SM Energy SM Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Including Assessed Tax by Product | ||||||
| Crude Oil | $1.26B+118% | $580.05M-13.3% | $669.11M+2.4% | $653.38M-0.7% | $658M-3.5% | |
| Natural Gas Liquids (NGL) | $91M+76.7% | $51.5M-10.8% | $57.74M+7.5% | $53.7M-12.0% | $61M-10.9% | |
| Natural Gas | $124M+75.3% | $70.75M-15.9% | $84.16M+7.9% | $77.99M-35.0% | $120M+40.5% | |
| Revenue from Contract with Customer, Including Assessed Tax by Geography | ||||||
| DJ Basin | $342M— | —— | —— | —— | $0— | |
| Midland Basin | $729M+149% | $293.16M-14.8% | $344.19M+0.7% | $341.86M-13.0% | $393M+1.8% | |
| South Texas | $200M-5.4% | $211.48M-10.1% | $235.31M+11.3% | $211.48M-9.2% | $233M-5.1% | |
| Uinta Basin | $206M+4.2% | $197.66M-14.6% | $231.51M-0.1% | $231.74M+8.3% | $214M+4.9% | |
| Relative percentage by Geography | ||||||
| DJ Basin | 23%— | —— | —— | —— | 0%— | |
| Midland Basin | 49%— | —— | —— | —— | 47%— | |
| South Texas | 14%— | —— | 29%+2.0pp | 27%-1.0pp | 28%— | |
| Uinta Basin | 14%— | —— | 29%-1.0pp | 30%+5.0pp | 25%+18.0pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does SM Energy break its business down?
- SM Energy (SM) reports revenue from contract with customer, including assessed tax by product across 3 parts — Crude Oil, Natural Gas Liquids (NGL) and Natural Gas. Each is extracted from the segment footnotes and tracked over time.
- Where does SM Energy's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in SM Energy's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
