CIVI - Earnings call transcript Q4 2024

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Operator

Good day, and thank you for standing by. Welcome to the Civitas Resources Fourth Quarter 2024 Earnings Conference Call and Webcast. My name is Jegen, and I will be your operator for today's call. [Operator Instructions] Please be advised that today's conference call is being recorded. I will now turn the call to Brad, Head of Investor Relations. ahead. go please Brad,

Brad Whitmarsh

slides morning, released thank full our our issued results, Good us. year for Yesterday, provided supplemental and outlook we fourth XXXX your everyone, operator. review. you and joining XXXX for Thanks, quarter and

filed our of these and addition, available In yesterday, our are on all was XX-K website. items

recent certain and GAAP and conduct measures differ Reconciliations which joined that, management. After of make full uncertainties earnings question-and-answer by I'm I'll Doyle; turn and materially appropriate results regarding our will non-GAAP morning, to projections. actual Instructions] call in may make the members Chris. from CEO, found be With read Chris sure release We Please SEC also to will risks could refer and that certain filings. today and prepared other financial SEC remarks, Marianella, our our We session. to [Operator our This forward-looking metrics. cause our to these and yesterday's in CFO, from a most subject come can Chris Marianella we disclosures statements Foschi, will the our in to statements filings.

M. Doyle

a operating to we're years today's enhance before and on reducing and generate and morning, for Good portfolio strengthen our for cash company. start to performance durable better free flow more to creating of to the the sheet, actions By I business positioning the sustainable and focusing continuing balance our costs come. and prioritizing XXXX Civitas recap joining thanks to want with most everybody, of time quick XXXX call. my we're taking

costs. high-quality by beat full execution, was our plan year strong for operating year for we Quickly on XXXX, operational was it the assets, guidance and and company. above capital production Underpinned original transformational our a

are very has roots. daily Midland year team and a what materially footage deep we highlighted up Permian completion We Midland the Delaware up our X in Over the with is the team down diversifying is XX%, with in in proven accomplished pleased just Daily year, by positions costs drilling built strengthening throughput leadership I'm XX%. and scale XX%. following: plus, company. the well and past Basin Basins, brought nearly

spec than both In we excellent little with importantly, high-value Delaware all our to position, no leasing. And added cash. and for this ground derisked accomplished delivering performance. our XX Horizons has inventory and swaps Midland and Further, addition, so game and new trade across been strengthened we safety positions including did of while more initiatives, through we acreage

transaction Yesterday, XXX adding offset announcement the we a is accelerate the the XXXX, to this in asset million our to this of from Basin, likely sales extending price, announced bolt-on $XXX in set in Midland runway XX,XXX Basin. which locations. we in support target expected purchase a and value come acres the for DJ Effectively, to Permian. is for the DJ With

This X%. recent X X,XXX lengths by business Between game done Today, development interest added extended valuations the lateral we've Permian our very development market future and locations. well our at in at stands attractive working our was across nearly years unit transactions. Permian below and ground of inventory Bolt-on, and portfolio

ground a highest combination the development producers. of Colorado. locations basin-leading XXX-day the DJ industry's development XXXX, state's game added through setters, our Armed we capabilities, track record through representing in core areas, we lose with continual in Watkins, transactions team our including In in performance. the X-mile record strong oil first operational and high-return cumulative optimization. successful didn't focus had These laterals the a establishing in a While of were Permian, as also year turned Basin line

in in dividends our successful a All today. Civitas free we billion, in, returned year X% of to than repurchase a more had shares. more the and shareholders that $X.X was about very and XX% business share of we XXXX. cash outstanding for durable flow a Overall, of is more through the than year our $X deeper,

taking strength the in business. XXXX let's Now our to turn for

the strategic Our focuses delivering priorities. on following plan

First, cash and flow, sustainable cost flow business that built deploy free efficiencies; structure the sheet. maximize upon run leading balance free to strengthen and capital by a cash protect to second, enhanced the

reduction As we're discuss will further, Marianella debt prioritizing in XXXX.

