SM Energy issued its 2026 outlook, forecasting total net production of 146-153 MMBoe with about 54% oil and capital expenditures of $2.65-$2.85 billion (including $2.3-$2.5 billion for drilling, completion and well connection). For 1Q26, it expects production of 30.5-32.5 MMBoe with an oil mix of about 52% and capital spending of $740-$780 million. Activity is set to decline to an average 11 operated rigs and 4.5 completion crews, with plans to drill about 245 net wells and complete about 295 net wells in 2026.
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