SM Energy Co. Enters Material Definitive Agreement

TL;DR

SM Energy just signed a big deal, watch their financials.

AI Summary

On July 2, 2024, SM Energy Co. entered into a Material Definitive Agreement related to a financial obligation. The company, formerly known as St. Mary Land & Exploration Co., is incorporated in Delaware and headquartered in Denver, Colorado.

Why It Matters

This filing indicates a significant new financial commitment or obligation for SM Energy Co., which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial risks or obligations that require careful monitoring.

Key Players & Entities

• SM Energy Co. (company) — Registrant
• St. Mary Land & Exploration Co. (company) — Former company name
• July 2, 2024 (date) — Date of earliest event reported
• Denver, Colorado (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common stock, $0.01 par value SM New York Stock Exchange

Filing Documents

• sm-20240702.htm (8-K) — 26KB
• exhibit101-firstamendmentt.htm (EX-10.1) — 147KB
• 0000893538-24-000076.txt ( ) — 309KB
• sm-20240702.xsd (EX-101.SCH) — 2KB
• sm-20240702_lab.xml (EX-101.LAB) — 21KB
• sm-20240702_pre.xml (EX-101.PRE) — 12KB
• sm-20240702_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On July 2, 2024, SM Energy Company (the " Company ") entered into a First Amendment (the " First Amendment ") to Seventh Amended and Restated Credit Agreement (the " Credit Agreement ") with Wells Fargo Bank, National Association, as administrative agent for the Lenders, and each of the other Lenders that is a party to the Credit Agreement, in order to facilitate the purchase by the Company of all of the rights, titles and interests in the Uinta Basin oil and gas assets owned by XCL AssetCo, LLC, a Delaware limited liability company, XCL Marketing, LLC, a Delaware limited liability company, Wasatch Water Logistics, LLC, a Delaware limited liability company, XCL SandCo, LLC, a Delaware limited liability company and XCL Resources, LLC, a Delaware limited liability company (the " XCL Acquisition "). The First Amendment provides for, among other things, amending certain provisions of the Credit Agreement (i) to permit the Company to incur certain indebtedness to fund the purchase price of the XCL Acquisition in a manner that disregards the proceeds of senior unsecured or convertible notes during the period from the date of the First Amendment to the closing of the XCL Acquisition for purposes of determining compliance with certain covenants related to restricted payments; (ii) that restrict the Company from maintaining excess cash balances, in order to permit borrowings under the Credit Agreement and/or the issuance of senior unsecured notes (to the extent such borrowings or proceeds are utilized to fund a portion of the purchase price for the XCL Acquisition); (iii) that restrict the incurrence of debt, or that accelerate the maturity date under the Credit Agreement, to permit borrowings under a customary bridge loan facility and/or the issuance of senior unsecured notes with special mandatory redemption provisions; and (iv) that prohibit the incurrence of liens, in order to permit liens encumbering the proceeds o

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit Number Description 10.1 First Amendment to Seventh Amended and Restated Credit Agreement, dated as of July 2, 2024, by and Among SM Energy Company, a Delaware corporation, each of the Lenders that is a party thereto; and Wells Fargo Bank, National Association, as administrative agent for the Lenders, the Issuing Banks and the Swingline Lender 104 Cover Page Interactive Data File (formatted as Inline XBRL and included as Exhibit 101)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SM ENERGY COMPANY Date: July 8, 2024 By: /s/ JAMES B. LEBECK James B. Lebeck Executive Vice President and General Counsel

View Full Filing

View this 8-K filing on SEC EDGAR