Civitas Resources(US:CIVI) Prnewswire·2025-06-24 12:41Core Viewpoint - A securities class action lawsuit has been filed against Civitas Resources, Inc. for alleged issues during the Class Period from February 27, 2024, to February 24, 2025 [1][2]. Financial Performance - Civitas reported Q4 and full-year 2024 revenue of $1.29 billion, which missed consensus estimates by $3.44 million [3]. - The company posted non-GAAP earnings per share of $1.78 for Q4 2024, falling short of consensus estimates by $0.21 per share [3]. - Net income for the quarter was $151.1 million, or $1.57 per share, a significant decrease from $302.9 million, or $3.23 per share, in the same quarter the previous year [3]. Operational Outlook - Civitas's 2025 outlook indicated lower production volumes primarily due to natural declines in the DJ Basin following peak production in Q4 2024 [4]. - The company announced a 10% reduction in its workforce across all levels [4]. - The termination of Chief Operating Officer Hodge Walker and Chief Transformation Officer Jerome Kelly was also disclosed [4]. Market Reaction - Following the announcement of the financial results and operational changes, Civitas's stock price dropped by $8.95 per share, or 18%, closing at $40.35 per share on February 25, 2025 [5].