CIVITAS RESOURCES ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Civitas Resources, Inc. and Encourages Investors to Contact the Firm

Core Viewpoint - A class action lawsuit has been filed against Civitas Resources, Inc. for allegedly making false and misleading statements regarding its oil production and financial condition during the Class Period from February 27, 2024, to February 24, 2025 [1][3]. Summary by Relevant Sections Lawsuit Details - The lawsuit was initiated by Bragar Eagel & Squire, P.C. on behalf of investors who acquired Civitas Resources securities during the specified Class Period [1]. - Investors have until July 1, 2025, to apply to be appointed as lead plaintiff in the lawsuit [1]. Allegations Against Civitas Resources - The lawsuit claims that Civitas Resources was likely to significantly reduce its oil production in 2025 due to declines following peak production at the DJ Basin in Q4 2024 and a low TIL count at the end of 2024 [3]. - It is alleged that increasing oil production would necessitate acquiring additional acreage and development locations, leading to significant debt and asset sales [3]. - The company’s financial condition purportedly required disruptive cost reduction measures, including a significant workforce reduction [3]. - Consequently, Civitas Resources' business and financial prospects, as well as operational capabilities, were allegedly overstated [3]. Financial Performance - On February 24, 2025, Civitas Resources reported Q4 and full-year 2024 financial results, with revenue of $1.29 billion, missing consensus estimates by $3.44 million [4]. - The non-GAAP earnings per share for the quarter were reported at $1.78, missing consensus estimates by $0.21 per share [4]. - The company projected oil production for 2025 to average between 150,000 and 155,000 barrels per day, reflecting a year-over-year decline of approximately 4% [4]. - Civitas Resources announced a $300 million transaction to expand its Permian Basin position, adding 19,000 net acres and approximately 130 future development locations [4]. - A divestment target of $300 million was also set to offset the costs of the aforementioned transaction [4]. - The company cited natural declines in the DJ Basin, severe winter weather, and unplanned processing downtime as factors affecting production volumes [4]. - A 10% workforce reduction was announced, along with the termination of the Chief Operating Officer and Chief Transformation Officer [4]. - Following these announcements, Civitas Resources' stock price fell by more than 18% [4].