SM Energy Flags $207M Q3 Derivative Settlement Loss; Oil Realized at $85.76
SM has more than doubled off its 52-week low of $17.45.
Summary
SM Energy reported preliminary Q3 2026 realized prices and a $207 million net derivative settlement loss, providing an early read on quarterly results.
Key Events · Earnings and Guidance · SM
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Preliminary Q3 Realized Prices
For the three months ended September 30, 2026, oil averaged $85.76 per barrel, gas $2.48 per Mcf, and NGLs $29.40 per barrel.
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$207M Derivative Settlement Loss
The company anticipates a net derivative settlement loss of $207 million for Q3 2026, reflecting cash settlements on commodity hedges during the quarter.
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Excludes Unsettled Derivative Fair-Value Changes
The $207 million figure excludes changes in fair value of unsettled derivative positions, which could be material and will be reported with full Q3 results.
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Preliminary and Subject to Change
The disclosed figures are preliminary, unaudited estimates and may not reflect all adjustments and charges required for the final Q3 2026 financial statements.
Analysis · SM · Energy & Transportation
Ahead of its full earnings release, SM Energy has provided preliminary Q3 2026 realized prices along with a $207 million net derivative settlement loss. The derivative loss represents a cash outflow that will weigh on reported earnings, even though it stems from hedges that locked in prices below the market. While realized oil at $85.76 per barrel is robust, the derivative hit will materially offset operating gains. This early look at Q3 results sets the stage for the upcoming detailed report.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 31% of the 1656 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.01%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SM was trading at $38.22 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $9.1B. The 52-week trading range was $17.45 to $41.56. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.