CIVITAS RESOURCES, INC.

4 Oct 2023capital raising announcement● NeutralMajor

On October 3, 2023 Civitas agreed to buy oil and gas properties from Vencer Energy in Glasscock, Martin, Midland, Reagan and Upton Counties, Texas, for $2.15 billion total: $1.0 billion cash and 7,289,515 new shares (about $600 million) at closing, plus up to $550 million cash due January 3, 2025. A 7.5% deposit is in escrow and closing conditions apply. If completed, the new shares would dilute existing holders, and Vencer would get resale registration rights; the deal has not closed per this filing. This is a new acquisition following the Hibernia and Tap Rock deals.

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20 June 2023capital raising announcement● NeutralMajor

On June 19, 2023 Civitas signed two acquisition agreements: Hibernia Energy III for $2.25 billion cash, and Tap Rock Resources for $1.5 billion cash plus 13,538,472 new Civitas shares (valued at about $950 million). Each has a 7.5% cash deposit in escrow and is subject to closing conditions, and the Tap Rock sellers will get resale registration rights. The share issue would dilute existing holders, and this is a large new expansion; neither deal had closed per this filing, and the visible text does not say how the cash will be funded.

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