SM Energy Co — Director's Dealing 2011

Mar 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SM Energy Co (SM)
CIK: 0000893538
Period of Report: 2010-12-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-31	Common Stock; $.01 Par Value	J	195	$34.1275	Acquired	13866	Direct
2011-02-28	Common Stock; $.01 Par Value	M	325	—	Acquired	14191	Direct
2011-02-28	Common Stock; $.01 Par Value	F	103	$72.47	Disposed	14088	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-28	Restricted Stock Units	$	M	325	Disposed	2011-02-28	Common Stock (325)	Direct

Footnotes

F1: The reporting person purchased 195 shares of the issuer's common stock on December 31, 2010, through the issuer's Employee Stock Purchase Plan.

F2: Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock units were granted on February 28, 2008, are associated with fiscal year 2007, and vest in four equal installments beginning on the grant date. On the vesting dates, shares are issued to the reporting person, at which time all restrictions on the vested shares will lapse.