A Stronger Civitas
Civitas Resources enters heart of Permian Basin through two separate agreements that will fundamentally transform Civitas into a stronger, more balanced company with a deep inventory of high-return drilling opportunities in the three lowest breakeven oil basins in the U.S.
Civitas agreed to acquire a portion of Tap Rock’s Delaware Basin assets and Hibernia Resources’ Midland Basin assets for a total of $4.7 billion.
- Immediate scale in the Permian with 68,000 net acres in some of the best areas of the Delaware and Midland Basins.
- Increases inventory to nearly a decade, adding 800 high-quality gross locations.
- Attractively priced and immediately accretive to key financial metrics.
- Creates balanced portfolio and maximizes capital allocation across three leading domestic basins.
- Increases shareholder returns, maintains long-term balance sheet strength.
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