On January 30, 2026, SM Energy Co completed its merger with Civitas Resources Inc, resulting in Civitas becoming a wholly owned subsidiary of SM Energy, with each Civitas shareholder receiving 1.45 shares of SM Energy for their shares. This merger leads to significant changes in the company’s capital structure and financial terms, including an increase in the borrowing base from $3.0 billion to $5.0 billion and an extension of the maturity date for credit commitments to January 30, 2031.