Civitas Resources, Inc. announces an Equity Buyback for 5.76% of its issued share capital.

Civitas Resources, Inc. (NYSE:CIVI) announces a share repurchase program. Under the program, the company will repurchase up to 4,900,000 shares, representing 5.76% of its outstanding share capital, for $300 million. The shares will be repurchased at a at a price per share of $61.

The company will repurchase its shares from its largest shareholder, Canada Pension Plan Investment Board (“CPP Investments”). The program will be funded from company's cash on hand. As of December 31, 2022, the company had 85,100,000 shares in outstanding.