Civitas Resources(US:CIVI)2025-05-07 21:59Financial Performance & Targets - Civitas reported $786 million in Adjusted EBITDAX for 1Q25[28] - The company generated $171 million in Adjusted Free Cash Flow (FCF) in 1Q25[28] - Civitas is targeting $45 billion in Net Debt by YE25, representing an $800 million reduction from YE24 pro-forma[10, 51] - The company aims to achieve $300 million in divestments by YE25[10] Cost Optimization & Efficiency - Civitas has a $100+ million cost optimization and efficiency initiative[10, 15] - Approximately $40 million of annualized savings are expected to impact FY25[10, 16] - DJ Basin completion efficiencies are up 10% from plan[28] Production & Hedging - 42% of wells drilled in 1Q25 were in the Permian Basin program[28, 37] - The company increased oil hedging to nearly 50% of 2025 production with average floors of ~$68/Bbl[23, 51] - 1Q25 total production was 311 MBoe/d, with oil production at 141 MBbl/d[49] Shareholder Returns - Civitas returned $121 million to shareholders in 1Q25, including ~$50 million in dividends and ~$71 million in share repurchases (15 million shares)[28] - The company maintains a resilient base dividend of $2/share annually[51]