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    Civitas Resources, Inc. Reports Fourth Quarter and Full Year 2024 Results

    2/24/25 4:16:00 PM ET
    $CIVI
    Oil & Gas Production
    Energy
    Get the next $CIVI alert in real time by email

    Civitas Resources, Inc. (NYSE:CIVI) (the "Company" or "Civitas") today reported its fourth quarter and full year 2024 financial and operating results. A webcast and conference call to review these results and the Company's 2025 outlook is planned for 6:30 a.m. MT (8:30 a.m. ET), on Tuesday, February 25, 2025. Participation details are available in this release, and supplemental materials can be accessed on the Company's website, www.civitasresources.com.

    Key Fourth Quarter and Full Year 2024 Results

     

     

    Three Months Ended

    December 31, 2024

     

    Twelve Months Ended

    December 31, 2024

    Net Income ($MM)

     

    $151

     

    $839

    Adjusted Net Income ($MM)(1)

     

    $171

     

    $842

    Operating Cash Flow ($MM)

     

    $858

     

    $2,865

    Adjusted EBITDAX ($MM)(1)

     

    $895

     

    $3,652

    Sales Volumes (MBoe/d)

     

    352

     

    345

    Oil Volumes (MBbl/d)

     

    164

     

    159

    Capital Expenditures ($MM)

     

    $278

     

    $1,933

    Adjusted Free Cash Flow ($MM)(1)

     

    $519

     

    $1,266

    (1) Non-GAAP financial measure; see attached reconciliation schedules at the end of this release for reconciliations to the most directly comparable GAAP financial measures.

    Management Quote

    "The Civitas team performed well in 2024, establishing a successful operational track record in our first full year of operating in the Permian Basin and building on our strong momentum in the DJ Basin. Our high-quality assets and strong execution delivered in-line to better-than-expected sales volumes, capital expenditures, and operating costs. Along with enhancing our portfolio returns through sustainable capital efficiency gains and improved cycle times, we also expanded our asset base with attractive inventory adds in our core areas. All of these actions strengthened our business and our long-term free cash flow outlook," said President and CEO Chris Doyle.

    Fourth Quarter 2024 Financial and Operating Results

    Total sales and oil volumes increased 1% and 3% sequentially to 352 MBoe/d and 164 MBbl/d, respectively. Sales volumes in the fourth quarter were split 50% Permian Basin and 50% DJ Basin, as the DJ Basin grew significantly following a high number of third quarter turn-in-lines. Supported by strong sales volumes and commodity price realizations, higher than expected revenues offset higher cash operating costs, primarily occurring in the Permian Basin, as a result of winterization efforts and increased workover and maintenance activities.

    Capital expenditures of $278 million were consistent with plan and reflected continued efficiency gains, as the Company drilled, completed, and turned to sales 21, 34, and 4 net operated wells, respectively, in the Permian Basin, and 9, 3, and 28 net operated wells, respectively, in the DJ Basin. The Company's average lateral length completed in the quarter was approximately 2.2 miles and 3.0 miles for the Permian Basin and DJ Basin, respectively.

    Long-term debt was reduced by $350 million in the fourth quarter, while the Company also returned $205 million to its shareholders, including $48 million in dividends and $157 million in share repurchases. The Company repurchased nearly 3.5% of its outstanding shares in the fourth quarter.

    2024 Financial Highlights

    • Generated adjusted free cash flow(1) of nearly $1.3 billion, representing a yield of 29% (based on year-end 2024 market capitalization)
    • Delivered capital expenditures in the lower half of the Company's original guidance, with total sales volumes approximately 5% above original guidance and oil volumes at the midpoint, adjusted for non-core DJ Basin divestments
      • Cash operating costs, including lease operating, midstream, gathering, transportation, and processing, and cash G&A were below the midpoint of original guidance
    • Returned more than $920 million to shareholders throughout the year, including $494 million in dividends and $427 million of share repurchases
      • Repurchased 7.3 million outstanding shares (approximately 7% of shares outstanding)
    • Increased the Company's revolving credit facility borrowing base by $400 million (to $3.4 billion) and its elected commitment by $350 million (to $2.2 billion)
    • Received an upgrade on the Company's long-term issuer rating from Fitch Ratings to BB+, along with an upgrade from S&P Global to a positive outlook

    (1) Non-GAAP financial measure; see attached reconciliation schedules at the end of this release for reconciliations to the most directly comparable GAAP financial measures.

