Civitas Resources, Inc. ( (CIVI) ) has released its Q3 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 focused on crude oil and natural gas in the DJ and Permian Basins in the United States, known for its focus on maximizing shareholder returns and ESG leadership.
Civitas Resources reported a robust financial performance in the third quarter of 2024, highlighted by increased net income and operating cash flow. The company emphasized a strategic shift towards share repurchases and debt reduction, leveraging gains from enhanced production and free cash flow.
Key highlights of the report include a net income of $295.8 million and operating cash flow of $835 million. The adjusted free cash flow stood at $366.3 million, while the company successfully reduced its total debt with cash payments of $88 million. Civitas also reported an increase in sales volumes, particularly in oil, and achieved efficiency gains in well costs.
Civitas remains optimistic about its future prospects, with plans to increase oil production in the fourth quarter and a continued focus on generating free cash flow and reducing leverage. The company’s strategic emphasis on high-quality assets and shareholder returns is expected to create value in 2025 and beyond.
