0001509589FALSE00015095892025-02-242025-02-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934


February 24, 2025
Date of Report (Date of earliest event reported)


Civitas Resources, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-35371
61-1630631
(State or other jurisdiction of incorporation or organization)
(Commission File No.)
(I.R.S. employer identification number)

555 17th Street, Suite 3700
Denver, Colorado 80202
(Address of principal executive offices, including zip code)

(303) 293-9100
(Registrant’s telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common Stock, par value $0.01 per shareCIVINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02      Results of Operations and Financial Condition.
On February 24, 2025, Civitas Resources, Inc. (the “Company”) announced its results for the fiscal quarter and year ended December 31, 2024. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01     Exhibits.
(d)        Exhibits
Exhibit No. Description
104Cover Page Interactive Data File (formatted as Inline XBRL)



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CIVITAS RESOURCES, INC.
Dated: February 24, 2025
By:/s/ Adrian Milton
Name:Adrian Milton
Title:Senior Vice President, General Counsel and Assistant Corporate Secretary


picture1a.jpg

Exhibit 99.1





Civitas Resources, Inc. Reports Fourth Quarter and Full Year 2024 Results

DENVER — February 24, 2025 - Civitas Resources, Inc. (NYSE: CIVI) (the "Company" or "Civitas") today reported its fourth quarter and full year 2024 financial and operating results. A webcast and conference call to review these results and the Company’s 2025 outlook is planned for 6:30 a.m. MT (8:30 a.m. ET), on Tuesday, February 25, 2025. Participation details are available in this release, and supplemental materials can be accessed on the Company's website, www.civitasresources.com.
Key Fourth Quarter and Full Year 2024 Results
Three Months Ended December 31, 2024Twelve Months Ended
December 31, 2024
Net Income ($MM)$151$839
Adjusted Net Income ($MM)(1)
$171$842
Operating Cash Flow ($MM)$858$2,865
Adjusted EBITDAX ($MM)(1)
$895$3,652
Sales Volumes (MBoe/d)352 345 
Oil Volumes (MBbl/d)164 159 
Capital Expenditures ($MM)$278$1,933
Adjusted Free Cash Flow ($MM)(1)
$519$1,266
(1) Non-GAAP financial measure; see attached reconciliation schedules at the end of this release for reconciliations to the most directly comparable GAAP financial measures.

Management Quote

“The Civitas team performed well in 2024, establishing a successful operational track record in our first full year of operating in the Permian Basin and building on our strong momentum in the DJ Basin. Our high-quality assets and strong execution delivered in-line to better-than-expected sales volumes, capital expenditures, and operating costs. Along with enhancing our portfolio returns through sustainable capital efficiency gains and improved cycle times, we also expanded our asset base with attractive inventory adds in our core areas. All of these actions strengthened our business and our long-term free cash flow outlook,” said President and CEO Chris Doyle.

Fourth Quarter 2024 Financial and Operating Results

Total sales and oil volumes increased 1% and 3% sequentially to 352 MBoe/d and 164 MBbl/d, respectively. Sales volumes in the fourth quarter were split 50% Permian Basin and 50% DJ Basin, as the DJ Basin grew significantly following a high number of third quarter turn-in-lines. Supported by strong sales volumes and commodity price realizations, higher than expected revenues offset higher cash operating costs, primarily occurring in the Permian Basin, as a result of winterization efforts and increased workover and maintenance activities.

Capital expenditures of $278 million were consistent with plan and reflected continued efficiency gains, as the Company drilled, completed, and turned to sales 21, 34, and 4 net operated wells, respectively, in the Permian Basin, and 9, 3, and 28 net operated wells, respectively, in the DJ Basin. The Company's average lateral length completed in the quarter was approximately 2.2 miles and 3.0 miles for the Permian Basin and DJ Basin, respectively.

