XML 58 R26.htm IDEA: XBRL DOCUMENT
v3.25.0.1

DISCLOSURES ABOUT CRUDE OIL AND NATURAL GAS PRODUCING ACTIVITIES (UNAUDITED) | 12 Months Ended
--- | ---
Dec. 31, 2024
Oil and Gas, Result of Operation, Revenue [Abstract] |
DISCLOSURES ABOUT CRUDE OIL AND NATURAL GAS PRODUCING ACTIVITIES (UNAUDITED) | DISCLOSURES ABOUT CRUDE OIL AND NATURAL GAS PRODUCING ACTIVITIES (UNAUDITED) Our crude oil and natural gas activities are located entirely within the United States. Costs incurred in the acquisition, development, and exploration of crude oil and natural gas properties, whether capitalized or expensed, are summarized below (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Acquisition(1) | $ | 2,155,306 |  |  | $ | 5,039,610 |  |  | $ | 437,100 |
Development(2) | 2,065,070 |  |  | 1,386,371 |  |  | 1,044,392 |
Exploration | 14,322 |  |  | 2,178 |  |  | 6,981 |
Total | $ | 4,234,698 |  |  | $ | 6,428,159 |  |  | $ | 1,488,473 |
_________________________ (1)Acquisition costs for proved properties for the years ended December 31, 2024, 2023, and 2022 were $1.9 billion, $4.6 billion, and $420.3 million, respectively. Acquisition costs for unproved properties for the years ended December 31, 2024, 2023, and 2022 were $256.9 million, $414.7 million, and $16.8 million, respectively. (2)Includes amounts relating to asset retirement obligations of $134.7 million, $7.5 million, and $64.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. Suspended Well Costs We did not incur any exploratory well costs during the years ended December 31, 2024, 2023, and 2022. Reserves The proved reserve estimates as of December 31, 2024 were audited by Ryder Scott. The proved reserves estimates as of December 31, 2023 and 2022 were prepared by Ryder Scott. The estimates of proved reserves are inherently imprecise and are continually subject to revision based on production history, results of additional exploration and development, price changes, and other factors. All of our crude oil, natural gas, and NGL reserves are attributable to properties within the United States. A summary of our changes in quantities of proved crude oil, natural gas, and NGL reserves for the years ended December 31, 2024, 2023, and 2022 are as follows:
|  | Crude Oil |  | Natural Gas |  | NGL |  | Total
|  | (MBbl) |  | (MMcf) |  | (MBbl) |  | (MBoe)
Proved reserves-December 31, 2021 |  | 143,579 |  |  | 888,499 |  |  | 106,028 |  |  | 397,690 |
Extensions, discoveries, and other additions |  | 12,408 |  |  | 51,358 |  |  | 6,936 |  |  | 27,904 |
Production |  | (27,651) |  |  | (112,478) |  |  | (15,666) |  |  | (62,063) |
Removed from capital program |  | (105) |  |  | (459) |  |  | (46) |  |  | (228) |
Acquisition of reserves |  | 17,479 |  |  | 31,872 |  |  | 4,478 |  |  | 27,269 |
Revisions to previous estimates(1) |  | 6,892 |  |  | 8,708 |  |  | 17,104 |  |  | 25,447 |
Proved reserves-December 31, 2022 |  | 152,602 |  |  | 867,500 |  |  | 118,834 |  |  | 416,019 |
Extensions, discoveries, and other additions |  | 12,598 |  |  | 31,174 |  |  | 3,719 |  |  | 21,513 |
Production |  | (36,726) |  |  | (133,821) |  |  | (18,400) |  |  | (77,430) |
Divestitures of reserves(1) |  | (830) |  |  | (3,582) |  |  | (514) |  |  | (1,940) |
Removed from capital program |  | (2,301) |  |  | (7,812) |  |  | (1,155) |  |  | (4,758) |
Acquisition of reserves |  | 151,717 |  |  | 635,710 |  |  | 114,708 |  |  | 372,377 |
Revisions to previous estimates(1) |  | (4,255) |  |  | (68,867) |  |  | (12,249) |  |  | (27,982) |
Proved reserves-December 31, 2023 |  | 272,805 |  |  | 1,320,302 |  |  | 204,943 |  |  | 697,799 |
Extensions, discoveries, and other additions |  | 51,253 |  |  | 155,483 |  |  | 24,650 |  |  | 101,817 |
Production |  | (58,025) |  |  | (218,905) |  |  | (31,626) |  |  | (126,135) |
