SM — SM Energy

Stub — needs full research.

Identity

• Company: SM Energy Company
• Ticker: SM (NYSE)
• Sector: Oil & Gas E&P
• Business: Independent E&P focused on Permian Basin (Midland) and South Texas (Eagle Ford). Onshore US producer.

Thesis (from intake)

"More quality, same thing" — higher quality acreage than KOS, same energy macro thesis. Permian Basin position gives better economics and lower risk than deepwater plays.

Research needed

• Acreage quality and inventory depth (Midland vs Eagle Ford)
• FCF yield and capital return program
• Hedging position
• How it compares to KOS on leverage and breakeven