UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM SD

SPECIALIZED DISCLOSURE REPORT

SM Energy Company

(Exact name of registrant as specified in its Charter)

Delaware			001-31539			41-0518430
(State or other jurisdiction of incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)
1700 Lincoln Street, Suite 3200						80203
Denver, Colorado						(Zip Code)
(Address of principal executive offices)

Alan Bennett, Vice President - Controller

(303) 861-8140

(Name and telephone number, including area code, of the person to contact in connection with this report.)

Check the appropriate box to indicate the rule pursuant to which this Form is being submitted, and provide the period to which the information in this Form applies:

☐ Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, 2024.

☑ Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31, 2024.

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Section 2 - Resource Extraction Issuer Disclosure

Item 2.01     Resource Extraction Issuer Disclosure and Report

Disclosure of Payments by Resource Extraction Issuers

The specified payment disclosure required by this Form SD is included in Exhibit 2.01 hereto.

Section 3 - Exhibits

Item 3.01     Exhibits

Exhibit Number			Description
2.01			Resource Extraction Payment Report as required by Item 2.01 of this Form.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

									SM ENERGY COMPANY
Date:			September 25, 2025			By:			/s/ ALAN D. BENNETT
									Alan D. Bennett
									Vice President - Controller
									(Principal Accounting Officer)