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Civitas Resources(CIVI) - 2024 Q4 - Annual Results
CIVICivitas Resources(CIVI)2025-02-24 21:22

Financial Performance - Net income for Q4 2024 was 151million,withanadjustednetincomeof151 million, with an adjusted net income of 171 million, while full year net income reached 839million,adjustednetincomeat839 million, adjusted net income at 842 million[2]. - Net income for Q4 2024 was 151,109thousand,adecreaseof50151,109 thousand, a decrease of 50% compared to 302,867 thousand in Q4 2023[15]. - Adjusted Net Income for the twelve months ended December 31, 2024, was 842,334,000,withanAdjustedNetIncomeperdilutedshareof842,334,000, with an Adjusted Net Income per diluted share of 8.49[21]. - Adjusted EBITDAX for the three months ended December 31, 2024, was 895,226,000,whileforthetwelvemonthsitwas895,226,000, while for the twelve months it was 3,651,621,000[24]. Cash Flow and Investments - Operating cash flow for Q4 2024 was 858million,totaling858 million, totaling 2.865 billion for the full year[2]. - Total cash provided by operating activities for the twelve months ended December 31, 2024, was 2,865,228thousand,upfrom2,865,228 thousand, up from 2,238,760 thousand in 2023, representing a 28% increase[15]. - Net cash used in investing activities for the twelve months ended December 31, 2024, was 2,671,882thousand,downfrom2,671,882 thousand, down from 5,243,155 thousand in 2023[15]. - The company reported a net cash provided by financing activities of (557,622)thousandinQ42024,comparedto(557,622) thousand in Q4 2024, compared to 934,491 thousand in Q4 2023[15]. Sales and Production - Sales volumes increased by 1% sequentially to 352 MBoe/d in Q4 2024, with oil volumes rising 3% to 164 MBbl/d[4]. - Average daily crude oil sales volume for Q4 2024 was 164 MBbl/d, a 64% increase from 100 MBbl/d in Q4 2023[18]. - Average daily natural gas sales volume for Q4 2024 was 595 MMcf/d, up from 366 MMcf/d in Q4 2023, marking a 63% increase[18]. - The company acquired 179,348 MBoe of reserves during the year, while production was 126,135 MBoe[29]. Capital Expenditures - Capital expenditures for Q4 2024 were 278million,consistentwithplans,andtotalcapitalexpendituresfortheyearwere278 million, consistent with plans, and total capital expenditures for the year were 1.933 billion[5]. - Capital expenditures for drilling and completion activities totaled 1,932,635,000forthetwelvemonthsendedDecember31,2024[27].ShareholderReturns−Thecompanyreturnedover1,932,635,000 for the twelve months ended December 31, 2024[27]. Shareholder Returns - The company returned over 920 million to shareholders in 2024, including 494millionindividendsand494 million in dividends and 427 million in share repurchases[10]. - Long-term debt was reduced by 350millioninQ42024,andthecompanyrepurchasednearly3.5350 million in Q4 2024, and the company repurchased nearly 3.5% of its outstanding shares[6]. Reserves and Assets - Proved reserves increased by 14% to 798 million barrels of oil equivalent, primarily due to the acquisition of Vencer Energy[10]. - Total proved reserves as of December 31, 2024, increased to 797,724 MBoe, up from 697,799 MBoe as of December 31, 2023[29]. - The company’s total proved properties increased to 12,609,318 thousand in 2024 from 10,399,027thousandin2023,agrowthof2110,399,027 thousand in 2023, a growth of 21%[17]. - Total assets as of December 31, 2024, were 14,944,120 thousand, compared to 14,097,319thousandin2023,reflectinga614,097,319 thousand in 2023, reflecting a 6% increase[17]. Stockholder Equity - Total stockholders' equity increased to 6,628,746 thousand in 2024 from $6,181,321 thousand in 2023, a rise of 7%[17]. Ratings and Outlook - The company received upgrades on its long-term issuer rating from Fitch Ratings to BB+ and from S&P Global to a positive outlook[10].