SM Energy Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SM Energy Co. has filed its 2023 10-K report detailing its financial and operational performance for the year ended December 31, 2023.</b>

AI Summary

SM Energy Co (SM) filed a Annual Report (10-K) with the SEC on February 22, 2024. SM Energy Co. filed its 2023 Form 10-K on February 22, 2024, reporting on its fiscal year ended December 31, 2023. The filing covers the company's financial performance and operations for the fiscal year 2023. SM Energy Co. is engaged in the exploration, development, and production of crude oil and natural gas. The company's principal executive offices are located in Denver, Colorado. SM Energy Co. was formerly known as ST MARY LAND & EXPLORATION CO, with a name change effective February 28, 1994.

Why It Matters

For investors and stakeholders tracking SM Energy Co, this filing contains several important signals. This 10-K filing provides a comprehensive overview of SM Energy's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors assessing the company's performance and future prospects. As a significant player in the crude petroleum and natural gas sector, SM Energy's annual report offers insights into industry trends, regulatory impacts, and the company's competitive positioning within the energy market.

Risk Assessment

Risk Level: medium — SM Energy Co shows moderate risk based on this filing. The company operates in the volatile crude petroleum and natural gas industry, which is subject to significant price fluctuations and regulatory changes, posing inherent risks to financial performance and operational stability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand SM Energy's performance drivers and potential challenges in the current energy market landscape.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (Filed as of date)
• 1994-02-28 — Name Change Date (Date of former company name change)

Key Players & Entities

• SM Energy Co. (company) — Filer name
• ST MARY LAND & EXPLORATION CO (company) — Former company name
• Denver, Colorado (location) — Business address city and state
• 1700 LINCOLN STREET SUITE 3200 (address) — Business street address
• 303-861-8140 (phone) — Business phone number

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial results are significantly impacted by fluctuations in the market prices of crude oil and natural gas.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive federal, state, and local environmental and safety regulations, which can increase costs and affect operations.
• Exploration and Development Risks [medium — operational]: The success of exploration and development activities is uncertain and involves significant risks, including the possibility of drilling dry wells.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the primary source of detailed financial and operational information for SM Energy Co. for the fiscal year 2023.)

Crude Petroleum & Natural Gas

Industry classification for companies involved in the exploration, extraction, and production of oil and gas. (Indicates SM Energy Co.'s core business sector and the market dynamics it operates within.)

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value SM New York Stock Exchange
• $31.63 — tly completed second fiscal quarter, of $31.63 per share, as reported on the New York
• $500.0 million — ally authorized the repurchase of up to $500.0 million in aggregate value of our common stock
• $228.0 m — shares of our common stock at a cost of $228.0 million, excluding excise taxes, commissi
• $214.9 million — fees. As of the filing of this report, $214.9 million remains available for repurchases of ou
• $0.60 — December 31, 2023, we paid dividends of $0.60 per share, an increase from $0.16 per s
• $0.16 — ds of $0.60 per share, an increase from $0.16 per share paid during the year ended De
• $0.72 — rcent increase to our fixed dividend to $0.72 per share annually, to be paid in quart
• $0.18 — , to be paid in quarterly increments of $0.18 per share, beginning in the first quart
• $1.2 billion — urred increased 28 percent from 2022 to $1.2 billion in 2023. Please refer to Areas of Opera

