Civitas Resources Inc Stock Price, News & Analysis

Civitas Resources, Inc. (NYSE: CIVI) announced its intent to fully redeem $100 million of its 7.50% senior notes due 2026 on May 1, 2022, at 100% of the principal amount plus accrued interest. Additionally, the company increased its borrowing base in its senior secured revolving credit facility from $1.0 billion to $1.7 billion and elected commitment from $800 million to $1.0 billion, with no outstanding borrowings as of March 31. Civitas had approximately $154 million in cash on hand. The announcement serves solely for informational purposes.

Civitas Resources, Inc. (NYSE:CIVI) has announced a $10 million pledge in humanitarian aid to support Ukrainians affected by the ongoing Russian invasion. Chairman and Interim CEO Ben Dell expressed the company's commitment to responsible global citizenship and emphasized the immediate humanitarian needs arising from the conflict. Funds will be allocated to various charitable organizations focused on refugee assistance and other peaceful efforts amid the crisis.

Civitas Resources, Inc. (NYSE: CIVI) reported a strong financial performance for Q4 and FY 2021. Q4 net income reached $163.7 million, with adjusted EBITDAX of $157.1 million. Average daily sales volumes hit 153.5 MBoe/d, and the company exited 2021 with approximately $1 billion in liquidity. A combined dividend of $1.2125/share will be paid on March 30, 2022. Proved reserves increased by 236% to 397.7 MMBoe with a PV-10 valuation of $5.3 billion. The company remains committed to returning cash to shareholders while focusing on sustainable growth.

Civitas Resources, Inc. (NYSE: CIVI) has successfully completed its acquisition of Bison Oil & Gas II, LLC for an all-cash payment of approximately $300 million, enhancing its position in the Denver-Julesburg Basin. The acquisition adds 102 high-quality locations, contributing to a projected production increase of about 9,000 Boed, with a focus on oil. This strategic move is expected to positively impact Civitas’ margins, Net Asset Value, and Free Cash Flow, all while maintaining a strong balance sheet with a pro forma net leverage of 0.2x.

Civitas Resources (NYSE: CIVI) will release its fourth quarter 2021 financial results after market close on March 8, 2022. A conference call to discuss these results is scheduled for March 9, 2022, at 8:00 a.m. MT (10:00 a.m. ET). The call will be accessible via webcast on the Company's website. Civitas is recognized as Colorado's first carbon neutral oil and gas producer, focused on economic returns while maintaining environmental responsibility.

Civitas Resources, Inc. (NYSE: CIVI) has announced the acquisition of Bison Oil & Gas II for approximately $346 million, comprising 2.3 million shares, $45 million in cash, and $176 million in assumed liabilities. The acquisition will enhance Civitas' portfolio with 102 high-quality locations and is expected to close in Q1 2022. Following the acquisition, Eric Greager will step down as CEO, with Ben Dell assuming the role of Interim CEO. Civitas also provided preliminary 2022 guidance, projecting increased production and margins, while maintaining a strong balance sheet.

Civitas Resources, Inc. announced plans to voluntarily plug 42 orphaned wells across Northern Colorado's Adams, Arapahoe, Elbert, Larimer, and Weld counties. These wells were abandoned by previous operators and pose environmental risks. Partnering with Project Canary, Civitas aims to monitor emissions and support Colorado's goal of reducing greenhouse gas emissions by 90% by 2050. This initiative reflects Civitas's commitment to responsible energy production and environmental stewardship, as they position themselves as Colorado's first carbon-neutral oil and gas producer.

Civitas Resources, Inc. (NYSE: CIVI) has announced a revised stockholder cash distribution strategy and fourth quarter 2021 guidance. The company will pay a quarterly dividend of $0.4625 per share on December 30, 2021, reflecting an increase of over 30% from the previous dividend of $0.35. Additionally, Civitas plans to target a return of 50% of free cash flow through a variable cash dividend starting in 2022. Fourth quarter production is projected between 148-154 Mboepd with a capital expenditure range of $220-260 million.

Bonanza Creek Energy and Extraction Oil & Gas have successfully merged and acquired Crestone Peak Resources, resulting in the formation of Civitas Resources, Inc. This merger, endorsed by over 99.9% of stockholders from both companies, positions Civitas as the largest pure-play energy producer in Colorado's DJ Basin and the state's first carbon neutral oil and gas company. Civitas plans to emphasize operational discipline and ESG leadership while trading under the ticker 'CIVI' starting November 2, 2021.