Denver-based Civitas Resources said recently it is maintaining its full-year production while reducing 2025 capital spending by about 8 percent. Civitas said May 8 that production guidelines this year remain at 330,000 boed and 152,500 barrels per day of crude oil. First quarter production was 311,000 boed (down 14 percent from 4Q) and 141,000 b/d of oil (down 12 percent from 4Q) from its operations in Permian Basin and DJ Basin. The company said the declines were primarily due to reduced production in DJ Basin.
Chris Doyle, CEO, said, “We have very strong confidence in the program, confidence in our ability to deliver our guidance, but we’re not blind to the continued volatility in the macro. If we see the macro deteriorating further, we’ll adjust activity.”
Civitas slashed $150 million in planned capex from its earlier forecast of $1.8 billion to $1.9 billion for 2025.