Denver-based Civitas Resources said last week it is divesting non-core assets in DJ Basin in Colorado as it prioritizes operations in Permian Basin. Civitas divested $85 million of non-core acreage in DJ Basin in 2023Q4 – primarily non-operated interests with minimal production. Civitas said Feb. 27 it remains on schedule to reach a $300 million divestment target by midyear.
Last year Civitas entered Permian Basin with $7 billion in acquisitions from Hibernia Energy III and Tap Rock Resources in Delaware Basin and Vencer Energy in Midland Basin. The transactions added about 160,000 boed of production, 112,000 net acres and 1,200 high-value development locations.
Civitas said it expects to spend 60 percent of 2024 budget in Permian Basin, where it averaged 106,000 boed in 4Q. The company plans to drill and complete 130-to-150 gross wells in Permian this year.