    2024 Operational Highlights

    • Established operational track record in the Permian Basin, delivering sustainably lower well costs through well design changes, accelerated drilling and completion cycle times, and scale benefits
      • Midland Basin average two-mile well costs (drilling, completion and equipment) decreased from $850 per lateral foot to less than $725 per foot by the end of the year, a more than 15% improvement
      • Implemented simulfrac operations late in 2024, increasing fluid throughput by more than 40% (barrels pumped per day)
      • Achieved Permian Basin total recordable incident rate of 0.18 in the first year of operatorship
    • Delineated Wolfcamp D development in the Midland Basin, with higher than anticipated productivity and lower costs, expanding the economic competitiveness of the Wolfcamp D across Civitas' acreage position
    • Successfully executed 13 four-mile laterals in the DJ Basin, the longest laterals ever drilled and completed in Colorado, representing the highest 180-day cumulative oil producing wells in the state and observing no per foot degradation in productivity
    • Drilled, completed, and commenced production on the Company's first "U-turn" wells in the Company's northeast extension area of the DJ Basin, outperforming expected capital cost, cycle times, and production
    • Reported 2024 proved reserves of 798 million barrels of oil equivalent, a 14% increase from year-end 2023, primarily driven by the acquisition of Vencer Energy

    2024 Strategic Highlights

    • Closed on the acquisition of certain oil and gas assets in the Midland Basin from Vencer Energy at the start of the year, materially expanding the Company's Permian Basin position
    • Extended the Company's future development inventory through multiple land transactions and optimized development plans, adding approximately 100 gross locations in the Permian Basin and 250 gross locations in the DJ Basin
    • Divested non-core DJ Basin assets for $215 million, which included 7 MBoe/d of production (~40% oil) and long-dated future development inventory in the Company's northeast extension area
    • Reduced regulatory risk in the DJ Basin through a multi-party regulatory agreement with the governor, industry colleagues, and environmental groups that defers future ballot measure and legislative initiatives through at least the end of 2027 (Senate Bill 24-229 and 24-230)
    • Received approval from Colorado's Energy and Carbon Management Commission of the Lowry Ranch Comprehensive Area Plan within the Watkins development area of the DJ Basin

    Webcast / Conference Call Information

    The Company plans to host a webcast and conference call at 6:30 a.m. MT (8:30 a.m. ET) on February 25, 2025. The dial-in number for the call is 888-510-2535, with passcode 4872770. A live webcast and replay of this event will be available on the Investor Relations section of the Company's website at www.civitasresources.com.

    About Civitas Resources, Inc.

    Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development and production of crude oil and liquids-rich natural gas from its premier assets in the DJ Basin in Colorado and the Permian Basin in Texas and New Mexico. Civitas' proven business model to maximize shareholder returns is focused on four key strategic pillars: generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership. For more information about Civitas, please visit www.civitasresources.com.

    Schedule 1: Consolidated Statements of Operations

    (in thousands, except for per share amounts, unaudited)

     

     

    Three Months Ended

    December 31,

     

    Twelve Months Ended

    December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Operating net revenues:

     

     

     

     

     

     

     

    Crude oil, natural gas, and NGL sales

    $

    1,291,745

     

     

    $

    1,125,730

     

     

    $

    5,202,408

     

     

    $

    3,473,821

     

    Other operating income

     

    1,121

     

     

     

    1,045

     

     

     

    4,400

     

     

     

    5,419

     

    Total operating net revenues

     

    1,292,866

     

     

     

    1,126,775

     

     

     

    5,206,808

     

     

     

    3,479,240

     

    Operating expenses:

     

     

     

     

     

     

     

    Lease operating expense

     

    173,005

     

     

     

    109,560

     

     

     

    577,837

     

     

     

    301,288

     

    Midstream operating expense

     

    11,313

     

     

     

    10,039

     

     

     

    48,038

     

     

     

    45,080

     

    Gathering, transportation, and processing

     

    97,894

     

     

     

    80,880

     

     

     

    377,678

     

     

     

    290,645

     

    Severance and ad valorem taxes

     

    86,307

     

     

     

    88,293

     

     

     

    377,388

     

     

     

    276,535

     

    Exploration

     

    587

     

     

     

    632

     

     

     

    14,322

     

     

     

    2,178

     

    Depreciation, depletion, and amortization

     

    544,568

     

     

     

    416,634

     

     

     

    2,056,427

     

     

     

    1,171,192

     

    Transaction costs

     

    682

     

     

     

    24,251

     

     

     

    31,419

     

     

     

    84,328

     

    General and administrative expense

     

    53,223

     

     

     

    54,524

     

     

     

    226,965

     

     

     

    161,077

     

    Other operating expense

     

    6,192

     

     

     

    2,182

     

     

     

    17,330

     

     

     

    7,437

     

    Total operating expenses

     

    973,771

     

     

     

    786,995

     

     

     

    3,727,404

     

     

     

    2,339,760

     

    Other income (expense):

     

     

     

     

     

     

     

    Derivative gain (loss), net

     

    (11,437

    )

     

     

    129,881

     

     

     

    37,490

     

     

     

    9,307

     

    Interest expense

     

    (113,860

    )

     

     

    (90,071

    )

     

     

    (456,303

    )

     

     

    (182,740

    )

    Loss on property transactions, net

     

    (1,136

    )

     

     

    —

     

     

     

    (2,566

    )

     

     

    (254

    )

    Other income (expense)

     

    7,099

     

     

     

    (695

    )

     

     

    24,670

     

     

     

    33,661

     

    Total other income (expense)

     

