SM Energy Merger Announcement

SM Energy (SM) filed an 8-K confirming entry into a definitive Agreement and Plan of Merger with Civitas Resources, Inc. on November 2, 2025.

• Transaction Value: This constitutes a $12.8 Billion “Transformational Combination.”
• Key Documents: A joint investor presentation (Ex. 99.2) provides strategic details regarding synergies and pro forma operations.
• Regulatory Status: SM intends to file an S-4 Registration Statement including a Joint Proxy Statement/Prospectus for stockholder votes.

Investors must review the S-4 filing