The following is a summary of the Civitas Resources, Inc. (CIVI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Civitas has achieved its $300 million divestment target ahead of schedule, benefitting from approximately $70 million in EBITDA at a $75 oil point.
The company has returned $215 million to shareholders through dividends and share buybacks.
Since the previous year, Civitas has repurchased its stocks worth $462 million at an average price of $63.30 per share.
Sales volumes for the quarter exceeded plans, averaging 336,000 barrels of oil equivalent per day, with oil making up 47% of the total volumes.
Business Progress:
Civitas made significant strides in operational improvements, reducing drilling and completion cycle times and lowering cash operating costs.
The company achieved a significant milestone in the DJ Basin by reaching 4-mile lateral drilling.
The company improved drilling speed by almost 30% per day in the Permian compared to previous operators, achieving further cost reductions.
Civitas has greatly reduced regulatory uncertainties by withdrawing bills that posed potential threats to oil and gas development in Colorado.
The company continues to prioritize returning capital to shareholders and enhancing its balance sheet, indicating the company's ongoing commitment to its long-term financial strategy.
More details: Civitas Resources IR
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