Civitas Resources, Inc. Investors: Please contact the Portnoy Law Firm to recover your losses. July 1, 2025 Deadline to file Lead Plaintiff Motion

Core Viewpoint - Civitas Resources, Inc. is facing a class action lawsuit due to alleged misleading statements and failure to disclose significant risks during the Class Period from February 27, 2024, to February 24, 2025 [1][4]. Group 1: Company Overview - Civitas Resources is an oil and gas exploration and production company focused on acquiring, developing, and producing crude oil and liquids-rich natural gas from assets in Colorado's Denver-Julesburg (DJ) Basin and the Permian Basin in Texas and New Mexico [3]. Group 2: Allegations and Financial Performance - The class action lawsuit claims that Civitas Resources made false statements and failed to disclose key risks, including a likely significant reduction in oil production in 2025 due to natural declines in the DJ Basin and a low number of new wells [4]. - Civitas reported fourth-quarter and full-year 2024 financial results with revenue of $1.29 billion, missing analyst expectations by $3.44 million, and non-GAAP earnings per share of $1.78, falling short of projections by $0.21 per share [5]. - The company forecasted average oil production for 2025 to be between 150,000 and 155,000 barrels per day, indicating an approximate 4% year-over-year decline [5]. Group 3: Operational Challenges - Civitas attributed lower production levels to natural declines in the DJ Basin, a reduced number of new wells, severe winter weather, and unexpected third-party processing outages in early 2025 [6]. - The company announced a 10% workforce reduction and the termination of its Chief Operating Officer and Chief Transformation Officer [6]. - Following the disclosures, Civitas Resources' stock price dropped over 18% [6].