    (119,334

    )

     

     

    39,115

     

     

     

    (396,709

    )

     

     

    (140,026

    )

    Income from operations before income taxes

     

    199,761

     

     

     

    378,895

     

     

     

    1,082,695

     

     

     

    999,454

     

    Income tax expense

     

    (48,651

    )

     

     

    (76,028

    )

     

     

    (243,972

    )

     

     

    (215,166

    )

    Net income

    $

    151,110

     

     

    $

    302,867

     

     

    $

    838,723

     

     

    $

    784,288

     

     

     

     

     

     

     

     

     

    Earnings per common share

     

     

     

     

     

     

     

    Basic

    $

    1.57

     

     

    $

    3.23

     

     

    $

    8.48

     

     

    $

    9.09

     

    Diluted

    $

    1.57

     

     

    $

    3.20

     

     

    $

    8.46

     

     

    $

    9.02

     

    Weighted-average common shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    96,254

     

     

     

    93,774

     

     

     

    98,865

     

     

     

    86,240

     

    Diluted

     

    96,394

     

     

     

    94,519

     

     

     

    99,176

     

     

     

    86,988

     

    Schedule 2: Consolidated Statement of Cash Flows

    (in thousands, unaudited)

     

    Three Months Ended December 31,

     

    Twelve Months Ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

    Net income

    $

    151,109

     

     

    $

    302,867

     

     

    $

    838,723

     

     

    $

    784,288

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

     

     

     

    Depreciation, depletion, and amortization

     

    544,568

     

     

     

    416,634

     

     

     

    2,056,427

     

     

     

    1,171,192

     

    Stock-based compensation

     

    12,150

     

     

     

    9,354

     

     

     

    48,272

     

     

     

    34,931

     

    Derivative (gain) loss, net

     

    11,437

     

     

     

    (129,881

    )

     

     

    (37,490

    )

     

     

    (9,307

    )

    Derivative cash settlement gain (loss), net

     

    12,147

     

     

     

    (23,339

    )

     

     

    6,435

     

     

     

    (68,246

    )

    Amortization of deferred financing costs and deferred acquisition consideration

     

    13,775

     

     

     

    3,587

     

     

     

    52,702

     

     

     

    9,293

     

    Loss on property transactions, net

     

    1,136

     

     

     

    —

     

     

     

    2,566

     

     

     

    254

     

    Deferred income tax expense

     

    48,378

     

     

     

    106,191

     

     

     

    235,773

     

     

     

    245,163

     

    Other, net

     

    4,084

     

     

     

    (330

    )

     

     

    1,084

     

     

     

    (740

    )

    Changes in operating assets and liabilities, net

     

     

     

     

     

     

     

    Accounts receivable, net

     

    (58,057

    )

     

     

    760

     

     

     

    (23,036

    )

     

     

    (39,869

    )

    Prepaid expenses and other

     

    (12,856

    )

     

     

    19,141

     

     

     

    (17,644

    )

     

     

    19,987

     

    Accounts payable, accrued expenses, and other liabilities

     

    130,199

     

     

     

    138,204

     

     

     

    (298,584

    )

     

     

    91,814

     

    Net cash provided by operating activities

     

    858,070

     

     

     

    843,188

     

     

     

    2,865,228

     

     

     

    2,238,760

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

    Acquisitions of businesses, net of cash acquired

     

    —

     

     

     

    (5,121

    )

     

     

    (905,096

    )

     

     

    (3,655,612

    )

    Acquisitions of crude oil and natural gas properties

     

    (23,096

    )

     

     

    (93,880

    )

     

     

    (47,440

    )

     

     

    (154,855

    )

    Deposits for acquisitions

     

    —

     

     

     

    (161,250

    )

     

     

    —

     

     

     

    (161,250

    )

    Capital expenditures for drilling and completion activities and other fixed assets

     

    (292,319

    )

     

     

    (570,269

    )

     

     

    (1,924,426

    )

     

     

    (1,352,388

    )

    Proceeds from property transactions

     

    45,544

     

     

     

    84,692

     

     

     

    208,824

     

     

     

    90,456

     

    Purchases of carbon credits and renewable energy credits

     

    (1,826

    )

     

     

    (287

    )

     

     

    (5,744

    )

     

     

    (6,151

    )

    Other, net

     

    —

     

     

     

    (177

    )

     

     

    2,000

     

     

     

    (3,355

    )

    Net cash used in investing activities

     

    (271,697

    )

     

     

    (746,292

    )

     

     

    (2,671,882

    )

     

     

    (5,243,155

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

    Proceeds from credit facility

     

    250,000

     

     

     

    1,000,000

     

     

     

    1,900,000

     

     

     

    2,120,000

     

    Payments to credit facility

     

    (600,000

    )

     

     

    (900,000

    )

     

     

    (2,200,000

    )

     

     

    (1,370,000

    )

    Proceeds from issuance of senior notes

     

    —

     

     

     

    987,500

     

     

     

    —

     

     

     

    3,653,750

     