Long-term debt was reduced by $350 million in the fourth quarter, while the Company also returned $205 million to its shareholders, including $48 million in dividends and $157 million in share repurchases. The Company repurchased nearly 3.5% of its outstanding shares in the fourth quarter.
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2024 Financial Highlights

•Generated adjusted free cash flow(1) of nearly $1.3 billion, representing a yield of 29% (based on year-end 2024 market capitalization)
•Delivered capital expenditures in the lower half of the Company's original guidance, with total sales volumes approximately 5% above original guidance and oil volumes at the midpoint, adjusted for non-core DJ Basin divestments
◦Cash operating costs, including lease operating, midstream, gathering, transportation, and processing, and cash G&A were below the midpoint of original guidance
•Returned more than $920 million to shareholders throughout the year, including $494 million in dividends and $427 million of share repurchases
◦Repurchased 7.3 million outstanding shares (approximately 7% of shares outstanding)
•Increased the Company’s revolving credit facility borrowing base by $400 million (to $3.4 billion) and its elected commitment by $350 million (to $2.2 billion)
•Received an upgrade on the Company's long-term issuer rating from Fitch Ratings to BB+, along with an upgrade from S&P Global to a positive outlook

(1) Non-GAAP financial measure; see attached reconciliation schedules at the end of this release for reconciliations to the most directly comparable GAAP financial measures.

2024 Operational Highlights

•Established operational track record in the Permian Basin, delivering sustainably lower well costs through well design changes, accelerated drilling and completion cycle times, and scale benefits
◦Midland Basin average two-mile well costs (drilling, completion and equipment) decreased from $850 per lateral foot to less than $725 per foot by the end of the year, a more than 15% improvement
◦Implemented simulfrac operations late in 2024, increasing fluid throughput by more than 40% (barrels pumped per day)
◦Achieved Permian Basin total recordable incident rate of 0.18 in the first year of operatorship
•Delineated Wolfcamp D development in the Midland Basin, with higher than anticipated productivity and lower costs, expanding the economic competitiveness of the Wolfcamp D across Civitas' acreage position
•Successfully executed 13 four-mile laterals in the DJ Basin, the longest laterals ever drilled and completed in Colorado, representing the highest 180-day cumulative oil producing wells in the state and observing no per foot degradation in productivity
•Drilled, completed, and commenced production on the Company's first "U-turn" wells in the Company's northeast extension area of the DJ Basin, outperforming expected capital cost, cycle times, and production
•Reported 2024 proved reserves of 798 million barrels of oil equivalent, a 14% increase from year-end 2023, primarily driven by the acquisition of Vencer Energy

2024 Strategic Highlights

•Closed on the acquisition of certain oil and gas assets in the Midland Basin from Vencer Energy at the start of the year, materially expanding the Company’s Permian Basin position
•Extended the Company's future development inventory through multiple land transactions and optimized development plans, adding approximately 100 gross locations in the Permian Basin and 250 gross locations in the DJ Basin
•Divested non-core DJ Basin assets for $215 million, which included 7 MBoe/d of production (~40% oil) and long-dated future development inventory in the Company's northeast extension area
•Reduced regulatory risk in the DJ Basin through a multi-party regulatory agreement with the governor, industry colleagues, and environmental groups that defers future ballot measure and legislative initiatives through at least the end of 2027 (Senate Bill 24-229 and 24-230)
•Received approval from Colorado’s Energy and Carbon Management Commission of the Lowry Ranch Comprehensive Area Plan within the Watkins development area of the DJ Basin


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Webcast / Conference Call Information
The Company plans to host a webcast and conference call at 6:30 a.m. MT (8:30 a.m. ET) on February 25, 2025. The dial-in number for the call is 888-510-2535, with passcode 4872770. A live webcast and replay of this event will be available on the Investor Relations section of the Company’s website at www.civitasresources.com.
About Civitas Resources, Inc.
Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development and production of crude oil and liquids-rich natural gas from its premier assets in the DJ Basin in Colorado and the Permian Basin in Texas and New Mexico. Civitas’ proven business model to maximize shareholder returns is focused on four key strategic pillars: generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership. For more information about Civitas, please visit www.civitasresources.com.
For further information, please contact:
Investor Relations:
Brad Whitmarsh, 832.736.8909, bwhitmarsh@civiresources.com
Mae Herrington, 832.913.5444, mherrington@civiresources.com

