Civitas Solutions (NYSE: CIVI) reported Q2 EPS of $2.06, $0.71 worse than the analyst estimate of $2.77. Revenue for the quarter came in at $1.31 billion versus the consensus estimate of $1.35 billion.

2024 Outlook Enhanced Through Lower Capex and Higher Volumes

Civitas continues to find innovative ways to safely reduce well costs and enhance production. Recent accomplishments have led to a $50 million reduction in 2024 capital investment plans, with the Company\'s new full-year 2024 capital guidance being $1.85 - $1.95 billion.

Full-year 2024 expected sales volumes were increased to the upper half of the Company\'s original range, now expected between 335 and 345 MBoe/d. The increase in total sales volumes represents a 3% increase at the midpoint from original guidance, after adjusting for asset sales. Civitas reiterated its expectation for full-year oil volumes. Third quarter total volumes and oil are anticipated to be higher than the second quarter, with increases expected in both the Permian Basin and DJ Basin.

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