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Business Wire
a day ago
- Business
- Business Wire
Civitas Resources Publishes 2025 Corporate Sustainability Report
DENVER--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) ('Civitas' or the 'Company') today published its 2025 Corporate Sustainability Report, providing transparency around the Company's sustainability initiatives, targets, and progress toward stated goals. Chris Doyle, CEO, stated, 'Civitas continues to make significant progress as an operator committed to sustainability. As a result of numerous successful operational initiatives in 2024, company-wide emissions have further decreased and we have translated our learnings from the DJ Basin into impressive improvements on our acquired Permian Basin assets, all while maintaining our proven safety performance. In 2026, we will expand our carbon neutrality pledge to include our Permian Basin assets, in addition to the DJ Basin, proving our sustainability leadership and delivering on our mission to Disrupt Energy for Good.' Highlights from the report include: Reduced emissions: lowered the Company's Scope 1 greenhouse gas emissions by 5.7% in 2024 compared to its 2023 baseline, progressing steadily toward the goal of a 40% reduction by 2030 Continued commitment to carbon neutrality: maintained carbon neutrality (1) and zero routine flaring in the DJ Basin; committed to achieving both in the Permian Basin (2) Continued strong safety performance: delivered a combined Total Recordable Incident Rate (3) of 0.25 in 2024 – closely aligned with the industry's top-quartile target of 0.22 – reflecting the Company's ongoing commitment to industry-leading safety standards Reaffirmed pneumatic reduction targets: focused on significant reduction of pneumatic emissions (80% by 2025 in the DJ Basin from 2021 baseline; 65% by 2030 in the Permian Basin from 2023 baseline) Launching new targets: committed to establishing a new methane intensity target in 2025 Delivered on voluntary initiatives: expanded emissions monitoring and detection infrastructure above and beyond compliance requirements, proactively retrofitted 350 facilities to mitigate spill risk, and plugged 42 orphan wells in Colorado (1) Carbon neutrality refers to our effort to organically reduce emissions followed by the purchase of verified carbon credits and renewable energy certificates in an amount that offsets remaining emissions (2) Carbon neutrality will begin the January after the first full calendar year of operational control of any acquisition, and Civitas has aligned its Permian Basin assets with the World Bank's Zero Routine Flaring by 2030 Initiative (3) Per OSHA 29 CFR Part 1904, incidence rate of injuries and illnesses computed as the number of recordable injuries and illnesses X 200,000 / hours worked Expand Readers can access the 2025 Corporate Sustainability Report on Civitas' website here: Civitas/Sustainability. About Civitas 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 Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. 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. Cautionary Statement Regarding Forward-Looking Information Certain statements in this press release concerning Civitas' future expectations, beliefs, plans, objectives, financial conditions, assumptions, or future events or performance that are not historical facts are 'forward-looking' statements based on assumptions currently believed to be valid. The words 'anticipate,' 'believe,' 'ensure,' 'expect,' 'if,' 'intend,' 'estimate,' 'probable,' 'project,' 'forecasts,' 'predict,' 'outlook,' 'aim,' 'will,' 'could,' 'should,' 'would,' 'potential,' 'may,' 'might,' 'anticipate,' 'likely,' 'plan,' 'positioned,' 'strategy,' and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements included in this press release include statements regarding the Company's plans and commitments with respect to carbon neutrality and emissions reductions. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to: future financial condition, results of operations, strategy and plans; declines or volatility in the prices we receive for our crude oil, natural gas, and NGLs; general economic conditions, whether internationally, nationally, or in the regional and local market areas in which we do business, including any future economic downturn, the impact of continued or further inflation, disruption in the financial markets, the imposition of tariffs or trade or other economic sanctions, political instability, and the availability of credit on acceptable terms; the effects of disruption of our operations or excess supply of crude oil and natural gas and other effects of world events, and actions taken by OPEC+ as it pertains to global supply and demand of, and prices for, crude oil, natural gas, and NGLs; political conditions in or affecting other producing countries, including conflicts or hostilities in or relating to the Middle East (including the current events involving Israel and Iran), South America, and Russia (including the current events involving Russia and Ukraine), and other sustained military campaigns or acts of terrorism or sabotage and the effects therefrom; our ability to identify, select, and consummate possible additional acquisition and disposition opportunities; the ability of our customers to meet their obligations to us; our access to capital on acceptable terms; our ability to generate sufficient cash flow from operations, borrowings, or other sources to enable us to fully develop our undeveloped acreage positions and to meet our capital allocation initiatives; the presence or recoverability of estimated crude oil and natural gas reserves and the actual future sales volume rates and associated costs; uncertainties associated with estimates of proved crude oil and natural gas reserves; changes in local, state, and federal