CIVI

Civitas Announces Fourth Quarter and Full-Year 2023 Results

Retrieved on: 
Tuesday, February 27, 2024

Civitas Resources, Inc. (NYSE: CIVI) (the "Company" or "Civitas") today reported its fourth quarter and full-year 2023 financial and operating results, as well as provided its 2024 outlook.

Key Points: 
  • Civitas Resources, Inc. (NYSE: CIVI) (the "Company" or "Civitas") today reported its fourth quarter and full-year 2023 financial and operating results, as well as provided its 2024 outlook.
  • A webcast and conference call to discuss the results is planned for 8:00 a.m. MT (10:00 a.m.
  • Participation details are available in this release, and supplemental materials can be accessed on the Company's website, www.civitasresources.com .
  • Approximately 60% of total investments are planned to be allocated to the Permian Basin, with the remainder to the DJ Basin.

Civitas Resources, Inc. Announces Share Repurchase From NGP

Retrieved on: 
Tuesday, February 27, 2024

Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”), today announced the execution of a definitive agreement to repurchase approximately 876 thousand shares of its common stock at a price of $64.54 per share from NGP Tap Rock Holdings, LLC and certain of its affiliates (“NGP”).

Key Points: 
  • Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”), today announced the execution of a definitive agreement to repurchase approximately 876 thousand shares of its common stock at a price of $64.54 per share from NGP Tap Rock Holdings, LLC and certain of its affiliates (“NGP”).
  • The transaction was approved by the Company’s Board of Directors, and the repurchase is expected to close in early March 2024.
  • Following the transaction, NGP will no longer own any shares of Civitas.
  • NGP’s original ownership in Civitas was established through Civitas’ mid-2023 acquisition of Tap Rock Resources, LLC.

Civitas Resources, Inc. Schedules Year-end 2023 and 2024 Outlook Conference Call and Webcast

Retrieved on: 
Monday, January 29, 2024

Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”), today announced plans to release its fourth quarter 2023 operating and financial results and its 2024 outlook after market close on Tuesday, February 27, 2024.

Key Points: 
  • Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”), today announced plans to release its fourth quarter 2023 operating and financial results and its 2024 outlook after market close on Tuesday, February 27, 2024.
  • A conference call and webcast is planned for 8 a.m. MT (10 a.m.
  • ET), on Wednesday, February 28, 2024.
  • The dial-in number for the call is 888-510-2535, with passcode 4872770.

Civitas Resources Appoints Brad Whitmarsh to Lead Investor Relations Program

Retrieved on: 
Tuesday, January 9, 2024

Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”) today announced that Brad Whitmarsh has joined Civitas as Vice President, Investor Relations.

Key Points: 
  • Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”) today announced that Brad Whitmarsh has joined Civitas as Vice President, Investor Relations.
  • Mr. Whitmarsh joins Civitas with more than 20 years of leadership experience in the oil and gas industry.
  • Prior to Civitas, Mr. Whitmarsh most recently served as Vice President, Investor Relations for Denbury Inc., a U.S. focused producer utilizing carbon dioxide (CO2) via enhanced oil recovery to produce carbon-negative oil.
  • Prior to Denbury Inc., Mr. Whitmarsh was with Noble Energy Inc., as its Vice President of Investor Relations.

Civitas Resources Closes Acquisition of Vencer Energy

Retrieved on: 
Tuesday, January 2, 2024

Civitas Resources, Inc. (NYSE: CIVI) (“Civitas”) today announced the closing of its previously announced acquisition (the “Acquisition”) of certain oil and gas assets in the Midland basin in Texas from Vencer Energy, LLC (“Vencer”), a Vitol investment.

Key Points: 
  • Civitas Resources, Inc. (NYSE: CIVI) (“Civitas”) today announced the closing of its previously announced acquisition (the “Acquisition”) of certain oil and gas assets in the Midland basin in Texas from Vencer Energy, LLC (“Vencer”), a Vitol investment.
  • Under the terms of the agreement, Civitas issued Vencer 7,181,527 shares of common stock and $1 billion of cash.
  • Civitas currently plans to use cash on hand and/or borrowings on the credit facility to fund the deferred cash payment.
  • Chris Doyle, Civitas President & CEO, commented, “Civitas now holds high-quality, scaled asset positions in both the Permian and DJ basins.

