Civitas Resources, Inc. Reports Fourth Quarter and Full Year 2024 Results
Civitas Resources (NYSE: CIVI) reported strong Q4 and full-year 2024 results, with total sales volumes reaching 352 MBoe/d (50% each from Permian and DJ Basin). Q4 capital expenditures were $278 million, with the company drilling, completing, and turning to sales multiple wells across both basins.
The company generated adjusted free cash flow of $1.3 billion in 2024, representing a 29% yield. They returned over $920 million to shareholders through $494 million in dividends and $427 million in share repurchases. Operational highlights included reducing Midland Basin well costs from $850 to under $725 per lateral foot and implementing simulfrac operations that increased fluid throughput by 40%.
2024 proved reserves increased 14% to 798 million barrels of oil equivalent. The company reduced long-term debt by $350 million in Q4 while repurchasing nearly 3.5% of outstanding shares.
Civitas Resources (NYSE: CIVI) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con volumi di vendita totali che hanno raggiunto i 352 MBoe/d (50% ciascuno dai bacini di Permian e DJ). Le spese in conto capitale del Q4 sono state di 278 milioni di dollari, con l'azienda che ha perforato, completato e avviato alla vendita diversi pozzi in entrambi i bacini.
L'azienda ha generato un flusso di cassa libero rettificato di 1,3 miliardi di dollari nel 2024, rappresentando un rendimento del 29%. Ha restituito oltre 920 milioni di dollari agli azionisti attraverso 494 milioni di dollari in dividendi e 427 milioni di dollari in riacquisti di azioni. I punti salienti operativi includevano la riduzione dei costi dei pozzi nel bacino di Midland da 850 a meno di 725 dollari per piede laterale e l'implementazione di operazioni di simulfrac che hanno aumentato il passaggio di fluidi del 40%.
Le riserve provate del 2024 sono aumentate del 14% a 798 milioni di barili di equivalente petrolifero. L'azienda ha ridotto il debito a lungo termine di 350 milioni di dollari nel Q4, riacquistando quasi il 3,5% delle azioni in circolazione.
Civitas Resources (NYSE: CIVI) reportó resultados sólidos para el cuarto trimestre y para todo el año 2024, con volúmenes de ventas totales alcanzando 352 MBoe/d (50% de cada uno de los cuencas Permian y DJ). Los gastos de capital del Q4 fueron de 278 millones de dólares, con la empresa perforando, completando y poniendo en venta múltiples pozos en ambas cuencas.
La compañía generó un flujo de caja libre ajustado de 1.3 mil millones de dólares en 2024, representando un rendimiento del 29%. Regresaron más de 920 millones de dólares a los accionistas a través de 494 millones de dólares en dividendos y 427 millones de dólares en recompra de acciones. Los aspectos destacados operativos incluyeron la reducción de los costos de pozos en la cuenca de Midland de 850 a menos de 725 dólares por pie lateral e implementación de operaciones de simulfrac que aumentaron el flujo de fluidos en un 40%.
Las reservas probadas de 2024 aumentaron un 14% a 798 millones de barriles de petróleo equivalente. La compañía redujo la deuda a largo plazo en 350 millones de dólares en el Q4 mientras recompraba casi el 3.5% de las acciones en circulación.
Civitas Resources (NYSE: CIVI)는 2024년 4분기 및 전체 연도 결과가 강력하다고 보고했으며, 총 판매량이 352 MBoe/d에 도달했습니다 (50%는 Permian과 DJ 분지에서 각각 발생함). 4분기 자본 지출은 2억 7,800만 달러였으며, 회사는 두 분지에서 여러 개의 유정을 굴착, 완공 및 판매로 전환했습니다.
회사는 2024년에 조정된 자유 현금 흐름 13억 달러를 생성하여 29%의 수익률을 나타냈습니다. 4억 9,400만 달러의 배당금과 4억 2,700만 달러의 자사주 매입을 통해 주주에게 9억 2,000만 달러 이상을 반환했습니다. 운영 하이라이트에는 Midland 분지의 유정 비용을 850달러에서 725달러 이하로 줄이고, 유체 유량을 40% 증가시키는 시뮬프랙 작업을 구현한 것이 포함되었습니다.
2024년 검증된 매장량은 14% 증가하여 7억 9,800만 배럴의 석유 환산량에 도달했습니다. 회사는 4분기 동안 장기 부채를 3억 5천만 달러 줄였으며, 거의 3.5%의 유통 주식을 재매입했습니다.
Civitas Resources (NYSE: CIVI) a annoncé des résultats solides pour le quatrième trimestre et l'année entière 2024, avec des volumes de ventes totaux atteignant 352 MBoe/j (50% chacun des bassins de Permian et DJ). Les dépenses d'investissement pour le quatrième trimestre se sont élevées à 278 millions de dollars, l'entreprise ayant foré, complété et mis en vente plusieurs puits dans les deux bassins.
L'entreprise a généré un flux de trésorerie libre ajusté de 1,3 milliard de dollars en 2024, représentant un rendement de 29%. Ils ont restitué plus de 920 millions de dollars aux actionnaires par le biais de 494 millions de dollars en dividendes et de 427 millions de dollars en rachats d'actions. Les points forts opérationnels comprenaient la réduction des coûts des puits dans le bassin de Midland de 850 à moins de 725 dollars par pied latéral et la mise en œuvre d'opérations de simulfrac qui ont augmenté le débit de fluide de 40%.