Divestiture of reserves(1) |  | (9,695) |  |  | (41,774) |  |  | (6,271) |  |  | (22,929) |
Removed from capital program |  | (9,887) |  |  | (40,657) |  |  | (7,401) |  |  | (24,064) |
Acquisition of reserves |  | 55,978 |  |  | 354,438 |  |  | 64,297 |  |  | 179,348 |
Revisions to previous estimates |  | 2,932 |  |  | 10,631 |  |  | (12,816) |  |  | (8,112) |
Proved reserves-December 31, 2024(1) |  | 305,361 |  |  | 1,539,518 |  |  | 235,776 |  |  | 797,724 |
Proved developed reserves: |  |  |  |  |  |  |  |
December 31, 2022 |  | 117,768 |  |  | 750,793 |  |  | 102,004 |  |  | 344,904 |
December 31, 2023 |  | 199,585 |  |  | 1,077,221 |  |  | 162,117 |  |  | 541,239 |
December 31, 2024 |  | 235,626 |  |  | 1,323,856 |  |  | 203,182 |  |  | 659,451 |
Proved undeveloped reserves: |  |  |  |  |  |  |  |
December 31, 2022 |  | 34,834 |  |  | 116,707 |  |  | 16,830 |  |  | 71,115 |
December 31, 2023 |  | 73,220 |  |  | 243,081 |  |  | 42,826 |  |  | 156,560 |
December 31, 2024 |  | 69,735 |  |  | 215,662 |  |  | 32,594 |  |  | 138,273 |
________________________ (1)Items may not recalculate due to rounding. During the years ended December 31, 2024, 2023, and 2022, horizontal development resulted in extensions, discoveries, and other additions of 101.8 MMBoe, 21.5 MMBoe, and 27.9 MMBoe, respectively. During the years ended December 31, 2024, 2023, and 2022, proved undeveloped reserves were reduced by 24.1 MMBoe, 4.8 MMBoe, and 0.2 MMBoe respectively, primarily due to the removal of proved undeveloped locations from our five-year drilling program. As of December 31, 2024, we revised our proved reserves downward by 8.1 MMBoe. The 8.1 MMBoe negative revision of proved reserves as compared to previous estimates was the result of: (i) negative revisions of 23.0 MMBoe driven by 2024 negative Waha pricing differentials, natural gas shrinks, and NGL yields, (ii) negative revisions of 12.8 MMBoe from non-producing wells that have been or are planned to be plugged and abandoned and other, and (iii) negative price-related revisions of 9.6 MMBoe that resulted from the decrease to SEC prices of $2.74 to $75.48 per Bbl WTI for crude oil and $0.51 to $2.13 per MMBtu HH for natural gas. Negative revisions were partially offset by 27.6 MMBoe from updates to well performance and 9.7 MMBoe for increases in interest and other. As of December 31, 2023, we revised our proved reserves downward by 28.0 MMBoe. Price-related revisions of 11.1 MMBoe resulted from the decrease to SEC prices of $15.45 to $78.22 per Bbl WTI for crude oil and $3.72 to $2.64 per MMBtu HH for natural gas. Additionally we had negative revision of (i) negative revisions of 11.0 MMBoe from non-producing wells that have been plugged and abandoned or are planned to be plugged and abandoned, (ii) negative revisions of 14.2 MMBoe in updates to costs associated with production, and (iii) updates to well performance that resulted in negative revisions of 0.9 MMBoe. The negative revisions were partially offset by 9.2 MMBoe from increases in interests and positive volume changes in natural gas shrinks and NGL yields. As of December 31, 2022, we revised proved reserves upward by 25.4 MMBoe. Price-related revisions of 11.8 MMBoe resulted from the increase to SEC prices of $27.11 to $93.67 per Bbl WTI for crude oil and $2.76 to $6.36 per MMBtu HH for natural gas. The remaining positive revisions of 13.6 MMBoe are primarily driven by updates to well performance forecasts and NGL yields. The standardized measure of discounted future net cash flows relating to proved reserves were prepared in accordance with authoritative accounting guidance. Future cash inflows were computed by applying prices to estimated future production. Future production and development costs are computed