Subsequent Event

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Event

Note 13 - Subsequent Event

On November 2, 2025, the Company entered into an Agreement and Plan of Merger (“Merger Agreement”) with Civitas Resources, Inc. (“Civitas”) and a subsidiary of the Company, pursuant to which, among other things, the Company has agreed to acquire Civitas through a series of mergers (collectively, the “Merger”). Under the terms of the Merger Agreement, each eligible share of Civitas’ common stock will be converted into the right to receive 1.45 shares of the Company’s common stock.

Civitas is an independent exploration and production company focused on the acquisition, development, and production of crude oil and associated liquids-rich natural gas primarily in the Denver-Julesberg Basin in Colorado and the Permian Basin in Texas

and New Mexico. Under the terms of the Merger, Civitas shareholders will receive 1.45 shares of the Company’s common stock in exchange for each common share of Civitas they own at closing.

The Merger has been unanimously approved by the boards of directors of both companies. The Merger is subject to customary closing conditions, including the approval of SM Energy and Civitas shareholders and receipt of required regulatory approvals. The transaction is expected to close in the first quarter of 2026.