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SM Energy (SM) guidance and outlook
SM Energy (SM) lowered its guidance on Nov 3, 2026: Capital expenditures $2.8B for FY2026; Capital expenditures $610M for Q4 2026. SM Energy's 10-Q filed Nov 4, 2026 makes 31 forward-looking statements.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| Capital expenditures | FY2026 | $2.8B | reaffirmed |
| Capital expenditures | Q4 2026 | $610M | new |
From the earnings release filed Nov 3, 2026 (8-K on EDGAR).
Forward-looking statements, 10-Q filed Nov 4, 2026
- The South Texas Divestiture substantially achieved our target of selling more than $1.0 billion in assets within one year of the completion of the Merger, which has enabled us to reduce debt and strengthen our capital structure.
- We expect additional pipeline capacity to come online during the remainder of 2026 to further support takeaway out of the Permian Basin.
- • We substantially completed the integration of the Merger across all key operational and organizational workstreams and have captured targeted synergies from our combined operations, with remaining integration activities expected to continue in the normal course.
- Our capital program for 2026 is expected to be approximately $2.75 billion, excluding acquisitions.
- We remain focused on applying our strength in geosciences and development optimization to highly economic oil and liquids-rich development projects in our areas of operations that support our priority of strategic inventory replacement and growth.
- Refer to Overview of Liquidity and Capital Resources below for discussion of how we expect to fund the remainder of our 2026 capital program.
- We anticipate operating an average of six drilling rigs and an average of one completion crew for the remainder of 2026.
- We anticipate operating an average of one drilling rig for the remainder of 2026 and one completion crew for a portion of the fourth quarter of 2026.
- We anticipate operating one drilling rig and no completion crews for the remainder of 2026.
- We anticipate operating an average of three drilling rigs and one completion crew during the remainder of 2026.
- The volume of our expected production that we cover with commodity derivative contracts is determined by our balance sheet objectives, capital allocation priorities, anticipated development activity and associated capital requirements, and prevailing commodity market conditions, including available future prices and derivative structures.
- The Merger, which closed on January 30, 2026, and the South Texas Divestiture, which closed on April 30, 2026, have materially affected our operating and financial results and will continue to affect comparability with prior periods.
SM Energy's latest quarter
SM Energy, Q3 2026: revenue $2.2B (+167% year over year), operating margin 10.9%, net earnings $93.0M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
Questions
Did SM Energy raise or lower its guidance?
SM Energy (SM) lowered its guidance on Nov 3, 2026: Capital expenditures $2.8B for FY2026; Capital expenditures $610M for Q4 2026.
What does SM Energy expect?
The South Texas Divestiture substantially achieved our target of selling more than $1.0 billion in assets within one year of the completion of the Merger, which has enabled us to reduce debt and strengthen our capital structure. We expect additional pipeline capacity to come online during the remainder of 2026 to further support takeaway out of the Permian Basin. • We substantially completed the integration of the Merger across all key operational and organizational workstreams and have captured targeted synergies from our combined operations, with remaining integration activities expected to
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.