    Payment of deferred financing costs and other

     

    (1,215

    )

     

     

    (2,879

    )

     

     

    (7,724

    )

     

     

    (45,788

    )

    Dividends paid

     

    (47,629

    )

     

     

    (149,289

    )

     

     

    (493,842

    )

     

     

    (660,320

    )

    Common stock repurchased and retired

     

    (157,444

    )

     

     

    —

     

     

     

    (427,305

    )

     

     

    (320,398

    )

    Payment of employee tax withholdings in exchange for the return of common stock

     

    (396

    )

     

     

    (114

    )

     

     

    (12,037

    )

     

     

    (13,416

    )

    Other, net

     

    (938

    )

     

     

    (727

    )

     

     

    (3,427

    )

     

     

    (752

    )

    Net cash provided by (used in) financing activities

     

    (557,622

    )

     

     

    934,491

     

     

     

    (1,244,335

    )

     

     

    3,363,076

     

    Net change in cash, cash equivalents, and restricted cash

     

    28,751

     

     

     

    1,031,387

     

     

     

    (1,050,989

    )

     

     

    358,681

     

    Cash, cash equivalents, and restricted cash:

     

     

     

     

     

     

     

    Beginning of period (1)

     

    47,075

     

     

     

    95,428

     

     

     

    1,126,815

     

     

     

    768,134

     

    End of period (1)

    $

    75,826

     

     

    $

    1,126,815

     

     

    $

    75,826

     

     

    $

    1,126,815

     

    (1) The balance includes $0.1 million of restricted cash consisting of funds for road maintenance and repairs that is presented in other noncurrent assets within our balance sheets for all periods presented prior to September 30, 2024. These funds were released to the Company during the third quarter of 2024. In addition, the December 31, 2023 balance includes $1.9 million of interest earned on cash held in escrow that is presented in deposits for acquisitions within our balance sheets for the period ended December 31, 2023.

    Schedule 3: Consolidated Balance Sheets

    (in thousands)

     

     

    December 31,

     

     

    2024

     

     

     

    2023

     

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    75,826

     

     

    $

    1,124,797

     

    Accounts receivable, net:

     

     

     

    Crude oil and natural gas sales

     

    646,290

     

     

     

    505,961

     

    Joint interest and other

     

    125,047

     

     

     

    247,228

     

    Derivative assets

     

    66,517

     

     

     

    35,192

     

    Deposits for acquisitions

     

    —

     

     

     

    163,164

     

    Prepaid expenses and other

     

    74,638

     

     

     

    68,070

     

    Total current assets

     

    988,318

     

     

     

    2,144,412

     

    Property and equipment (successful efforts method):

     

     

     

    Proved properties

     

    16,897,070

     

     

     

    12,738,568

     

    Less: accumulated depreciation, depletion, and amortization

     

    (4,287,752

    )

     

     

    (2,339,541

    )

    Total proved properties, net

     

    12,609,318

     

     

     

    10,399,027

     

    Unproved properties

     

    630,727

     

     

     

    821,939

     

    Wells in progress

     

    505,556

     

     

     

    536,858

     

    Other property and equipment, net of accumulated depreciation of $9,382 in 2024 and $9,808 in 2023

     

    48,757

     

     

     

    62,392

     

    Total property and equipment, net

     

    13,794,358

     

     

     

    11,820,216

     

    Derivative assets

     

    17,037

     

     

     

    8,233

     

    Other noncurrent assets

     

    144,407

     

     

     

    124,458

     

    Total assets

    $

    14,944,120

     

     

    $

    14,097,319

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable and accrued expenses

    $

    560,893

     

     

    $

    565,708

     

    Production taxes payable

     

    322,976

     

     

     

    421,045

     

    Crude oil and natural gas revenue distribution payable

     

    702,130

     

     

     

    766,123

     

    Derivative liability

     

    22,178

     

     

     

    18,096

     

    Deferred acquisition consideration

     

    478,749

     

     

     

    —

     

    Other liabilities

     

    118,168

     

     

     

    80,915

     

    Total current liabilities

     

    2,205,094

     

     

     

    1,851,887

     

    Long-term liabilities:

     

     

     

    Debt, net

     

    4,493,531

     

     

     

    4,785,732

     

    Ad valorem taxes

     

    294,058

     

     

     

    307,924

     

    Derivative liability

     

    13,016

     

     

     

    —

     

    Deferred income tax liabilities, net

     

    800,554

     

     

     

    564,781

     

    Asset retirement obligations

     

    399,002

     

     

     

    305,716

     

    Other long-term liabilities

     

    110,119

     

     

     

    99,958

     

    Total liabilities

     

    8,315,374

     

     

     

    7,915,998

     

    Commitments and contingencies

     

     

     

    Stockholders' equity:

     

     

     

    Preferred stock, $.01 par value, 25,000,000 shares authorized, none outstanding

     

    —

     

     

     

    —

     

    Common stock, $.01 par value, 225,000,000 shares authorized, 93,933,857 and 93,774,901 issued and outstanding as of December 31, 2024 and 2023, respectively

