Thu, Aug 1, 8:48 PM (88 days ago)
Civitas Resources, Inc.'s Form 10-Q for the quarter ended June 30, 2024, highlights several key financial metrics and operational results. The company reported a net income of $216.0 million, or $2.15 per diluted share, for Q2 2024. Total sales volumes increased by 2% from Q1 2024, averaging 343 MBoe/d. Product revenues remained flat at $1.3 billion compared to Q1 2024 but increased by 101% year-over-year due to acquisitions. Operating expenses totaled $925.8 million, a 3% increase from the prior quarter. Cash flows from operating activities were $359.6 million, with Adjusted Free Cash Flow of $235.4 million. Capital expenditures for the quarter were $566.5 million. The company maintained liquidity of $1.4 billion, including $91.9 million in cash and $1.3 billion in available borrowing capacity. The Vencer Acquisition, completed in January 2024, added significant assets and liabilities, impacting the financial results. The company also declared dividends of $150.8 million and repurchased $124.9 million in common stock during the quarter.