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, Inc. announced the repurchase of 1.04 million shares from Vitol at $72.00 per share, totaling $75 million. The acquisition of oil and gas assets in the Permian Basin from Vencer Energy, resulted in Vitol holding less than 2% of Civitas' outstanding shares. Civitas has repurchased $142 million worth of shares year-to-date and has authorized approximately $338 million for share repurchases through 2024.
Civitas Resources, Inc. (NYSE: CIVI) reported strong first quarter 2024 financial and operating results, with net income of $175.8 million, adjusted net income of $277.1 million, and total sales volumes of 335.5 MBoe/d. The Company divested non-core assets exceeding $300 million, closed acquisitions, declared a dividend of $1.50 per share, and repurchased shares. Civitas maintained full-year guidance, emphasizing operational efficiencies, cost reductions, and strong performance. The Company's first quarter financials showed increased sales volumes and revenue, with positive performance in the Permian and DJ Basins. Civitas' strategic focus on maximizing free cash flow, enhancing balance sheet, and shareholder returns positions it for future value creation.
Civitas Resources, Inc. (NYSE: CIVI) declared a quarterly cash dividend of $1.50 per share, consisting of a base dividend of $0.50 per share and a variable dividend of $1.00 per share. The dividend is payable on June 26, 2024, to shareholders of record as of June 12, 2024.
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