Denver-based Civitas Resources said recently – after making a “transformative entrance” into the Permian Basin last year – it has drilled 120 gross wells so far in 2024 with average lateral length of 2.2 miles and production of 344,000 boed. Its 2023 acquisition gave Civitas operating scale in two of the nation’s lowest breakeven shale basins – Permian Basin in Texas and New Mexico and DJ Basin in Colorado. Civitas Resources has about 112,200 net acres.
“We’ve built the company through strategic consolidation to build scale,” Chris Doyle, president and CEO, said. “Valuation correlates to scale; it’s important where the scale is.”