Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 8 Key Information 8 Company Overview 8 SM Energy Company, Valuation and Financial Data 9 SM Energy Company, Share Price Performance 9 Share Price Performance, Q4, 2014-Q4, 2015 9 SM Energy Company, Key Valuation Metrics 10 Key Valuation Metrics, Q4, 2014-Q4, 2015 10 SM Energy Company, Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12 SM Energy Company, Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 SM Energy Company, Quarterly Production Trends 14 SM Energy Company, Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15 SM Energy Company, Crude Oil Production 16 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17 SM Energy Company, Natural Gas Production 18 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19 SM Energy Company, Valuation and Financial Data, 2011-2015 20 SM Energy Company, Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 SM Energy Company, Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 SM Energy Company, E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 SM Energy Company, Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 SM Energy Company, Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 SM Energy Company, Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 74 Exploration and Development Wells Drilled, By Country/Region, 2011-2015 75 Recent Developments 76 SM Energy Company - Recent Developments 76 Apr 13, 2016: SM Energy Announces Amendment To Revolving Credit Facility, Previews First Quarter 2016 Realized Prices, And Schedules First Quarter Earnings Call 76 Feb 23, 2016: SM Energy Reports 2015 Results And 2016 Operating Plan: Maintaining Balance Sheet Strength While Increasing Activity In The Permian 76 Jan 20, 2016: SM Energy Reports 2015 Production, Realized Prices And Year-End Credit Metrics 80 Oct 27, 2015: SM Energy Reports Third Quarter Of 2015 Results - Exceeding Expectations For 2015 Through Efficiencies And Performance 81 Oct 07, 2015: SM Energy Completes Semi-Annual Redetermination Of Credit Facility 84 Jul 28, 2015: SM Energy Reports Second Quarter Of 2015 Results - Execution And Well Performance Drive Production And Cash Flow 84 May 27, 2015: SM Energy Announces The Appointment Of Senior Director Of Investor Relations 87 May 05, 2015: SM Energy Reports Results For The First Quarter of 2015; Announces Agreements To Divest Mid-Continent Assets; Increases Production Guidance On Retained Properties 87 Apr 16, 2015: SM Energy Announces First Quarter 2015 Production And Results Of Credit Facility Borrowing Base Redetermination 89 Feb 24, 2015: SM Energy Provides 2015 Guidance, Operational Update, And Reports Results For Fourth Quarter and Full-Year 2014 89 Appendix 93 Methodology 93 Coverage 93 Secondary Research 93 Primary Research 93 Data Information Sources 94 Company Source 94 SEC/Other Regulatory Filings 94 Other Sources 94 Expert Panel Validation 94 Data Definition 94 Oil and Gas Reserves 94 Units of Measure 95 About GlobalData 95 Disclosure 95 Disclaimer 95

List of Tables Table 1: SM Energy Company, Key Facts 8 Table 2: SM Energy Company, Share Price Performance, Q4, 2014-Q4, 2015 9 Table 3: SM Energy Company, Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Table 4: SM Energy Company, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Table 5: SM Energy Company, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12 Table 6: SM Energy Company, Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Table 7: SM Energy Company, Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14 Table 8: SM Energy Company, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Table 9: SM Energy Company, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Table 10: SM Energy Company, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Table 11: SM Energy Company, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Table 12: SM Energy Company, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Table 13: SM Energy Company, Share Price Performance, 2011-2015 20 Table 14: SM Energy Company, Key Valuation Metrics, 2011-2015 21 Table 15: SM Energy Company, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: SM Energy Company, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: SM Energy Company, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: SM Energy Company, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: SM Energy Company, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: SM Energy Company, Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: SM Energy Company, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: SM Energy Company, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: SM Energy Company, Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: SM Energy Company, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: SM Energy Company, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: SM Energy Company, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: SM Energy Company, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: SM Energy Company, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: SM Energy Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Table 30: SM Energy Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: SM Energy Company, Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Table 32: SM Energy Company, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: SM Energy Company, Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: SM Energy Company, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: SM Energy Company, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: SM Energy Company, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: SM Energy Company, Oil and Gas Performance Metrics, 2011-2015 64 Table 38: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: SM Energy Company, Producible Oil and Gas Wells, 2011-2015 69 Table 41: SM Energy Company, Producible Oil and Gas Wells, By Country/Region, 2011-2015 73 Table 42: SM Energy Company, Exploratory and Developed Wells, 2011-2015 74 Table 43: