Civitas Q1 adjusted net income $277M; volumes 336 MBoe/d; maintains FY guidance

CIVITAS RESOURCES, INC.

2024-Q1 EPS reported $1.74 revenue$1,329,203,000

Net income $175.8MM ($277.1MM adjusted); operating cash flow $812.6MM; adjusted EBITDAX $928.2MM.
Total sales volumes 336 MBoe/d (156 MBbl/d oil), up 18% QoQ; capex $649.5MM within guidance.
Declared $1.50 dividend ($0.50 base + $1.00 variable) payable June 26; share repurchases $67MM in Q1.
Closed Vencer Energy acquisition Jan 2024; assumed Permian operatorship ahead of schedule; divested non-core DJ assets for $215M, total >$300M.
Maintained FY guidance: sales volumes 325-345 MBoe/d, capex $1.8-2.1B; liquidity $1.5B, reduced revolver by $350M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CIVITAS RESOURCES, INC. reported first quarter 2024 results: revenue $1.3 billion, net income $175.8. Guidance reaffirmed.

Period: first quarter 2024
Revenue: $1.3 billion
Net income: $175.8
Guidance: reaffirmed
Result: reported results

Exact text from the filing

owners, and leading in ESG." First Quarter 2024 Financial and Operating Results Crude oil, natural gas, and natural gas liquids ("NGL") sales for the first quarter of 2024 were $1.3 billion, up 18% from the fourth quarter of 2023. The increase was primarily related to 19% higher sales volumes and slightly lower realized commodity pricing. Crude oil accounted for 81%

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Source: SEC EDGAR

accession 0001509589-24-000018

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