Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * McDonald Elizabeth Anne 2. Issuer Name and Ticker or Trading Symbol SM Energy Co [SM] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President & CEO (Last) (First) (Middle) 1700 LINCOLN STREET, SUITE 3200 3. Date of Earliest Transaction (Month/Day/Year) 07/01/2026 (Street) DENVER, CO 80203 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, $.01 Par Value 12/31/2025 J(1) 912 A $15.96 6,362 D Common Stock, $.01 Par Value 06/30/2026 J(2) 1,309 A $15.9 7,671 D Common Stock, $.01 Par Value 07/01/2026 M 9,690 A (3) 17,361 D Common Stock, $.01 Par Value 07/01/2026 F 4,240 D $26.1 13,121 D Common Stock, $.01 Par Value 07/01/2026 M 14,720 A (4) 27,841 D Common Stock, $.01 Par Value 07/01/2026 F 6,440 D $26.1 21,401 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Restricted Stock Units

(3)

07/01/2026

M

9,690

(3)

(3)

Common Stock, $.01 Par Value

9,690

(3)

9,690

D

Restricted Stock Units

(4)

07/01/2026

M

14,720

(4)

(4)

Common Stock, $.01 Par Value

14,720

(4)

29,443

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
McDonald Elizabeth Anne 1700 LINCOLN STREET SUITE 3200 DENVER, CO 80203			President & CEO

Signatures

Andrew T. Fiske (Attorney-in-Fact)		07/02/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The Reporting Person purchased 912 shares of the Issuer's common stock on December 31, 2025, through the Issuer's Employee Stock Purchase Plan.
(2)	The Reporting Person purchased 1,309 shares of the Issuer's common stock on June 30, 2026, through the Issuer's Employee Stock Purchase Plan.
(3)	Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in three equal installments on September 9, 2025, July 1, 2026 and July 1, 2027. The vested shares will be issued to the Reporting Person on the vesting dates, at which time all restrictions on the vested shares will lapse.
(4)	Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in three equal annual installments beginning on July 1, 2026. The vested shares will be issued to the Reporting Person on the vesting dates, at which time all restrictions on the vested shares will lapse.

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