Deeper, More Durable CIVI 4Q24 Results and 2025 Outlook February 2025
Civitas Disrupting Energy for Good Strategic pillars CIVI key stats 1 2 3 4 Generate Maintain Return 325 335 MBoe/d Demonstrate significant premier capital to ESG leadership FY25E sales volumes free cash flow balance sheet…
Delivering a Deeper, More Durable Business 2024 was a transformational year for Civitas; 1 established operational track record in Permian while furthering DJ momentum 2025 plan optimizes free cash flow 70 WTI (1.1 Bn); 2…
2024 Accomplishments Sales volumes of 921 MM (20% of Returned 345 MBoe/d 3.7 Bn Adjusted YE 24 market cap) to shareholders EBITDAX(1) Top end of guidance 494 MM dividends & 427 MM share repurchases Delivered 4-mile Received (7%…
Delivered on All Key Metrics for 2024 Capital expenditures Total volumes Non-core DJ Basin assets divested Millions MBoe per day (1%) 5% 2,000 350 300 1,600 250 1,200 200 Original guide Actual Original guide Actual Oil…
Year-End 2024 Reserves Summary Civitas YE 2024 Reserves Reserve category Net oil (MMBbl) Net gas (Bcf) Net NGL (MMBbl) Net Boe (MMBoe) Percentage SEC PV10(1) (MM) DJ proved developed 104 648 79 291 44% Permian proved developed 132 676…
2025 Strategy Delivering Value Pillar 2025 plan 1.1 Bn FCF(1) at 70/Bbl and 3.50/Mcf Generate significant Sustainable efficiencies; capex lowered 5% from 2024 free cash flow Low breakevens; FCF neutral 40/Bbl (every 5 WTI 200 MM…
2025 Plan Leveraging Efficiencies for Lower Capex Capital expenditures Optimized capital allocation (1.8 - 1.9 Bn) delivering Millions similar TILs as 2024 for 5% less Reduced well costs and improved cycle times across all basins 2,000…
2025 Volumes Broadly Flat After Level-loading Oil production Anticipate 325 335 MBoe/d, 150 155 MBbl/d MBbl per day Oil 46%, NGL 26%, Natural gas 28% Relatively equivalent FY Level-loading program (55% of capex spend in 1H25) reduces…
FCF Allocation Accelerating Debt Reduction 2025 free cash flow allocation Strengthens balance sheet and returns capital to shareholders 3 1 Base dividend 300 MM asset sale 4% yield; commitment to pay through the cycle target…
High-value Inventory Adds Enhance Portfolio Captured 2 years of Permian Basin Permian gross inventory inventory since start of 2024 1,100 (130) 100 130 1,200 Ground game (trades/swaps, farm-ins, lease acquisitions) added 100 gross…
Permian Basin Overview N Delaware 1 S Delaware 2 2025 highlights and priorities 1 Increased allocation to high- 2 3 return Delaware Basin wells Midland 3 Capture and continue to CIVI acreage optimize operational efficiencies…
Permian Execution Enhancing 2025 Plan Drilling efficiency Completions efficiency Average well cost Footage drilled per day Barrels pumped per day / lateral foot (DC&E) 1,600 YE23 Actuals 160,000 (5%) Current 1,000 950 1,500 +55%…
High-Quality Acquisition Enhances Permian Position Acquired operated Midland Basin assets for Enhanced core Midland position 300 MM; includes 130 high-return locations Adds 19,000 net acres; increases scale and inventory duration in…
Strategic Ground Game Driving Value Enhancing portfolio depth and quality, extending lateral lengths, increasing asset value N Delaware Midland +27k 13k net acres per net acre…
DJ Basin Overview 2025 highlights and priorities NE UT Continued high permitting activity West Wattenberg levels to leverage favorable CO KS regulatory environment KS AZ NM Intelligent fracturing system enabling improved…
Continuing Premier Operatorship in the DJ Basin Most productive DJ wells(1) Longest drilled DJ wells(1) 2024 drilling efficiency(2) 300 30,000 3,000 250 2,500 First 6 months oil production Total measured depth (ft) 25,000…
2025 Guidance Select FY25 Guide Commentary 1Q25 Items Total Production Anticipate FY25 Permian volumes relatively flat, 325 335 310 320 (MBoe/d) DJ Basin expected lower 1Q as expected with decline driven by DJ Oil Production 150…
Capital Structure Capitalization table: Repaid 350 MM of revolving credit facility borrowings during 4Q24 (MM) As of 12/31/2024 Revolving credit facility due 2028 Paid the 475 MM of deferred consideration for the Vencer acquisition on…
Demonstrating ESG Leadership Environmental Social Governance Minimizing our environmental impact We recognize that a diverse, inclusive, Our dedication to robust governance is both a crucial responsibility and a and adaptable workforce…
Appendix
Strong Track Record of Capital Returns Nearly 2 billion returned to shareholders since Cumulative return of capital beginning of 2023 Billions Represents 40% of current market cap in last 2 years Share repurchases 1.9 Variable…
Hedge Position Summary Contract period 1Q25 2Q25 3Q25 4Q25 2026 Crude oil derivatives (volumes in Bbl/day and prices in /Bbl) Swaps NYMEX WTI volumes 31,000 29,000 33,000 13,000 8,137 Weighted-average contract price 71.08 70.71 72.42…
Adjusted EBITDAX Reconciliation Adjusted EBITDAX is a non-GAAP measure that represents earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense, and other non-cash and non-recurring charges.…
Adjusted Free Cash Flow Reconciliation Adjusted Free Cash Flow is a supplemental non-GAAP financial measure that is calculated as net cash provided by operating activities before changes in operating assets and liabilities and less…
Cash General and Administrative Reconciliation Cash general and administrative is a non-GAAP measure that excludes stock-based compensation, that we believe affects the comparability of operating results as it is non-cash. Cash general…
Net Debt Reconciliation Net Debt is a supplemental non-GAAP financial measure that is used by management and external users of the Companys consolidated financial statements, such as industry analysts, investors, lenders and rating…
PV-10 Reconciliation PV-10 is derived from the Standardized Measure, which is the most directly comparable GAAP financial measure. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized…
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