Equity |
6 Months Ended |
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Jun. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders' Equity Note Disclosure | Note 5 - Equity Stock Repurchase Program Our stock repurchase program, which our Board of Directors authorized through December 31, 2027, for the repurchase of up to $500 million in aggregate value of our outstanding common stock, permits us to repurchase our shares from time to time in open market transactions (including pursuant to Rule 10b5-1 trading plans), through privately negotiated transactions or by other means in accordance with federal securities laws and subject to certain provisions of our Credit Agreement and the indentures governing our Senior Notes, as defined in Note 6 - Long-Term Debt (“Stock Repurchase Program”). During the three and six months ended June 30, 2026, we repurchased and subsequently retired 2,643,506 shares of our common stock at a weighted-average share price of $31.73, for a total cost of $84 million, excluding excise taxes, commissions, and fees. We did not repurchase any shares of our common stock during the three and six months ended June 30, 2025. As of June 30, 2026, $404 million remained available for repurchases of our outstanding common stock through December 31, 2027, under our Stock Repurchase Program. Dividends During the first quarter of 2026, our Board of Directors approved a 10 percent increase to our fixed dividend policy to $0.88 per share annually, to be paid in quarterly increments of $0.22 per share. Beginning with the first quarter of 2026, dividends are declared and paid within the same quarter, rather than being paid in the quarter subsequent to declaration. As a result of this change in timing, during the six months ended June 30, 2026, we paid dividends that were declared in the fourth quarter of 2025 and the first and second quarters of 2026, totaling $0.64 per share, or $135 million. Common Stock On January 27, 2026, our stockholders voted in favor of both proposals necessary to complete the Merger, which included approval of (i) the issuance of shares of SM Energy common stock to Civitas stockholders as contemplated by the Merger Agreement, and (ii) an amendment of our Restated Certificate of Incorporation to increase the number of authorized shares of our common stock from 200 million shares to 400 million shares. Upon completion of the Merger, we issued 124 million shares of our common stock to holders of Civitas common stock. Refer to Note 2 - Mergers, Acquisitions, and Divestitures for additional discussion.
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