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ACQUISITIONS AND DIVESTITURES (Tables)

3 Months Ended

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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- References

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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

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