Civitas Resources, Inc. Announces Offering of $1,000 Million of New Senior Notes Due 2030

Civitas Resources, Inc. (NYSE:CIVI), a leading independent oil and gas producer, has announced its plans to offer $1,000 million in senior unsecured notes due 2030 through a private placement. The offering is subject to market conditions and will be made to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933. The net proceeds from the offering, along with cash on hand and borrowings, will be used to fund a portion of Civitas Resources’ pending acquisition of certain oil and gas properties in the Midland Basin from Vencer Energy, LLC.

The notes being offered will be subject to a special mandatory redemption if the acquisition transaction is not consummated by January 31, 2024, or if Civitas Resources decides not to pursue the acquisition. The notes will not be registered under the Securities Act or any state or other securities laws, and will be issued under an exemption. As a result, they may not be offered or sold within the United States, or to or for the account or benefit of any U.S. Person, without registration or an applicable exemption.

Civitas Resources will offer the notes only to qualified institutional buyers under Rule 144A or non-U.S. persons outside the United States under Regulation S. The company’s common stock is listed on the New York Stock Exchange under the symbol “CIVI.”

Civitas Resources, Inc. is known for its focus on the development of premier assets in the Denver-Julesburg (DJ) and Permian basins. The company has a proven business model that combines capital discipline, a strong balance sheet, cash flow generation, and sustainable cash returns to shareholders. It has also been recognized for its commitment to leading Environmental, Social, and Governance practices, becoming Colorado’s first carbon neutral oil and gas producer.

Investors should note that forward-looking statements in this announcement are subject to known and unknown risks and uncertainties, many of which are beyond Civitas Resources’ control. These statements are based on assumptions believed to be valid at the time they were made and speak only as of the date of this announcement. The company cautions investors not to place undue reliance on these forward-looking statements and advises them to refer to the risk factors and management’s discussion and analysis sections in its filings with the SEC for additional information.

Civitas Resources remains committed to providing updates on any material developments and will adhere to federal securities laws regarding the disclosure of information. As a leading player in the oil and gas industry, the company continues to demonstrate its dedication to responsible operations and sustainable growth.

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