Welcome to our dedicated page for Civitas Resources news (Ticker: CIVI), a resource for investors and traders seeking the latest updates and insights on Civitas Resources stock.
Civitas Resources, Inc. (symbol: CIVI) is an independent exploration and production company headquartered in Colorado. As the largest pure-play oil and natural gas producer in the state, Civitas focuses on the acquisition, development, and production of oil and liquids-rich natural gas, primarily within the Denver-Julesburg Basin (DJ Basin) of the Rocky Mountain region. The company's operations emphasize the development of the horizontal Niobrara and Codell formations, known for their low-cost structure and mature infrastructure.
Civitas Resources brings together decades of operational expertise and a robust commitment to sustainability and community values. The company prioritizes long-term sustainability and aims to deliver value not only to the energy industry but also to Colorado's economy and its communities. By leveraging a strategic and collaborative vision, Civitas ensures that the benefits of Colorado’s oil and natural gas industry extend well into the future.
Civitas Resources is recognized for its operational efficiencies, production innovation, and a premier management team dedicated to optimizing both current projects and future drilling opportunities. The company benefits from established reserves and multiple producing horizons, supported by a range of service providers and prospective drilling opportunities that enhance its production capabilities.
Recent achievements of Civitas include aggressive sustainability practices and significant operational milestones that reinforce its leading position in the industry. The company continues to innovate and focus on enhancements that support its goal of being a major contributor to the regional and national energy landscape.
Civitas Resources (NYSE: CIVI) has announced its Board of Directors' approval of a quarterly dividend of $0.50 per share. The dividend will be paid on December 27, 2024, to shareholders who are on record as of December 13, 2024.
Civitas Resources (NYSE: CIVI) reported strong Q3 2024 financial results with net income of $295.8 million and sales volumes of 348.1 MBoe/d. The company returned $227 million to shareholders through dividends ($149 million) and share repurchases ($78 million). Notable operational achievements include reducing well costs in the Midland Basin by 13% to $740 per lateral foot and setting a DJ Basin production record. Q4 oil volumes are expected to increase 3% from Q3, with October production averaging 165 MBbl/d. The company maintains strong liquidity of over $1.4 billion and continues to focus on debt reduction, having paid down $88 million in Q3.
Civitas Resources (NYSE: CIVI) has announced the schedule for its third quarter 2024 financial results release and conference call. The company plans to release its Q3 2024 operating and financial results after market close on Thursday, November 7, 2024. A conference call and webcast are scheduled for 7 a.m. MT (9 a.m. ET) on Friday, November 8, 2024. Interested parties can join the call using the dial-in number 888-510-2535 with passcode 4872770. A live webcast and replay of the event will be available on the Investor Relations section of Civitas Resources' website at www.civitasresources.com.
Civitas Resources (NYSE: CIVI) has published its 2024 Corporate Sustainability Report, highlighting the company's commitment to responsible operations and sustainability initiatives. Key achievements include:
- 41% reduction in greenhouse gas emission intensity in DJ Basin assets from 2019 to 2023
- Plugging of 19 orphan wells in Colorado in 2023, with 24 more planned for 2024
- Maintaining carbon neutrality and achieving zero routine flaring in DJ Basin assets
- Combined Total Recordable Incident Rate of 0.23 in 2023
The report also outlines updated targets for the company's expanded operations, including a 40% absolute emission reduction and a 65% Permian Basin pneumatic emission reduction by 2030. This report marks Civitas' first sustainability update following its expansion into the Permian Basin.
Civitas Resources (NYSE: CIVI) has received approval from Colorado's Energy and Carbon Management Commission for the Lowry Ranch Comprehensive Area Plan (CAP) in the Watkins area of the DJ Basin. This approval allows Civitas to begin drilling operations in the Lowry Ranch area in 2024.
The COO, Hodge Walker, emphasized that the CAP approval resulted from thorough work by the Civitas team and extensive stakeholder engagement. The plan aims to ensure safe development of natural resources while protecting the environment and minimizing community impacts. Walker also noted that Watkins is a prolific development area within the DJ Basin.
Civitas Resources (NYSE: CIVI) reported strong Q2 2024 results, with net income of $216 million and adjusted EBITDAX of $918.1 million. The company enhanced its capital return framework, increasing share buyback authorization to $500 million. Key highlights include:
- Total sales volumes of 342.9 MBoe/d, exceeding expectations
- Permian Basin sales volumes up nearly 12% from Q1
- Well costs in Midland Basin 10% lower than start of year
- $274 million returned to shareholders through dividends and share repurchases
- Full-year 2024 capital guidance reduced by $50 million to $1.85-$1.95 billion
- Full-year 2024 sales volume outlook raised 1.5% to 335-345 MBoe/d
The company's performance demonstrates strong execution and asset quality improvements across its portfolio.
Civitas Resources (NYSE: CIVI) has announced a quarterly dividend of $1.52 per share, set to be paid on September 26, 2024, to shareholders of record as of September 12, 2024. This dividend comprises a base dividend of $0.50 and a variable dividend of $1.02 per share. The company's Board of Directors approved this dividend, demonstrating Civitas' commitment to returning value to shareholders. For more details on the variable dividend calculation, investors can refer to the latest investor presentation available on the company's website.
Civitas Resources (NYSE: CIVI) has announced its schedule for the release of its second quarter 2024 financial and operating results. The results will be released after the market closes on August 1, 2024. Following this, a conference call and webcast will be held on August 2, 2024, at 9 a.m. MT (11 a.m. ET). Investors can join the call using the dial-in number 888-510-2535 with passcode 4872770, or watch the live webcast and replay on Civitas Resources' Investor Relations website.
Civitas Resources announced a secondary public offering of 6,956,520 shares of its common stock by an affiliate of Canada Pension Plan Investment Board (CPP). Civitas will not sell any shares or receive proceeds from the sale. BofA Securities is the sole underwriter for the offering, with an option to purchase an additional 1,043,478 shares within 30 days. The offering can involve transactions on the NYSE, over-the-counter markets, or negotiated sales at market or related prices. A registration statement with the SEC is effective, and the offering will proceed via a prospectus supplement and base prospectus. No securities will be sold where unlawful.
IOG Resources II, announced the acquisition of oil and gas interests in the DJ Basin from Civitas Resources, Inc. The Assets include 1,480 wellbores in Weld County, Colorado, with a current net production of 4.7 mboe/d. This marks the fourth investment for IOGR II and the sixteenth for the IOG Resources platform.
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