Measurable targets, proven performance, and
transparency reflect Company’s commitment to responsible
operations
Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the
“Company”) today published its 2024 Corporate Sustainability
Report, providing transparency around the Company’s sustainability
initiatives, targets, and progress toward stated goals. This is the
first sustainability report following Civitas’ entry into the
Permian Basin and includes a pathway for how the larger, more
diversified company will achieve its updated targets.
“In 2023, we transformed our company through strategic
acquisitions, creating a stronger, more durable, and balanced
Civitas, without sacrificing our commitment to sustainability,”
said Chris Doyle, Civitas CEO. “We’re working as a team to advance
carbon neutrality, emissions reduction, safety, and stakeholder
engagement across our portfolio. Our sustainability report
demonstrates a track record of the Company’s progress and shows how
Civitas will continue to innovate and improve in 2024 and
beyond.”
Civitas was originally founded as a DJ Basin operator and in
2021 became Colorado’s first carbon neutral operator. In 2023, the
Company expanded into the prolific Permian Basin, doubling its
overall scale and size. Civitas’ latest corporate sustainability
report shows how the Company successfully executes on its mission
to “disrupt energy for good” by minimizing environmental impacts,
prioritizing employees and local communities, and enhancing its
sustainability governance practices.
Highlights from the report include:
- Reduced emissions: Achieved 41% reduction in greenhouse
gas emission intensity across its DJ Basin assets from 2019 to
2023, in part, by retrofitting approximately 10,000 pneumatic
devices
- Delivered on voluntary initiatives: Plugged 19 orphan
wells in Colorado in 2023 with 24 more in-progress for 2024
reducing emissions and helping to return acreage to surface
owners
- Continued commitment to carbon neutrality: Achieved zero
routine flaring and maintained carbon neutrality(1) in its DJ Basin
assets; committed to achieve both in the Permian Basin(2)
- Proven safety performance: Had a combined Total
Recordable Incident Rate(3) of 0.23 in 2023 — beating our 2023
safety performance target
- Updated targets: Published updated targets, inclusive of
the Company’s recently acquired Permian Basin assets including, but
not limited to, a corporate 40% absolute emission reduction and a
Permian Basin pneumatic emission reduction of 65%, both by
2030
(1)
Carbon neutrality refers to the
purchase of verified carbon credits and renewable energy
certificates in an amount that offsets emissions
(2)
Carbon neutrality will begin the
January after the first calendar year of operational control of any
acquisition, and Civitas has aligned its Permian Basin assets with
the World Bank’s Zero Routine Flaring by 2030 Initiative
(3)
Per OSHA 29 CFR Part 1904,
incidence rate of injuries and illnesses computed as the number of
recordable injuries and illnesses X 200,000 / hours worked
Readers can access the 2024 Corporate Sustainability Report on
Civitas’ website here: Civitas/Sustainability.
Forward-Looking Statements and Cautionary Statements
Certain statements in this press release concerning future
opportunities for Civitas, future financial performance and
condition, guidance, and any other statements regarding Civitas’
future expectations, beliefs, plans, objectives, financial
conditions, returns to shareholders, assumptions, or future events
or performance that are not historical facts are “forward-looking”
statements based on assumptions currently believed to be valid.
Forward-looking statements are all statements other than statements
of historical facts. The words “anticipate,” “believe,” “ensure,”
“expect,” “if,” “intend,” “estimate,” “probable,” “project,”
“forecasts,” “predict,” “outlook,” “aim,” “will,” “could,”
“should,” “would,” “potential,” “may,” “might,” “anticipate,”
“likely,” “plan,” “positioned,” “strategy,” and similar expressions
or other words of similar meaning, and the negatives thereof, are
intended to identify forward-looking statements. Specific
forward-looking statements included in this press release include
statements regarding the Company’s plans with respect to carbon
neutrality and emissions reduction. The forward-looking statements
are intended to be subject to the safe harbor provided by Section
27A of the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995.
These forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from those anticipated, including, but not limited to, Civitas’
future financial condition, results of operations, strategy and
plans; the ability of Civitas to realize anticipated synergies
related to Civitas’ recent acquisitions in the timeframe expected
or at all; changes in capital markets and the ability of Civitas to
finance operations in the manner expected; the effects of commodity
prices; the risks of oil and gas activities; and the fact that
operating costs and business disruption may be greater than
expected. Additionally, risks and uncertainties that could cause
actual results to differ materially from those anticipated also
include: declines or volatility in the prices we receive for our
oil, natural gas, and natural gas liquids; general economic
conditions, whether internationally, nationally, or in the regional
and local market areas in which we do business, including any
future economic downturn, the impact of continued or further
inflation, disruption in the financial markets, and the
availability of credit on acceptable terms; the Company’s ability
to identify and select possible additional acquisition and
disposition opportunities; the effects of disruption of our
operations or excess supply of oil and natural gas due to world
health events, and the actions by certain oil and natural gas
producing countries, including Russia; the ability of our customers
to meet their obligations to us; our access to capital on
acceptable terms; our ability to generate sufficient cash flow from
operations, borrowings, or other sources to enable us to fully
develop our undeveloped acreage positions; our ability to continue
to pay dividends at their current level or at all; the presence or
recoverability of estimated oil and natural gas reserves and the
actual future sales volume rates and associated costs;
uncertainties associated with estimates of proved oil and gas
reserves; the possibility that the industry may be subject to
future local, state, and federal regulatory or legislative actions
(including additional taxes and changes in environmental, health
and safety regulation and regulations addressing climate change);
environmental, health and safety risks; seasonal weather
conditions, as well as severe weather and other natural events
caused by climate change; lease stipulations; drilling and
operating risks, including the risks associated with the employment
of horizontal drilling and completion techniques; our ability to
acquire adequate supplies of water for drilling and completion
operations; the availability of oilfield equipment, services, and
personnel; exploration and development risks; operational
interruption of centralized oil and natural gas processing
facilities; competition in the oil and natural gas industry;
management’s ability to execute our plans to meet our goals;
unforeseen difficulties encountered in operating in new geographic
areas; our ability to attract and retain key members of our senior
management and key technical employees; our ability to maintain
effective internal controls; access to adequate gathering systems
and pipeline take-away capacity; our ability to secure adequate
processing capacity for natural gas we produce, to secure adequate
transportation for oil, natural gas, and natural gas liquids we
produce, and to sell the oil, natural gas, and natural gas liquids
at market prices; costs and other risks associated with perfecting
title for mineral rights in some of our properties; potential
impacts following the result of the upcoming presidential election
in the United States, including volatility in the political, legal,
and regulatory environments; political conditions in or affecting
other producing countries, including conflicts or hostilities in or
relating to the Middle East (including the current events related
to the Israel-Palestine conflict), South America, Russia (including
the current events involving Russia and Ukraine), and the Red Sea,
and other sustained military campaigns or acts of terrorism or
sabotage and the effects therefrom; the effects of any pandemic or
other global health epidemic; other economic, competitive,
governmental, legislative, regulatory, geopolitical, and
technological factors that may negatively impact our businesses,
operations, or pricing; and disruptions to our business due to
acquisitions and other significant transactions. Expectations
regarding business outlook, including changes in revenue, pricing,
capital expenditures, cash flow generation, strategies for our
operations, oil and natural gas market conditions, legal, economic,
and regulatory conditions, and environmental matters are only
forecasts regarding these matters.
Additional information concerning other factors that could cause
results to differ materially from those described above can be
found under Item 1A. “Risk Factors” and “Management’s Discussion
and Analysis” sections in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023, subsequently filed Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K, and other
filings made with the Securities and Exchange Commission.
All forward-looking statements speak only as of the date they
are made and are based on information available at the time they
were made. The Company assumes no obligation to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements were made or to
reflect the occurrence of unanticipated events except as required
by federal securities laws. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised
against placing undue reliance on such statements.
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
www.civitasresources.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240808291313/en/
Civitas Contacts
Investor Relations: Brad Whitmarsh, 832.736.8909,
bwhitmarsh@civiresources.com Mae Herrington, 832.913.5444,
mherrington@civiresources.com
Media: Rich Coolidge, info@civiresources.com
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