Civitas Resources Falls In Morning Trade

Shares of oil and natural gas company Civitas Resources, Inc. (CIVI) are falling more than 6% Tuesday morning to $64.81.

The company today said it signed agreements with affiliates of Hibernia Energy III, LLC and Tap Rock Resources, LLC to acquire oil producing assets in the Midland and Delaware Basins of west Texas and New Mexico, for about $4.7 billion.

Civitas also announced its plan to offer $1.350 billion of senior unsecured notes due 2028 to fund its acquisitions.

The transactions are expected to close in the third quarter of 2023.

CIVI has traded in the range of $44.17 – $75.45 in the last 52 weeks.

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