Crude Oil was SM Energy’s largest product and service line in fiscal 2025, bringing in $2.56B of $3.14B (82%).
| Product and Service | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Crude Oil | — | $1.81B | $2.19B | $2.56B | ||||
| Oil Production Revenue | $2.27B | — | — | — | ||||
| Gas Production Revenue | $790.88M | — | — | — | ||||
| Natural Gas | — | $328.00M | $249.00M | $353.00M | ||||
| Natural Gas Liquids (Ngl) | — | $222.00M | $235.00M | $224.00M | ||||
| Ngl Production Revenue | $284.96M | — | — | — | ||||
| Total | $3.35B | $2.36B | $2.67B | $3.14B |
SM Energy brought in $3.14B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 17.5% from $2.67B in fiscal 2024. Crude Oil was the largest at $2.56B (81.6%), ahead of Natural Gas at $353.00M (11.2%) and Natural Gas Liquids (Ngl) at $224.00M (7.1%).
Compared with fiscal 2024, Natural Gas grew fastest, up 41.8% to $353.00M, while Natural Gas Liquids (Ngl) fell the most, down 4.7% to $224.00M.
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 ($2.27B in fiscal 2022), Gas Production Revenue ($790.88M in fiscal 2022) and Ngl Production Revenue ($284.96M in fiscal 2022) as separate lines.
Midland Basin was SM Energy’s largest region in fiscal 2025, bringing in $1.37B of $3.14B (44%).
| Geography | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Midland Basin | $2.25B | $1.52B | $1.57B | $1.37B | ||||
| South Texas | $1.10B | $840.00M | $900.00M | $891.00M | ||||
| Uinta Basin | — | — | $204.00M | $875.00M | ||||
| Rocky Mountain | — | — | — | — | ||||
| Total | $3.35B | $2.36B | $2.67B | $3.14B |
SM Energy brought in $3.14B from its three regions in fiscal 2025, the year ended December 31, 2025. That was up 17.5% from $2.67B in fiscal 2024. Midland Basin was the largest at $1.37B (43.7%), ahead of South Texas at $891.00M (28.4%) and Uinta Basin at $875.00M (27.9%).
Compared with fiscal 2024, Uinta Basin grew fastest, up 328.9% to $875.00M, while Midland Basin fell the most, down 12.4% to $1.37B.
SM Energy began breaking out Uinta Basin in fiscal 2024, when it brought in $204.00M.
SM Energy (SM) reports its revenue by product and service and by geography. In fiscal 2025, Crude Oil was its largest product and service line, bringing in $2.56B (81.6% of the total), followed by Natural Gas at $353.00M (11.2%).
Crude Oil was SM Energy's largest product and service line in fiscal 2025, bringing in $2.56B, or 81.6% of the $3.14B total across its three product and service lines.
Midland Basin was SM Energy's largest region in fiscal 2025, bringing in $1.37B, or 43.7% of the $3.14B total across its three regions.
Among SM Energy's product and service lines that make up at least 2% of revenue, Natural Gas grew fastest in fiscal 2025, up 41.8% from $249.00M to $353.00M.
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 product and service goes back to fiscal 2017, 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.