Corporate Analysis:
SM Energy Q2 2026

Following its 2024 expansion into the Uinta Basin and January 2026 merger with Civitas Resources, SM Energy has emerged as one of the largest U.S. independent producers, with a diversified portfolio spanning the Permian, Uinta, DJ, and Eagle Ford. Novi models 5,655 remaining locations across the portfolio, including 4,840 adjusted locations generating an NPV25 breakeven below $75/bbl WTI. That represents 49.1 million lateral feet and approximately 15.6 years of remaining inventory at SM’s modeled 2027 development pace.

This inaugural Corporate Note examines SM’s inventory quality and duration across its multi-basin portfolio, the integration of Civitas, and the company’s path toward deleveraging following a period of acquisition-driven growth.

*Please note that this report is only available for Novi Intelligence subscribers.