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ACQUISITIONS AND DIVESTITURES (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Consideration Transferred and Preliminary Purchase Price Allocation | The following table presents the preliminary purchase price allocation of the assets acquired and the liabilities assumed in the Hibernia Acquisition:
Preliminary Purchase Price Allocation (in thousands) |  |
Assets Acquired |  |
Cash and cash equivalents |  | $ | 30,671 |
Accounts receivable - oil and natural gas sales |  | 89,766 |
Accounts receivable - joint interest and other |  | 4,874 |
Proved properties |  | 2,123,791 |
Unproved properties |  | 115,802 |
Other property and equipment |  | 520 |
Right-of-use assets |  | 30,393 |
Total assets acquired |  | $ | 2,395,817 |
Liabilities Assumed |  |
Accounts payable and accrued expenses |  | $ | 91,977 |
Production taxes payable |  | 10,320 |
Oil and natural gas revenue distribution payable |  | 75,267 |
Asset retirement obligations |  | 8,299 |
Lease liability |  | 30,393 |
Total liabilities assumed |  | 216,256 |
Net assets acquired |  | $ | 2,179,561 |
The following tables present the consideration transferred and preliminary purchase price allocation of the assets acquired and the liabilities assumed in the Tap Rock Acquisition:
Consideration (in thousands, except per share amount) |  |  |
Cash consideration |  | $ | 1,508,143 |  |
Shares of common stock issued |  | 13,538,472 |  |
Closing price per share(1) |  | $ | 73.14 |  |
Equity consideration |  | $ | 990,204 |  |
Total consideration(2) |  | $ | 2,498,347 |  |
_______________________ (1)Based on the closing stock price of Civitas common stock on August 2, 2023. (2)Subject to certain customary purchase price adjustments set forth in the Tap Rock Acquisition Agreement.
Preliminary Purchase Price Allocation (in thousands) |  |
Assets Acquired |  |
Cash and cash equivalents |  | $ | 6,543 |
Accounts receivable - oil and natural gas sales |  | 106,255 |
Accounts receivable - joint interest and other |  | 31,300 |
Prepaid expenses and other |  | 22,013 |
Proved properties |  | 2,377,649 |
Unproved properties |  | 298,859 |
Other property and equipment |  | 12,827 |
Right-of-use assets |  | 626 |
Total assets acquired |  | $ | 2,856,072 |
Liabilities Assumed |  |
Accounts payable and accrued expenses |  | $ | 179,626 |
Production taxes payable |  | 15,557 |
Oil and natural gas revenue distribution payable |  | 78,758 |
Ad valorem taxes |  | 1,374 |
Asset retirement obligations |  | 31,518 |
Lease liability |  | 626 |
Deferred revenue |  | 50,266 |
Total liabilities assumed |  | 357,725 |
Net assets acquired |  | $ | 2,498,347 |
Schedule of Pro Forma Financial Information | The following unaudited pro forma financial information (in thousands, except per share amounts) represents a summary of the condensed consolidated results of operations for the three and nine months ended September 30, 2023 and 2022, assuming the Hibernia Acquisition and Tap Rock Acquisition had been completed as of January 1, 2022. The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the Hibernia Acquisition and Tap Rock Acquisition had been effective as of this date, or of future results, and includes certain nonrecurring pro forma adjustments that were directly related to these business combinations. Specifically, pro forma earnings were adjusted to exclude transaction costs incurred associated with these acquisitions for the three and nine months ended September 30, 2023 and include such transaction costs in pro forma earnings for the nine months ended September 30, 2022.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Total revenue |  | $ | 1,157,615 |  |  | $ | 1,575,493 |  |  | $ | 3,306,345 |  |  | $ | 4,542,055 |
Net income |  | 179,307 |  |  | 597,835 |  |  | 686,951 |  |  | 1,413,135 |
Net income per common share - basic |  | $ | 1.91 |  |  | $ | 6.06 |  |  | $ | 7.28 |  |  | $ | 14.35 |
Net income per common share - diluted |  | 1.90 |  |  | 6.03 |  |  | 7.22 |  |  | 14.27 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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