SM Energy Non-GAAP EPS of $1.33 beats by $0.08, revenue of $811.59M misses by $17.74M

* SM Energy press release [https://seekingalpha.com/pr/20289213-sm-energy-reports-third-quarter-2025-financial-and-operating-results-continued-operational] (SM [https://seekingalpha.com/symbol/SM]): Q3 Non-GAAP EPS of $1.33 beats by $0.08.
* Revenue of $811.59M (+26.1% Y/Y) misses by $17.74M.

*
UPDATED GUIDANCE FULL YEAR 2025:

* Production: 207-208 MBoe/d at 53-54% oil, narrowed at mid-point of range.
* Capital expenditures (net of change in capital accruals),(1) excluding acquisitions, is increased to range from $1.375 billion to $1.395 billion due to the acquisition of incremental working interests in highly economic wells under development during the second half of 2025. Full-year activity is unchanged with approximately 115 net wells drilled and approximately 150 net wells completed.
* LOE: reduced to ~ $5.85 per Boe.
* Transportation: reduced to $3.80-$4.00 per Boe.
* Production and ad valorem taxes: reduced to $2.25-$2.50 per Boe.
* Exploration expense: reduced to ~ $65 million.
* All other items remain unchanged.

*
GUIDANCE FOURTH QUARTER 2025:

* Production: approximately 206-212 Mboe/d at 52-53% oil.
* Capital expenditures (net of change in capital accruals), excluding acquisitions: approximately $225-$245 million.

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