SM Energy posts $335 million Q1 net loss, raises 2026 production guidance
SM Energy reported a first-quarter 2026 net loss of $335 million, or $1.68 per diluted share, compared with net income of $182 million a year earlier, mainly due to a $697 million net derivative loss tied to a sharp rise in forward oil prices. Production revenue rose to $1.48 billion from $840 million, and the company raised its full-year 2026 production guidance to 410–430 MBoe/d while keeping capital expenditure guidance at $2.65–$2.85 billion. For shareholders, the results combine higher sales and output with a GAAP loss.
Key points
- Net loss of $335 million ($1.68 per diluted share) vs. net income of $182 million ($1.59 per diluted share) in Q1 2025; adjusted net income was $1.55 per diluted share
- Oil, gas, and NGL production revenue of $1.48 billion vs. $840 million a year earlier; average net daily production of 371.2 MBoe/d
- Full-year 2026 production guidance raised to 410–430 MBoe/d from 400–420 MBoe/d; capital expenditure guidance reaffirmed at $2.65–$2.85 billion
- Closed $950 million South Texas divestiture on April 30, 2026; $819 million of 2026 Senior Notes to be redeemed
The filing
Written by AI on Nov 8, 2026, 12:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 06, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.