Denver-based Civitas Resources said last week it decreased estimated capital spending for 2024 while maintaining production guidance of 325,000-to-345,000 boed (71-to-74 percent liquids). The decrease of $150 million to $1.8 billion-to-$2.1 billion primarily is driven by optimized activity levels, enhanced well productivity and reduced cycle times.
CEO Chris Doyle said Feb. 27 Civitas expects to spend about 60 percent of total investments in Permian Basin and the remainder to DJ Basin. Civitas plans to drill and complete 130-to-150 wells in Permian Basin (90-to-110 in DJ). The company also said expenditures and activity levels will be weighted more to first half of the year, and production volumes are expected to increase modestly through the year. Production in Permian in 4Q averaged 106,000 boed. Civitas in 4Q in Permian drilled 27 gross wells, completed 25 gross wells and turned to sales 48 gross wells.