Civitas Resources is an independent oil and gas exploration and production (E&P) company that drills, completes, and operates wells to produce crude oil, NGLs, and natural gas, selling these commodities to third-party purchasers. Civitas operates in two basins: the DJ Basin in Colorado (~48% of production), which is its legacy business targeting the Niobrara and Codell formations across roughly 357,000 net acres, and the Permian Basin in Texas/New Mexico (~52% of production), which Civitas entered via three acquisitions in 2023-2024 and which now represents the larger share of both production and proved reserves. Total production averaged around 345 MBoe/day in 2024. Civitas's strategy is not to grow production but to sustain it broadly flat while maximizing free cash flow per share — the company targets capital reinvestment efficiency over volume growth. Key operational levers include longer laterals, simul-frac completion techniques, and reduced cycle times. Civitas allocates free cash flow roughly equally between shareholder returns (base dividends, variable dividends, and buybacks) and debt reduction, targeting long-term leverage of ~0.75x. Crude oil is the dominant revenue driver, with oil and liquids representing about 68% of proved reserves. Civitas uses commodity derivatives to hedge near-term production and manages exposure to weak Permian gas pricing at the Waha hub through basis protection swaps.