A. Wade Pursell - 24 Jul 2025 Form 4 Insider Report for SM Energy Co (SM)

Role: EVP & CFO
Signature: Andrew T. Fiske (Attorney-in-Fact)
Issuer symbol: SM
Transactions as of: 24 Jul 2025
Transactions value $: -$123,674
Form type: 4
Filing time: 25 Jul 2025, 16:41:04 UTC
Previous filing: 03 Jul 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
PURSELL A WADE	EVP & CFO	1700 LINCOLN STREET, SUITE 3200, DENVER	Andrew T. Fiske (Attorney-in-Fact)	25 Jul 2025	0001041812

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SM	Common Stock, $.01 Par Value	Options Exercise		+11.4K	+2.87%		410K	24 Jul 2025	Direct	F1
transaction	SM	Common Stock, $.01 Par Value	Tax liability	-$124K	-5.01K	-1.22%	$24.71	405K	24 Jul 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SM	Restricted Stock Units	Award	$0	+48K		$0.00	48K	25 Jul 2025	Common Stock, $.01 Par Value	48K		Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On July 24, 2025, 11,436 shares the Issuer's common stock were issued to the Reporting Person under the terms of a performance share unit ("PSU") award, based on the determination by the Compensation Committee of the Board of Directors of the Issuer regarding achievement of time-based vesting provisions and specific performance criteria that were not tied solely to the market price of the Issuer's common stock. The PSUs were granted to the Reporting Person on July 1, 2022, and represented the contingent right to receive between 0% to 200% of that number of shares of the Issuer's common stock based on the achievement of the vesting and performance criteria over a three-year performance period. The PSUs were fully vested on July 1, 2025.
F2	Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in six equal biannual installments beginning January 1, 2026. The vested shares will be issued to the Reporting Person on the earlier of such Reporting Person's retirement from the Issuer or July 1 of the applicable year, at which time all restrictions on the vested shares will lapse.

Content

On July 24, 2025, 11,436 shares the Issuer's common stock were issued to the Reporting Person under the terms of a performance share unit ("PSU") award, based on the determination by the Compensation Committee of the Board of Directors of the Issuer regarding achievement of time-based vesting provisions and specific performance criteria that were not tied solely to the market price of the Issuer's common stock. The PSUs were granted to the Reporting Person on July 1, 2022, and represented the contingent right to receive between 0% to 200% of that number of shares of the Issuer's common stock based on the achievement of the vesting and performance criteria over a three-year performance period. The PSUs were fully vested on July 1, 2025.

Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in six equal biannual installments beginning January 1, 2026. The vested shares will be issued to the Reporting Person on the earlier of such Reporting Person's retirement from the Issuer or July 1 of the applicable year, at which time all restrictions on the vested shares will lapse.