Media:
Rich Coolidge, info@civiresources.com
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Schedule 1: Consolidated Statements of Operations
(in thousands, except for per share amounts, unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Operating net revenues:    
Crude oil, natural gas, and NGL sales$1,291,745 $1,125,730 $5,202,408 $3,473,821 
Other operating income1,121 1,045 4,400 5,419 
Total operating net revenues1,292,866 1,126,775 5,206,808 3,479,240 
Operating expenses:
Lease operating expense173,005 109,560 577,837 301,288 
Midstream operating expense11,313 10,039 48,038 45,080 
Gathering, transportation, and processing97,894 80,880 377,678 290,645 
Severance and ad valorem taxes86,307 88,293 377,388 276,535 
Exploration587 632 14,322 2,178 
Depreciation, depletion, and amortization544,568 416,634 2,056,427 1,171,192 
Transaction costs682 24,251 31,419 84,328 
General and administrative expense53,223 54,524 226,965 161,077 
Other operating expense6,192 2,182 17,330 7,437 
Total operating expenses973,771 786,995 3,727,404 2,339,760 
Other income (expense):
Derivative gain (loss), net(11,437)129,881 37,490 9,307 
Interest expense(113,860)(90,071)(456,303)(182,740)
Loss on property transactions, net(1,136)— (2,566)(254)
Other income (expense)7,099 (695)24,670 33,661 
Total other income (expense)(119,334)39,115 (396,709)(140,026)
Income from operations before income taxes199,761 378,895 1,082,695 999,454 
Income tax expense(48,651)(76,028)(243,972)(215,166)
Net income$151,110 $302,867 $838,723 $784,288 
Earnings per common share
Basic$1.57 $3.23 $8.48 $9.09 
Diluted$1.57 $3.20 $8.46 $9.02 
Weighted-average common shares outstanding:
Basic96,254 93,774 98,865 86,240 
Diluted96,394 94,519 99,176 86,988 




