Civitas Resources repurchases $300M of its common stock

Civitas Resources reported that it has agreed to repurchase approximately 4.9M shares of its common stock, par value $0.01 per share at a price per share of $61.00, resulting in aggregate consideration of approximately $300M from its largest shareholder, Canada Pension Plan Investment Board , CPP Investments . As of December 31, and prior to the Repurchase, Civitas had approximately 85.1 M shares of Common Stock outstanding. Following the Repurchase, Civitas will have approximately 80.2M shares of Common Stock outstanding. The Company’s base and variable dividend framework remains unchanged; accordingly, shareholders are expected to realize the benefit from a 6% reduction in share count following this transaction. Following the Repurchase, CPP Investments will remain the Company’s largest shareholder and will own approximately 21% of the Common Stock.