The Law Offices of Frank R. Cruz announces an investigation of Civitas Resources, Inc. (“Civitas” or the “Company”) (NYSE: CIVI) on behalf of investors concerning the Company’s possible violations of federal securities laws.
IF YOU ARE AN INVESTOR WHO LOST MONEY ON CIVITAS RESOURCES, INC. (CIVI), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS.
What Is the Investigation About?
On February 24, 2025, Civitas released its fourth quarter and full year 2024 financial results, significantly missing consensus estimates in revenue and non-GAAP earnings per share, as well as reporting a net income on $151.1 million, compared to $302.9 million the previous year, and interest expense of $456.3 million. Additionally, the Company released a disappointing 2025 outlook, stating that “[f]irst quarter [2025] oil volumes are expected to be the low point for the year, averaging 140 to 145 MBbl/d, mostly as a result of few TILs in late 2024 and early 2025,” and that, compared to the fourth quarter of 2024, “lower volumes are primarily driven by the DJ Basin, due to natural declines following peak production in the fourth quarter, a low TIL count exiting 2024 and in the first quarter of 2025,” as well as severe winter weather and unplanned third-party processing downtime in the first quarter. The Company also announced a 10% reduction in workforce to “solidify the Company’s low-cost structure.” Further, Civitas disclosed the termination of its Chief Operating Officer and its Chief Transformation Officer, effective immediately.
On this news, Civitas’ stock price fell $8.95, or 18.2%, to close at $40.35 per share on February 25, 2025, thereby injuring investors.
Contact Us to Participate or Learn More:
If you purchased Civitas securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
The Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Century City, California 90067
Call us at: 310-914-5007
Email us at: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com.
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If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250507216511/en/
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz
310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