business finally, cash program from our low to execute on to come where to this capital at XXXX, in investments And a our shareholders. dividend led compared long-term loading predominantly we're year. and In emissions. lead of counts Third, reduce the end target front-loaded the the a our further to sustainable base strong as build ESG year. XXXX, level return we tool

relatively evenly is between than impacts This in last to XXX,XXX Basins. loading barrels is per more benefits we'll cost lower oil deliver and activity $X.X capital Permian level levels the in to our day loading. delivered. billion after the approximately year operating have level offset the XXXX, split teams XXX efficiencies. invest production And near-term production, oil than We year will long-term billion within DJ this well flat by of full keeping $X.X X% and savings While of

rate being Notably, our strip consistent WTI XXXX in with reinvestment pricing $X lower despite year-over-year. is XXXX

in quarter the driven the a for weather As low first production peak and gun. first This DJ as the as expected, natural in third-party processing the Basin, to unplanned declines severe XXXX fourth our of count exiting by was production XXXX drugs winter following related low and well XXXX. of quarter quarter. sequential point be a will XX% TIL

team new delivered Specific note. Within to third the And mention to limits TILs expect to year. by the want DJ with XXXX Permian increasing are longer of allocation our in other last the our in capital of middle all advancements running Today, of our grow rigs Basin running have year, Basin. have the laterals. part I plan, few of throughput which Permian, X push and items Nearly We today, versus we and start through of Basin, will online. in a year we'll continue our improving the leveraging we're Permian program, Delaware meaningfully a in X Delaware X the to the frac fluid of the come the [indiscernible] the coming the we completions to rigs be shortly. XX% the as

to and and production more We're are efficient, in our our moving the rigs tankless operating crews teams facilities emission completion operations, of the basin. most lowest

a culture of business, enhance yield we're leadership the Our levels XXXX durable, billion and flow $X.X various a plan is performance streamlining Maintaining throughout delivers free cost critical with reduction of our workforce in organizational approximately cash to $XX of WTI, over at our To cash a free a further of XX%. building enterprise. sustainable XX% company. flow structure

turn These driving to goals. over of enhancing margins to efficiencies decisions. across discuss we're staying taking committed are tough We're areas steps business. low I'll all balance the to Marianella it the to cost, accelerate sheet and our

Marianella Foschi

strong long-term this to a low with the took be items, curve. meaningful Today, these sheet the a balance [indiscernible] in any structure The will cost out prioritize including at and the protect steps flow allocation we companies strategy. cash X business Chris. Thanks, and end of cost free rolling

our transaction. to structure, represents of XXXX net performance underpinned an the This $XX excess [ will us Our This cost Fulton increase cash in XXXX reallocation debt rate run million expense decreasing by XXXX. reach cash annualized basis our $X.X which billion, X/XX target to benefit of approximately interest leverage year-end our free an reduction or further by allow associated strategy will on million flow. $XXX for a late to reduction debt ] is X%

X.XXx prices. Our at long-term mid-cycle leverage at target EBITDA is unchanged

our base committed to accelerating reduction, leverage annually. share dividend remain we While $X per of

touch capital shareholders cash near- our additional which on compared to As risk to will balance protects and to I'd with our remiss of philosophy management, and be further framework, prior consistent sheet not opportunistic be return any goals. free flow. long-term on our

continue for hedged strategy, systematic execute our We XX% XXXX. approximately oil are oil on we to volume net on and head

approximately a our unhedged oil of accounts were revenue. As reminder, XX%

Our strategy volatility of increased. Permian XXXX, was successful in year back as gas the tactical in gas price especially half hedging the extremely

are a currently best commodity structure a adding hedged gas fortress Our XX% is and business opportunistically our we hedge and and for book. Permian sheet. XXXX to Ultimately, will volumes balance continue a XXXX, low-cost

us are While sheet with our philosophy And long it I drivers our over to the in turn derisking remarks. our term. cost and that, served structure will value well, has material back balance maintaining Chris concluding quartile more hedging top for

M. Doyle

Thanks, Marianella.

us XXXX at in Over in X/X lowest significant the leverage teams our also our and market level, goals current our shareholders. will and approximately Civitas' U.S. reduction meet the track generate performance X basins cap $X.X returning oil. proven $XX billion rest breakeven record investment allow operating flow years, on to capital oil our strength while of to and in the our next production represents cash the Civitas cumulative free of That in

ready Our Operator, strategy . now long-term XXXX our business for plan will advance building to take a of our shareholders. questions. durable we're

Operator

from Gabe Cowen. first [Operator Instructions] question Daooud TVD of Our the or comes TD from line

Gabriel Daoud

Was back maybe of could, to hoping, decent into strategy. a and pay gun Chris, your maybe start lack we with the debt phrase, a you down still can capital for better shift stock. walked thought I allocation of and decision buy amount

that So maybe would to mentioned just What you mean? you see step And need a bit opportunistic to What more with in? buybacks. color does there.

