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Civitas Resources (CIVI)

Civitas Resources, Inc. is Colorado’s first carbon neutral oil & gas producer and is focused on developing and producing crude oil, natural gas and natural gas liquids in Colorado’s Denver-Julesburg Basin. The company is committed to pursuing compelling economic returns and cash flow while delivering best-in-class cost leadership and capital efficiency. Civitas is dedicated to safety, environmental responsibility, and implementing industry leading practices to create a positive local impact.

Company profile

Ticker
CIVI
Exchange
CEO
Eric Greager
Employees
Incorporated
Location
Fiscal year end
Former names
Bonanza Creek Energy, Inc.
SEC CIK
Subsidiaries
BONANZA CREEK ENERGY OPERATING COMPANY, LLC • HIGHPOINT RESOURCES CORPORATION • EXTRACTION OIL & GAS, INC. • RAPTOR CONDOR MERGER SUB 2, LLC • BISON OIL & GAS II, LLC • ROCKY MOUNTAIN INFRASTRUCTURE, LLC • HOLMES EASTERN COMPANY, LLC • HIGHPOINT OPERATING CORPORATION • FIFTH POCKET PRODUCTION, LLC • EXTRACTION FINANCE CORP. ...
IRS number
611630631

CIVI stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

3 Aug 22
15 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Aug 22 Tinsley Dean Common Stock Payment of exercise Dispose F No No 59.33 6,701 397.57K 66,311
10 Aug 22 Tinsley Dean Common Stock Payment of exercise Dispose F No No 59.33 18,917 1.12M 73,012
10 Aug 22 Tinsley Dean Common Stock Grant Acquire A No No 0 43,082 0 91,929
10 Aug 22 M. Christopher Doyle Common Stock Buy Acquire P No No 59.46 1 59.46 89,999
9 Aug 22 M. Christopher Doyle Common Stock Buy Acquire P No No 59.6555 33,622 2.01M 89,998
1 Aug 22 Travis Counts Common Stock Grant Acquire A No No 0 6,274 0 19,143
1 Aug 22 Travis Counts Common Stock Grant Acquire A No No 0 12,869 0 12,869
1 Aug 22 Travis Counts Performance Shares Common Stock Grant Acquire A No No 0 12,548 0 12,548
100.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 236 210 +12.4%
Opened positions 69 204 -66.2%
Closed positions 43 0 NEW
Increased positions 78 3 +2500.0%
Reduced positions 66 2 +3200.0%
13F shares Current Prev Q Change
Total value 5.07B 4.21B +20.5%
Total shares 85.01M 85.89M -1.0%
Total puts 101.3K 52.1K +94.4%
Total calls 164.74K 67.93K +142.5%
Total put/call ratio 0.6 0.8 -19.8%
Largest owners Shares Value Change
Canada Pension Plan Investment Board 21.4M $1.28B 0.0%
Kimmeridge Energy Management 11.64M $695.29M 0.0%
BLK Blackrock 9.93M $592.95M +24.0%
Vanguard 6.13M $365.82M -6.9%
FMR 4.92M $293.7M -0.8%
STT State Street 3.81M $227.75M +39.3%
PRU Prudential Financial 2.12M $126.76M -2.0%
Donald Smith & Co. 1.75M $104.34M +0.9%
Dimensional Fund Advisors 1.5M $89.82M -5.2%
Sourcerock 1.5M $89.48M +12.7%
Largest transactions Shares Bought/sold Change
BEN Franklin Resources 59.25K -2M -97.1%
BLK Blackrock 9.93M +1.92M +24.0%
HBCYF HSBC 20.12K -1.45M -98.6%
STT State Street 3.81M +1.08M +39.3%
Capital World Investors 57.66K -923.9K -94.1%
Slate Path Capital 993K +608K +157.9%
Nuveen Asset Management 159.24K -463.93K -74.4%
Vanguard 6.13M -451.92K -6.9%
Driehaus Capital Management 668.39K +370.96K +124.7%
Diamond Hill Capital Management 554.44K +286.9K +107.2%

