SM Energy

(SM)

Crude oil-primary · Permian · 12 hedge positions disclosed

As of 10-Q 2026-08-06 · Aug 6, 2026.

SM Energy may have added, unwound, or restructured hedges since this filing, and the changes won't appear here until their next quarterly disclosure. Treat all numbers below as a point-in-time snapshot. View source on SEC EDGAR →

Equity Market Cap

$5.5B

Production /d

412

MBoe or MMcfe per filing

% Natural Gas

33%

FCF Breakeven

$33.00

$/Boe

Hedges basis

Estimated value of hedges vs current strip

-$303Mout of the money vs current forward curve

BoxWood estimate, intrinsic value of the disclosed WTI + Henry Hub positions marked against the Sep 3, 2026 CME forward curve. Positive = locked in above today's market. This is an estimate from public data, not SM Energy's own mark. It excludes basis, option time value, SOFR discounting, and the positions themselves may have changed since the filing.

Crude Oil hedge shape

Blended protection by quarter · $/Bbl

Blended collar (floor to ceiling) Avg hedge price

Swaps and collars volume-weighted into one effective collar · a swap is a floor equal to its ceiling.

Hedged volume by quarter · bbls/d

Sum of disclosed daily hedge volume active in each quarter.

Natural Gas hedge shape

Blended protection by quarter · $/MMBtu

Blended collar (floor to ceiling) Avg hedge price

Swaps and collars volume-weighted into one effective collar · a swap is a floor equal to its ceiling.

Hedged volume by quarter · MMBtu/d

Sum of disclosed daily hedge volume active in each quarter.

Crude Oil positions

Type	Period	Volume	Price level
Swap	Oct 2026 - Dec 2026	83,402 bbls/d	$61.22
Swap	Jan 2027 - Dec 2027	28,849 bbls/d	$68.09
Collar	Jul 2026 - Sep 2026	61,543 bbls/d	$59.51 × $69.09
Collar	Oct 2026 - Dec 2026	35,750 bbls/d	$58.66 × $66.07
Collar	Jan 2027 - Dec 2027	33,241 bbls/d	$63.42 × $72.07
Swap	Jul 2026 - Sep 2026	69,543 bbls/d	$63.30

Natural Gas positions

Type	Period	Volume	Price level
Swap	Jul 2026 - Sep 2026	184,098 MMBtu/d	$4.07
Swap	Oct 2026 - Dec 2026	148,870 MMBtu/d	$4.30
Swap	Jan 2027 - Dec 2027	104,559 MMBtu/d	$4.03
Collar	Jul 2026 - Sep 2026	238,098 MMBtu/d	$3.48 × $4.33
Collar	Oct 2026 - Dec 2026	297,304 MMBtu/d	$3.53 × $4.67
Collar	Jan 2027 - Dec 2027	56,605 MMBtu/d	$3.72 × $4.60

Sourced from SM Energy's 10-Q 2026-08-06 dated Aug 6, 2026. Hedge positions disclosed in 10-K / 10-Q filings reflect the company's book as of the filing date. Material activity may have occurred since. BoxWood does not estimate post-filing position changes. The estimated value above marks those disclosed positions against the current CME forward curve (intrinsic only) and is not the company's own mark-to-market.

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BoxWood is commodity hedge management software for oil and gas producers, fuel consumers, refiners, and trade houses: AI-checked trade confirmations, one-click daily mark-to-market, counterparty reconciliation, settlements, scenario analysis, and automated daily reports for natural gas, NGL, crude, refined-product, and basis hedges. The Peer Hedge Atlas is the public, filing-sourced part of it.

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