ended March 31, 2020 (in thousands) Net loss (GAAP) $ (411,895) Interest expense 41,512 Income tax benefit (99,008) Depletion, depreciation, amortization, and asset retirement

• bligation liability accretion

233,489 Exploration(2) 10,392 Impairment 989,763 Stock-based compensation expense 5,561 Net derivative gain (545,340) Derivative settlement gain 73,437 Gain on extinguishment of debt (12,195) Other, net 333 Adjusted EBITDAX (non-GAAP) $ 286,049 Interest expense (41,512) Income tax benefit 99,008 Exploration(2) (10,392) Amortization of debt discount and deferred financing costs 3,992 Deferred income taxes (99,347) Other, net (1,149) Net change in working capital (18,517) Net cash provided by operating activities (GAAP) $ 218,132

NON-GAAP RECONCILIATIONS

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Adjusted EBITDAX

(1)

Adjusted Net Loss

(1)

Three Months Ended March 31, 2020 (in thousands) Senior Notes (principal amount - Note 5 of 1Q20 Form 10-Q) $ 2,436,047 Senior Convertible Notes (principal amount - Note 5 of 1Q20 Form 10-Q) 172,500 Revolving credit facility 72,000 Total funded debt $ 2,680,547 Less: Cash and cash equivalents 15 Net debt $ 2,680,532 Three Months Ended March 31, 2020 (in thousands) Net cash provided by operating activities (GAAP) $ 218,132 Net change in working capital 18,517 Cash Flow from Operations before net change in working capital 236,649 Exploration(3) 10,392 Discretionary cash flow (Non-GAAP) $ 247,041 Capital expenditures (GAAP) $ 139,306 Changes in capital expenditure accruals and other 16,802 Capital expenditures before increase in capital expenditure accruals and other 156,108 Capitalized interest (2,692) Exploration(3) 10,392 Other 662 Total capital spend (Non-GAAP) $ 164,470 Free cash flow (old method) $ 82,571 Capitalized interest (2,692) Other 662 Free cash flow (new method) $ 80,541

NON-GAAP RECONCILIATIONS

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RECONCILIATION OF PRIOR CALCULATION METHOD TO NEW METHOD

Free Cash Flow

(1)(2)

Net Debt

(1)

Vice President - Investor Relations 303.864.2507 jsamuels@sm-energy.com

CONTACT INFORMATION

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Jennifer Martin Samuels