Exhibit 2.01

Resource Extraction Payment Report

The table below sets forth payments made by SM Energy Company (the "Company") to the U.S. Federal Government for the commercial development of oil and natural gas during the year ended December 31, 2025. Payments are reported on a cash basis according to the year in which the payment was made. The Company has one reportable segment, the oil, gas, and NGL exploration and production segment ("E&P Segment"), which made all payments presented. The Company did not make any payments to foreign governments during the year ended December 31, 2025.

For the year ended December 31, 2025

Payment Types

Country

Government / Payee Name

Subnational Political Jurisdiction

Project

Resource

Method of Extraction

Business Segment

Royalties

Fees

Total

(in millions)

United States

Office of Natural Resources Revenue

Utah

Uinta Basin

Oil and Natural Gas

Wells

E&P Segment

$

17

$

—

$

17

United States

Bureau of Land Management

Utah

Uinta Basin

Oil and Natural Gas

Wells

E&P Segment

$

—

$

1

$

1

Total Payments

$

17

$

1

$

18

____________________________________________

Note: All payments were made in USD, the Company’s reporting currency.