2025 Issue Price Disclosure

Issue Price Disclosure

This Issue Price Disclosure is being posted to SM Energy Company’s (the “Company”) website pursuant to the Indenture, dated as of June 17, 2020, by and between the Company and UMB Bank, N.A. The U.S. federal income tax rules regarding the determination of issue price are complex and highly detailed, and holders are urged to consult their tax advisors regarding the determination of the issue price of the New 2025 Notes. As required by applicable U.S. Treasury Regulations, SM Energy Company has determined that the issue price for the 2025 Notes is 63.40% of its face principal amount.  Holders of the 2025 Notes may be entitled to amortize bond premium depending on their circumstances.  Please see the Confidential Offering Memorandum and Consent Solicitation Statement for further details.  Please consult your own tax advisor concerning the application of the U.S. federal income tax laws to your particular situation as well as any tax consequences to you of the Exchange Offers, the Consent Solicitations and the ownership and disposition of New Notes acquired in the Exchange Offers, as well as any consequences under the U.S. federal estate or U.S. federal gift tax laws or under the laws of any state, local or non-U.S. jurisdiction or under any applicable tax treaty.  If you have any further questions, please contact the Company’s Vice President – Investor Relations, Ms. Jennifer Martin Samuels, at jsamuels@sm-energy.com, 303-864-2507.