Civitas Resources(US:CIVI) Prnewswire·2025-06-30 17:56Core Viewpoint - A securities class action lawsuit has been filed against Civitas Resources, Inc. for failing to disclose significant production reductions and operational challenges during the Class Period from February 27, 2024, to February 24, 2025 [1][3]. Company Overview - Civitas Resources, Inc. is a crude oil and natural gas company headquartered in Denver [2]. Financial Performance - For Q4 and full-year 2024, Civitas reported revenue of $1.29 billion, missing consensus estimates by $3.44 million, and non-GAAP earnings per share of $1.78, which was $0.21 below expectations [4]. - The net income for the quarter was $151.1 million, or $1.57 per share, a decline from $302.9 million, or $3.23 per share, in the same quarter the previous year [4]. Operational Challenges - Civitas indicated that it is likely to significantly reduce oil production in 2025 due to natural declines after peak production in the DJ Basin in Q4 2024 [3]. - The company announced a 10% workforce reduction and the termination of its Chief Operating Officer and Chief Transformation Officer [5]. Market Reaction - Following the announcement of its financial results and operational outlook, Civitas's stock price fell by $8.95 per share, or 18%, closing at $40.35 per share on February 25, 2025 [6].