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.
The Colorado Oil and Gas Conservation Commission (COGCC) has approved Civitas Resources' Box Elder Comprehensive Area Plan (CAP), marking it as Colorado's first CAP with preliminary siting. This strategic framework aims to minimize traffic, surface impacts, and emissions associated with energy development. Civitas emphasizes its commitment to environmental responsibility and community values, highlighting its position as a leader in reducing impacts linked to oil and gas operations.
Civitas Resources (NYSE: CIVI) reported strong third-quarter results for 2022, exceeding expectations with average daily sales of 176.3 MBoe/d and GAAP net income of $405.8 million. Total capital expenditures were $237.2 million, lower than forecasted. The company announced a quarterly base dividend increase to $0.50 per share and a fixed-plus-variable dividend of $1.95 per share to be paid in December. With total liquidity at $1.7 billion, Civitas focuses on generating free cash flow and maintaining a robust balance sheet.
Civitas Resources, Inc. (NYSE: CIVI) is set to release its third quarter 2022 operating and financial results on October 31, 2022, after market close. A conference call will follow on November 1 at 8:00 a.m. MT to discuss the results. Investors can access a live webcast on the company’s website. This announcement provides an opportunity for shareholders to evaluate Civitas' performance and future outlook.
Civitas Resources, Inc. (NYSE: CIVI) reported robust financial results for Q2 2022, showcasing a GAAP net income of $468.8 million and free cash flow of $436.6 million. Average daily sales volumes reached 175.2 MBoe/d, with crude oil comprising 46% of total volumes. The company announced a significant dividend increase to $1.7625 per share, payable on September 29, 2022. Notably, total liquidity stood at $1.4 billion as of June 30, 2022.
Operational efficiencies led to reduced cash G&A expenses of $3.89 per Boe, down from $4.25 in the previous quarter.
Civitas Resources, Inc. (NYSE: CIVI) has added Brad Johnson as Senior Vice President of Asset Development and Brian Kuck as Senior Vice President of Corporate Planning & Business Development, effective August 8, 2022. Johnson brings over 25 years of experience including leadership at Ultra Petroleum, while Kuck has a strong background in business development from his tenure at Anadarko Petroleum and Stephens Natural Resources. Concurrently, Dean Tinsley, the previous Senior Vice President of Operations, will step down effective August 1, 2022.
Civitas Resources, Inc. (NYSE: CIVI) will release its second quarter 2022 operating and financial results after the market closes on August 3, 2022. A conference call to discuss these results is scheduled for the following morning, August 4, at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time). Investors can access a live webcast and replay through the Investor Relations section of the company's website. The company advises reviewing its risk factors as actual results may differ from forward-looking statements.
Civitas Resources, Inc. (NYSE: CIVI) announced the retirement of Cyrus “Skip” Marter as Chief Legal Officer, effective August 1, 2022. Travis Counts, formerly a partner at Bracewell LLP and General Counsel at Concho Resources, has been appointed as his successor. Counts brings extensive experience in transactions and corporate law, which is expected to enhance Civitas's strategic operations. CEO Chris Doyle thanked Marter for his contributions, notably in corporate restructuring, and expressed confidence in Counts's leadership as the company continues to navigate the evolving energy sector.
Civitas Resources, Inc. (CIVI) reported a strong first quarter 2022, achieving an average daily sales volume of 159.0 MBoe/d, with net income of $91.6 million and adjusted EBITDAX of $471.8 million. The company announced a combined dividend of $1.3625/share to be paid on June 29, 2022, benefiting shareholders. The total capital expenditures for the quarter were $234.5 million, and Civitas ended Q1 with $0.9 billion in liquidity. The results highlight successful integration of the Bison acquisition and a commitment to shareholder returns despite rising operational costs.
Civitas Resources has appointed Chris Doyle as President and CEO, effective May 2, 2022. With over 25 years in Exploration and Production and Midstream, Doyle's leadership is expected to strengthen Civitas' position in the E&P sector. His experience at Anadarko and Primexx Energy Partners highlights a commitment to operational excellence and ESG accountability. Interim CEO Ben Dell will remain as Chairman. Civitas aims to enhance shareholder value while maintaining a strong balance sheet and pioneering responsible energy development in Colorado.
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