SM Energy (SM) Form 8-K Summary: Acquisition of Civitas Resources

SM Energy Company announced an Agreement and Plan of Merger with Civitas Resources, Inc. (Item 1.01) on November 2, 2025.

• Transaction Structure: Stock-for-stock merger.
• Exchange Ratio: Each share of Civitas common stock will convert into 1.45 shares of SM Energy Common Stock.
• Structural Approval Required: SM Energy stockholders must approve the stock issuance and an amendment to increase authorized shares to 400,000,000.

Key Governance Changes

The combined company’s Board will hav