NYSE$CIVI
Civitas Resources Inc. · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Civitas reported strong Q1 2024 results, driven by Permian execution and exceeding divestment targets.
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.
Headline financials
Revenue & EPS history
Civitas · Revenue · Quarterly
$1.33B
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.
Tailwinds
- 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
Headwinds
- 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
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 14 quarterly earnings reports · overlaid with Q1 2024
+2.0%
Avg return
Earnings day
+1.2%
Avg return
5 days after
+4.5%
Avg return
30 days after
56%
31 / 55 earnings
Positive
+32.4%
Q4 2019
Best reaction
-18.1%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2025 | +3.7% | +6.0% | +15.5% | |
| Q2 2025 | +7.8% | +13.4% | +23.2% | |
| Q1 2025 | +0.8% | +17.5% | +5.6% | |
| Q4 2024 | -18.1% | -22.2% | -28.7% | |
| Q3 2024 | -0.9% | -5.5% | -12.9% | |
| Q2 2024 | -13.4% | -16.4% | -12.3% | |
| Q1 2024 | +6.7% | +7.3% | +4.0% | |
| Q4 2023 | +6.8% | +11.8% | +20.2% | |
| Q3 2023 | -8.3% | -8.2% | -9.1% | |
| Q2 2023 | -4.1% | +1.6% | +10.9% | |
| Q1 2023 | -1.5% | +3.4% | +7.9% | |
| Q4 2022 | +13.4% | +13.7% | +4.0% | |
| Q3 2022 | -0.0% | +0.8% | -3.7% | |
| Q2 2022 | -3.2% | -1.1% | +11.8% | |
| Q1 2022 | +6.2% | -4.4% | +31.1% | |
| Q4 2021 | — | — | — | |
| Q3 2021 | +3.4% | — | — | |
| Q2 2021 | +2.6% | — | — | |
| Q1 2021 | +10.2% | — | — | |
| Q4 2020 | -1.0% | — | — | |
| Q3 2020 | +13.3% | — | — | |
| Q2 2020 | +4.8% | — | — | |
| Q1 2020 | +26.2% | — | — | |
| Q4 2019 | +32.4% | — | — | |
| Q3 2019 | -0.5% | — | — | |
| Q2 2019 | +5.2% | — | — | |
| Q1 2019 | +3.2% | — | — | |
| Q4 2018 | -8.0% | — | — | |
| Q3 2018 | -7.6% | — | — | |
| Q2 2018 | -1.3% | — | — | |
| Q1 2018 | -4.2% | — | — | |
| Q4 2017 | +4.4% | — | — | |
| Q3 2017 | +8.8% | — | — | |
| Q2 2017 | +6.0% | — | — | |
| Q1 2017 | +12.0% | — | — | |
| Q4 2016 | -3.0% | — | — | |
| Q3 2016 | -9.0% | — | — | |
| Q2 2016 | +7.2% | — | — | |
| Q1 2016 | -14.3% | — | — | |
| Q4 2015 | -4.5% | — | — | |
| Q3 2015 | -5.9% | — | — | |
| Q2 2015 | +0.8% | — | — | |
| Q1 2015 | +0.0% | — | — | |
| Q4 2014 | +17.5% | — | — | |
| Q3 2014 | -7.2% | — | — | |
| Q2 2014 | +1.2% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | +9.2% | — | — | |
| Q3 2013 | +8.3% | — | — | |
| Q2 2013 | -2.2% | — | — | |
| Q1 2013 | -1.1% | — | — | |
| Q4 2012 | +5.6% | — | — | |
| Q3 2012 | -5.3% | — | — | |
| Q2 2012 | +1.3% | — | — | |
| Q1 2012 | +3.8% | — | — | |
| Q4 2011 | +3.8% | — | — |
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