Item 4.01 - Change in Registrant's Certifying Accountant: On February 4, 2026, SM Energy Company's Audit Committee dismissed Ernst & Young LLP (EY) as the independent registered public accounting firm and appointed Deloitte & Touche LLP effective upon completion of EY's audit for the year ended December 31, 2025. No Audit Disagreements or Reportable Events: EY's audit reports for fiscal years…

Our analysis rates this filing BULLISH. This 8-K filing documents a routine and benign auditor transition with no red flags whatsoever. The outgoing auditor (EY) provided explicit confirmation of no disagreements, reportable events, or material weaknesses—the strongest possible signal that the…

Concern level: MODERATE (2.1/10). Key factors: Routine auditor transition from Ernst & Young to Deloitte (severity 3/10 - standard business practice).

Notable risk changes: Auditor transition from Ernst & Young LLP to Deloitte & Touche LLP for fiscal year 2026; EY confirmation letter states no disagreements on accounting principles, financial disclosure, or audit scope during 2023-2025 period; No reportable events or material weaknesses identified by outgoing auditor.

The model predicts SM will underperform the S&P 500 by about 0.0% over 30 days. This is model analysis for research, not investment advice.