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Schedule 2: Consolidated Statement of Cash Flows
(in thousands, unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Cash flows from operating activities:
Net income$151,109 $302,867 $838,723 $784,288 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization544,568 416,634 2,056,427 1,171,192 
Stock-based compensation12,150 9,354 48,272 34,931 
Derivative (gain) loss, net11,437 (129,881)(37,490)(9,307)
Derivative cash settlement gain (loss), net12,147 (23,339)6,435 (68,246)
Amortization of deferred financing costs and deferred acquisition consideration13,775 3,587 52,702 9,293 
Loss on property transactions, net1,136 — 2,566 254 
Deferred income tax expense48,378 106,191 235,773 245,163 
Other, net4,084 (330)1,084 (740)
Changes in operating assets and liabilities, net
Accounts receivable, net(58,057)760 (23,036)(39,869)
Prepaid expenses and other(12,856)19,141 (17,644)19,987 
Accounts payable, accrued expenses, and other liabilities130,199 138,204 (298,584)91,814 
Net cash provided by operating activities858,070 843,188 2,865,228 2,238,760 
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired— (5,121)(905,096)(3,655,612)
Acquisitions of crude oil and natural gas properties(23,096)(93,880)(47,440)(154,855)
Deposits for acquisitions— (161,250)— (161,250)
Capital expenditures for drilling and completion activities and other fixed assets(292,319)(570,269)(1,924,426)(1,352,388)
Proceeds from property transactions45,544 84,692 208,824 90,456 
Purchases of carbon credits and renewable energy credits(1,826)(287)(5,744)(6,151)
Other, net— (177)2,000 (3,355)
Net cash used in investing activities(271,697)(746,292)(2,671,882)(5,243,155)
Cash flows from financing activities:
Proceeds from credit facility250,000 1,000,000 1,900,000 2,120,000 
Payments to credit facility(600,000)(900,000)(2,200,000)(1,370,000)
Proceeds from issuance of senior notes— 987,500 — 3,653,750 
Payment of deferred financing costs and other(1,215)(2,879)(7,724)(45,788)
Dividends paid(47,629)(149,289)(493,842)(660,320)
Common stock repurchased and retired(157,444)— (427,305)(320,398)
Payment of employee tax withholdings in exchange for the return of common stock(396)(114)(12,037)(13,416)
Other, net(938)(727)(3,427)(752)
Net cash provided by (used in) financing activities(557,622)934,491 (1,244,335)3,363,076 
Net change in cash, cash equivalents, and restricted cash28,751 1,031,387 (1,050,989)358,681 
Cash, cash equivalents, and restricted cash:
Beginning of period (1)
47,075 95,428 1,126,815 768,134 
End of period (1)
$75,826 $1,126,815 $75,826 $1,126,815 
(1) The balance includes $0.1 million of restricted cash consisting of funds for road maintenance and repairs that is presented in other noncurrent assets within our balance sheets for all periods presented prior to September 30, 2024. These funds were released to the Company during the third quarter of 2024. In addition, the December 31, 2023 balance includes $1.9 million of interest earned on cash held in escrow that is presented in deposits for acquisitions within our balance sheets for the period ended December 31, 2023.
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Schedule 3: Consolidated Balance Sheets
(in thousands)
December 31,
20242023
ASSETS
Current assets:
Cash and cash equivalents$75,826 $1,124,797 
Accounts receivable, net:
Crude oil and natural gas sales646,290 505,961 
Joint interest and other125,047 247,228 
Derivative assets66,517 35,192 
Deposits for acquisitions— 163,164 
Prepaid expenses and other74,638 68,070 
Total current assets988,318 2,144,412 
Property and equipment (successful efforts method):
Proved properties16,897,070 12,738,568 
Less: accumulated depreciation, depletion, and amortization(4,287,752)(2,339,541)
Total proved properties, net12,609,318 10,399,027 
Unproved properties630,727 821,939 
Wells in progress505,556 536,858 
Other property and equipment, net of accumulated depreciation of $9,382 in 2024 and $9,808 in 202348,757 62,392 
Total property and equipment, net13,794,358 11,820,216 
Derivative assets17,037 8,233 
Other noncurrent assets144,407 124,458 
Total assets$14,944,120 $14,097,319 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses$560,893 $565,708 
Production taxes payable322,976 421,045 
Crude oil and natural gas revenue distribution payable702,130 766,123 
Derivative liability22,178 18,096 
Deferred acquisition consideration478,749 — 
Other liabilities118,168 80,915 
Total current liabilities2,205,094 1,851,887 
Long-term liabilities:
Debt, net4,493,531 4,785,732 
Ad valorem taxes294,058 307,924 
Derivative liability13,016 — 
Deferred income tax liabilities, net800,554 564,781 
Asset retirement obligations399,002 305,716 
Other long-term liabilities110,119 99,958 
Total liabilities8,315,374 7,915,998 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.01 par value, 25,000,000 shares authorized, none outstanding— — 
Common stock, $.01 par value, 225,000,000 shares authorized, 93,933,857 and 93,774,901 issued and outstanding as of December 31, 2024 and 2023, respectively5,006 5,004 
Additional paid-in capital5,095,298 4,964,450 
Retained earnings1,528,442 1,211,867 
Total stockholders’ equity6,628,746 6,181,321 
Total liabilities and stockholders’ equity$14,944,120 $14,097,319 



