This presentation and the oral statements made in connection therewith relate to a proposed business combination transaction between SM Energy and Civitas contain "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words and phrases such as "anticipate," "estimate," "believe," "budget," "continue," "could," "intend," "may," "might," "plan," "potenti ...

Transformational Combination Delivering Superior Stockholder Value NYSE: SM | SM-Energy.com NYSE: CIVI | CivitasResources.com November 3, 2025 Disclaimer Forward-looking statements represent management's current expectations and are inherently uncertain and are made only as of the date hereof. Except as required by law, neither SM Energy nor Civitas undertakes or assumes any obligation to update any forward-looking statements, whether as a result of new information or to reflect subsequent events or circums ...

核心观点 - 公司2025年第三季度实现创纪录产量 总产量达1970万桶油当量 其中石油占比超过53% 超出指导范围中点[3][4] - 尽管面临油价同比下降超过10美元/桶的行业挑战 公司通过资产组合优化和运营效率提升 使现金流生产利润率保持稳定[3][10] - 公司财务表现强劲 第三季度经营活动现金流达5575亿美元 调整后自由现金流同比增长80%至2343亿美元[8][10][16] - 资本配置保持纪律性 第三季度通过股息和股票回购向股东返还资本3510万美元 同时杠杆率持续改善至11倍[10][17][19] 运营业绩 - 第三季度净产量为1970万桶油当量 日均产量2138万桶油当量 较2024年同期增长26% 其中石油日均产量增长47%至1139万桶[4][10] - 产量区域分布均衡 二叠纪盆地占比39% 南得克萨斯占比40% 尤因他盆地占比21%[4] - 实现价格方面 石油平均实现价格为6383美元/桶 天然气为219美元/千立方英尺 NGLs为2079美元/桶 对冲后每桶油当量实现价格为4321美元[5][11] - 第三季度资本开支为3232亿美元 包括约1400万美元用于收购高经济效益井的增量工作权益 这些井预计于2026年投产[10][14] 财务表现 - 第三季度净利润为1551亿美元 摊薄后每股收益135美元 相比2024年同期的2405亿美元有所下降 主要受实现价格降低和折旧折耗摊销费用增加影响[7] - 调整后净利润为1537亿美元 摊薄后每股收益133美元 调整后EBITDAX为5882亿美元 较2024年同期增长22%[12][13] - 经营活动产生的现金流为5050亿美元 加上营运资本变动后的总额为5575亿美元 较2024年同期增长33%[8] - 2025年前九个月调整后自由现金流达422亿美元 同比增长43% 显示公司在价格下行环境下的现金流生成能力[16] 资本配置与资产负债表 - 第三季度通过每股020美元的固定季度股息支付2300万美元 并通过回购40万股普通股返还1210万美元资本[17] - 截至2025年9月30日 公司持有现金1623亿美元 长期债务本金为274亿美元 净债务为257亿美元[18] - 杠杆率持续改善 净债务与调整后EBITDAX比率降至11倍 稳步接近10倍的目标杠杆率[10][19] - 贷款机构一致重申公司30亿美元的借款基础 反映了银行合作伙伴对公司战略的信心[10] 2025年展望与指引 - 全年资本开支指引上调至1375亿至1395亿美元 主要由于2025年下半年收购高经济效益井的增量工作权益[23] - 全年产量指引维持在207208万桶油当量/天 石油占比5354% 全年活动计划保持不变 预计钻井约115口 完井约150口[23] - 第四季度产量指引为206212万桶油当量/天 石油占比5253% 资本开支预计为225亿至245亿美元[23] - 运营成本持续优化 租赁运营费用降至约585美元/桶油当量 运输成本降至380400美元/桶油当量[23] 管理层评论与公司动态 - 首席执行官Herb Vogel对团队连续两个季度创下产量纪录表示自豪 并对其继任者Beth McDonald的领导能力充满信心[3] - 总裁兼首席运营官Beth McDonald强调公司人才是成功的基础 承诺在现有势头基础上为利益相关者创造长期价值[3] - 公司宣布与Civitas Resources进行1280亿美元的转型合并 预计将为股东带来卓越价值[51] - 第三季度业绩发布方式有所调整 原定于2025年11月4日的网络直播取消 改为2025年11月3日举行电话会议[24]

U.S.-based oil and gas firms SM Energy and Civitas Resources said on Monday they will merge to form a $12.8 billion company. ...

