Civitas Resources, Inc. Investors: Please contact the Portnoy Law Firm to recover your losses. July 1, 2025 Deadline to file Lead Plaintiff Motion

Investors can contact the law firm at no cost to learn more about recovering their losses

/EIN News/ -- LOS ANGELES, June 18, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Civitas Resources, Inc. ("Civitas Resources" or the "Company") (NYSE: CIVI) investors of a class action representing investors that bought securities between February 27, 2024 and February 24, 2025, inclusive (the "Class Period"). Civitas Resources investors have until July 1, 2025 to file a lead plaintiff motion.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

Case Allegations: Civitas Resources is an oil and gas exploration and production company focused on acquiring, developing, and producing crude oil and liquids-rich natural gas from assets in Colorado’s Denver-Julesburg (DJ) Basin and the Permian Basin in Texas and New Mexico. Throughout 2024, Civitas reportedly maintained steady oil production and increased the number of turned-in-lines (TILs)—newly drilled wells brought into operation—across both regions.

The class action lawsuit alleges that during the Class Period, Civitas Resources made false and/or misleading statements and failed to disclose key risks, including:
(i) Civitas was likely to significantly reduce oil production in 2025, primarily due to natural production declines in the DJ Basin after peaking in the fourth quarter of 2024 and a low number of new wells at year-end;
(ii) To sustain or increase production, Civitas would need to acquire additional land and drilling opportunities, which would require significant debt and asset sales to fund these acquisitions;
(iii) The company’s financial position would force it to implement cost-cutting measures, including major workforce reductions; and
(iv) As a result, Civitas Resources' business outlook, financial health, and operational capacity were overstated.

According to the lawsuit, on February 24, 2025, Civitas Resources reported its fourth-quarter and full-year 2024 financial results, including revenue of $1.29 billion—falling short of analyst expectations by $3.44 million—and non-GAAP earnings per share of $1.78, missing projections by $0.21 per share. That same day, Civitas provided its 2025 guidance, forecasting average oil production between 150,000 and 155,000 barrels per day, representing an approximate 4% year-over-year decline. The company also announced a $300 million acquisition in the Permian Basin, adding 19,000 net acres and about 130 new development sites, alongside plans to divest $300 million in assets to balance the purchase.

Civitas attributed lower production levels to natural declines in the DJ Basin, a reduced number of new wells, severe winter weather, and unexpected third-party processing outages in early 2025. The company also revealed a 10% workforce reduction and the termination of its Chief Operating Officer and Chief Transformation Officer. Following these disclosures, Civitas Resources’ stock price dropped over 18%.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com 

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