SM Energy delivered a robust Q4 2024 revenue line of $835.9 million, up meaningfully versus prior periods, with gross margins around 43% and an EBITDA of $548.2 million. Net income for the quarter was $188.3 million, with an EPS of $1.64. However, free cash flow remained negative (-$1.878 billion) as capital expenditures surged to approximately $2.456 billion, underscoring a capital-intensive development program in the Midland Basin. Operating cash flow was healthy at $578.0 million, but the company deployed a large amount of capital into property, plants, and equipment, driving a sizable year-to-date cash burn from investing activities. The balance sheet shows a solid equity base ($4.238 billion) and a total debt load of about $2.777 billion, yielding a net-debt-to-EBITDA dynamic around 5x, with a current ratio of 0.55 highlighting a tighter near-term liquidity position absent cash reserves.