Les réserves prouvées de 2024 ont augmenté de 14% pour atteindre 798 millions de barils équivalent pétrole. L'entreprise a réduit sa dette à long terme de 350 millions de dollars au quatrième trimestre tout en rachetant près de 3,5% des actions en circulation.
Civitas Resources (NYSE: CIVI) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem Gesamtverkaufsvolumen von 352 MBoe/d (jeweils 50% aus dem Permian- und DJ-Becken). Die Investitionen im vierten Quartal betrugen 278 Millionen Dollar, wobei das Unternehmen mehrere Bohrungen in beiden Becken durchgeführt, abgeschlossen und in den Verkauf überführt hat.
Das Unternehmen erzielte einen bereinigten freien Cashflow von 1,3 Milliarden Dollar im Jahr 2024, was einer Rendite von 29% entspricht. Sie haben über 920 Millionen Dollar an die Aktionäre zurückgegeben, darunter 494 Millionen Dollar an Dividenden und 427 Millionen Dollar an Aktienrückkäufen. Zu den betrieblichen Höhepunkten gehörte die Senkung der Bohrkosten im Midland-Becken von 850 auf unter 725 Dollar pro seitlichem Fuß sowie die Implementierung von Simulfrac-Operationen, die den Flüssigkeitsdurchsatz um 40% erhöhten.
Die nachgewiesenen Reserven für 2024 stiegen um 14% auf 798 Millionen Barrel Öläquivalent. Das Unternehmen reduzierte die langfristige Verschuldung im vierten Quartal um 350 Millionen Dollar und kaufte fast 3,5% der ausstehenden Aktien zurück.
- Generated $1.3 billion in adjusted free cash flow (29% yield)
- Returned $920+ million to shareholders ($494M dividends, $427M buybacks)
- Reduced Midland Basin well costs by 15% to under $725 per lateral foot
- Increased proved reserves by 14% to 798 million BOE
- Reduced long-term debt by $350 million in Q4
- Achieved 40% increase in fluid throughput with simulfrac operations
- Credit facility borrowing base increased by $400M to $3.4B
- Higher cash operating costs in Permian Basin due to winterization and maintenance
- Divested assets including 7 MBoe/d of production from DJ Basin
Insights
Civitas Resources has demonstrated exceptional operational and financial performance in 2024, marking a transformative year that positions the company as a premier operator in both the Permian and DJ Basins. The company's
The operational achievements are particularly noteworthy. The
The strategic positioning has been significantly enhanced through multiple vectors:
- Credit profile improvement, evidenced by Fitch's upgrade to BB+ and S&P's positive outlook revision
- Risk mitigation through the regulatory agreement in Colorado, securing operational stability through 2027
- Portfolio optimization via strategic acquisitions and non-core asset divestitures
- Inventory expansion adding approximately 350 gross locations across both basins
The company's balanced approach to capital allocation is particularly impressive, with substantial shareholder returns (
Key Fourth Quarter and Full Year 2024 Results
|
|
Three Months Ended
|
|
Twelve Months Ended
|
Net Income ($MM) |
|
|
|
|
Adjusted Net Income ($MM)(1) |
|
|
|
|
Operating Cash Flow ($MM) |
|
|
|
|
Adjusted EBITDAX ($MM)(1) |
|
|
|
|
Sales Volumes (MBoe/d) |
|
352 |
|
345 |
Oil Volumes (MBbl/d) |
|
164 |
|
159 |
Capital Expenditures ($MM) |
|
|
|
|
Adjusted Free Cash Flow ($MM)(1) |
|
|
|
|
(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
Capital expenditures of
Long-term debt was reduced by
2024 Financial Highlights
-
Generated adjusted free cash flow(1) of nearly
$1.3 billion 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 $494 million $427 million -
Repurchased 7.3 million outstanding shares (approximately
7% of shares outstanding)
-
Repurchased 7.3 million outstanding shares (approximately
-
Increased the Company’s revolving credit facility borrowing base by
$400 million $3.4 billion $350 million $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 $725 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
-
Midland Basin average two-mile well costs (drilling, completion and equipment) decreased from
- 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 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
Schedule 1: Consolidated Statements of Operations (in thousands, except for per share amounts, unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
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 |
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 |
|
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, |
|
— |
|
|
|
— |
|
Common stock, |
|
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
|
||
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
|
|
Natural Gas
|
|
NGL (MBbls) |
|
Crude Oil
|
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, bwhitmarsh@civiresources.com
Mae Herrington, 832.913.5444, mherrington@civiresources.com
Media:
Rich
Source: Civitas Resources, Inc.
FAQ
What was Civitas Resources (CIVI) free cash flow yield in 2024?
How much did CIVI return to shareholders in 2024?
What was CIVI's Q4 2024 production split between Permian and DJ Basin?
How much did CIVI reduce their Midland Basin well costs in 2024?
What was CIVI's debt reduction in Q4 2024?