Financial report summary

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Risks
  • Declines in oil, natural gas, and NGL prices will adversely affect our business, financial condition or results of operations, and our ability to meet our capital expenditure obligations or targets and financial commitments.
  • Imbalances between the supply and demand for oil and natural gas could result in transportation and storage constraints, reductions of our planned production, and related shut-in of our wells, which could adversely affect our business, financial condition, and results of operations.
  • Terrorist attacks and armed conflict could have a material adverse effect on our business, financial condition, or results of operations.
  • Our production is not fully hedged, and we intend to hedge a lower percentage of our production than we have in the past. We are therefore exposed to fluctuations in the price of oil, natural gas, and NGLs and will be affected by continuing and prolonged declines in such prices.
  • Our derivative activities could result in financial losses or could reduce our income.
  • The extent to which the COVID-19 pandemic impacts our business, results of operations, and financial condition will depend on future developments, which cannot be predicted.
  • The agreements covering our debt have restrictive covenants that could limit our growth and our ability to finance our operations, fund capital needs, respond to changing conditions, and engage in other business activities that may be in our best interests.
  • Borrowings under the Credit Facility are limited by our borrowing base, which is subject to periodic redetermination.
  • Our exploration, development, exploitation, and production projects require substantial capital expenditures. We may be unable to obtain needed capital or financing on satisfactory terms, which could lead to expiration of our leases or a decline in our oil and natural gas reserves or anticipated production volumes.
  • Drilling for and producing oil and natural gas are high-risk activities with many uncertainties that could adversely affect our business, financial condition, or results of operations.
  • Our estimated proved reserves and our ultimate number of prospective well development locations are based on many assumptions that may turn out to be inaccurate. Any significant inaccuracies in these reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves.
  • The present value of future net revenues from our proved reserves will not necessarily be the same as the current market value of our estimated oil and natural gas reserves.
  • If commodity prices decrease to a level such that our future undiscounted cash flows from our properties are less than their carrying value for a significant period of time, we may be required to take write-downs of the carrying values of our properties.
  • We intend to pursue the further development of our properties in the DJ Basin through horizontal drilling and completion. Horizontal development operations can be more operationally challenging and costly relative to our historic vertical drilling operations.
  • We may be unable to make attractive acquisitions, and any inability to do so may disrupt our business and hinder our ability to grow.
  • We may not realize anticipated benefits from acquisitions, including the Extraction Merger, the Crestone Peak Merger, and the Bison Acquisition.
  • Concentration of our operations in one core area may increase our risk of production loss.
  • As a Colorado-only oil and gas operator, we face disproportionate risk associated with the long-term trend toward increased activism against oil and gas exploration and development activities in Colorado.
  • SB 181’s requirement that we own or control more than 45% of the working or mineral interest in order to statutorily pool our applicable interest may make it much more difficult for us to develop such interests, which could have a material adverse effect on our business, financial condition, and results of operations.
  • We have limited control over activities on properties in which we own an interest but we do not operate, which could reduce our production and revenues.
  • The development of our proved undeveloped reserves may take longer and may require higher levels of capital expenditures than we currently anticipate. Therefore, our undeveloped reserves may not be ultimately developed or produced.
  • Drilling locations that we decide to drill may not yield oil or natural gas in commercially viable quantities.
  • Certain of our undeveloped leasehold acreage is subject to leases that will expire over the next several years unless production is established on units containing the acreage.
  • Unless we replace our oil and natural gas reserves, our reserves and production will decline, which would adversely affect our business, financial condition, and results of operations.
