SM Energy Co

SM Energy redeemed in full its remaining $419.2 million of 6.75% Senior Notes due 2026, completing the payoff of all 2026-maturity debt flagged in its April deleveraging announcement.

material agreement termination

SM Energy closed its $950 million South Texas (Maverick Basin) divestiture to Caturus Energy and announced it would redeem all $819 million of its outstanding 2026 notes, including notes assumed from Civitas, advancing its post-merger deleveraging plan.

asset acquisition disposition

SM Energy sold $1.0 billion of new 6.625% Senior Notes due 2034 as part of financing its post-Civitas-merger capital structure.

debt financing

SM Energy agreed to sell about 61,000 net acres of its southern Maverick Basin (Webb County, Texas) position to Caturus Energy for $950 million cash, part of a post-merger push to reduce debt.

material agreement

SM Energy completed its merger with Civitas Resources after both companies' stockholders approved the deal, with Civitas becoming part of SM Energy; the combined company's credit agreement was amended to extend maturity to 2031 and raise the borrowing base to $5.0 billion.

business combination

SM Energy registered the shares for its all-stock merger with Civitas Resources: 1.45 SM Energy shares for each Civitas share, fixed with no adjustment for either share price between signing and closing, leaving Civitas holders with about 52% of the combined company and SM Energy's own with 48%. On those numbers Civitas is the larger party.

business combination

SM Energy and Civitas jointly presented the merger to investors, projecting more than $1.4 billion in pro forma annual free cash flow and about $200 million (up to $300 million) in identified cost synergies.

business combination

SM Energy agreed to an all-stock merger of equals with Civitas Resources (1.45 SM Energy shares per Civitas share), creating a combined company with an enterprise value of about $12.8 billion and a roughly 823,000-net-acre, Permian-anchored portfolio.

business combination

SM Energy closed its $2.55 billion acquisition of XCL Resources' Uinta Basin (Utah) assets, with Northern Oil and Gas taking its 20% share, and expanded its credit facility's revolving commitments to $2.0 billion while extending its maturity to 2029.

asset acquisition disposition

SM Energy sold $1.5 billion of new notes ($750 million of 6.75% due 2029 and $750 million of 7.0% due 2032) to help fund the pending Uinta Basin acquisition.

debt financing

SM Energy's credit agreement was amended to accommodate financing for the pending $2.55 billion Uinta Basin acquisition from XCL Resources.

debt financing

SM Energy agreed to acquire XCL Resources' Uinta Basin (Utah) oil and gas assets for $2.55 billion, with Northern Oil and Gas able to take a 20% co-investment stake, opening a major new growth area beyond the Permian and South Texas.

material agreement

SM Energy redeemed in full the $446.7 million of 10% second-lien notes due 2025 created in its 2020 distressed debt exchange, paying a 107.5% premium and releasing the collateral.

material agreement termination

SM Energy closed its $400 million offering of 6.5% Senior Notes due 2028 and used the proceeds to retire its 2022 notes and part of its 2024 notes, continuing to deleverage as commodity prices recovered from the pandemic.

material agreement

SM Energy's lenders amended its credit agreement to accommodate the pending distressed debt exchange, capping new second-lien debt at $827.5 million and letting 2021 convertible noteholders take a second-lien security interest.

material agreement

Facing the 2020 oil price crash, SM Energy launched private exchange offers for up to $900 million of its unsecured notes across five maturities, swapping them for new 10% second-lien secured notes, and locked in cash-only settlement on its convertible notes.

material agreement

Amid the COVID-19 oil price crash, SM Energy cut its semi-annual dividend to $0.01 per share from the prior $0.05, citing the need to preserve cash.

dividend declaration

SM Energy replaced its credit agreement with a new $2.5 billion senior secured facility (initial lender commitments of $1.0 billion), secured by substantially all of its proved oil and gas properties.

debt financing

SM Energy completed the sale of its last Williston Basin acreage, in Divide County, North Dakota, to Petro-Hunt for $160.9 million, finishing its multi-year exit from the Rockies/Bakken, and also divested a small Midland Basin package.

asset acquisition disposition

SM Energy agreed to sell its Powder River Basin (Wyoming) oil and gas assets to Converse Energy Acquisitions for $500 million cash, continuing to streamline around its core Permian and Eagle Ford positions.

material agreement

SM Energy completed the sale of its non-operated Eagle Ford shale assets to KKR affiliate Venado for about $754 million net, completing its exit from the Eagle Ford in favor of the Permian.

asset acquisition disposition

SM Energy agreed to sell its non-operated Eagle Ford shale subsidiary to KKR affiliate Venado EF for $800 million, continuing its shift toward the Permian.

material agreement

SM Energy completed a $1.6 billion acquisition of Midland Basin assets in Howard and Martin Counties, Texas from QStar and RRP-QStar, paid in cash plus 13.4 million SM Energy shares, expanding its Permian footprint to about 87,600 net acres.

asset acquisition disposition

SM Energy completed the sale of its Williston Basin (Montana/North Dakota) oil and gas assets to Oasis Petroleum for $765.8 million, continuing its pivot away from the Rockies toward the Permian, and disclosed a pending deal for more Midland Basin acreage.

asset acquisition disposition

SM Energy completed its $980 million acquisition of Rock Oil's roughly 24,800 net acres in the Permian's Midland Basin, and amended its credit agreement to permit a planned sale of its Rocky Mountain (Montana/North Dakota/Wyoming) assets.

asset acquisition disposition

SM Energy raised about $552 million in a common stock offering and entered related convertible-note bond-hedge transactions, with proceeds earmarked to help fund the pending Rock Oil Permian acquisition.

material agreement

SM Energy agreed to acquire Rock Oil Holdings' Permian Basin leasehold in Howard County, Texas (Midland Basin) for $980 million, marking a strategic pivot into the Permian.

material agreement

With prices still low, SM Energy's borrowing base was cut again, from $2.0 billion to $1.25 billion, and its borrowing costs rose half a percentage point. In exchange the lenders dropped the total-debt-to-earnings test it was closest to breaching, replacing it with a looser secured-debt test and an interest-cover test, and capped the cash it may hold and the unsecured notes it may buy back.

debt financing

SM Energy's credit agreement was amended to accommodate its new 2025 Notes and to permit planned sales of its Haynesville (LA/TX/AR/MS) and Mid-Continent (OK/KS) oil and gas assets without reducing its borrowing base.

debt financing

SM Energy agreed to buy Bakken-area oil and gas properties near its Gooseneck prospect in North Dakota from Baytex Energy for $330.5 million cash, alongside record quarterly production and earnings.

material agreement