laws, regulations or policies that may affect our business or our industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); environmental, health, and safety risks; seasonal weather conditions as well as severe weather and other natural events caused by climate change; lease stipulations; drilling and operating risks, including the risks associated with the employment of horizontal drilling and completion techniques; our ability to acquire adequate supplies of water for drilling and completion operations; availability of oilfield equipment, services, and personnel; exploration and development risks; operational interruption of centralized crude oil and natural gas processing facilities; competition in the crude oil and natural gas industry; management's ability to execute our plans to meet our goals; our ability to attract and retain key members of our senior management and key technical employees; our ability to maintain effective internal controls; access to adequate gathering systems and pipeline take-away capacity; our ability to secure adequate processing capacity for natural gas we produce, to secure adequate transportation for crude oil, natural gas, and NGL we produce, and to sell the crude oil, natural gas, and NGL at market prices; costs and other risks associated with perfecting title for mineral rights in some of our properties; pandemics and other public health epidemics; and other economic, competitive, governmental, legislative, regulatory, geopolitical, and technological factors that may negatively impact our businesses, operations, or pricing. Additional information concerning other factors that could cause results to differ materially from those described above can be found under Item 1A. 'Risk Factors' and 'Management's Discussion and Analysis' sections in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, subsequently filed Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings made with the Securities and Exchange Commission. All forward-looking statements speak only as of the date they are made and are based on information available at the time they were made. The Company assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Business Wire
15-07-2025
- Business
- Business Wire
Civitas Resources, Inc. Schedules Second Quarter 2025 Conference Call and Webcast
DENVER--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) ('Civitas' or the 'Company'), today announced plans to release its second quarter 2025 operating and financial results after market close on Wednesday, August 6, 2025. A conference call and webcast are planned for 6:00 a.m. MT (8:00 a.m. ET) on Thursday, August 7, 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 About Civitas 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 Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. 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
Business Wire
30-06-2025
- Business
- Business Wire
Deadline Soon: Civitas Resources, Inc. (CIVI) Investors Who Lost Money Urged To Contact The Law Offices of Frank R. Cruz About Securities Fraud Lawsuit
LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Frank R. Cruz reminds investors of the upcoming July 1, 2025 deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who acquired Civitas Resources, Inc. ('Civitas' or the 'Company') (NYSE: CIVI) securities between , inclusive (the 'Class Period'). IF YOU ARE AN INVESTOR WHO LOST MONEY ON CIVITAS RESOURCES, INC. (CIVI), CLICK HERE TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT. What Happened? On February 24, 2025, Civitas released its fourth quarter and full year 2024 financial results, significantly missing consensus estimates in revenue and non-GAAP earnings per share, as well as reporting a net income on $151.1 million, compared to $302.9 million the previous year, and interest expense of $456.3 million. Additionally, the Company released a disappointing 2025 outlook, stating that '[f]irst quarter [2025] oil volumes are expected to be the low point for the year, averaging 140 to 145 MBbl/d, mostly as a result of few TILs in late 2024 and early 2025,' and that, compared to the fourth quarter of 2024, 'lower volumes are primarily driven by the DJ Basin, due to natural declines following peak production in the fourth quarter, a low TIL count exiting 2024 and in the first quarter of 2025,' as well as severe winter weather and unplanned third-party processing downtime in the first quarter. The Company also announced a 10% reduction in workforce to 'solidify the Company's low-cost structure.' Further, Civitas disclosed the termination of its Chief Operating Officer and its Chief Transformation Officer, effective immediately. On this news, Civitas' stock price fell $8.95, or 18.2%, to close at $40.35 per share on February 25, 2025, thereby injuring investors. What Is The Lawsuit About? The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Civitas was highly likely to significantly reduce its oil production in 2025 as a result of, inter alia, declines following the production peak at the DJ Basin in the fourth quarter of 2024 and a low TIL count at the end of 2024; (2) increasing its oil production would require the Company to acquire additional acreage and development locations, thereby incurring significant debt and causing the Company to sell corporate assets to offset its acquisition costs; (3) the Company's financial condition would require it to implement disruptive cost reduction measures including a significant workforce reduction; (4) accordingly, Civitas's business and/or financial prospects, as well as its operational capabilities, were overstated; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. If you purchased or otherwise acquired Civitas securities between February 27, 2024 and February 24, 2025, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is July 1, 2025. Contact Us To Participate or Learn More: If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact us: Frank R. Cruz The Law Offices of Frank R. Cruz 2121 Avenue of the Stars, Suite 800 Century City, California 90067 Email us at: info@ Call us at: 310-914-5007 Visit our website at Follow us for updates on Twitter: If you inquire by email, please include your mailing address, telephone number, and number of shares purchased. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
