SM Energy Inside the Corner Suite: 10 Key Takeaways from JPM’s Fireside Chat with SM Energy’s CEO Beth McDonald

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SM Energy Inside the Corner Suite: 10 Key Takeaways from JPM’s Fireside Chat with SM Energy’s CEO Beth McDonald

J P M O R G A N North America Equity Research

22 June 2026

SM Energy Overweight

SM, SM US

Inside the Corner Suite: 10 Key Takeaways from JPM’s Price (18 Jun 26):$27.14

Fireside Chat with SM Energy’s CEO Beth McDonald

Oil & Gas Exploration & Production

JPM View: We hosted SM Energy’s CEO Beth McDonald for a virtual FSC chat Arun Jayaram AC

in conjunction with our E&P and OFS CEO/CFO Zoom series (see replay here). (1-212) 622-8541

We came away from the conversation with a constructive view on SM’s post- arun.jayaram@jpmchase.com

merger trajectory, anchored by the transformative acquisition of CIVI at the start Pankaj Bhatter, CFA

of the year that doubled the company in size while delivering double-digit (1-212) 622-3795

accretion underwritten at $60/bbl oil, with the subsequent increase in oil prices pankaj.bhatter@jpmchase.com

following the Iran conflict providing additional upside. The combination has Jack Jerusalmi

repositioned SM as a multi-basin operator across four of the top U.S. shale plays, (1-212) 622-6552

jack.jerusalmi@jpmorgan.com

providing the portfolio with important scale and diversification. SM’s strategic J.P. Morgan Securities LLC

roadmap of “Integrate, Execute, and Bolster” is tracking ahead of plan across all

three fronts: synergy capture targets have been raised to $375 MM from the prior

$200–$300 MM range, 1Q production came in 6% ahead of guidance, and the $950

MM South TX asset sale closed post-quarter to substantially achieve the

company’s $1 B+ divestiture target. In a nutshell, Beth is off to a good start. CEO

McDonald highlighted that the company is executing ahead of schedule and that