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Schedule 4: Average Sales Volumes and Prices
(unaudited)
The following table presents crude oil, natural gas, and NGL sales volumes by operating region as well as consolidated average sales prices for the periods presented:
Three Months EndedTwelve Months Ended
December 31, 2024September 30, 2024December 31, 2024December 31, 2023
Average sales volumes per day
Crude oil (MBbl/d)
DJ Basin84 71 74 79 
Permian Basin80 88 85 21 
Total164 159 159 100 
Natural gas (MMcf/d)
DJ Basin309 311 320 302 
Permian Basin286 292 278 64 
Total595 603 598 366 
Natural gas liquids (MBbl/d)
DJ Basin41 37 38 39 
Permian Basin49 52 48 12 
Total90 89 86 51 
Average sales volumes per day (MBoe/d)
DJ Basin176 159 165 169 
Permian Basin176 189 179 44 
Total(1)
352 348 345 213 
Average sales prices (before derivatives):
  Crude oil (per Bbl)$69.96 $75.46 $75.26 $75.57 
  Natural gas (per Mcf)$1.14 $0.17 $0.77 $2.28 
  Natural gas liquids (per Bbl)$21.47 $19.38 $21.09 $21.35 
  Total (per Boe)$39.90 $39.70 $41.24 $44.86 
____________________
(1) Items may not recalculate due to rounding.
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Schedule 5: Adjusted Net Income
(in thousands, except per share amounts, unaudited)
Adjusted Net Income is a supplemental non-GAAP financial measure that is used by management to present a more comparable, recurring profitability between periods. We believe that Adjusted Net Income provides external users of our consolidated financial statements with additional information to assist in their analysis of the Company. The Company defines Adjusted Net Income as net income after adjusting for (1) the impact of certain non-cash items and one-time transactions and correspondingly (2) the related tax effect in each period. Adjusted Net Income is not a measure of net income as determined by GAAP and should not be considered in isolation or as a substitute for net income, net cash provided by operating activities, or other profitability or liquidity measures prepared under GAAP.
The following table presents a reconciliation of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted Net Income.
Three Months EndedTwelve Months Ended
December 31, 2024September 30, 2024December 31, 2024December 31, 2023
Net income $151,110 $295,803 $838,723 $784,288 
Adjustments to net income:
Unused commitments(1)
1,232 1,117 1,730 5,013 
Transaction costs682 140 31,419 84,328 
Loss on property transactions, net1,136 — 2,566 254 
Derivative (gain) loss, net11,437 (151,029)(37,490)(9,307)
Derivative cash settlement gain (loss), net12,147 18,195 6,435 (68,246)
Total adjustments to net income before taxes26,634 (131,577)4,660 12,042 
Tax effect of adjustments(6,499)31,578 (1,049)(2,589)
Total adjustments to net income after taxes20,135 (99,999)3,611 9,453 
Adjusted Net Income
$171,245 $195,804 $842,334 $793,741 
Adjusted Net Income per diluted share
$1.78 $1.99 $8.49 $9.12 
Diluted weighted-average common shares outstanding96,394 98,224 99,176 86,988 
(1) Included as a portion of other operating expense in the consolidated statements of operations.












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Schedule 6: Adjusted EBITDAX
(in thousands, unaudited)
Adjusted EBITDAX is a supplemental non-GAAP financial measure that represents earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense, and other non-cash and non-recurring charges. Adjusted EBITDAX excludes certain items that we believe affect the comparability of operating results and can exclude items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. We present Adjusted EBITDAX because we believe it provides useful additional information to investors and analysts, as a performance measure, for analysis of our ability to internally generate funds for exploration, development, acquisitions, and to service debt. We are also subject to financial covenants under our revolving credit facility based on Adjusted EBITDAX ratios. In addition, Adjusted EBITDAX is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the crude oil and natural gas exploration and production industry. Adjusted EBITDAX should not be considered in isolation or as a substitute for net income, net cash provided by operating activities, or other profitability or liquidity measures prepared under GAAP. Because Adjusted EBITDAX excludes some, but not all items that affect net income and may vary among companies, the Adjusted EBITDAX amounts presented may not be comparable to similar metrics of other companies.
The following table presents a reconciliation of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted EBITDAX:
Three Months EndedTwelve Months Ended
December 31, 2024September 30, 2024December 31, 2024December 31, 2023
Net Income$151,110 $295,803 $838,723 $784,288 
Total adjustments to net income before taxes (from schedule 4)26,634 (131,577)4,660 12,042 
Exploration587 861 14,322 2,178 
Depreciation, depletion, and amortization544,568 523,929 2,056,427 1,171,192 
Stock-based compensation(1)
12,150 12,661 48,272 34,931 
Interest expense113,860 117,760 456,303 182,740 
Interest income(2)
(2,334)(2,650)(11,058)(33,347)
Income tax expense48,651 93,309 243,972 215,166 
Adjusted EBITDAX$895,226 $910,096 $3,651,621 $2,369,190 
(1) Included as a portion of general and administrative expense in the consolidated statements of operations.
(2) Included as a portion of other income in the consolidated statements of operations.






