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Civitas Resources Inc
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Q1 2024 Earnings call Presentation
| Chris Doyle | Page 5 of 11 |
May 18, 2024
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"Q1 2024 Earnings call Presentation"
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2024 Capital Plan Reiterate $1.8 – $2.1 B FY 2024 Capital Expenditures • 60% Permian / 40% DJ Basin • $10 MM lower than original 2024 outlook – improved cycle times across business, enhanced productivity in DJ Basin Capital Weighted to 1H24; Highest TIL Counts Anticipated in Middle Two Quarters • 60 – 6% of capital spending in 1H24 • Began the year with 9 drilling rigs (2 DJ, 7 Permian); currently running 7 (2 DJ, Permian) 1Q24 Capex Totals $60 MM; Accelerated Activity Driven by Operational Efficiencies and Long-Lead Items • DJ Basin – drilled 37 gross wells, completed 22 (3.2-mile avg. lateral length) • Permian Basin – drilled 39 gross wells, completed 1 (2.1-mile avg. lateral length) - Drilled 3 net miles (1. wells) and completed 6 net miles (3 wells) more than plan $1.9 B 2024E Capex by Business Unit Permian Basin DJ Basin 2024E Capex by Quarter 1Q24 2Q24E 3Q24E 4Q24E