     

    5,006

     

     

     

    5,004

     

    Additional paid-in capital

     

    5,095,298

     

     

     

    4,964,450

     

    Retained earnings

     

    1,528,442

     

     

     

    1,211,867

     

    Total stockholders' equity

     

    6,628,746

     

     

     

    6,181,321

     

    Total liabilities and stockholders' equity

    $

    14,944,120

     

     

    $

    14,097,319

     

    Schedule 4: Average Sales Volumes and Prices

    (unaudited)

    The following table presents crude oil, natural gas, and NGL sales volumes by operating region as well as consolidated average sales prices for the periods presented:

     

    Three Months Ended

     

    Twelve Months Ended

     

    December 31, 2024

     

    September 30, 2024

     

    December 31, 2024

     

    December 31, 2023

    Average sales volumes per day

     

     

     

     

     

     

     

    Crude oil (MBbl/d)

     

     

     

     

     

     

     

    DJ Basin

     

    84

     

     

    71

     

     

    74

     

     

    79

    Permian Basin

     

    80

     

     

    88

     

     

    85

     

     

    21

    Total

     

    164

     

     

    159

     

     

    159

     

     

    100

    Natural gas (MMcf/d)

     

     

     

     

     

     

     

    DJ Basin

     

    309

     

     

    311

     

     

    320

     

     

    302

    Permian Basin

     

    286

     

     

    292

     

     

    278

     

     

    64

    Total

     

    595

     

     

    603

     

     

    598

     

     

    366

    Natural gas liquids (MBbl/d)

     

     

     

     

     

     

     

    DJ Basin

     

    41

     

     

    37

     

     

    38

     

     

    39

    Permian Basin

     

    49

     

     

    52

     

     

    48

     

     

    12

    Total

     

    90

     

     

    89

     

     

    86

     

     

    51

    Average sales volumes per day (MBoe/d)

     

     

     

     

     

     

     

    DJ Basin

     

    176

     

     

    159

     

     

    165

     

     

    169

    Permian Basin

     

    176

     

     

    189

     

     

    179

     

     

    44

    Total(1)

     

    352

     

     

    348

     

     

    345

     

     

    213

     

     

     

     

     

     

     

     

    Average sales prices (before derivatives):

     

     

    Crude oil (per Bbl)

    $

    69.96

     

    $

    75.46

     

    $

    75.26

     

    $

    75.57

    Natural gas (per Mcf)

    $

    1.14

     

    $

    0.17

     

    $

    0.77

     

    $

    2.28

    Natural gas liquids (per Bbl)

    $

    21.47

     

    $

    19.38

     

    $

    21.09

     

    $

    21.35

    Total (per Boe)

    $

    39.90

     

    $

    39.70

     

    $

    41.24

     

    $

    44.86

    ____________________

    (1) Items may not recalculate due to rounding.

    Schedule 5: Adjusted Net Income

    (in thousands, except per share amounts, unaudited)

    Adjusted Net Income is a supplemental non-GAAP financial measure that is used by management to present a more comparable, recurring profitability between periods. We believe that Adjusted Net Income provides external users of our consolidated financial statements with additional information to assist in their analysis of the Company. The Company defines Adjusted Net Income as net income after adjusting for (1) the impact of certain non-cash items and one-time transactions and correspondingly (2) the related tax effect in each period. Adjusted Net Income is not a measure of net income as determined by GAAP and should not be considered in isolation or as a substitute for net income, net cash provided by operating activities, or other profitability or liquidity measures prepared under GAAP.

    The following table presents a reconciliation of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted Net Income.

     

    Three Months Ended

     

    Twelve Months Ended

     

    December 31, 2024

     

    September 30, 2024

     

    December 31, 2024

     

    December 31, 2023

    Net income

    $

    151,110

     

     

    $

    295,803

     

     

    $

    838,723

     

     

    $

    784,288

     

    Adjustments to net income:

     

     

     

     

     

     

     

    Unused commitments(1)

     

    1,232

     

     

     

    1,117

     

     

     

    1,730

     

     

     

    5,013

     

    Transaction costs

     

    682

     

     

     

    140

     

     

     

    31,419

     

     

     

    84,328

     

    Loss on property transactions, net

     

    1,136

     

     

     

    —

     

     

     

    2,566

     

     

     

    254

     

    Derivative (gain) loss, net

     

    11,437

     

     

     

    (151,029

    )

     

     

    (37,490

    )

     

     

    (9,307

    )

    Derivative cash settlement gain (loss), net

     

    12,147

     

     

     

    18,195

     

     

     

    6,435

     

     

     

    (68,246

    )

    Total adjustments to net income before taxes

     

    26,634

     

     

     

    (131,577

    )

     

     

    4,660

     

     

     

    12,042

     

    Tax effect of adjustments

     

    (6,499

    )

     

     

    31,578

     

     

     

    (1,049

    )

     

     

    (2,589

    )

    Total adjustments to net income after taxes

     

    20,135

     

     

     

    (99,999

    )

     

     

    3,611

     

     

     

    9,453

     

     

     

     

     

     

     

     

     

    Adjusted Net Income

    $

    171,245

     

     

    $

    195,804

     

     

    $

    842,334

     

     

    $

    793,741

     

     

     

     

     

     

     

     

     

    Adjusted Net Income per diluted share

    $

    1.78

     

     

    $

    1.99

     

     

    $

    8.49

     

     

    $

    9.12

     

     

     

     

     

     

     

     

     

    Diluted weighted-average common shares outstanding

     

    96,394

     

     

     

    98,224

     

     

     

    99,176

     

     

     

    86,988

     

    1) Included as a portion of other operating expense in the consolidated statements of operations.

