Civitas Resources, Inc. (NYSE:CIVI) ("Civitas" or the "Company") today published its 2025 Corporate Sustainability Report, providing transparency around the Company's sustainability initiatives, targets, and progress toward stated goals.
Chris Doyle, CEO, stated, "Civitas continues to make significant progress as an operator committed to sustainability. As a result of numerous successful operational initiatives in 2024, company-wide emissions have further decreased and we have translated our learnings from the DJ Basin into impressive improvements on our acquired Permian Basin assets, all while maintaining our proven safety performance. In 2026, we will expand our carbon neutrality pledge to include our Permian Basin assets, in addition to the DJ Basin, proving our sustainability leadership and delivering on our mission to Disrupt Energy for Good."
Highlights from the report include:
- Reduced emissions: lowered the Company's Scope 1 greenhouse gas emissions by 5.7% in 2024 compared to its 2023 baseline, progressing steadily toward the goal of a 40% reduction by 2030
- Continued commitment to carbon neutrality: maintained carbon neutrality(1) and zero routine flaring in the DJ Basin; committed to achieving both in the Permian Basin(2)
- Continued strong safety performance: delivered a combined Total Recordable Incident Rate(3) of 0.25 in 2024 – closely aligned with the industry's top-quartile target of 0.22 – reflecting the Company's ongoing commitment to industry-leading safety standards
- Reaffirmed pneumatic reduction targets: focused on significant reduction of pneumatic emissions (80% by 2025 in the DJ Basin from 2021 baseline; 65% by 2030 in the Permian Basin from 2023 baseline)
- Launching new targets: committed to establishing a new methane intensity target in 2025
- Delivered on voluntary initiatives: expanded emissions monitoring and detection infrastructure above and beyond compliance requirements, proactively retrofitted 350 facilities to mitigate spill risk, and plugged 42 orphan wells in Colorado
(1) |
Carbon neutrality refers to our effort to organically reduce emissions followed by the purchase of verified carbon credits and renewable energy certificates in an amount that offsets remaining emissions |
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(2) |
Carbon neutrality will begin the January after the first full calendar year of operational control of any acquisition, and Civitas has aligned its Permian Basin assets with the World Bank's Zero Routine Flaring by 2030 Initiative |
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(3) |
Per OSHA 29 CFR Part 1904, incidence rate of injuries and illnesses computed as the number of recordable injuries and illnesses X 200,000 / hours worked |
Readers can access the 2025 Corporate Sustainability Report on Civitas' website here: Civitas/Sustainability.
About Civitas
Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development and production of crude oil and liquids-rich natural gas from its premier assets in the Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. Civitas' proven business model to maximize shareholder returns is focused on four key strategic pillars: generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this press release concerning Civitas' future expectations, beliefs, plans, objectives, financial conditions, assumptions, or future events or performance that are not historical facts are "forward-looking" statements based on assumptions currently believed to be valid. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "anticipate," "likely," "plan," "positioned," "strategy," and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements included in this press release include statements regarding the Company's plans and commitments with respect to carbon neutrality and emissions reductions. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to: future financial condition, results of operations, strategy and plans; declines or volatility in the prices we receive for our crude oil, natural gas, and NGLs; general economic conditions, whether internationally, nationally, or in the regional and local market areas in which we do business, including any future economic downturn, the impact of continued or further inflation, disruption in the financial markets, the imposition of tariffs or trade or other economic sanctions, political instability, and the availability of credit on acceptable terms; the effects of disruption of our operations or excess supply of crude oil and natural gas and other effects of world events, and actions taken by OPEC+ as it pertains to global supply and demand of, and prices for, crude oil, natural gas, and NGLs; political conditions in or affecting other producing countries, including conflicts or hostilities in or relating to the Middle East (including the current events involving Israel and Iran), South America, and Russia (including the current events involving Russia and Ukraine), and other sustained military campaigns or acts of terrorism or sabotage and the effects therefrom; our ability to identify, select, and consummate possible additional acquisition and disposition opportunities; the ability of our customers to meet their obligations to us; our access to capital on acceptable terms; our ability to generate sufficient cash flow from operations, borrowings, or other sources to enable us to fully develop our undeveloped acreage positions and to meet our capital allocation initiatives; the presence or recoverability of estimated crude oil and natural gas reserves and the actual future sales volume rates and associated costs; uncertainties associated with estimates of proved crude oil and natural gas reserves; changes in local, state, and federal laws, regulations or policies that may affect our business or our industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); environmental, health, and safety risks; seasonal weather conditions as well as severe weather and other natural events caused by climate change; lease stipulations; drilling and operating risks, including the risks associated with the employment of horizontal drilling and completion techniques; our ability to acquire adequate supplies of water for drilling and completion operations; availability of oilfield equipment, services, and personnel; exploration and development risks; operational interruption of centralized crude oil and natural gas processing facilities; competition in the crude oil and natural gas industry; management's ability to execute our plans to meet our goals; our ability to attract and retain key members of our senior management and key technical employees; our ability to maintain effective internal controls; access to adequate gathering systems and pipeline take-away capacity; our ability to secure adequate processing capacity for natural gas we produce, to secure adequate transportation for crude oil, natural gas, and NGL we produce, and to sell the crude oil, natural gas, and NGL at market prices; costs and other risks associated with perfecting title for mineral rights in some of our properties; pandemics and other public health epidemics; and other economic, competitive, governmental, legislative, regulatory, geopolitical, and technological factors that may negatively impact our businesses, operations, or pricing.
Additional information concerning other factors that could cause results to differ materially from those described above can be found under Item 1A. "Risk Factors" and "Management's Discussion and Analysis" sections in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, subsequently filed Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings made with the Securities and Exchange Commission.
All forward-looking statements speak only as of the date they are made and are based on information available at the time they were made. The Company assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
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Civitas Contacts
Investor Relations:
Brad Whitmarsh, 832.736.8909, [email protected]
Media:
Rich Coolidge, [email protected]