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ACQUISITIONS AND DIVESTITURES (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Consideration Transferred and Preliminary 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 millions, except per share amounts) |
Cash consideration | $ | 997 |
Deferred acquisition consideration(1)(3) | $ | 532 |
Shares of common stock issued | 7,181,527 |
Closing price per share(2) | $ | 68.08 |
Equity consideration(4) | $ | 489 |
Total consideration | $ | 2,018 |
_______________________ (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 millions) |
Assets Acquired |
Proved properties | $ | 1,859 |
Unproved properties | 231 |
Other property and equipment | 1 |
Right-of-use assets | 4 |
Total assets acquired | $ | 2,095 |
Liabilities Assumed |
Accounts payable and accrued expenses | $ | 5 |
Crude oil and natural gas revenue distribution payable | 28 |
Asset retirement obligations | 40 |
Lease liability | 4 |
Total liabilities assumed | 77 |
Net assets acquired | $ | 2,018 |

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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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