Filing Documents

• sm-20231231.htm (10-K) — 3171KB
• exhibit47-descriptionofsec.htm (EX-4.7) — 9KB
• exhibit1015-directorcompen.htm (EX-10.15) — 7KB
• exhibit1016changeofcontrol.htm (EX-10.16) — 76KB
• exhibit1022-psuawardagreem.htm (EX-10.22) — 65KB
• exhibit1023-rsuawardagreem.htm (EX-10.23) — 56KB
• exhibit211-subsidiaries123.htm (EX-21.1) — 2KB
• exhibit231-consentofpublic.htm (EX-23.1) — 3KB
• exhibit232-consentofindepe.htm (EX-23.2) — 4KB
• exhibit311-certificationhv.htm (EX-31.1) — 7KB
• exhibit312-certificationwp.htm (EX-31.2) — 7KB
• exhibit321-906certificatio.htm (EX-32.1) — 5KB
• exhibit971-compensationcla.htm (EX-97.1) — 26KB
• exhibit991-ryderscottlette.htm (EX-99.1) — 145KB
• image.jpg (GRAPHIC) — 37KB
• mwseal.jpg (GRAPHIC) — 71KB
• ryderscottletterhead.jpg (GRAPHIC) — 30KB
• ryderscottletterheada.jpg (GRAPHIC) — 30KB
• screenshot2023-02x14120622.jpg (GRAPHIC) — 11KB
• sm-20231231_g1.jpg (GRAPHIC) — 122KB
• sm-20231231_g2.jpg (GRAPHIC) — 22KB
• sm-20231231_g3.jpg (GRAPHIC) — 23KB
• sm-20231231_g4.jpg (GRAPHIC) — 23KB
• sm-20231231_g5.jpg (GRAPHIC) — 127KB
• 0000893538-24-000009.txt (&nbsp;) — 15519KB
• sm-20231231.xsd (EX-101.SCH) — 79KB
• sm-20231231_cal.xml (EX-101.CAL) — 87KB
• sm-20231231_def.xml (EX-101.DEF) — 406KB
• sm-20231231_lab.xml (EX-101.LAB) — 1062KB
• sm-20231231_pre.xml (EX-101.PRE) — 635KB
• sm-20231231_htm.xml (XML) — 2622KB

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 35 I tem 1C. Cybersecurity Risk Management, Strategy, and Governance 35 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 37 Part II 38 Item 5. Market For Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 38 Item 6. [Reserved] 39 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Overview of the Company 40 Financial Results of Operations and Additional Comparative Data 44 Comparison of Financial Results and Trends Between 2023 and 2022 , and Between 2022 and 2021 46 Overview of Liquidity and Capital Resources 50 Critical Accounting Estimates 54 Accounting Matters 57 Environmental 57 Non-GAAP Financial Measures 58 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8. Consolidated Financial Statements and Supplementary Data 60 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 104 Item 9A.

Controls and Procedures

Controls and Procedures 104 Item 9B. Other Information 107 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 2 TABLE OF CONTENTS (Continued) Item Page Part III 107 Item 10. Directors, Executive Officers, and Corporate Governance 107 Item 11.

Executive Compensation

Executive Compensation 107 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 107 Item 13. Certain Relationships and Related Transactions, and Director Independence 108 Item 14. Principal Accountant Fees and Services 108 Part IV 109 Item 15. Exhibits and Consolidated Financial Statement Schedules 109 Item 16. Form 10-K Summary 111

Signatures

Signatures 112 3 Cautionary Information about Forward-Looking Statements This Annual Report on Form 10-K ("Form 10-K" or "this report") contains "forward-looking statements" within the meaning of Section 27A 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 facts, that address activities, conditions, events, or developments with respect to our financial condition, results of operations, business prospects or economic performance that we expect, believe, or anticipate will or may occur in the future, or that address plans and objectives of management for future operations, 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 to identify forward-looking statements. Forward-looking statements appear throughout this report, and include statements about such matters as: business strategies and other plans and objectives for future operations, including plans for expansion and growth of operations or to defer capital investment, plans with respect to future dividend payments, debt redemptions or equity repurchases, capital markets activities, environmental, social, and governance ("ESG") goals and initiatives, and our outlook on our future financial condition or results of operations; the amount and nature of future capital expenditures, the resilience of our assets to declining commodity prices, and the availability of liquidity and capital resources 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 ge

View Full Filing

View this 10-K filing on SEC EDGAR