    Schedule 6: Adjusted EBITDAX

    (in thousands, unaudited)

    Adjusted EBITDAX is a supplemental non-GAAP financial measure that represents earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense, and other non-cash and non-recurring charges. Adjusted EBITDAX excludes certain items that we believe affect the comparability of operating results and can exclude items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. We present Adjusted EBITDAX because we believe it provides useful additional information to investors and analysts, as a performance measure, for analysis of our ability to internally generate funds for exploration, development, acquisitions, and to service debt. We are also subject to financial covenants under our revolving credit facility based on Adjusted EBITDAX ratios. In addition, Adjusted EBITDAX is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the crude oil and natural gas exploration and production industry. Adjusted EBITDAX should not be considered in isolation or as a substitute for net income, net cash provided by operating activities, or other profitability or liquidity measures prepared under GAAP. Because Adjusted EBITDAX excludes some, but not all items that affect net income and may vary among companies, the Adjusted EBITDAX amounts presented may not be comparable to similar metrics of other companies.

    The following table presents a reconciliation of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted EBITDAX:

     

    Three Months Ended

     

    Twelve Months Ended

     

    December 31, 2024

     

    September 30, 2024

     

    December 31, 2024

     

    December 31, 2023

    Net Income

    $

    151,110

     

     

    $

    295,803

     

     

    $

    838,723

     

     

    $

    784,288

     

    Total adjustments to net income before taxes (from schedule 4)

     

    26,634

     

     

     

    (131,577

    )

     

     

    4,660

     

     

     

    12,042

     

    Exploration

     

    587

     

     

     

    861

     

     

     

    14,322

     

     

     

    2,178

     

    Depreciation, depletion, and amortization

     

    544,568

     

     

     

    523,929

     

     

     

    2,056,427

     

     

     

    1,171,192

     

    Stock-based compensation(1)

     

    12,150

     

     

     

    12,661

     

     

     

    48,272

     

     

     

    34,931

     

    Interest expense

     

    113,860

     

     

     

    117,760

     

     

     

    456,303

     

     

     

    182,740

     

    Interest income(2)

     

    (2,334

    )

     

     

    (2,650

    )

     

     

    (11,058

    )

     

     

    (33,347

    )

    Income tax expense

     

    48,651

     

     

     

    93,309

     

     

     

    243,972

     

     

     

    215,166

     

    Adjusted EBITDAX

    $

    895,226

     

     

    $

    910,096

     

     

    $

    3,651,621

     

     

    $

    2,369,190

     

    (1) Included as a portion of general and administrative expense in the consolidated statements of operations.

    (2) Included as a portion of other income in the consolidated statements of operations.

    Schedule 7: Adjusted Free Cash Flow

    (in thousands, unaudited)

    Adjusted Free Cash Flow is a supplemental non-GAAP financial measure that is calculated as net cash provided by operating activities before changes in operating assets and liabilities and less exploration and development of crude oil and natural gas properties, changes in working capital related to capital expenditures, and purchases of carbon credits. We believe that Adjusted Free Cash Flow provides additional information that may be useful to investors and analysts in evaluating our ability to generate cash from our existing crude oil and natural gas assets to fund future exploration and development activities and to return cash to stockholders. Adjusted Free Cash Flow is a supplemental measure of liquidity and should not be viewed as a substitute for cash flows from operations because it excludes certain required cash expenditures.

    The following table presents a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP financial measure of Adjusted Free Cash Flow:

     

    Three Months Ended

     

    Twelve Months Ended

     

    December 31, 2024

     

    September 30, 2024

     

    December 31, 2024

     

    December 31, 2023

    Net cash provided by operating activities

    $

    858,070

     

     

    $

    835,038

     

     

    $

    2,865,228

     

     

    $

    2,238,760

     

    Add back: changes in operating assets and liabilities, net

     

    (59,285

    )

     

     

    (28,270

    )

     

     

    339,264

     

     

     

    (71,932

    )

    Cash flow from operations before changes in operating assets and liabilities

     

    798,785

     

     

     

    806,768

     

     

     

    3,204,492

     

     

     

    2,166,828

     

    Less: Cash paid for capital expenditures for drilling and completion activities and other fixed assets

     

    (292,319

    )

     

     

    (541,410

    )

     

     

    (1,924,426

    )