SM Energy Company, Exploratory and Developed Wells, By Country/Region, 2011-2015 75 List of Figures Figure 1: SM Energy Company, Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 9 Figure 2: SM Energy Company, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10 Figure 3: SM Energy Company, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Figure 4: SM Energy Company, Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13 Figure 5: SM Energy Company, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14 Figure 6: SM Energy Company, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Figure 7: SM Energy Company, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Figure 8: SM Energy Company, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Figure 9: SM Energy Company, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Figure 10: SM Energy Company, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Figure 11: SM Energy Company, Share Price Performance, USD/Share, 2011-2015 20 Figure 12: SM Energy Company, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: SM Energy Company, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: SM Energy Company, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: SM Energy Company, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: SM Energy Company, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: SM Energy Company, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: SM Energy Company, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: SM Energy Company, Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: SM Energy Company, Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: SM Energy Company, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: SM Energy Company, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: SM Energy Company, Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: SM Energy Company, Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: SM Energy Company, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: SM Energy Company, Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 36 Figure 27: SM Energy Company, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 36 Figure 28: SM Energy Company, Oil Reserve Life Index, By Country/Region, Ratio, 2011-2015 37 Figure 29: SM Energy Company, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: SM Energy Company, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: SM Energy Company, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: SM Energy Company, Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: SM Energy Company, Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: SM Energy Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: SM Energy Company, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2011-2015 45 Figure 36: SM Energy Company, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2011-2015 45 Figure 37: SM Energy Company, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2011-2015 46 Figure 38: SM Energy Company, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: SM Energy Company, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: SM Energy Company, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: SM Energy Company, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: SM Energy Company, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: SM Energy Company, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: SM Energy Company, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: SM Energy Company, Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: SM Energy Company, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: SM Energy Company, Exploration Expenses, By Country/Region, US$ mil, 2011-2015 54 Figure 48: SM Energy Company, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: SM Energy Company, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 50: SM Energy Company, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 56 Figure 51: SM Energy Company, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 52: SM Energy Company, Production Costs, By Country/Region, US$ mil, 2011-2015 57 Figure 53: SM Energy Company, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 54: SM Energy Company, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 55: SM Energy Company, Exploration Expenses per boe, By Country/Region, $/boe, 2011-2015 60 Figure 56: SM Energy Company, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2011-2015 60 Figure 57: SM Energy Company, Lifting Cost per boe, By Country/Region, $/boe, 2011-2015 61 Figure 58: SM Energy Company, Annual Net Income per boe, By Country/Region, $/boe, 2011-2015 61 Figure 59: SM Energy Company, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2011-2015 62 Figure 60: SM Energy Company, Total DD&A per boe, By Country/Region, $/boe, 2011-2015 62 Figure 61: SM Energy Company, Total Revenue per boe, By Country/Region, $/boe, 2011-2015 63 Figure 62: SM Energy Company, Oil and Gas Performance Metrics, 2011-2015 64 Figure 63: SM Energy Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 64: SM Energy Company, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 65: SM Energy Company, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 66: SM Energy Company, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 67: SM Energy Company, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 68: SM Energy Company, Producible Oil and Gas Wells, 2011-2015 69 Figure 69: SM Energy Company, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 70: SM Energy Company, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 71: SM Energy Company, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 72: SM Energy Company, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 73: SM Energy Company, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 74: SM Energy Company, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 75: SM Energy Company, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 76: SM Energy Company, Exploratory and Developed Wells, 2011-2015 74