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ACQUISITIONS AND DIVESTITURES (Tables) | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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 share and per share amounts) |
Cash consideration | $ | 997 |
Deferred acquisition consideration(1) | $ | 532 |
Shares of common stock issued | 7,181,527 |
Closing price per share(2) | $ | 68.08 |
Equity consideration(3) | $ | 489 |
Total consideration | $ | 2,018 |
_______________________ (1)Based on discounted fixed and determinable future payments of cash. Amounts represent non-cash investing activities until such time payments are made, as applicable. Refer to Note 5 - Debt for additional information. (2)Based on the closing stock price of Civitas common stock on January 2, 2024. (3)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 asset acquired and liability assumed in business combination and recognized at acquisition date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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