What caused CIVI's Q3 earnings to miss forecasts?

CIVI's Q3 earnings missed forecasts due to a combination of factors:

1. **Revenue Shortfall**: The company's revenue fell short of estimates by approximately $7 million, with the total revenue recorded at $1.29 billion compared to the consensus estimate of $1.3 billion. This shortfall can be attributed to lower-than-expected oil prices and operational adjustments.
2. **Oil Price Volatility**: The volatility in oil prices, particularly in the Permian gas market, affected Civitas' revenue. Despite a successful tactical gas hedging strategy, the price fluctuations likely impacted the company's earnings.
3. **Production Adjustments**: Civitas faced challenges in meeting earnings expectations due to volatile oil prices and operational adjustments. The company's production volumes were partially hedged for 2025 and 2026, which may have limited the impact of lower prices on cash flow.

In summary, CIVI's Q3 earnings miss was likely a result of a combination of lower oil prices, production adjustments, and operational challenges.

|code|Ticker|Name|Date|Total Revenue|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|CIVI|CIVI.N|Civitas Resources|2024 Q1|1.329203E9|1.74|169|
|CIVI|CIVI.N|Civitas Resources|2024 Q2|1.312694E9|2.15|169|
|CIVI|CIVI.N|Civitas Resources|2024 Q3|1.272045E9|3.01|169|
|CIVI|CIVI.N|Civitas Resources|2024 Q4|1.292866E9||169|