Civitas Resources, Inc. (NYSE:CIVI) Q3 2022 Earnings Conference Call November 1, 2022 10:00 AM ET Company Participants John Wren - IR Chris Doyle - President and CEO Marianella Foschi - CFO Matt Owens - COO Brian Cain - Chief Sustainability Officer Conference Call Participants Neal Dingmann - Truist Securities Leo Mariani - MKM Partners Nicholas Pope - Seaport Research Phillip Johnston - Capital One Noel Parks - Tuohy Brothers Bill Dezellem - Tieton Capital Operator Good morning. My name is Julianne and I w ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-35371 Civitas Resources, Inc. (Exact name of registrant as specified in its charter) Delaware 61 ...

Financial Data and Key Metrics Changes - The company generated GAAP net income of $468.8 million, adjusted EBITDAX of $739.2 million, and free cash flow of $436.6 million during Q2 2022 [12] - The total capital expenditure (CapEx) was approximately $240 million, with production exceeding internal targets despite inflationary pressures [8][12] - The company redeemed $100 million in senior notes, resulting in a net debt position of $400 million and approximately $440 million in cash [12][13] - The quarterly dividend was announced at $1.76 per share, representing a 30% quarter-over-quarter increase [13] Business Line Data and Key Metrics Changes - The company delivered an operational output of 175,000 MBoe per day, including 80,000 barrels of oil per day [8] - The oil marketing group optimized netbacks on oil production, achieving significant scale and geographical diversity [9][10] Market Data and Key Metrics Changes - The company updated its production guidance for 2022, accounting for year-to-date performance and a small acquisition, adding about 1,000 MBoe per day [16] - The oil differential guidance was decreased from $6 to between $4 and $5 per barrel [17] Company Strategy and Development Direction - The company focuses on maximizing free cash flow, maintaining a strong balance sheet, returning capital to shareholders, and leading in environmental, social, and governance (ESG) practices [6][14] - The management emphasizes disciplined growth and consolidation that enhances business performance rather than merely increasing size [7][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to optimize operations and integrate the five acquired companies, indicating that significant improvements are still to come [18][55] - The company is committed to being carbon-neutral and is investing in emissions reduction programs [50][51] Other Important Information - The company has 575 wells in the permitting pipeline, with 20% fully approved and 30% submitted and awaiting hearing dates [15] - The company is exploring additional benches and secondary targets within existing plays to optimize production [39] Q&A Session Summary Question: Discussion on capital allocation and share buybacks - Management indicated flexibility in capital allocation, considering share buybacks, special dividends, or acquisitions based on market conditions [20][22] Question: Permitting runway for efficient drilling and completions - Management aims to maintain a 12 to 18-month permit runway to optimize capital allocation [24][25] Question: Update on pending M&A deals - Management is in continuous dialogue regarding potential M&A opportunities but remains disciplined in their approach [28][30] Question: Production performance and future expectations - Management noted that production outperformed expectations due to early well performance and good execution, but guidance suggests moderation moving forward [34] Question: Crude marketing and transportation costs - Management highlighted improved realized prices from in-basin sales and plans to leverage market conditions for better pricing [36][37] Question: Exploration of additional benches and secondary targets - Management is considering opportunities for exploration within existing assets but is not focused on new formations at this time [39][40] Question: Integration of acquired companies and G&A reduction - Management reported an 18% quarter-over-quarter decrease in G&A, with ongoing efforts to optimize operations and reduce costs [42][44] Question: Current tax guidance for the remainder of the year - Management provided guidance of $75 million to $125 million in cash income taxes, assuming an average oil price of $100 per barrel for the rest of the year [61][62]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-35371 Civitas Resources, Inc. (Exact name of registrant as specified in its charter) Delaware 61-1630 ...

Building Trust through Execution May 2022 Cautionary Statement Regarding Forward-Looking Statements and Important Disclosures 1 Forward-Looking Statements and Cautionary Statements Certain statements in this presentation concerning future opportunities for Civitas, future financial performance and condition, guidance and any other statements regarding Civitas' future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are ...

Civitas Resources, Inc. (NYSE:CIVI) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET Company Participants Chris Doyle – President & Chief Executive Officer Marianella Foschi – Chief Financial Officer Matt Owens – Chief Operating Officer Brian Cane – Chief Sustainability Officer Ben Dell – Chairman John Wren – Investor Relations Conference Call Participants Neal Dingmann – Truist Securities Michael Scialla – Stifel Noel Parks – Tuohy Brothers Nicholas Pope – Seaport Research Bill Dezellem – Tieton ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |----------------------------------------------------------------|--------------------------------------| | Commission File Number: 001-35371 | | | | | | Civitas Resour ...

Building Trust through Execution March 2022 Cautionary Statement Regarding Forward-Looking Statements and Important Disclosures 1 Forward-Looking Statements and Cautionary Statements Certain statements in this presentation concerning future opportunities for Civitas, future financial performance and condition, guidance and any other statements regarding Civitas' future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts ar ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35371 Civitas Resources, Inc. (Exact name of registrant as specified in its charter) Delaware 61-1630631 (State or other jurisdict ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-35371 Bonanza Creek Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 61-1630631 (State or other jurisdiction of incorporat ...