     

     

    (1,352,388

    )

    Less: Changes in working capital related to capital expenditures

     

    14,115

     

     

     

    103,021

     

     

     

    (8,208

    )

     

     

    (12,349

    )

    Capital expenditures

     

    (278,204

    )

     

     

    (438,389

    )

     

     

    (1,932,634

    )

     

     

    (1,364,737

    )

    Less: Purchases of carbon credits and renewable energy credits

     

    (1,826

    )

     

     

    (2,032

    )

     

     

    (5,744

    )

     

     

    (6,151

    )

    Adjusted Free Cash Flow

    $

    518,755

     

     

    $

    366,347

     

     

    $

    1,266,114

     

     

    $

    795,940

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Capital expenditures by operating region

     

     

     

     

     

     

     

    DJ Basin

    $

    78,223

     

     

    $

    208,530

     

     

    $

    813,750

     

     

    $

    890,962

     

    Permian Basin

     

    199,955

     

     

     

    228,910

     

     

     

    1,117,686

     

     

     

    473,933

     

    Other/Corporate

     

    25

     

     

     

    951

     

     

     

    1,199

     

     

     

    (158

    )

    Total

    $

    278,203

     

     

    $

    438,391

     

     

    $

    1,932,635

     

     

    $

    1,364,737

     

    Schedule 8: Estimated Proved Reserves

    A summary of our changes in quantities of total proved reserves for the year ended December 31, 2024 is as follows:

    Proved Reserve Roll-Forward

     

    (in MBoe)

    Net Proved

    Reserves

    Balance as of December 31, 2023

    697,799

     

    Extensions, discoveries, and other additions

    101,817

     

    Production

    (126,135

    )

    Divestiture of reserves

    (22,929

    )

    Removed from capital program

    (24,064

    )

    Acquisition of reserves

    179,348

     

    Revisions to previous estimates

    (8,112

    )

    Balance as of December 31, 2024

    797,724

     

    The table below sets forth information regarding our estimated proved reserves by category and operating region as of December 31, 2024:

    Operating Region/Area

     

    Crude Oil

    (MBbls)

     

    Natural Gas

    (MMcf)

     

    NGL (MBbls)

     

    Crude Oil

    Equivalent

    (MBoe)

    Proved developed reserves:

     

     

     

     

     

     

     

     

    DJ Basin

     

    103,812

     

    647,550

     

    79,431

     

    291,168

    Permian Basin

     

    131,814

     

    676,306

     

    123,751

     

    368,283

    Total proved developed reserves

     

    235,626

     

    1,323,856

     

    203,182

     

    659,451

    Proved undeveloped reserves:

     

     

     

     

     

     

     

     

    DJ Basin

     

    34,045

     

    99,276

     

    11,883

     

    62,474

    Permian Basin

     

    35,690

     

    116,386

     

    20,711

     

    75,799

    Total proved undeveloped reserves

     

    69,735

     

    215,662

     

    32,594

     

    138,273

    Proved reserves:

     

     

     

     

     

     

     

     

    DJ Basin

     

    137,857

     

    746,826

     

    91,314

     

    353,642

    Permian Basin

     

    167,504

     

    792,692

     

    144,462

     

    444,082

    Total proved reserves(1)

     

    305,361

     

    1,539,518

     

    235,776

     

    797,724

    ____________________

    (1) Items may not recalculate due to rounding.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250224936014/en/

    For further information, please contact:

    Investor Relations:

    Brad Whitmarsh, 832.736.8909, [email protected]

    Mae Herrington, 832.913.5444, [email protected]

    Media:

    Rich Coolidge, [email protected]

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      Implementing cost optimization and operational efficiency initiatives to deliver over $100 million in annualized free cash flow Civitas Resources, Inc. (NYSE:CIVI) (the "Company" or "Civitas") today reported its first quarter 2025 financial and operating results. A webcast and conference call to review the Company's results is planned for 6:30 a.m. MT (8:30 a.m. ET) on Thursday, May 8, 2025. Participation details are available in this release, and supplemental materials can be accessed on the Company's website, www.civitasresources.com. Management Quote CEO Chris Doyle commented, "Our high-quality, low-breakeven assets continue to position us well in the current environment, following ou

      5/7/25 4:12:00 PM ET
      $CIVI
      Oil & Gas Production
      Energy

    $CIVI
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    • Civitas Resources, Inc. Reports First Quarter 2025 Results

      Implementing cost optimization and operational efficiency initiatives to deliver over $100 million in annualized free cash flow Civitas Resources, Inc. (NYSE:CIVI) (the "Company" or "Civitas") today reported its first quarter 2025 financial and operating results. A webcast and conference call to review the Company's results is planned for 6:30 a.m. MT (8:30 a.m. ET) on Thursday, May 8, 2025. Participation details are available in this release, and supplemental materials can be accessed on the Company's website, www.civitasresources.com. Management Quote CEO Chris Doyle commented, "Our high-quality, low-breakeven assets continue to position us well in the current environment, following ou