M. Doyle

Gabe. Sure. Thanks the question, for

seen of about over thought we in a for a As the options. to sustainable us, And about is a We and best XXXX, build of for business know this setting of number the past we volatility that's thought couple that months. business that's that we the plan couple the options front this Civitas. we've up had as long-term of backdrop

that generates that. to of direct sheet. base that volatility bit XXXX opportunity the We flow of to we As our in have best our free given it after $X.X the a cash you to cash we really that balance billion flow, have is little We'll mentioned, dividend accelerate business see. a significant use think

delevering we and and the million potentially offset long-term to other up looking We're mentioned announced setting ways for company to We target us some that optionality. flexibility about accelerate that But success. the more yesterday. acquisition $XXX give path the is at this investment

Gabriel Daoud

then ramp bit here, the divestiture target? what's more slowly from another I of That's a impact as production on helpful. anticipate how ramp production here way, selling in the this that follow-up, amount starting color volumes? does And to guess, it. Got trajectory? obviously, program expected And million the with XQ granularity potential and $XXX from you and a

M. Doyle

Sure.

as lot largely half reflecting we as oil, as of the in of certainly expected, into back in the 'XX. first First, that of restarted XXXX activity, low mentioned, and quarter mentioned, levels We've is we with drop, DJ. the engine. A

have pretty followed to half first XX on the second another to XQ active quarter, in Slide that activity. TILs lay XX we half from you'll see second and the active the by out a as plan growth of We quarter XX with

be all at assets, looking the divestment, assets infrastructure we certainly of looking BD this at of associated first types valuable million divestment, significant. accelerate producing terms and that's We're hands. more assets others that's some production, right In assets. the foremost, assets potentially are $XXX see not value, look some have Permian in the Certainly, operating midstream it don't assets, But to the if we water could from some TBD. But would that and value at point. in assets,

Operator

JPMorgan. Our from comes Parham next question from Zach of the line

Unknown Analyst

First, be this locations? with the you assets on just getting you Are that in talk into more they later your you'll deal locations can did talk into just Maybe the bolt-on about acquired fits Or those work development portfolio. how about longer-dated the that plan? fit are to where year? Midland, those

M. Doyle

Sure.

opportunity, A, certainly, into we activity will this will acreage XXXX. operations. that returns not value next. across into did that in and to year We yield that but and likely The Wolfcamp so set capital, As entire really -- We that good more that stitch compete development until Wolfcamp late see D up doesn't this B, see primary later position. but up our for we year underwrite Wolfcamp adjacent dug starting

Unknown Analyst

then a late on you -- shifting how Thanks, about Chris. following like in maybe a 'XX. my Gabe's the higher I is level But think is back know do And capital on about sounds potentially up reaching turn debt you cash versus focus reduction. it question leverage allocation. follow-up just target X on you're M&A going further of talked to to return now

versus versus term the debt return do So kind it paying maybe of things M&A reduction? think cash? about how sounds you're like over Just down going to versus cash longer continue debt you returning

Marianella Foschi

the for question. thanks Pat,

reduction. To majority the our foremost, the net debt talked is net our and priority first of free get target after year look, is going XXXX about debt $X.X So our billion. base target debt be to we this top to cash there, at allocated flow how

It you've opportunistic. allocation near-term not that our will very So excess we to formulaic. do that, that anything leverage. and will a and acquisitions between obviously, above Xx seen us we have buybacks Over of in be balance be And well. eye

been to X% Every has X% in going a a an And or announced very acquisition transactions flow very we've some at year. buyback had shares per underpin operating XXXX. certainly there. a increased successful bought time, the done same of attractive the dollar price, cash to XXXX at our recent we've last of stake relative That's approach. We also

on we've certainly, So continue both the we about balance being very been those value. benefit X and how successful fronts, between opportunistic we'll of long-term to

Operator

question of Silverstein Josh from next from line comes the Our UBS.

