Midland Basin was SM Energy’s largest region in fiscal 2025, bringing in $1.25B of $2.56B (49%).
| Geography | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Midland Basin | $1.82B | $1.35B | $1.45B | $1.25B | ||||||
| Uinta Basin | — | — | $204.00M | $847.00M | ||||||
| South Texas | $453.47M | $466.00M | $543.00M | $465.00M | ||||||
| South Texas &Amp; Gulf Coast | — | — | — | — | ||||||
| Rocky Mountain Region | — | — | — | — | ||||||
| Rocky Mountain | — | — | — | — | ||||||
| Permian Region | — | — | — | — | ||||||
| Total | $2.27B | $1.81B | $2.20B | $2.56B |
SM Energy brought in $2.56B from its three regions in fiscal 2025, the year ended December 31, 2025. That was up 16.7% from $2.20B in fiscal 2024. Midland Basin was the largest at $1.25B (48.8%), ahead of Uinta Basin at $847.00M (33.1%) and South Texas at $465.00M (18.2%).
Compared with fiscal 2024, Uinta Basin grew fastest, up 315.2% to $847.00M, while South Texas fell the most, down 14.4% to $465.00M.
SM Energy began breaking out Uinta Basin in fiscal 2024, when it brought in $204.00M.
Crude Oil was SM Energy’s largest product and service line in fiscal 2025, bringing in $1.25B of $1.68B (75%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crude Oil | — | $1.35B | $1.45B | $1.25B | ||||||
| Oil Production Revenue | $1.82B | — | — | — | ||||||
| Gas Production Revenue | $432.83M | — | — | — | ||||||
| Natural Gas | — | $175.00M | $373.00M | $203.00M | ||||||
| Ngl Production Revenue | $283.97M | — | — | — | ||||||
| Natural Gas Liquids (Ngl) | — | $222.00M | $1.00M | $223.00M | ||||||
| Total | $2.53B | $1.75B | $1.82B | $1.68B |
SM Energy brought in $1.68B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That is less than the $2.56B it reports by geography, so these lines do not cover all of its revenue. Crude Oil was the largest at $1.25B (74.6%), ahead of Natural Gas Liquids (Ngl) at $223.00M (13.3%) and Natural Gas at $203.00M (12.1%).
Compared with fiscal 2024, Natural Gas Liquids (Ngl) grew fastest, up 22,200.0% to $223.00M, while Natural Gas fell the most, down 45.6% to $203.00M.
SM Energy began breaking out Crude Oil in fiscal 2023, Natural Gas in fiscal 2023 and Natural Gas Liquids (Ngl) in fiscal 2023. SM Energy stopped reporting Oil Production Revenue ($1.82B in fiscal 2022), Gas Production Revenue ($432.83M in fiscal 2022) and Ngl Production Revenue ($283.97M in fiscal 2022) as separate lines.
SM Energy (SM) reports its revenue by geography and by product and service. In fiscal 2025, Midland Basin was its largest region, bringing in $1.25B (48.8% of the total), followed by Uinta Basin at $847.00M (33.1%).
Midland Basin was SM Energy's largest region in fiscal 2025, bringing in $1.25B, or 48.8% of the $2.56B total across its three regions.
Crude Oil was SM Energy's largest product and service line in fiscal 2025, bringing in $1.25B, or 74.6% of the $1.68B total across its three product and service lines.
Among SM Energy's regions that make up at least 2% of revenue, Uinta Basin grew fastest in fiscal 2025, up 315.2% from $204.00M to $847.00M.
Every figure comes from SM Energy's annual financial filings, as reported. Each line keeps the name SM Energy gives it, and years follow its fiscal calendar.
SM Energy's revenue by geography goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.