Civitas Resources

01 / WHAT IT BUILT

What the company did

Civitas Resources, Inc. (NYSE: CIVI) was a Denver-based publicly traded oil and natural gas exploration and production company, incorporated in 2010 and formerly known as Bonanza Creek Energy (renamed in November 2021). It acquired, developed and produced crude oil and liquids-rich natural gas assets in major US basins — principally the Permian Basin (Texas/New Mexico) and the DJ Basin (Colorado) — including upstream drilling, production and hydrocarbon marketing. In November 2025 it reported Q3 2025 net income of $177 million and $860 million in operating cash flow, with production rising 6%. On January 30, 2026, following shareholder approvals, SM Energy Company closed its all-stock merger with Civitas (enterprise value about $12.8 billion); the combined company, a top-10 US independent oil-focused producer with $200–$300 million in annual synergy targets, continues under the SM Energy name and ticker SM. Civitas was not a failed company.

03 / EVENT HISTORY

Events in the structured record

1. 2010
   Founded

   Incorporated as Bonanza Creek Energy in Denver; oil and gas exploration and production focused on the DJ Basin in Colorado.

2. 2021
   Renamed

   Changed its name to Civitas Resources, Inc. in November 2021, expanding its position in the DJ and Permian Basins.

3. 2025
   Strong results

   Q3 2025: net income $177 million, operating cash flow $860 million, Adjusted EBITDAX $855 million, oil and total production up 6%.

4. 2026
   Merged into SM Energy

   January 30, 2026: SM Energy closed its all-stock merger with Civitas (enterprise value ~$12.8 billion); shareholders approved on January 27; combined company continues under the SM Energy name and ticker SM — a top-10 US independent oil-focused producer. This was a merger, not a failure.