Denver-based Civitas Resources said last week it expanded its Permian Basin position with the purchase of operated assets in Howard, Glasscock and Upton counties in Midland Basin. The bolt-on acquisition of 19,000 net acres for about $300 million includes about 130 future development locations. Chris Doyle, president and CEO, said Feb. 24, “Our 2025 outlook is designed to maximize free cash flow, capitalizing on the sustainable efficiencies we have delivered in our first full year of operating in Permian Basin and our strong track record of execution in DJ Basin.”
Oil production for 2025 is forecast at 150,000 to 155,000 barrels per day. Civitas said “slightly more than half” of total capital investments will be allocated to Permian Basin with the remainder to DJ Basin. Civitas plans to run five drilling rigs and two completion crews in Permian Basin. Forty percent of Permian activity is planned in Delaware Basin.