NEW YORK, May 11, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Civitas Resources, Inc. (NYSE: CIVI) and certain of the Company’s senior executives for potential violations of the federal securities laws. If you invested in Civitas you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/civitas-resources-inc. Investors have until July 1, 2025, to ask the Court to be appointed ...

Core Viewpoint - Civitas Resources, Inc. is facing a class action lawsuit for alleged violations of the Securities Exchange Act of 1934, with claims that the company and its executives made misleading statements regarding its financial health and operational capabilities during the class period from February 27, 2024, to February 24, 2025 [1][3]. Company Overview - Civitas Resources is an exploration and production company focused on acquiring, developing, and producing crude oil and natural gas from its assets in the Denver-Julesburg Basin in Colorado and the Permian Basin in Texas and New Mexico [2]. Allegations of the Lawsuit - The lawsuit alleges that Civitas Resources was likely to significantly reduce its oil production in 2025 due to declines following peak production in the DJ Basin in Q4 2024 and a low TIL count at the end of 2024 [3]. - It is claimed that increasing oil production would necessitate acquiring additional acreage, leading to significant debt and asset sales to cover acquisition costs [3]. - The financial condition of Civitas Resources is said to require disruptive cost reduction measures, including a significant workforce reduction [3]. - The lawsuit asserts that the company's business and financial prospects were overstated [3]. Financial Performance - On February 24, 2025, Civitas Resources reported Q4 and full-year 2024 revenue of $1.29 billion, missing consensus estimates by $3.44 million, and non-GAAP earnings per share of $1.78, missing estimates by $0.21 [4]. - The company projected 2025 oil production to average between 150,000 and 155,000 barrels per day, representing a year-over-year decline of approximately 4% [4]. - Civitas announced a $300 million transaction to expand its Permian Basin position, adding 19,000 net acres and approximately 130 future development locations, alongside a divestment target of $300 million to offset costs [4]. - A 10% workforce reduction was announced, along with the termination of key executives, which contributed to an over 18% drop in the company's stock price following the news [4].

NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP, a distinguished law firm with over 125 years of history, informs investors that a class action lawsuit has been filed against Civitas Resources, Inc. ("Civitas " or the "Company") (NYSE: CIVI) on behalf of a class consisting of all investors that purchased or otherwise acquired Civitas securities between February 27, 2024 and February 24, 2025, both dates inclusive (the "Class Period"). Deadline to sign up: If you are an i ...

NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Civitas Resources, Inc. (NYSE: CIVI) and certain of the Company’s senior executives for potential violations of the federal securities laws. If you invested in Civitas you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/civitas-resources-inc. Investors have until July 1, 2025, to ask the Court to be appointed ...

NEW YORK, May 9, 2025 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Civitas Resources, Inc. ("Civitas Resources" or the "Company") (NYSE: CIVI) of a class action securities lawsuit.CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Civitas Resources investors who were adversely affected by alleged securities fraud between February 27, 2024 and February 24, 2025. Follow the link below to get more information and be contacted by a member of our team:https://zlk.com/pslra-1/civita ...

NEW YORK, May 8, 2025 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Civitas Resources, Inc. ("Civitas" or "the Company") (NYSE: CIVI) and certain of its officers.Class DefinitionThis lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Civitas securi ...

Core Viewpoint - Civitas Resources, Inc. is facing a class action securities lawsuit due to alleged securities fraud that affected investors between February 27, 2024, and February 24, 2025 [1] Group 1: Lawsuit Details - The lawsuit claims that Civitas is likely to significantly reduce its oil production in 2025 due to declines following a production peak at the DJ Basin in Q4 2024 and a low TIL count at the end of 2024 [2] - Increasing oil production would necessitate acquiring additional acreage and development locations, leading to significant debt and potential asset sales to offset acquisition costs [2] - The financial condition of Civitas may require disruptive cost reduction measures, including a significant workforce reduction [2] - Consequently, the business and financial prospects, as well as operational capabilities of Civitas, were allegedly overstated, making public statements materially false and misleading [2] Group 2: Next Steps for Investors - Investors who suffered losses during the relevant timeframe have until July 1, 2025, to request the Court to appoint them as lead plaintiff, although participation does not require serving as a lead plaintiff [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has a strong track record in high-stakes cases [4] - The firm has extensive expertise in complex securities litigation and has been ranked in the Top 50 Report by ISS Securities Class Action Services for seven consecutive years [4]

Group 1 - The company released its first quarter 2025 results along with supplemental materials and its 10-Q filing [3] - The conference call includes prepared remarks from the CEO, Chris Doyle, and a Q&A session with the CFO, Marianella Foschi, and other management members [4] - The operator announced that the conference call is being recorded and all lines are muted to prevent background noise [1][2] Group 2 - The company encourages participants to limit their questions to one question and one follow-up to ensure an efficient Q&A session [4] - Forward-looking statements will be made during the call, which are subject to risks and uncertainties that could lead to actual results differing from projections [5]