by estimating the expenditures to be incurred in developing, producing, and plugging and abandoning the proved reserves at year-end, based on current costs and assuming continuation of existing economic conditions. Future income tax expenses are calculated by applying appropriate year-end tax rates to future pretax net cash flows relating to proved reserves. Future income tax expenses give effect to permanent differences, tax credits, and loss carryforwards relating to the proved reserves. Future net cash flows are discounted at a rate of 10% annually to derive the standardized measure of discounted future net cash flows. This calculation procedure does not necessarily result in an estimate of the fair market value or the present value of our crude oil and natural gas properties. The standardized measure of discounted future net cash flows relating to proved reserves are as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Future cash flows | $ | 28,250,810 |  |  | $ | 27,947,743 |  |  | $ | 23,225,188 |
Future production costs | (12,006,734) |  |  | (11,038,268) |  |  | (6,490,522) |
Future development costs | (2,491,009) |  |  | (2,366,582) |  |  | (1,337,494) |
Future income tax expense | (1,243,949) |  |  | (1,605,756) |  |  | (2,870,178) |
Future net cash flows | 12,509,118 |  |  | 12,937,137 |  |  | 12,526,994 |
10% annual discount for estimated timing of cash flows | (4,193,705) |  |  | (4,667,858) |  |  | (4,599,504) |
Standardized measure of discounted future net cash flows | $ | 8,315,413 |  |  | $ | 8,269,279 |  |  | $ | 7,927,490 |
Future cash flows as shown above were reported without consideration for the effects of derivative transactions outstanding at period end. The changes in the standardized measure of discounted future net cash flows relating to proved reserves are as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning of period | $ | 8,269,279 |  |  | $ | 7,927,490 |  |  | $ | 4,412,104 |
Crude oil, natural gas, and NGL sales, net of production costs | (3,807,145) |  |  | (2,558,095) |  |  | (2,980,527) |
Net changes in prices and production costs | (1,638,518) |  |  | (4,385,615) |  |  | 5,016,678 |
Net changes in extensions, discoveries, and other additions | 1,415,760 |  |  | 363,594 |  |  | 638,537 |
Development costs incurred | 810,591 |  |  | 447,181 |  |  | 411,138 |
Changes in estimated development cost | 39,668 |  |  | (39,386) |  |  | (87,466) |
Acquisition of reserves | 2,342,362 |  |  | 5,199,814 |  |  | 627,833 |
Divestiture of reserves | (257,413) |  |  | (32,483) |  |  | — |
Revisions of previous quantity estimates | (225,151) |  |  | (529,185) |  |  | 619,800 |
Net change in income taxes | 210,815 |  |  | 796,068 |  |  | (991,734) |
Accretion of discount | 1,172,236 |  |  | 983,428 |  |  | 532,716 |
Changes in production rates and other | (17,071) |  |  | 96,468 |  |  | (271,589) |
End of period | $ | 8,315,413 |  |  | $ | 8,269,279 |  |  | $ | 7,927,490 |
Reserve estimates are based on an unweighted 12-month arithmetic average of first-day-of-the-month prices inclusive of adjustments for quality and location as of December 31, 2024, 2023, and 2022, as required by the SEC.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Crude Oil (per Bbl) | $ | 74.12 |  |  | $ | 75.57 |  |  | $ | 90.28 |
Natural Gas (per Mcf) | $ | 0.62 |  |  | $ | 2.03 |  |  | $ | 5.54 |
NGL (per Bbl) | $ | 19.80 |  |  | $ | 22.69 |  |  | $ | 39.05 |

X
- Definition Disclosure of oil and gas producing activities. + References No definition available. + Details
Name: | civi_OilAndGasProducingActivitiesDisclosureTextBlock
Namespace Prefix: | civi_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ResultsOfOperationsRevenueFromOilAndGasProducingActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration