Civitas Resources announces share repurchase from NGP

Civitas Resources announced the execution of a definitive agreement to repurchase approximately 876 thousand shares of its common stock at a price of $64.54 per share from NGP Tap Rock Holdings, LLC and certain of its affiliates. The transaction was approved by the Company’s Board of Directors, and the repurchase is expected to close in early March 2024. Following the transaction, NGP will no longer own any shares of Civitas. Civitas CEO Chris Doyle said, “Returning significant cash to shareholders is one of our strategic pillars as a Company. Over the past two years, we have returned over $1.5 billion to our owners, representing approximately a quarter of our current market cap, through share repurchases and dividends. Our current share price represents a compelling valuation, and this transaction efficiently facilitates NGP’s exit from the stock. Utilizing our generated free cash flow, we will continue to be opportunistic in buying back our shares going forward, while also enhancing our balance sheet and paying a peer-leading dividend.”