Financial Performance - Net income for Q4 2024 was $151 million, with an adjusted net income of $171 million, while full year net income reached $839 million, adjusted net income at $842 million[2]. - Net income for Q4 2024 was $151,109 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, 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, while for the twelve months it was $3,651,621,000[24]. Cash Flow and Investments - Operating cash flow for Q4 2024 was $858 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 $2,865,228 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 $2,671,882 thousand, down from $5,243,155 thousand in 2023[15]. - The company reported a net cash provided by financing activities of $(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 $278 million, consistent with plans, and total capital expenditures for the year were $1.933 billion[5]. - Capital expenditures for drilling and completion activities totaled $1,932,635,000 for the twelve months ended December 31, 2024[27]. Shareholder Returns - The company returned over $920 million to shareholders in 2024, including $494 million in dividends and $427 million in share repurchases[10]. - Long-term debt was reduced by $350 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 $10,399,027 thousand in 2023, a growth of 21%[17]. - Total assets as of December 31, 2024, were $14,944,120 thousand, compared to $14,097,319 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].

Wall Street analysts forecast that Civitas Resources (CIVI) will report quarterly earnings of $1.95 per share in its upcoming release, pointing to a year-over-year decline of 39.1%. It is anticipated that revenues will amount to $1.31 billion, exhibiting an increase of 15.9% compared to the year-ago quarter.The consensus EPS estimate for the quarter has been revised 6% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their ini ...

Wall Street expects a year-over-year decline in earnings on higher revenues when Civitas Resources (CIVI) reports results for the quarter ended December 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 24, 2025, might help the stock move higher if these key numbers are better ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis ...

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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 | --- | --- | --- | |----------------------------------------------------------------|-------------------------------------------------------------|------------------------------ ...