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Civitas Resources, Inc. (NYSE: CIVI ) is an oil and gas company operating in the DJ Basin in Colorado and has recently expanded into the Permian Basin in Texas.BuildingBenjamins is a free stock picking and market commentary investment newsletter. Building Benjamins is the DBA (doing businesses as) publishing entity for Tradition Investment Management, LLC, a registered investment adviser. Benjamin Halliburton, our founder, also founded Tradition Capital Management in 2000 and was named “PSN Manager of the D ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $910 million for Q3 2024, driven by strong sales volumes, oil differentials, and cost control [9][10] - A total of $227 million was returned to shareholders during the quarter, with $104 million allocated as a variable return of capital, all directed towards share buybacks instead of dividends [9][10] - Free cash flow is expected to increase significantly in Q4, with oil production projected to rise by 3% quarter-over-quarter [12] Business Line Data and Key Metrics Changes - In the Permian, well costs are trending lower due to improved cycle times and lower oil field service costs, with a more than 30% uplift in daily fluid throughput observed in early results [14][15] - The DJ Basin continues to perform well, with the Blue 4AH well achieving a Colorado record for 90-day cumulative production of 165,000 barrels of oil [18][20] Market Data and Key Metrics Changes - The company has established a diversified portfolio in the lowest break-even basins in the U.S., enhancing its operational execution and capital efficiencies [8][24] - Recent regulatory developments in Colorado have positively impacted operations, allowing for continued strong performance in the DJ Basin [20] Company Strategy and Development Direction - The company aims to generate significant free cash flow, enhance the balance sheet, and return capital to shareholders while leading in ESG initiatives [21][24] - Plans for 2025 include leveling capital investments throughout the year to support sustainable capital efficiencies [22][23] Management's Comments on Operating Environment and Future Outlook - Management noted significant volatility in commodity prices and emphasized the importance of maintaining flexibility in planning for 2025 [7][23] - The focus remains on maximizing free cash flow rather than growing production, with a commitment to maintaining a balanced approach across both the DJ and Permian basins [27][30] Other Important Information - The company has identified approximately 120 Wolfcamp D locations with mid $40 oil break-evens, indicating competitive returns compared to other core zones [15][68] - The management team is aligned with shareholder interests, focusing on cost control and capital efficiency [35] Q&A Session Summary Question: Future activities and production growth strategy - Management plans to keep production broadly flat while maximizing free cash flow, with a focus on capital efficiency [27][30] Question: Shareholder return strategy and potential changes - The current framework prioritizes balance between strategic pillars, with a focus on buybacks over variable dividends at this time [33][39] Question: Buybacks versus variable dividends - The company will continue to utilize 100% of the variable return for buybacks, with expectations for increased buyback pace in Q4 [39][40] Question: Maintenance activity levels and capital allocation - Maintenance activity is expected to be around two rigs in the DJ and four in the Permian, with flexibility to adjust based on market conditions [63][92] Question: M&A strategy and inventory management - The company remains cautious about acquisitions, focusing on enhancing existing inventory and optimizing operations rather than pursuing aggressive M&A [55][98]

Civitas Resources (CIVI) came out with quarterly earnings of $1.99 per share, beating the Zacks Consensus Estimate of $1.86 per share. This compares to earnings of $1.56 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.99%. A quarter ago, it was expected that this oil and gas company would post earnings of $2.93 per share when it actually produced earnings of $2.06, delivering a surprise of -29.69%.Over the last four quarters ...

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, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |----------------------------------------------------------------|-------------------------------------------------------------|------------------------------ ...

Exhibit 99.1 Civitas Resources, Inc. Reports Third Quarter 2024 Results Return of capital to shareholders and debt reduction benefiting from 2H24 production and free cash flow increase DENVER — November 7, 2024 - Civitas Resources, Inc. (NYSE: CIVI) (the "Company" or "Civitas") today reported its third quarter 2024 financial and operating results. A webcast and conference call is planned for 7 a.m. MT (9 a.m. ET) on Friday, November 8, 2024. Participation details are available in this release, and supplemen ...

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Civitas Resources, Inc. (CIVI) is facing falling WTI crude prices heading into 2025. This Zacks Rank #5 (Strong Sell) may struggle to grow earnings if crude prices continue to decline. Civitas Resources is an independent oil and natural gas producer in the Denver-Julesburg and Permian basins in the United States. It has a market cap of $4.86 billion. Another Miss for Civitas in the Second Quarter of 2024 On Aug 1, 2024, Civitas Resources reported its second quarter 2024 results and missed on the Zacks Conse ...