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Schedule 7: Adjusted Free Cash Flow
(in thousands, unaudited)
Adjusted Free Cash Flow is a supplemental non-GAAP financial measure that is calculated as net cash provided by operating activities before changes in operating assets and liabilities and less exploration and development of crude oil and natural gas properties, changes in working capital related to capital expenditures, and purchases of carbon credits. We believe that Adjusted Free Cash Flow provides additional information that may be useful to investors and analysts in evaluating our ability to generate cash from our existing crude oil and natural gas assets to fund future exploration and development activities and to return cash to stockholders. Adjusted Free Cash Flow is a supplemental measure of liquidity and should not be viewed as a substitute for cash flows from operations because it excludes certain required cash expenditures.
The following table presents a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP financial measure of Adjusted Free Cash Flow:
Three Months EndedTwelve Months Ended
December 31, 2024September 30, 2024December 31, 2024December 31, 2023
Net cash provided by operating activities$858,070 $835,038 $2,865,228 $2,238,760 
Add back: changes in operating assets and liabilities, net(59,285)(28,270)339,264 (71,932)
Cash flow from operations before changes in operating assets and liabilities798,785 806,768 3,204,492 2,166,828 
Less: Cash paid for capital expenditures for drilling and completion activities and other fixed assets(292,319)(541,410)(1,924,426)(1,352,388)
Less: Changes in working capital related to capital expenditures14,115 103,021 (8,208)(12,349)
Capital expenditures(278,204)(438,389)(1,932,634)(1,364,737)
Less: Purchases of carbon credits and renewable energy credits
(1,826)(2,032)(5,744)(6,151)
Adjusted Free Cash Flow$518,755 $366,347 $1,266,114 $795,940 
Capital expenditures by operating region
DJ Basin$78,223 $208,530 $813,750 $890,962 
Permian Basin199,955 228,910 1,117,686 473,933 
Other/Corporate25 951 1,199 (158)
Total$278,203 $438,391 $1,932,635 $1,364,737 








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Schedule 8: Estimated Proved Reserves

A summary of our changes in quantities of total proved reserves for the year ended December 31, 2024 is as follows:
Proved Reserve Roll-Forward
(in MBoe)
Net Proved Reserves
Balance as of December 31, 2023
697,799 
Extensions, discoveries, and other additions101,817 
Production(126,135)
Divestiture of reserves(22,929)
Removed from capital program(24,064)
Acquisition of reserves179,348 
Revisions to previous estimates(8,112)
Balance as of December 31, 2024
797,724 

The table below sets forth information regarding our estimated proved reserves by category and operating region as of December 31, 2024:
Operating Region/AreaCrude Oil (MBbls)Natural Gas (MMcf)NGL (MBbls)Crude Oil Equivalent (MBoe)
  Proved developed reserves:
DJ Basin 103,812 647,550 79,431 291,168 
Permian Basin 131,814 676,306 123,751 368,283 
      Total proved developed reserves 235,626 1,323,856 203,182 659,451 
  Proved undeveloped reserves:
DJ Basin 34,045 99,276 11,883 62,474 
Permian Basin 35,690 116,386 20,711 75,799 
      Total proved undeveloped reserves 69,735 215,662 32,594 138,273 
  Proved reserves:
DJ Basin137,857 746,826 91,314 353,642 
Permian Basin167,504 792,692 144,462 444,082 
Total proved reserves(1)
305,361 1,539,518 235,776 797,724 
____________________
(1) Items may not recalculate due to rounding.

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v3.25.0.1
Cover
Feb. 24, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 24, 2025
Entity Registrant Name Civitas Resources, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-35371
Entity Tax Identification Number 61-1630631
Entity Address, Address Line One 555 17th Street, Suite 3700
Entity Address, City or Town Denver
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80202
City Area Code 303
Local Phone Number 293-9100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol CIVI
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001509589
Civitas Resources (PK) (USOTC:CIVIW)
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