SM Energy Co
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of SM Energy Co (SM). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| E&P Segment | $3.36B 100.0% | $2.37B 100.0% · -29.3% | $2.69B 100.0% · +13.3% | $3.15B 100.0% · +17.2% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Midland Basin | $879.6M 78.1% | $2.03B 78.1% · +130.6% | $2.25B 67.3% · +10.9% | $1.52B 64.5% · -32.3% | $1.57B 58.7% · +2.8% | $1.37B 43.7% · -12.4% |
| South Texas | $246.6M 21.9% | $569.5M 21.9% · +130.9% | $1.10B 32.7% · +92.4% | $840.0M 35.5% · -23.3% | $900.0M 33.7% · +7.1% | $891.0M 28.4% · -1.0% |
| Uinta Basin | – | – | – | – | $204.0M 7.6% | $875.0M 27.9% · +328.9% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Crude Oil | – | – | – | $1.81B 76.7% | $2.19B 81.9% · +20.6% | $2.56B 81.6% · +17.1% |
| Natural Gas | – | – | – | $328.0M 13.9% | $249.0M 9.3% · -24.1% | $353.0M 11.2% · +41.8% |
| Natural Gas Liquids (NGL) | – | – | – | $222.0M 9.4% | $235.0M 8.8% · +5.9% | $224.0M 7.1% · -4.7% |
| Oil production revenue | $853.6M 75.8% | $1.89B 72.8% · +121.6% | $2.27B 67.8% · +20.0% | – | – | – |
| Gas production revenue | $187.5M 16.6% | $525.5M 20.2% · +180.3% | $790.9M 23.6% · +50.5% | – | – | – |
| NGL production revenue | $85.2M 7.6% | $180.6M 7.0% · +112.1% | $285.0M 8.5% · +57.8% | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.