News Release

November 2, 2017

Permian production up 31% sequentially, and up 118% since 4Q16
Total production mix 32% oil; absolute oil production exceeded expectations
RockStar favorable new well results: three pads (eight wells) average peak 30-day IP rates of 1,191 Boe/d, 1,453 Boe/d and 1,333 Boe/d per well on each pad
Initiated Eagle Ford North JV to accelerate use of new technology and build value
Portfolio transition drives margin expansion, raising average realized price to $27.59 (pre-hedge), the highest level since 4Q14 despite sub-$50 oil
Liquidity remains strong at $1.4 billion

Denver, Colorado November 2, 2017 - SM Energy Company ("SM Energy" or the “Company”) (NYSE: SM) announced today financial results and operations highlights from the third quarter of 2017. This earnings release is accompanied by an investor presentation and pre-recorded call with transcript all posted to the Company’s website. Please visit the Company’s website at to access this additional third quarter detail. The Company will host a webcast and conference call at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) tomorrow, November 3, 2017, to answer questions. Further information on the earnings webcast and conference call can be found below.
President and Chief Executive Officer Jay Ottoson comments: “The third quarter of 2017 marked a significant turning point in our transformation with a large increase in Permian production. In particular, our Howard County area wells in the Midland Basin, with high oil percentages and associated high margins, are generating outstanding returns, and continued delineation of our acreage in that area is yielding encouraging results.
“Overall, we are executing with excellence, resulting in a high level of capital efficiency as indicated by our higher than expected production and cash flows so far in 2017 (adjusted for divested/retained assets), despite lower commodity prices than anticipated, without change in our guided capital spending. Our operational performance keeps us on track to drive significant growth in cash flow, and we have substantial liquidity to fund our projected two-year cash flow outspend.
“We are also announcing today the signing of a joint venture agreement in a portion of our Eagle Ford North area that will result in a further increase in our capital efficiency. This partnership, which is similar to our existing Powder River Basin joint venture, will allow us to test new technologies and completion designs at varied well spacing on a portion of our acreage that does not currently generate substantial cash flow, potentially enhancing the asset value while reducing our required capital outlay for acreage holding.”


The following information was filed by Sm Energy Co (SM) on Thursday, November 2, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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