Latest news with #Civitas'
Business Wire
19-05-2025
- Business
- Business Wire
Deadline Alert: Civitas Resources, Inc. (CIVI) Investors Who Lost Money Urged to Contact Glancy Prongay & Murray LLP About Securities Fraud Lawsuit
LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP reminds investors of the upcoming July 1, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Civitas Resources, Inc. ('Civitas' or the 'Company') (NYSE: CIVI) securities between , inclusive (the 'Class Period'). IF YOU SUFFERED A LOSS ON YOUR CIVITAS INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS. What Happened? On February 24, 2025, Civitas released its fourth quarter and full year 2024 financial results, significantly missing consensus estimates in revenue and non-GAAP earnings per share, as well as reporting a net income on $151.1 million, compared to $302.9 million the previous year, and interest expense of $456.3 million. Additionally, the Company released a disappointing 2025 outlook, stating that '[f]irst quarter [2025] oil volumes are expected to be the low point for the year, averaging 140 to 145 MBbl/d, mostly as a result of few TILs in late 2024 and early 2025,' and that, compared to the fourth quarter of 2024, 'lower volumes are primarily driven by the DJ Basin, due to natural declines following peak production in the fourth quarter, a low TIL count exiting 2024 and in the first quarter of 2025,' as well as severe winter weather and unplanned third-party processing downtime in the first quarter. The Company also announced a 10% reduction in workforce to 'solidify the Company's low-cost structure.' Further, Civitas disclosed the termination of its Chief Operating Officer and its Chief Transformation Officer, effective immediately. On this news, Civitas' stock price fell $8.95, or 18.2%, to close at $40.35 per share on February 25, 2025, thereby injuring investors. What Is The Lawsuit About? The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Civitas was highly likely to significantly reduce its oil production in 2025 as a result of, inter alia, declines following the production peak at the DJ Basin in the fourth quarter of 2024 and a low TIL count at the end of 2024; (2) increasing its oil production would require the Company to acquire additional acreage and development locations, thereby incurring significant debt and causing the Company to sell corporate assets to offset its acquisition costs; (3) the Company's financial condition would require it to implement disruptive cost reduction measures including a significant workforce reduction; (4) accordingly, Civitas's business and/or financial prospects, as well as its operational capabilities, were overstated; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. If you purchased or otherwise acquired Civitas securities during the Class Period, you may move the Court no later than July 1, 2025 to request appointment as lead plaintiff in this putative class action lawsuit. Contact Us To Participate or Learn More: If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us: Charles Linehan, Esq., Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 Email: shareholders@ Telephone: 310-201-9150, Toll-Free: 888-773-9224 Visit our website at Follow us for updates on LinkedIn, Twitter, or Facebook. If you inquire by email, please include your mailing address, telephone number and number of shares purchased. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
07-05-2025
- Business
- Business Wire
Civitas Resources, Inc. Announces Clay Carrell President and Chief Operating Officer
DENVER--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) ('Civitas' or the 'Company') announced that Clay Carrell has joined the Company as President and Chief Operating Officer, effective today. Chris Doyle, Chief Executive Officer, said, 'On behalf of the Board of Directors and the Company, I am excited to welcome Clay to the Civitas team. He brings proven leadership experience, having successfully managed multi-basin development programs and the effective deployment of best practices to safely lower costs and enhance margins. Clay's experience will help ensure that we maximize the value of our quality asset base as we execute our strategic objectives.' Carrell said, 'I am thrilled to join this talented team. There is significant opportunity ahead for Civitas, and I look forward to working together to deliver value for shareholders from our scaled development programs in the Permian and DJ Basins.' Mr. Carrell most recently served as the Executive Vice President & Chief Operating Officer of Southwestern Energy until its merger with Chesapeake Energy. Prior to joining Southwestern Energy, Mr. Carrell served as Executive Vice President and Chief Operating Officer of EP Energy. He joined El Paso Corporation in 2007, where he held various leadership roles and helped establish EP Energy as an independent company before being named Chief Operating Officer in 2012. Mr. Carrell has worked in the energy industry for over 35 years serving in various U.S. and international engineering and management roles at ARCO Oil and Gas Company, Burlington Resources and Peoples Energy Production. Mr. Carrell holds a bachelor's degree in Petroleum Engineering from Texas A&M University. About Civitas Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development and production of crude oil and liquids-rich natural gas from its premier assets in the Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. Civitas' proven business model to maximize shareholder returns is focused on four key strategic pillars: generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership.
Yahoo
24-02-2025
- Business
- Yahoo
Civitas Resources, Inc. Appoints Lloyd W. Helms, Jr. to Board of Directors
DENVER, February 24, 2025--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) ("Civitas" or the "Company"), today announced that Lloyd W. "Billy" Helms, Jr. has been appointed to the Company's Board of Directors, effective immediately. Civitas Board Chair Wouter van Kempen, said, "Billy is a fantastic addition to our board and brings a 40-year track record of operational and technical expertise. He has successfully led operating teams, creating sustainable efficiencies through proven operating practices that can be rapidly applied across multiple basins." Helms has more than 15 years of executive management experience and over 40 years of oil and gas industry experience. He most recently served at EOG Resources, Inc., where he held numerous roles of increasing responsibility, including President from October 2021 to May 2024, Chief Operating Officer from December 2017 to December 2023, Executive Vice President, Exploration and Production from August 2013 to December 2017, Executive Vice President, Operations from February 2012 to August 2013, Vice President and General Manager of the Calgary, Alberta, Canada office from March 2008 to February 2012, and Vice President, Engineering and Acquisitions from September 2006 to March 2008. Mr. Helms holds a Bachelor of Science in Petroleum Engineering from Texas Tech University. With the appointment of Mr. Helms, Civitas' board of directors is now comprised of 10 directors, nine of whom are independent members. About Civitas Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development, and production of crude oil and liquids-rich natural gas from its premier assets in the DJ Basin in Colorado and the Permian Basin in Texas and New Mexico. Civitas' proven business model to maximize shareholder returns is focused on four key strategic pillars: generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership. For more information about Civitas, please visit View source version on Contacts Civitas Contacts Investor Relations:Brad Whitmarsh, 832.736.8909, bwhitmarsh@ Mae Herrington, 832.913.5444, mherrington@ Media:Rich Coolidge, info@ Sign in to access your portfolio