19-05-2025
- Business
- Business Wire
Deadline Alert: Civitas Resources, Inc. (CIVI) Investors Who Lost Money Urged to Contact Glancy Prongay & Murray LLP About Securities Fraud Lawsuit
LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP reminds investors of the upcoming July 1, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Civitas Resources, Inc. ('Civitas' or the 'Company') (NYSE: CIVI) securities between , inclusive (the 'Class Period'). IF YOU SUFFERED A LOSS ON YOUR CIVITAS INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS. What Happened? On February 24, 2025, Civitas released its fourth quarter and full year 2024 financial results, significantly missing consensus estimates in revenue and non-GAAP earnings per share, as well as reporting a net income on $151.1 million, compared to $302.9 million the previous year, and interest expense of $456.3 million. Additionally, the Company released a disappointing 2025 outlook, stating that '[f]irst quarter [2025] oil volumes are expected to be the low point for the year, averaging 140 to 145 MBbl/d, mostly as a result of few TILs in late 2024 and early 2025,' and that, compared to the fourth quarter of 2024, 'lower volumes are primarily driven by the DJ Basin, due to natural declines following peak production in the fourth quarter, a low TIL count exiting 2024 and in the first quarter of 2025,' as well as severe winter weather and unplanned third-party processing downtime in the first quarter. The Company also announced a 10% reduction in workforce to 'solidify the Company's low-cost structure.' Further, Civitas disclosed the termination of its Chief Operating Officer and its Chief Transformation Officer, effective immediately. On this news, Civitas' stock price fell $8.95, or 18.2%, to close at $40.35 per share on February 25, 2025, thereby injuring investors. What Is The Lawsuit About? The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Civitas was highly likely to significantly reduce its oil production in 2025 as a result of, inter alia, declines following the production peak at the DJ Basin in the fourth quarter of 2024 and a low TIL count at the end of 2024; (2) increasing its oil production would require the Company to acquire additional acreage and development locations, thereby incurring significant debt and causing the Company to sell corporate assets to offset its acquisition costs; (3) the Company's financial condition would require it to implement disruptive cost reduction measures including a significant workforce reduction; (4) accordingly, Civitas's business and/or financial prospects, as well as its operational capabilities, were overstated; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. If you purchased or otherwise acquired Civitas securities during the Class Period, you may move the Court no later than July 1, 2025 to request appointment as lead plaintiff in this putative class action lawsuit. Contact Us To Participate or Learn More: If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us: Charles Linehan, Esq., Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 Email: shareholders@ Telephone: 310-201-9150, Toll-Free: 888-773-9224 Visit our website at Follow us for updates on LinkedIn, Twitter, or Facebook. If you inquire by email, please include your mailing address, telephone number and number of shares purchased. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
07-05-2025
- Business
- Business Wire
Civitas Resources, Inc. Announces Clay Carrell President and Chief Operating Officer
DENVER--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) ('Civitas' or the 'Company') announced that Clay Carrell has joined the Company as President and Chief Operating Officer, effective today. Chris Doyle, Chief Executive Officer, said, 'On behalf of the Board of Directors and the Company, I am excited to welcome Clay to the Civitas team. He brings proven leadership experience, having successfully managed multi-basin development programs and the effective deployment of best practices to safely lower costs and enhance margins. Clay's experience will help ensure that we maximize the value of our quality asset base as we execute our strategic objectives.' Carrell said, 'I am thrilled to join this talented team. There is significant opportunity ahead for Civitas, and I look forward to working together to deliver value for shareholders from our scaled development programs in the Permian and DJ Basins.' Mr. Carrell most recently served as the Executive Vice President & Chief Operating Officer of Southwestern Energy until its merger with Chesapeake Energy. Prior to joining Southwestern Energy, Mr. Carrell served as Executive Vice President and Chief Operating Officer of EP Energy. He joined El Paso Corporation in 2007, where he held various leadership roles and helped establish EP Energy as an independent company before being named Chief Operating Officer in 2012. Mr. Carrell has worked in the energy industry for over 35 years serving in various U.S. and international engineering and management roles at ARCO Oil and Gas Company, Burlington Resources and Peoples Energy Production. Mr. Carrell holds a bachelor's degree in Petroleum Engineering from Texas A&M University. About Civitas 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 Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. 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.