      5/7/25 4:12:00 PM ET
      $CIVI
      Oil & Gas Production
      Energy
    • Civitas Resources, Inc. Schedules First Quarter 2025 Conference Call and Webcast

      Civitas Resources, Inc. (NYSE:CIVI) ("Civitas" or the "Company"), today announced plans to release its first quarter 2025 operating and financial results after market close on Wednesday, May 7, 2025. A conference call and webcast are planned for 6:30 a.m. MT (8:30 a.m. ET) on Thursday, May 8, 2025. The dial-in number for the call is 888-510-2535, with passcode 4872770. A live webcast and replay of this event will be available on the Investor Relations section of the Company's website at www.civitasresources.com. About Civitas Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development, and production of crude oil and liquids-rich n

      4/10/25 4:27:00 PM ET
      $CIVI
      Oil & Gas Production
      Energy
    • Civitas Resources Provides 2025 Outlook Focused on Free Cash Flow and Debt Reduction

      Successful land optimization initiatives and bolt-on acquisition expand high–quality development inventory Civitas Resources, Inc. (NYSE:CIVI) ("Civitas" or the "Company"), today announced its 2025 outlook, including a new debt reduction goal for the year, as well as an enhanced asset portfolio and a recent bolt-on transaction in the Permian Basin. Civitas President and CEO Chris Doyle said, "Our 2025 outlook is designed to maximize free cash flow, capitalizing on the sustainable efficiencies we have delivered in our first full year of operating in the Permian Basin and our strong track record of execution in the DJ Basin. We are maintaining a disciplined posture in 2025 in the face of

      2/24/25 4:18:00 PM ET
      $CIVI
      Oil & Gas Production
      Energy

    $CIVI
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    • SEC Form SC 13G filed by Civitas Resources Inc.

      SC 13G - CIVITAS RESOURCES, INC. (0001509589) (Subject)

      11/12/24 9:55:14 AM ET
      $CIVI
      Oil & Gas Production
      Energy
    • Amendment: SEC Form SC 13G/A filed by Civitas Resources Inc.

      SC 13G/A - CIVITAS RESOURCES, INC. (0001509589) (Subject)

      9/4/24 4:36:54 PM ET
      $CIVI
      Oil & Gas Production
      Energy
    • SEC Form SC 13D/A filed by Civitas Resources Inc. (Amendment)

      SC 13D/A - CIVITAS RESOURCES, INC. (0001509589) (Subject)

      5/20/24 9:28:56 PM ET
      $CIVI
      Oil & Gas Production
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    • Civitas Resources, Inc. Announces Clay Carrell President and Chief Operating Officer

      Civitas Resources, Inc. (NYSE:CIVI) ("Civitas" or the "Company") announced that Clay Carrell has joined the Company as President and Chief Operating Officer, effective today. Chris Doyle, Chief Executive Officer, said, "On behalf of the Board of Directors and the Company, I am excited to welcome Clay to the Civitas team. He brings proven leadership experience, having successfully managed multi-basin development programs and the effective deployment of best practices to safely lower costs and enhance margins. Clay's experience will help ensure that we maximize the value of our quality asset base as we execute our strategic objectives." Carrell said, "I am thrilled to join this talented tea

      5/7/25 4:10:00 PM ET
      $CIVI
      Oil & Gas Production
      Energy
    • Civitas Resources, Inc. Appoints Lloyd W. Helms, Jr. to Board of Directors

      Civitas Resources, Inc. (NYSE:CIVI) ("Civitas" or the "Company"), today announced that Lloyd W. "Billy" Helms, Jr. has been appointed to the Company's Board of Directors, effective immediately. Civitas Board Chair Wouter van Kempen, said, "Billy is a fantastic addition to our board and brings a 40-year track record of operational and technical expertise. He has successfully led operating teams, creating sustainable efficiencies through proven operating practices that can be rapidly applied across multiple basins." Helms has more than 15 years of executive management experience and over 40 years of oil and gas industry experience. He most recently served at EOG Resources, Inc., where he he

      2/24/25 4:20:00 PM ET
      $CIVI
      Oil & Gas Production
      Energy
    • Civitas Resources Appoints Brad Whitmarsh to Lead Investor Relations Program

      Civitas Resources, Inc. (NYSE:CIVI) ("Civitas" or the "Company") today announced that Brad Whitmarsh has joined Civitas as Vice President, Investor Relations. Mr. Whitmarsh will report to Chief Financial Officer Marianella Foschi and will serve as the primary liaison between the Company and the investment community. Mr. Whitmarsh joins Civitas with more than 20 years of leadership experience in the oil and gas industry. Prior to Civitas, Mr. Whitmarsh most recently served as Vice President, Investor Relations for Denbury Inc., a U.S. focused producer utilizing carbon dioxide (CO2) via enhanced oil recovery to produce carbon-negative oil. Prior to Denbury Inc., Mr. Whitmarsh was with Noble

      1/9/24 4:05:00 PM ET
      $CIVI
      Oil & Gas Production
      Energy