Business Description
We are an independent energy company engaged in the acquisition, exploration,
development, and production of crude oil and condensate, natural gas, and natural
gas liquids in onshore North America. We were founded in 1908 and incorporated
in Delaware in 1915. Our initial public offering of common stock was in December
1992. Our common stock trades on the New York Stock Exchange under the ticker
symbol “SM.”
Our strategic objective is to profitably build our ownership and operatorship
of North American oil, gas, and NGL producing assets that have high operating
margins and significant opportunities for additional economic investment. We
pursue growth opportunities through both acquisitions and exploration, and seek
to maximize the value of our assets through industry-leading technology application
and outstanding operational execution. We focus on achieving high full-cycle
economic returns on our investments and maintaining a simple, strong balance
sheet.
South Texas & Gulf Coast Region. Operations in our South Texas & Gulf
Coast region are managed from our office in Houston, Texas. Within this region,
we have both an operated and outside-operated Eagle Ford shale program. Our
operated Eagle Ford shale position includes approximately 161,000 net acres
and accounted for approximately 75 percent of our total Eagle Ford shale production
in 2016. Our outside-operated Eagle Ford shale program includes approximately
36,000 net acres. Our acreage position covers a significant portion of the western
Eagle Ford shale play, including acreage in the oil/condensate, NGL-rich gas,
and dry gas windows of the play. Our outside-operated Eagle Ford shale assets,
including the associated midstream assets, were held for sale as of December
31, 2016, with the sale expected to close in the first quarter of 2017.
Rocky Mountain Region. Operations in our Rocky Mountain region were managed
from our office in Billings, Montana until November 2016, at which time we closed
that office and began managing our Rocky Mountain regional operations from our
corporate office in Denver, Colorado. As of December 31, 2016, we had approximately
124,000 net acres in Divide County, North Dakota, and approximately 156,000
net acres in the Powder River Basin.
1.22% 
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