Civitas Resources reports Q1 adjusted EPS $2.74, consensus $2.51

Reports Q1 revenue $1.3B, consensus $1.29B. “Civitas is off to a great start this year with strong performance across our portfolio,” said CEO Chris Doyle. “This quarter was the first reporting period that all our new businesses were together, and our results highlight just the beginning of Civitas’ bright future ahead. In the Permian, our execution is already unlocking value through improved cycle times and cost reductions, and in the DJ, performance continues to exceed expectations. We surpassed our goal to sell $300 million in non-core assets, and we will use the proceeds to strengthen our balance sheet and support our shareholder return program. Civitas is well positioned to create future value for our shareholders through the execution of our strategic principles: maximizing free cash flow, enhancing our strong balance sheet, returning cash to owners, and leading in ESG.”