Unknown Analyst

prices a Do sorry, shift you to something million higher, on you more? just your back just you higher, that Is accelerate hit bit same the plus or of deleveraging this bit gas XX% are free a are if point, year. shareholders? reduction to net -- a $XXX that flow Maybe that for bit cash as prices to you oil debt target return get

Marianella Foschi

It's more of the latter.

again, look our hitting Josh. certainly sheet onetime top of But in next goals an year. . with will excess to further, priority, X.X% our that is that. And fleet accelerate balance anything I to eye opportunistic earlier, be We we'll of said like

Unknown Analyst

front, then Midland you've the that that the the And about just it. count? Wolfcamp particularly the Got location stand side. now? does talking inventory And in Where maybe of in the on X,XXX inventory kind is D, been in orders

M. Doyle

North, with productive team our Southeast, about the really you're about the Thanks, program wells. performance count. seen, the excited Yes. about as XX% D the we've capital more in just for that XX% location where excited delineating It Wolfcamp the is that higher We Josh. West year, capital last X,XXX of results seeing had delivered, XX%

of we're what year, stepping development compete so XX% will program. de our probably up seeing about our Permian And is this for that capital. We're

performance. to side plate it's happy Wolfcamp Midland Wolfcamp certainly A, in see with is I some can third strong additional wouldn't repeat we there. in certainly so our capital primary and like very capital those if target But the but to us costs for XXXX. the at further And Wolfcamp the well continue excited even exciting swings tighten Delaware, and and on say A to towards the on allocate it's B one D

Operator

Our from line next Neal from of question Dingmann comes the Tui Securities.

Neal Dingmann

you or first Sam. question my for Chris, maybe

side. Are My on more you're of talked the a sort Midland about you're the doing on that about bit It just is and say, like you and opportunities in I'd some going side little Or at activity latter like just there, next seems when Just the you just you've year as getting talk we del? you expect ever part could now opportunity of seen initially after now good the type on it? seeing repermitting side. based I things is were looking how that question maybe what and the guess, as year there maybe of Delaware see there. this what set now to after

M. Doyle

for Thanks question, the Neil. Sure.

about and between development. time, of returns it we a going Delaware, capital we return further we increase shift the re-permit. not but hey, could higher to operator ground Midland it through had team laterals. allocating drill like, system, shorter also into take to and was optimize efficiency saw itself to and to to but really increase said, take for that well to X-mile and we and a was It the then Delaware the game capital wanted X greatly willing Previous work turn only program. the some there We inventory, opportunity in real got As that a thought to

Now that's behind us.

optimizing that done and position great there. over opportunity the has building job up a team The

the we're is And allocating to see. capital to Delaware, more which fantastic so

of As year about going last -- of Delaware. our XX% This our there. year, had year, a we activity the of come out is be pointed to XX% tills about

and really enhance are excited to leaning to as there returns kudos in to capital ready the the to we're to currently. getting forward team So opportunities take steps to County know, look But the those We're through go wells online. Lea X And rigs do further the the where there. we're the over is about and things time the there. right you deploy

we're excited So seeing. what

Neal Dingmann

you then very Do nicely, when a it just pretty comes know, all really virtually look DJ all to when like And feel haven't pretty just sides, want I lastly, at side had about sort infrastructure, any minor it. both just Got I'm seems recently. going you you of infrastructure midstream to issue. you issues, over good little the feel you forward. third-party where now just that. on good sit

M. Doyle

issue weather, third-party thousand the of alongside We, barrels unfortunately, impact couple a we DJ. had the of the quarter, in Yes. first probably to

team we we about of the good third-party hit X, certainly around weeks. So for we did outlets the job X were a it, processor minimizing of but issue, finding and really and impact the worked but multiple down it,

feel we so with And are. we good where

As as you the business a water product a The Permian know, with much oil secondary gas and is Permian. in there.

of front our teams feel getting so good execute ability to And ahead out our and our 'XX placed plan. water TILs and about deliver all and our

Operator

[Operator Markets. the question Hanold from of from comes RBC line Capital Our Instructions] Scott next

Scott Hanold

did, -- of process Yes. is about market like the larger discussed you talk the obviously, plus the into of what you option. a beyond. outlook M&A process My the obviously, options looked divestitures talk one through some Could look hard plan. out in thought Did you're of you Could were just at? like as And some making some others the question of options? decision here, reports. like other effectively was taking at path and in XXXX you here. XXXX And is on the and reset decisions the first some decisions just you making But all your

