SM Energy Co — Director's Dealing 2011

Mar 8, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SM Energy Co (SM)
CIK: 0000893538
Period of Report: 2011-03-04

Reporting Person: Zubieta Dennis A. (VP-Engineering & Evaluation)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-04	Common Stock; $.01 Par Value	M	2300	$11.95	Acquired	16388	Direct
2011-03-04	Common Stock; $.01 Par Value	S	2300	$73.05	Disposed	14088	Direct
2011-03-07	Common Stock; $.01 Par Value	M	888	$11.95	Acquired	14976	Direct
2011-03-07	Common Stock; $.01 Par Value	M	3186	$12.525	Acquired	18162	Direct
2011-03-07	Common Stock; $.01 Par Value	M	3188	$12.5	Acquired	21350	Direct
2011-03-07	Common Stock; $.01 Par Value	S	7262	$73.05	Disposed	14088	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-04	Stock Option (Right to Buy)	$11.95	M	2300	Disposed	2012-09-30	Common Stock (2300)	Direct
2011-03-07	Stock Option (Right to Buy)	$11.95	M	888	Disposed	2012-09-30	Common Stock (888)	Direct
2011-03-07	Stock Option (Right to Buy)	$12.525	M	3186	Disposed	2013-03-31	Common Stock (3186)	Direct
2011-03-07	Stock Option (Right to Buy)	$12.50	M	3188	Disposed	2012-12-31	Common Stock (3188)	Direct

Footnotes

F1: The stock option vested in four equal installments on September 30, 2002, 2003, 2004 and 2005.

F2: The stock option vested as follows: 797 shares on March 31, 2003, 797 shares on September 30, 2003, and 796 shares on September 30, 2004 and 2005.

F3: The stock option vested as follows: 797 shares on December 31, 2002, 797 shares on September 30, 2003, 2004 and 2005.