04:23 AM EDT, 05/03/2024 (MT Newswires) -- Civitas Resources ( CIVI ) reported Q1 earnings late Thursday of $1.74 per diluted share, down from $2.46 a year earlier.

Analysts polled by Capital IQ expected $2.63.

Revenue for the quarter ended March 31 was $1.33 billion, up from $656 million a year earlier. Analysts polled by Capital IQ expected $1.28 billion.

For Q2, the company expects sales volume to be broadly flat with Q1 levels.

Separately, the company said it has reached a deal to buy back about 1 million shares of its common stock from Vitol at $72 per share for a total of $75 million, decreasing Vitol's ownership stake in the company to less than 2%.

Civitas also agreed to pay $75 million of its $550 million deferred payment obligation to Vitol ahead of the due date, it said.

The company's board approved dividend of $1.50 per share, comprising of an unchanged base dividend of $0.50 and a $1 variable dividend, payable on June 26 to shareholders as of June 12.

Price: 70.75, Change: +0.20, Percent Change: +0.28