Civitas Resources, Inc. Schedules Third Quarter 2023 Earnings Release and Conference Call

Retrieved on: 
Thursday, October 19, 2023

Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”), today announced plans to release its third quarter 2023 operating and financial results after market close on Tuesday, November 7, 2023.

Key Points: 
  • Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”), today announced plans to release its third quarter 2023 operating and financial results after market close on Tuesday, November 7, 2023.
  • A conference call to discuss these results is planned for 8 a.m. MT (10 a.m.
  • ET), Wednesday, November 8, 2023.
  • 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 .

Civitas Resources, Inc. Announces Pricing of $1,000 Million of New Senior Notes Due 2030

Retrieved on: 
Tuesday, October 10, 2023

The Offering is expected to close on October 17, 2023, subject to the satisfaction of customary closing conditions.

Key Points: 
  • The Offering is expected to close on October 17, 2023, subject to the satisfaction of customary closing conditions.
  • Person, absent registration or an applicable exemption from registration requirements.
  • The Notes are being offered only to persons who are either reasonably believed to be “qualified institutional buyers” under Rule 144A or who are non-“U.S.
  • persons” outside the United States under Regulation S as defined under applicable securities laws.

Civitas Issues Statement in Conjunction with Debt Offering

Retrieved on: 
Tuesday, October 10, 2023

Civitas Resources’ (NYSE: CIVI) (“Civitas” or the “Company”) CEO Chris Doyle today issued the following statement in conjunction with the Company’s recently announced debt offering:

Key Points: 
  • Civitas Resources’ (NYSE: CIVI) (“Civitas” or the “Company”) CEO Chris Doyle today issued the following statement in conjunction with the Company’s recently announced debt offering:
    “Today’s debt offering is expected to successfully finance our accretive Vencer acquisition.
  • There is inherent flexibility in our capital structure, and we see tremendous value in our equity at today’s levels.
  • With expectations for $300 million or more in non-core asset sales, we anticipate maintaining a strong capital structure rapidly advancing towards our 0.75x mid-cycle leverage target.”
    “Our Vencer transaction was purposely structured with optionality, including a $550 million deferred payment due in January 2025.
  • This flexibility allowed us to navigate recent oil price volatility and ensure we maintain low leverage.”
    “We are transforming Civitas into a balanced, well capitalized enterprise with an enviable portfolio of oil assets in the U.S.’ top three oil basins.”
    This press release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Civitas Resources, Inc. Announces Offering of $1,000 Million of New Senior Notes Due 2030

Retrieved on: 
Tuesday, October 10, 2023

Civitas Resources, Inc. (the “Company”) (NYSE: CIVI) today announced that, subject to market conditions, it intends to offer $1,000 million in aggregate principal amount of senior unsecured notes due 2030 (the “Notes”) in a private placement (the “Offering”) to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”).

Key Points: 
  • Civitas Resources, Inc. (the “Company”) (NYSE: CIVI) today announced that, subject to market conditions, it intends to offer $1,000 million in aggregate principal amount of senior unsecured notes due 2030 (the “Notes”) in a private placement (the “Offering”) to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”).
  • Person, absent registration or an applicable exemption from registration requirements.
  • The Notes are being offered only to persons who are either reasonably believed to be “qualified institutional buyers” under Rule 144A or who are non-“U.S.
  • persons” outside the United States under Regulation S as defined under applicable securities laws.

Civitas Resources Adds Accretive Bolt-on in Permian Basin

Retrieved on: 
Wednesday, October 4, 2023

Increases Permian Basin scale, balancing Civitas’ portfolio between premium Permian and DJ positions: The Acquisition will add approximately 44,000 net acres in the Midland Basin and current production of approximately 62 Mboe/d (approximately 50% oil).

Key Points: 
  • Increases Permian Basin scale, balancing Civitas’ portfolio between premium Permian and DJ positions: The Acquisition will add approximately 44,000 net acres in the Midland Basin and current production of approximately 62 Mboe/d (approximately 50% oil).
  • Pro forma for the Acquisition, Civitas’ 2024 estimated Permian production is expected to be about 170 Mboe/d (approximately 50% oil).
  • Pro forma for the Acquisition, Civitas will have more than 1,200 high-quality oil development locations in the Permian Basin.
  • “In recent months, we have created a quality, scaled position in the heart of the Permian Basin.