  • We may incur substantial losses and be subject to substantial liability claims as a result of our oil and natural gas operations. Additionally, we may not be insured for, or our insurance may be inadequate to protect us against, these risks, including those related to our hydraulic fracturing operations.
  • We are subject to health, safety, and environmental laws and regulations that may expose us to significant costs and liabilities.
  • Evolving environmental legislation or regulatory initiatives, including those related to hydraulic fracturing, could result in increased costs and additional operating restrictions or delays.
  • Climate change laws and regulations restricting emissions of greenhouse gases could result in increased operating costs and reduced demand for the oil and natural gas that we produce, while the physical effects of climate change could disrupt our production and cause us to incur significant costs in preparing for or responding to those effects.
  • The negative shift in investor sentiment of the oil and gas industry could have adverse effects on our ability to raise debt and equity capital and on our operations.
  • We are exposed to credit risks of our hedging counterparties, third parties participating in our wells, and our customers.
  • Current or proposed financial legislation and rulemaking could have an adverse effect on our ability to use derivative instruments to reduce the effect of commodity price, interest rate, and other risks associated with our business.
  • We may be involved in legal cases that may result in substantial liabilities.
  • We are subject to federal, state, and local taxes and may become subject to new taxes, and certain federal income tax deductions and state income tax deductions and exemptions currently available with respect to oil and gas exploration and development may be eliminated or reduced as a result of future legislation.
  • The HighPoint, Extraction, and Crestone Peak Mergers triggered a limitation on the utilization of our historic U.S. net operating loss carryforwards (“NOLs”), HighPoint's NOLs, Extraction’s NOLs, and Crestone Peak’s NOLs.
  • The Extraction Merger and the Crestone Peak Merger has caused increased exposure to risks regarding urban encroachment, increased activism against oil and gas exploration, urban and suburban density, and residential expansion in the areas in which we operate.
  • We are subject to cyber security risks. A cyber incident could occur and result in information theft, data corruption, operational disruption, or financial loss.
  • The market price for our common stock following the Extraction Merger and the Crestone Peak Merger may be affected by factors different from those that historically have affected or currently affect our common stock.
  • The Kimmeridge Fund and CPPIB Crestone Peak Resources Canada Inc., a Canadian corporation (the “Crestone Peak Stockholder”) became significant holders of our Common Stock following completion of the Extraction Merger and the Crestone Peak Merger.
  • We have experienced recent volatility in the market price and trading volume of our common stock and may continue to do so in the future.
  • Our ability to pay dividends to our stockholders is restricted by applicable laws and regulations and requirements under certain of our debt agreements, including the Credit Facility and the indentures governing our senior notes.
  • Our certificate of incorporation and bylaws, as well as Delaware law, contain provisions that could discourage acquisition bids or merger proposals, even if such acquisition or merger may be in our stockholders’ best interests.
  • Our certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or other employees.
Management Discussion
  • (1)Crude oil sales excludes $0.1 million and $0.2 million of oil transportation revenues from third parties, which do not have associated sales volumes, for the three months ended June 30, 2022 and 2021, respectively.
  • (2)Natural gas sales excludes $0.5 million and $0.4 million of gas gathering revenues from third parties, which do not have associated sales volumes, for the three months ended June 30, 2022 and 2021, respectively.
  • (3)Determined using the ratio of 6 thousand cubic feet (“Mcf”) of natural gas to 1 Bbl of crude oil.

Content analysis

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H.S. sophomore Avg
New words: ABR, accelerated, aimed, Broadridge, brought, carbon, defend, formal, impracticable, mechanism, NYFRB, outlook, requesting, resolved, SOFR, thousand, track, underpin, vigorously
Removed: amend, authorized, bore, Boron, breached, Codell, commencement, Commission, confirmation, consolidate, conversion, Eagle, entity, Eurodollar, existence, expanded, fractional, Grand, installed, interconnect, largest, lieu, Mesa, minimize, multiplied, Niobrara, OpCo, owner, par, preferred, Raptor, remained, restructuring, Riverside, RMI, size, subsidiary, surviving, suspended, terminal, transported, wellhead, wholly, worldwide