Civitas Resources, Inc. (CIVI) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 25, 2025 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to Civitas Resources Fourth Quarter 2024 Earnings Conference Call and Webcast. My name is Georgine, and I will be your operator for today's call. All lines have been placed on mute to prevent any background noise. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please be advised that today's conference call is being recorded.

I will now turn the call to Brad, Head of Investor Relations. Brad, please go ahead.

Brad Whitmarsh

Thanks, operator. Good morning, everyone, and thank you for joining us.

Yesterday, we released our fourth quarter and full year 2024 results, provided our 2025 outlook, and issued supplemental slides for your review. In addition, our 10-K was filed yesterday, and all of these items are available on our website.

This morning, I'm joined by our CEO, Chris Doyle, and our CFO, Marianella Foschi, and other members of management. After our prepared remarks, which will come from Chris and Marianella, we will conduct a question-and-answer session. As always, please limit your time to one question and one follow-up so we can work through the list efficiently.

We will make certain forward-looking statements today, which are subject to risks and uncertainties that could cause actual results to differ materially from projections. Please make sure and read our full disclosures regarding these statements in our most recent SEC filings.

We may also refer to certain non-GAAP financial metrics. Reconciliation to the appropriate GAAP measure can be found in yesterday's earnings release and our SEC filings.

With that, I'll turn the call over to Chris.

Chris Doyle

Good morning, everybody. Thanks for joining today's call.

I want to start with a quick recap of 2024 before focusing most of my time on 2025 and the actions we're taking to strengthen the company. By continuing to enhance our operating performance and portfolio, reducing our costs and prioritizing the balance sheet, we're creating more durable business and better positioning Civitas to generate sustainable free cash flow for years to come.

Quickly on 2024, it was a transformational year for the company. Underpinned by our high-quality assets and strong operational execution, our full year production was above plan and we beat original guidance for capital and operating costs. Over the past year plus, we built scale positions in the Midland and Delaware Basins, materially strengthening and diversifying our company.