M. Doyle

question, the for Scott. Thanks

we different setting up, thought XXXX first, with business the as a we couple So paths had about is. just as of

on As barrels maintenance support we've of past, of in XXX,XXX the not talked level oil level about activity was the to in day. XXXX a a

very In year. addition it the loaded, that, front of which towards was really end the to the engine stopped

that one we and day. so XXX,XXX And barrels was maintain activity option oil increase to a of had

and As invest of in seeing we to the think to we dollars million barrels couple looked at didn't more we're a the day. consider oil currently, thing double it that down, hundred the was a the of macro right volatility XXX,XXX maintain --

for thing level capital to $XXX best We of million believe maintenance hit that and million term $XXX was to business long to to the X.X% the the fuel reset X.X%.

question In M&A comment that terms has, won't But for our -- significant say rumors business certainly. that creating I specifically generates of around larger will there, is shareholders. long-term focused we the out on a this sustainable is a long-term on any value that team

will target, to divestment accelerate that really looking not Permian, we valuable any value, out extend thought shareholders, for that in opportunities and attractive value to was asset, say, others' we seriously. are take could the DJ and a just accelerate just Basin a that as by really we are evidenced rotation a into if it $XXX our there If assets there's be the opportunity that's certainly what to offset bolt-on more some for and to the will I Permian. there the very an identify hands or of to use million runway Midland ways in

lot path for diligence lot into so term. of laying to work but out long the think a I this that best company to Scott, and go of is this on a front, And plan more come

Scott Hanold

some there. and they're maybe latter seem it'll be little play mean, targeting obviously, like comments obviously off some in the bolted Yes, to potentially to DJ, divestitures more of you've the Permian. a going so bit on the I

here. comfortable duration X,XXX look wells? over inventory couple how company inventory your a Permian of And you feel would see what of yourselves mean, a of I do time? questions One, you So you you as of your as do Permian more view locations, becoming you with at core runway

M. Doyle

scale our company we're it. go after. Permian DJ to or business the returns and our we'll whether the scale we opportunity have opportunity to like that's those from what really to business the saw and in Yes. diversify We I'd returns or say Permians the see a the

the of In X inventory. that. to We've extend terms or of flat sitting X,XXX about X about locations years stay talked wanting

really it Permian. competitive where in there sheet where and very free the without cash I given we in it In refocus was the have ability feel excess with extremely to Again, participate transactions our really been balance comfortable interesting, need macro to what brand-new the or the our asset and DJ, operating ground is, great the that are that tiers through than replacing expand game, capital has inventory for the able I sold to was drilled to team. structure continually think and the out just a we more not in achievement team but what been a relooking we improving do and at to year,

state But we're right [indiscernible] as sitting inventory well. there with of years

as dispatch not. laterals the whether Now no, a and efficiency capital completion probably take same last couple to get lower But as is years, we the of time. the returns, drive is ability it's X, of with those take extending to curve have those or returns the team the further optimizing that improve additional designs down next efficiencies to demonstrating we do

and so we us deliver return balance shareholders. will that our feel is goals sustainable allow very is significant And capital achieve sustainable at time, flow this a and cash the that of that all same our sheet free to to plan comfortable

Operator

from comes Leo question from Roth Mariani the next Our Capital. of line

Leo Mariani

you follow there a to to very M&A? comments in pretty company healthy curious, for wanted world, try I about talked of a add perfect bit inventory divestitures, you but competitive around bit Permian the M&A. mentioned little some but your just to Permian of Clearly, markets, the about in little a is up through appetite kind a

M. Doyle

that is XXXX the would at year, #X target net I the hitting our of for X.X%. Yes. the end debt say goal

and to debt DJ fund that continue our cash similar Midland, opportunities to $X.X inventory macro currently first do the but accelerate predominantly for that, #X doing is the delevering with bolt-on given that. if And accelerate the year we this net duration and developed see target. we're in there have to focus see . our to We'll we'll to our and we excess look billion the focus balance As ways that to to taking rotating that #X are out shareholders. sheet our returns given our foremost. But really is that assets

Leo Mariani

went then here And just over LOE XQ. Okay. in the up obviously jumping LOE to side.

sense, to of the get did lot Permian? a increase by a trying driven you this a was Just DJ? the Or in see healthy also

M. Doyle

Yes.

