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Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity Note Disclosure
Note 5 - Equity
Stock Repurchase Program
The Company’s stock repurchase program permits the Company to repurchase shares of its common stock from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws and subject to certain provisions of the Credit Agreement and the indentures governing the Senior Notes, as defined in Note 6 - Long-Term Debt (“Stock Repurchase Program”).
The Company did not repurchase any shares of its common stock under the Stock Repurchase Program during the three months ended March 31, 2026, or 2025.
As of March 31, 2026, $488 million remained available for repurchases of the Company’s outstanding common stock through December 31, 2027, under the Stock Repurchase Program.
Dividends
During the first quarter of 2026, the Company’s Board of Directors approved a 10 percent increase to the Company’s fixed dividend policy to $0.88 per share annually, to be paid in quarterly increments of $0.22 per share. Beginning in the first quarter of 2026, dividends are expected to be declared and paid within the same quarter, rather than being paid in the quarter subsequent to declaration. As a result of this change in timing, during the three months ended March 31, 2026, the Company paid dividends that were declared in the fourth quarter of 2025 and the first quarter of 2026, totaling $0.42 per share, or $82 million.
Common Stock
On January 27, 2026, the Company’s stockholders voted in favor of both proposals necessary to complete the Civitas Merger, which included approval of (i) the issuance of shares of SM Energy common stock to Civitas stockholders as contemplated by the Merger Agreement, and (ii) an amendment of the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of the Company’s common stock from 200 million shares to 400 million shares. Upon completion of the Civitas Merger, the Company issued 124 million shares of its common stock to holders of Civitas common stock. Refer to Note 2 - Mergers, Acquisitions, and Divestitures for additional discussion.