Civitas Resources falls after missing Q4 estimates

Civitas Resources

24/02/2025 23:28

** Civitas Resources falls 4.7% to $46.99 in extended trade
    ** Company reports Q4 adj. EPS of $1.78 vs. est. of $1.98 -
data compiled by LSEG
    ** Operating expenses rise 23.7% from year-ago quarter
    ** Roth MKM analysts note company's 2025 oil output forecast
was 4.4% below consensus, 2025 capex guide was 3.7% below
consensus - production est of 325,000 to 335,000 boepd was 3.6%
below consensus of 342,400 boepd
    ** Company also plans to expand Permian Basin position with
a $300 mln bolt-on transaction, expected to close at end of
February 2025
    ** Plans to fund the purchase price through additional
borrowings on its revolving credit facility
    ** Also looks to execute new divestment target of $300 mln
    ** Aims to reduce 10% of workforce across all levels of
organization
    ** Up to last close on Monday, CIVI up ~7.5% YTD

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))