Civitas Resources Raises Full-year 2024 Sales Volumes To Upper Half Of Original Range, Now Expected Between 335 And 345 MBoe/d
Portfolio Pulse from Benzinga Newsdesk
Civitas Resources has raised its full-year 2024 sales volumes to between 335 and 345 MBoe/d and reduced its 2024 capital investment plans by $50 million. The company expects higher third-quarter volumes and oil production compared to the second quarter, with increases in both the Permian Basin and DJ Basin.
August 01, 2024 | 8:59 pm
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Civitas Resources has raised its full-year 2024 sales volumes to between 335 and 345 MBoe/d and reduced its 2024 capital investment plans by $50 million. The company expects higher third-quarter volumes and oil production compared to the second quarter, with increases in both the Permian Basin and DJ Basin.
The increase in sales volumes and reduction in capital investment are positive indicators for Civitas Resources. Higher expected volumes in the third quarter, especially in key basins, suggest strong operational performance, likely boosting investor confidence and stock prices in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100