Exhibit 99.1


FOR IMMEDIATE RELEASE


SM ENERGY REPORTS 2015 RESULTS AND 2016 OPERATING PLAN:
MAINTAINING BALANCE SHEET STRENGTH
WHILE INCREASING ACTIVITY IN THE PERMIAN

Denver, Colorado February 23, 2016 - SM Energy Company ("SM Energy" or the “Company”) (NYSE: SM) announces today fourth quarter and full year 2015 financial and operating results, year-end 2015 reserves and the Company’s 2016 operating plan. Highlights include:
Proved reserves: 471 MMBoe at year-end 2015, including +208 MMBoe additions and revisions driven by well performance and successful resource expansion in the Eagle Ford and Bakken/Three Forks
2016 operating strategy: preserve the Company's strong balance sheet and liquidity by optimizing capital efficiency; plan delivers projected total debt:adjusted EBITDAX of less than 4 times through 2017
2015 financial results: adjusted net loss of $35.9 million, or $0.53 per diluted common share, and adjusted EBITDAX of $1,125 million (see GAAP reconciliation below)
Previously reported 2015 results: record production of 64.2 MMBoe and year-end liquidity of $1.3 billion with debt:adjusted EBITDAX of 2.3 times

President and Chief Executive Officer Jay Ottoson comments: “In 2015, we delivered record production with a capital program cut in half from 2014. We aggressively applied new drilling and completion techniques and tested expansions of our core programs that added more than 200 MMBoe of proved reserves, delivered significant growth in inventory, and furthered the upside potential of core assets.
“Our 2016 plan includes capital expenditures of approximately $705 million, a more than 45% cut from 2015. While a portion of our capital will be spent in the Eagle Ford in order to hold acreage, we will be completing a number of drilled and uncompleted wells in both the Eagle Ford and Bakken/Three Forks, and to the maximum extent possible we will be shifting our drilling and completion activity to our highly productive Midland Basin shale development. We will focus on continuing to improve the performance and economics of our portfolio and position the Company for significant value growth as product prices recover."
2016 OPERATING PLAN AND GUIDANCE
SM Energy's operating plan demonstrates the quality and optionality of the Company's asset base. Key assumptions in the Company's 2016 operating plan include:
Total capital before acquisitions of approximately $705 million, weighted to 1H16
Williston - drill approximately 20 wells and complete approximately 50 wells (gross)
Permian - drill approximately 20 wells and complete approximately 24 wells (gross)
Eagle Ford - drill approximately 15 wells and complete approximately 40 (gross, operated)
Divest several non-core PDP assets by year-end for expected proceeds of at least $100 million
Average commodity price projections: 2016 - WTI oil $37.50, Henry Hub natural gas $2.30, NGLs $15.50; 2017 - WTI oil $45.00, Henry Hub natural gas $2.75, NGLs $18.00


1

The following information was filed by Sm Energy Co (SM) on Wednesday, February 24, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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