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Civitas Resources (CIVI) investor relations material
Civitas Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved net income of $177 million ($1.99 per diluted share) for Q3 2025, with operating cash flow of $860 million and Adjusted EBITDAX of $855 million.
Adjusted Free Cash Flow for Q3 was $254 million.
Oil and total production rose 6% sequentially to 158 MBbl/d and 336 MBoe/d, respectively, while cash operating expenses fell 5% to $9.67 per BOE.
Repurchased 7.4 million shares for $250 million in Q3 (about 8% of shares), paid $44 million in dividends, and announced a merger agreement with SM Energy at a fixed exchange ratio of 1.45 SM shares per share.
Closed divestitures of non-core DJ Basin assets as planned.
Financial highlights
Product revenues for Q3 were $1.2 billion, up 10% sequentially; nine-month revenues were $3.4 billion, down 13% year-over-year.
Total sales volumes for Q3 were 31 MMBoe (336 MBoe/d), and 88 MMBoe (321 MBoe/d) for the nine months.
Average realized crude oil price (before derivatives) was $65.24/Bbl in Q3, down 14% year-over-year, with a $0.31 per barrel premium to WTI.
Lease operating expense increased 21% year-over-year to $491 million for the nine months; LOE per BOE was 7% lower than the previous quarter.
Capital expenditures were $491 million in Q3 and $1.5 billion YTD.
Outlook and guidance
All quarterly and annual guidance discontinued due to pending merger with SM Energy; investors cautioned not to rely on previous forward-looking statements.
2025 capital program expected to be funded by operating cash flows; sufficient liquidity projected for the next 12 months and long-term.
Wolfcamp B well's impact on future development?
How did Q3 capital allocation balance debt/buybacks?
Explain the $0.31/bbl oil price premium drivers.
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Next Civitas Resources earnings date
Q4 202526 Feb, 2026
Next Civitas Resources earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Civitas Resources Inc. is an independent oil and natural gas exploration and production company. The company focuses on developing and producing energy resources primarily within the Denver-Julesburg Basin, located in Colorado. Its activities include exploration, development, and production of hydrocarbons to serve energy markets. The company is headquartered in Denver, Colorado, and its shares are listed on the NYSE.
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