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ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Merger Consideration and Purchase Price Allocation | The following tables present the consideration transferred and the final purchase price allocation of the assets acquired and the liabilities assumed in the Vencer Acquisition:
Consideration (in thousands, except shares and per share amount) |
Cash consideration | $ | 996,420 |
Deferred acquisition consideration(1)(3) | $ | 532,284 |
Shares of common stock issued | 7,181,527 |
Closing price per share(2) | $ | 68.08 |
Equity consideration(4) | $ | 488,918 |
Total consideration | $ | 2,017,622 |
_______________________ (1)Based on discounted fixed and determinable future payments of cash. (2)Based on the closing stock price of Civitas common stock on January 2, 2024. (3)Amounts represent non-cash investing activities until such time payments are made, as applicable. Refer to Note 5 - Debt for additional information. (4)Amounts represent non-cash financing activities.
Final Purchase Price Allocation (in thousands) |
Assets Acquired |
Proved properties | $ | 1,858,909 |
Unproved properties | 231,627 |
Other property and equipment | 666 |
Right-of-use assets | 4,049 |
Total assets acquired | $ | 2,095,251 |
Liabilities Assumed |
Accounts payable and accrued expenses | $ | 5,000 |
Crude oil and natural gas revenue distribution payable | 28,423 |
Asset retirement obligations | 40,157 |
Lease liability | 4,049 |
Total liabilities assumed | 77,629 |
Net assets acquired | $ | 2,017,622 |
The following table presents the final purchase price allocation of the assets acquired and the liabilities assumed in the Hibernia Acquisition:
Final Purchase Price Allocation (in thousands) |  |
Assets Acquired |  |
Cash and cash equivalents |  | $ | 30,671 |
Accounts receivable - crude oil and natural gas sales |  | 86,262 |
Accounts receivable - joint interest and other |  | 4,463 |
Proved properties |  | 2,150,872 |
Unproved properties |  | 115,802 |
Other property and equipment |  | 520 |
Right-of-use assets |  | 30,393 |
Total assets acquired |  | $ | 2,418,983 |
Liabilities Assumed |  |
Accounts payable and accrued expenses |  | $ | 110,022 |
Production taxes payable |  | 10,320 |
Crude oil and natural gas revenue distribution payable |  | 75,267 |
Asset retirement obligations |  | 8,299 |
Lease liability |  | 30,393 |
Total liabilities assumed |  | 234,301 |
Net assets acquired |  | $ | 2,184,682 |
The following tables present the consideration transferred and final purchase price allocation of the assets acquired and the liabilities assumed in the Tap Rock Acquisition:
Consideration (in thousands, except shares and per share amount) |  |  |
Cash consideration |  | $ | 1,502,880 |  |
Shares of common stock issued |  | 13,538,472 |  |
Closing price per share(1) |  | $ | 73.14 |  |
Equity consideration |  | $ | 990,204 |  |
Total consideration |  | $ | 2,493,084 |  |
_______________________ (1)Based on the closing stock price of Civitas common stock on August 2, 2023.
Final Purchase Price Allocation (in thousands) |  |
Assets Acquired |  |
Cash and cash equivalents |  | $ | 6,543 |
Accounts receivable - crude oil and natural gas sales |  | 105,509 |
Accounts receivable - joint interest and other |  | 30,415 |
Prepaid expenses and other |  | 17,930 |
Proved properties |  | 2,334,678 |
Unproved properties |  | 300,859 |
Other property and equipment |  | 12,827 |
Right-of-use assets |  | 626 |
Total assets acquired |  | $ | 2,809,387 |
Liabilities Assumed |  |
Accounts payable and accrued expenses |  | $ | 157,606 |
Production taxes payable |  | 9,692 |
Crude oil and natural gas revenue distribution payable |  | 68,094 |
Ad valorem taxes |  | 1,407 |
Asset retirement obligations |  | 28,612 |
Lease liability |  | 626 |
Deferred revenue |  | 50,266 |
Total liabilities assumed |  | 316,303 |
Net assets acquired |  | $ | 2,493,084 |
Schedule of Pro Forma Financial Information |
|  | Year Ended December 31, |  | Year Ended December 31,
|  | 2023 |  | 2022
Total revenue |  | $ | 5,263,500 |  |  | $ | 5,808,411 |
Net income |  | 1,242,062 |  |  | 1,821,139 |
Earnings per common share - basic |  | $ | 12.25 |  |  | $ | 18.48 |
Earnings per common share - diluted |  | 12.16 |  |  | 18.37 |

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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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