Financial Data and Key Metrics Changes - The company removed approximately $150 million of capital expenditures (CapEx) compared to 2024, focusing on capital discipline and lower reinvestment rates [7] - The company aims to achieve a year-end 2025 net debt target of $4.5 billion, which remains unchanged [11] - The hedge positions are now nearly 50% hedged on crude oil for the remainder of the year, valued at nearly $200 million [11] Business Line Data and Key Metrics Changes - Production volumes in the first quarter were slightly lower than expectations, primarily due to low activity levels at the end of the previous year and the start of 2025 [14] - The company expects oil production to grow by 5% in the second quarter, driven by growth in the Permian Basin [14] - In the Permian, the team is drilling 10% faster than expected, and there was a 5% sequential increase in throughput in the Midland Basin [15] Market Data and Key Metrics Changes - The company is experiencing significant uncertainty in the global economy and the oil market, which affects its operational strategies [7] - The current market conditions include volatility in oil prices and service costs, which the company is closely monitoring [8][22] Company Strategy and Development Direction - The company is focused on delivering sustainable free cash flow and has announced a comprehensive cost optimization plan to generate an additional $100 million of annual free cash flow [9] - The strategy includes protecting and strengthening the balance sheet to sustain shareholder returns, with a focus on deleveraging [11] - The company is not planning to be buyers in the asset market for the foreseeable future, focusing instead on optimizing existing assets [12] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the full-year outlook but is prepared to reduce activity levels if market conditions deteriorate further [8] - The company has a strong confidence in its ability to deliver guidance despite ongoing volatility in the macro environment [21] - Management emphasized the importance of maintaining flexibility to respond to changing market conditions [17] Other Important Information - The company completed its existing 10b5 share repurchase program, buying back nearly 2% of its shares outstanding [13] - The company has identified over $100 million in incremental free cash flow on a run rate basis, with approximately 40% benefiting the second half of 2025 [10] Q&A Session Summary Question: Comfort level executing on production and free cash flow ramp for the rest of 2025 - Management indicated confidence in the program and ability to deliver guidance, while remaining aware of macro volatility [20][22] Question: Response if oil prices fall below $55 - The first cuts would be completion-related, followed by drilling dollars, while maintaining some productive capacity [24][25] Question: LOE (Lease Operating Expense) trends and expectations - LOE was above expectations due to contractor issues, but costs are expected to decline in the second half of the year as water volumes peak [31][32] Question: Confidence in achieving $300 million asset sale target - The company is looking to monetize non-producing assets and infrastructure investments, which are less tied to upstream volatility [34] Question: Priorities in the uncertain macro environment - The top priority is to hit the $4.5 billion debt target by year-end, without sacrificing asset value [39] Question: Flexibility to alter trajectory to hit debt target if oil prices are around $55 - The company has various levers to achieve the target, including cost reductions and potential adjustments to CapEx [45][49] Question: Operational focus in the Delaware - The company is enhancing returns by extending laterals and targeting known zones with high returns [51][52] Question: DJ Basin volume trends and expectations - DJ volumes were down due to a lack of TILs and weather impacts, but growth is expected in the third quarter [58][60] Question: Oilfield service cost changes - The company is seeing opportunities to negotiate lower costs due to reduced activity in the industry [63][64]

Financial Data and Key Metrics Changes - The company removed approximately $150 million of capital expenditures (CapEx) compared to 2024, focusing on capital discipline and lower reinvestment rates [7] - The company aims to achieve a year-end 2025 net debt target of $4.5 billion, which remains unchanged [10] - The company has expanded its hedge position and is now nearly 50% hedged on crude oil for the remainder of the year, with hedge positions valued at nearly $200 million [10] Business Line Data and Key Metrics Changes - Production volumes in the first quarter were slightly lower than expectations, primarily due to low activity levels at the end of the previous year and the start of 2025 [13] - The company expects oil production to grow by 5% in the second quarter, led by growth in the Permian Basin [13] - In the Permian, the team is drilling 10% faster than expected, and there was a 5% sequential increase in throughput in the Midland Basin [14] Market Data and Key Metrics Changes - The company is experiencing significant uncertainty in the global economy and the oil price environment, which could impact service costs [7][10] - The company is not planning to be price takers in the divestment process, indicating a focus on maximizing asset value [11] Company Strategy and Development Direction - The company is prioritizing sustainable free cash flow and has announced a comprehensive cost optimization plan to generate an additional $100 million of annual free cash flow [8] - The focus is on protecting and strengthening the balance sheet to sustain shareholder returns over the long term [10] - The company is not planning to make acquisitions in the asset market for the foreseeable future, focusing instead on execution and optimization of existing assets [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year outlook but acknowledged the need to adjust activity levels if market conditions deteriorate further [8][20] - The company is prepared to reduce capital expenditures and activity levels if oil prices remain low [22][46] - Management emphasized the importance of maintaining flexibility to respond to changing market conditions [16] Other Important Information - The company completed its existing 10b5 share repurchase program, buying back nearly 2% of its outstanding shares [12] - Operational challenges in the Permian due to contracted water takeaway elevated first-quarter costs, but the company plans to pursue cost recovery [15] Q&A Session Summary Question: Comfort level executing on production and free cash flow ramp for the rest of 2025 - Management expressed confidence in the production growth plan, with a strong second half expected, despite some first-quarter challenges due to weather [20] Question: Response if oil prices fall below $55 - The first cuts would be completion-related, followed by drilling dollars, while maintaining some productive capacity [24] Question: Trends in operating expenses and LOE expectations - LOE was above expectations due to contractor issues, but management expects costs to decline in the second half of the year as water volumes peak [30][32] Question: Confidence in achieving $300 million asset sale target - Management remains confident in achieving the target through non-producing assets and infrastructure, despite challenging market conditions [33] Question: Priorities in the uncertain macro environment - The top priority is to hit the $4.5 billion debt target, but management will not sacrifice asset value to achieve this [37] Question: Flexibility to alter trajectory to hit debt target if oil prices are low - Management indicated that they have multiple levers to adjust, including cost reductions and potential CapEx adjustments [44][46] Question: Operational focus in the Delaware - The company is enhancing returns by extending laterals and targeting known zones with high returns [48][49] Question: DJ volumes and second-quarter trends - DJ volumes were down due to a lack of TILs and weather impacts, but management expects growth to resume in the third quarter [55][56] Question: Changes in oilfield service costs - Management is seeing opportunities to negotiate lower costs due to reduced activity in the market, which should help manage overall costs [61][62]