• SM Energy average operating margin for 2023 was 48.84%, a 32.39% decline from 2022.
• SM Energy average operating margin for 2022 was 36.89%, a 222.68% increase from 2021.
• SM Energy average operating margin for 2021 was -30.07%, a 52.48% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.