Civitas Resources, Inc. ( (CIVI) ) has released its Q4 earnings. Here is a breakdown of the information Civitas Resources, Inc. presented to its investors.
Civitas Resources, Inc. is an independent exploration and production company specializing in crude oil and natural gas, with operations in the DJ Basin and Permian Basin. The company focuses on maximizing shareholder returns through strategic operations and ESG leadership.
Civitas Resources recently released its financial results for the fourth quarter and full year of 2024, showcasing a strong performance in both financial and operational aspects. The company reported significant achievements in sales volumes and capital efficiency, alongside strategic expansions and asset acquisitions.
Key financial highlights include a net income of $839 million for the year, with adjusted net income slightly higher at $842 million. The company generated an impressive operating cash flow of $2.865 billion and adjusted EBITDAX of $3.652 billion. Sales volumes reached 345 MBoe/d for the year, with oil volumes at 159 MBbl/d. Civitas also made substantial capital expenditures totaling $1.933 billion and achieved an adjusted free cash flow of $1.266 billion.
Strategically, Civitas expanded its asset base in the Permian Basin through acquisitions and optimized its development plans, adding significant future development inventory. The company also reduced its long-term debt by $350 million and returned over $920 million to shareholders through dividends and share repurchases.
Looking ahead, Civitas Resources remains focused on enhancing its operational efficiency and expanding its asset portfolio. The company’s management is optimistic about sustaining its growth trajectory and delivering long-term value to shareholders through strategic initiatives and disciplined financial management.