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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 ...

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Financial Data and Key Metrics Changes - The company reported total production volumes above plan, with Permian production up approximately 12% and oil production up 5% compared to the previous quarter [7][10] - Cash operating expenses decreased by 2.5% from the first quarter, remaining below $9 per BOE [7] - Free cash flow for the quarter was in line with expectations, offsetting the impact of weak natural gas pricing [7][12] Business Line Data and Key Metrics Changes - The Permian assets are producing more than 185,000 BOE per day, with production ahead of plan and well costs below expectations [5][6] - In the DJ Basin, the company completed non-core asset sales at an accretive valuation, which impacted production by approximately 5,000 BOEs per day [20][21] Market Data and Key Metrics Changes - The company anticipates total volumes and oil production to grow quarter-over-quarter through the end of the year, despite some temporary impacts from extreme weather in Colorado [10][21] - The company has raised sales volume expectations by 3% from original guidance, adjusting for asset sales [10] Company Strategy and Development Direction - The company has transformed its business by entering the Permian Basin, enhancing its portfolio and providing capital allocation flexibility [5][6] - The management emphasized a commitment to returning 50% of free cash flow to shareholders after the base dividend, with a new $500 million share repurchase plan approved [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational execution and the strength of the asset base, expecting a strong second half of 2024 [10][11] - The company is focused on maximizing free cash flow while maintaining production levels, with plans to level-load capital allocation in 2025 [41][58] Other Important Information - The company has returned nearly $1.5 billion to shareholders since the beginning of last year, representing over 20% of its current market cap [12] - Management highlighted the importance of maintaining a strong balance sheet while pursuing shareholder returns [46][47] Q&A Session Summary Question: Execution of the newly increased buyback - Management views capital return decisions similarly to other capital allocation decisions, focusing on valuation and quality of assets [14][15] Question: Well costs and CapEx in the Midland Basin - Current forecasts assume a well cost of $765 per foot, with ongoing efforts to drive down costs through efficiency gains [16][18] Question: Anticipated oil production growth - Management expects production to trend higher in both the Permian and DJ Basins, despite temporary impacts from asset sales [20][21] Question: OFS cost pressures - Management noted some softness in the market, allowing for efficiency gains and cost reductions [22][23] Question: Performance of new Civitas wells - Management is optimistic about the performance of newly designed wells, expecting significant improvements [24][25] Question: Future capital allocation - Management indicated that capital allocation decisions will be influenced by operational improvements and regulatory clarity [39][40] Question: Production guidance and hedging strategy - Management is focused on maintaining a strong hedging program to support balance sheet initiatives and free cash flow [59][60]

| --- | --- | --- | |-------|------------------|-----------------| | | | | | | | | | | Delivering Value | 2Q 2024 Results | | | | August 2024 | Forward-Looking Statements and Disclosures 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, returns to stockho ...

Core Viewpoint - Civitas Resources reported quarterly earnings of $2.06 per share, missing the Zacks Consensus Estimate of $2.93 per share, representing an earnings surprise of -29.69% [1] - The company posted revenues of $1.31 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 3.55% [2] Financial Performance - Earnings per share (EPS) for the same quarter last year was $1.72, indicating a year-over-year increase [1] - Over the last four quarters, Civitas has surpassed consensus EPS estimates only once [2] - The company has topped consensus revenue estimates two times over the last four quarters [2] Market Performance - Civitas shares have increased by approximately 2% since the beginning of the year, while the S&P 500 has gained 15.8% [3] - The stock is currently rated Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - Current consensus EPS estimate for the upcoming quarter is $3.25 on revenues of $1.43 billion, and for the current fiscal year, it is $12.21 on revenues of $5.52 billion [7] - The outlook for the industry, specifically the Oil and Gas - Exploration and Production - United States sector, is currently in the bottom 27% of Zacks industries, which may impact stock performance [8]

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

Exhibit 99.1 Civitas Resources Reports Second Quarter 2024 Results Capital return framework enhanced for share repurchase flexibility and balance sheet support, with buyback authorization increased to $500 million Lower well costs driving $50 million reduction in full-year capital expectations; 2024 sales volume outlook raised 1.5% DENVER — August 1, 2024 - Civitas Resources, Inc. (NYSE: CIVI) (the "Company" or "Civitas") today reported its second quarter 2024 financial and operating results. A webcast and ...

Gerasimov174/iStock via Getty Images Civitas is an exploration and production company with expertise in the acquisition as well as the production of crude oil and gas in the DJ Basin in Colorado and the Permian Basin in Texas and New Mexico. In my view, reviewing the company's profile today makes sense because of the outlook given for 2024. According to the last presentation given to investors, The company expects to deliver 2024 FCF of close to $1.3 billion and intends to report a reinvestment rate of clos ...