Accessibility StatementSkip Navigation Civitas Logo Value-Enhancing Scale Premier portfolio across the highest-return U.S. shale basins drives significant free cash flow and enhanced stockholder value Pro forma second quarter of 2025 production totaled 526 MBoe/d Pro forma full-year 2025 consensus free cash flow of more than $1.4 billion Step-change in free cash flow supports sustained return of capital SM Energy Logo Value-Driven Synergies Proven management and a world-class technical team positioned to de ...

股价表现 - 公司股价在2025年10月3日至10月10日期间下跌15.46% [1] - 公司股价自2025年初以来累计下跌超过38% [4] 股价下跌驱动因素 - 中美贸易战升级导致全球原油价格下跌 WTI原油价格跌破每桶60美元的关键水平 [2] - 公司股价下跌与油价暴跌同时发生 [2] 公司战略与财务状况 - 公司正考虑与二叠纪盆地生产商SM Energy进行合并 合并后新公司企业价值约140亿美元 [3] - 公司一直在出售资产 包括丹佛-朱尔斯堡盆地的低利润率资产组合 以减轻债务负担 [4]

Oil and gas explorer Civitas Resources is involved in discussions over a potential merger with Permian Basin peer SM Energy, reported Bloomberg, citing people with knowledge of the matter. According to the report, the talks envision a merger of equals that would not include a takeover premium. The sources, who spoke on condition of anonymity because the discussions are not public, said no agreement has been reached and that other parties are also pursuing Civitas. Representatives for both companies refus ...

潜在合并交易 - Civitas Resources与SM Energy Company据报正在进行高级别谈判 计划进行一项对等合并 合并后实体估值将超过140亿美元（含债务）[1] - 该交易若完成 将成为本年度最大的石油和天然气并购交易之一[1] 公司背景与战略 - Civitas Resources成立于2021年 由Bonanza Creek Energy与Extraction Oil & Gas合并而成 并通过一系列战略性收购成为美国最大的独立页岩生产商之一[2] - 公司近期进行领导层变更 Wouter van Kempen于8月出任临时CEO 同时通过出售资产来减少债务 为潜在的转型机会进行战略重置[6] 行业整合趋势 - 中型运营商为追求规模和效率 在二叠纪盆地及其他地区的并购活动势头增强[4] - 近期重大交易包括EOG Resources以56亿美元收购Encino Viper Energy以41亿美元收购Sitio Royalties 以及Crescent Energy以31亿美元收购Vital Energy[4] 资产组合与协同效应 - Civitas估值约32亿美元 在二叠纪盆地拥有约14.1万净英亩权益 SM Energy在米德兰盆地拥有11万英亩权益[5] - 合并将结合Civitas在二叠纪盆地和科罗拉多州丹佛-朱尔斯堡盆地的资产 以及SM Energy在南德州Eagle Ford页岩和犹他州尤因塔盆地的资产 形成强大的跨区域组合[5][7]

Samuel Smith has a diverse background that includes being lead analyst and Vice President at several highly regarded dividend stock research firms and running his own dividend investing YouTube channel. He is a Professional Engineer and Project Management Professional and holds a B.S. in Civil Engineering & Mathematics from the United States Military Academy at West Point and has a Masters in Engineering from Texas A&M with a focus on applied mathematics and machine learning.Samuel leads the High Yield Inve ...

Civitas Resources, Inc. (NYSE:CIVI) is included among the 15 Best Natural Gas and Oil Dividend Stock to Buy Now. Here is Why Civitas Resources (CIVI) is a Great Addition to Your Dividend Portfolio To make sure it keeps its shareholders happy, Civitas Resources, Inc. (NYSE:CIVI) increased its share repurchase authorization to $750 million in August, equal to around 28% of its market cap at the time. The company also announced plans to allocate 50% of its free cash flow after the base dividend to share buy ...