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Civitas
🇺🇸 NYSE:CIVI
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•
Mar 31, 2024

Civitas Q1 2024 Earnings Report

Civitas reported strong Q1 2024 results, driven by Permian execution and exceeding divestment targets.

Key Takeaways

Civitas Resources reported a strong first quarter in 2024, marked by operational efficiencies in the Permian Basin and the successful divestment of non-core DJ Basin assets. The company's financial liquidity remained robust at $1.5 billion, and it reaffirmed its full-year sales volume outlook.

Closed acquisition of Midland Basin assets from Vencer Energy and assumed operatorship ahead of schedule.

Achieved operational efficiencies in the Permian Basin, exceeding planned drilling and completion activity.

Surpassed $300 million divestment target by executing agreements to sell non-core DJ Basin assets.

Declared a dividend of $1.50 per share to be paid on June 26 to shareholders of record as of June 12, 2024.

Total Revenue
$1.33B
Previous year: $656M
+102.6%
EPS
$2.74
Previous year: $2.46
+11.4%
Oil Sales Volume
156.16K
Previous year: 131.67K
+18.6%
Natural Gas Sales Volume
596.86M
Previous year: 469.42M
+27.1%
Natural Gas Liquids Sales Volume
79.86K
Previous year: 68.88K
+15.9%
Gross Profit
$515M
Previous year: $656M
-21.5%
Cash and Equivalents
$52.1M
Previous year: $556M
-90.6%
Free Cash Flow
$146M
Total Assets
$15.1B
Previous year: $7.68B
+96.5%

Civitas

Civitas

Civitas Revenue by Segment

Civitas Revenue by Geographic Location

Forward Guidance

Civitas reiterated its full-year 2024 sales volume outlook of 325 - 345 MBoe/d, with outperformance in the first quarter and an enhanced outlook for the remainder of the year offsetting the full-year impact from asset sales, which is estimated at 5 MBoe/d. The Company expects second quarter 2024 sales volumes (both oil and total equivalent) to be broadly flat with first quarter levels, before increasing in the second half of the year.

Positive Outlook

  • Full-year 2024 sales volume outlook reiterated at 325 - 345 MBoe/d
  • Outperformance in the first quarter
  • Enhanced outlook for the remainder of the year
  • Second quarter 2024 sales volumes expected to be broadly flat with first quarter levels
  • Sales volumes expected to increase in the second half of the year

Challenges Ahead

  • Full-year impact from asset sales is estimated at 5 MBoe/d
  • Realized hedging losses totaled $11 million for the first quarter of 2024
  • Capital expenditures for the quarter totaled 33% of the Company's full-year 2024 expected capital
  • Investments in the first quarter were slightly higher than planned
  • Effective income tax rate of 16.6% was impacted by deferred tax benefits from state apportionment changes

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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