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. (NYSE: CIVI) plans to release its first quarter 2023 operating and financial results on May 3, 2023, after market close. A conference call to discuss these results is scheduled for 8 a.m. MDT (10 a.m. EDT) on May 4, 2023. Investors can access a live webcast and replay through the Company's website.
Civitas is recognized as Colorado’s first carbon-neutral oil and gas producer, focusing on crude oil, natural gas, and natural gas liquids in the Denver-Julesburg Basin. The Company emphasizes economic returns, cash flow, cost leadership, and environmental responsibility.
Civitas Resources, Inc. (NYSE: CIVI) has appointed Hodge Walker as the new Chief Operating Officer, effective April 5, 2023. Walker replaces Matt Owens, who has exited the company. Chris Doyle, President and CEO, expressed confidence in Walker's 25 years of industry experience to enhance operational excellence at Civitas. Walker previously held a key position at Chevron's Rockies Business Unit and has held various roles at Noble Energy and BP America. Civitas is recognized as Colorado's first carbon-neutral oil and gas producer, focusing on sustainable development and economic returns.
Civitas Resources, Inc. (NYSE: CIVI) announced the appointment of Wouter van Kempen as Independent non-executive Chairman and Deborah Byers as Independent Director, effective February 22, 2023. This change follows the retirement of Ben Dell and Brian Steck from the Board. CEO Chris Doyle expressed gratitude for the outgoing members' contributions. Van Kempen brings extensive experience from DCP Midstream and aims to enhance Civitas’s strategic vision towards a sustainable, cash flow-focused model. Byers, a former partner at Ernst & Young, will support the Audit and ESG Committees, leveraging her 36 years of experience in public accounting.
Civitas Resources announced its fourth quarter and full-year 2022 results, highlighting a strong performance with average daily sales of 169.4 MBoe/d and net income of $281.9 million. The Company plans to repurchase up to $1 billion of common stock by December 2024. It will also pay a fixed-plus-variable dividend of $2.15 per share on March 30, 2023, reflecting a 10% increase from the previous quarter. With total liquidity of $1.8 billion, Civitas aims to return over $600 million to shareholders in 2023. However, recent declines in commodity prices may impact future capital spending and revenue stability.
Civitas Resources, Inc. (NYSE: CIVI) announces its fourth quarter 2022 operating and financial results set for release after market close on February 22, 2023. A conference call will follow on February 23 at 8:00 a.m. MT. Investors can access the call via the company’s website. Civitas is committed to being Colorado's first carbon-neutral oil and gas producer, focusing on crude oil, natural gas, and natural gas liquids in the Denver-Julesburg Basin.
The company emphasizes strong economic returns, cash flow, and environmental responsibility.
Civitas Resources, Inc. (NYSE:CIVI), Colorado's largest oil and gas producer, has partnered with Iconic Air to adopt its Emissions Intelligence™ platform. This collaboration aims to enhance emissions management and ESG performance reporting as part of Civitas' commitment to achieving carbon neutrality in scope 1 and 2 emissions. The partnership will facilitate accurate measurement and reduction of operational emissions through robust data integration. Civitas is focused on environmental leadership and aims to maintain its position as a pioneering carbon-neutral operator. The initiative includes a significant investment in certified voluntary carbon offsets to support sustainability goals.
Civitas Resources, Inc. (NYSE: CIVI) has announced a share repurchase of approximately 4.9 million shares at $61.00 per share, totaling about $300 million. This repurchase will reduce the outstanding shares from 85.1 million to approximately 80.2 million, benefiting shareholders through a 6% reduction in share count. CEO Chris Doyle emphasized the strong capital structure and commitment to returning cash to shareholders. After the repurchase, CPP Investments retains a 21% stake as the largest shareholder. Civitas continues to focus on generating free cash flow and exploring opportunities to return cash to investors.
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