But cash decisions business. a reestablish cost about and that commodity made this we recently why You in make is that's was winter DJ winterization The little LOE plan Permian for hard reaffirm and jump a led take company It's structure, low XQ and as seriously. up than in and that to And it always we'll little see differentiator a with continue we this the cash higher first LOE sustain LOE think bit. we cost. workover by really projects, active Permian a quarter we see a any expected into that our more moderates G&A in the very the the back. before and

specific that your on and get back question but activity, comfortable cost team working through structure, so quartile workover And to very winter-related us with that. was really and top will the into is XQ, it

Marianella Foschi

by actually the flat for of was was quarter-over-quarter Chris Permian, like or Rockies discussed, all increased driven DG Substantially quarter-over-quarter.

an LOE we as quarter believe our between basis, in that have per fourth I look for that's we recurring. as out, cash on the going we somewhere But all-in won't to in is peer-leading Chris were we items think be or be discussed target base. QX like which probably see -- onetime BOE asset of . bit that tines a a quite more

Operator

the from John comes from of line question Wolfe next Our Abbott Research.

John Abbott

could over tax? the So see your free trajectory that, mine taxes of do how X-year And time? the yourself you next the alternative see bit little speak maximizing With latest when What's about cash the flow, on thoughts cash sort on here a cash? of focus of you paying future period you of

Marianella Foschi

of year's $XX So bit maybe to $XX high back to this It's flat into fairly little million. the higher, range closer be this next guidance, end year. a going million to year, cash XXXX,

As AMT until far as $XX AMT, we hit barrel. a around don't

So there's nothing first model to. additional one

John Abbott

environment. willingness of the the -- then, improves. at period balance right of let's your your sort and sit commodity inventory, are on down grow focus oil is is lowered the about say, at you what environment deleveraging to the period sheet, at And Appreciate that it. Chris, mean, I you're as your time. looking now But guide time, actually And you think having commodity of this

only many would you you were -- about do You if growth price there a you there a what so of production environment? commodity Would have in years and do? How think was add the change rig? if

M. Doyle

it's that the the Yes, this towards John. balance end sheet. completely If very responsive sustainable thanks to year will take macro the We forward, it for roll to that into question, we next plan bullish flips the and and be ability the this of or environment. as macro like generate to cash free

targets the XXs, foundation our could commodity we're see longer But term. the advanced of backdating and some for of on more bit price, of lean in potentially a solid for well us activity. saw we into you year solidifying instead sheet the only if If little balance

continually at ways look optimize is further will that way the we allocate a so And capital. team to this

and shift certainly that, billion option responsive in $X.X teams target. on but had have eyes and the that things will now the to And replacing given all past a the DJ we extending not lean the right bit, really year-end as responsive overreact, like the to Permian we macro. have year, and inventory, be focused little both over success And that the

Operator

Brothers. of the Parks from Noel Tuohy comes question from last Our line

Noel Parks

on against the of way of being first You with did increased sort touch oil you volatility. potential do a But line conservative activity that earlier that. in for and the bit CapEx a view of And mentioned I think [indiscernible] as settling or total aside, volatility years? down volatility increasing you oil on next general mean, over years? leaving volatility I next anticipate Black sort events a have few the Swan few maybe over the of sort do you stands

M. Doyle

Yes.

if I into backward think, that continues, not month We'll a see now what was is in right? establishing we're will approach $XX significant defense say see is I it of levels we've affirming low first, Well, pretty dated prognosticated But a the go. ago, and a cost would to volatility, line And capital first allocation way going it's even I to and right? seen the before say that more conservative activity will which structure. XXs. taking

Again, on. solidify lot decisions peer-leading events the is that the looking And of made structure. difficult it's a at of first that we we've spend against time cost to To volatility. something us, some really again, that

Noel Parks

of so free $XX. free clarify at flow Since a I venture delay has flow the think count the just was just I much something have you're some check, the sensitivities cash double in last that slide. right? not is million the guidance, billion, in paying that on $X.X to upward the compensation wanted to Great. And sensitive shown for right? it that That year, $XXX Is would questioned cash if estimate the since

Marianella Foschi

cash just year. already the No, just acquisition free of $XXX million and that deferred end that at , That's paid, had That's the clean we was the was [indiscernible] flow. correct. out was that paying

billion in is of impact an $X.X free any way. cash flow it So

Operator

I Thank closing for call will now the you. That concludes our turn remarks. Q&A Brad session. back to

Brad Whitmarsh

circuit . We of several May around joining for on days you I and for hope over have day. we us you forward for certainly are great follow-up. everyone conference look the to the couple appreciate session. Q&A a seeing the additional Really next and the today next weeks, here

Operator

disconnect. today, you That for concludes you now and conference Thank call. our joining

Civitas Resources (CIVI) 25 Feb 252024 Q4 Earnings call transcript