Note that oil and gas production was at the upper end of guidance despite winter weather impacts. Civitas' 2023 capital budget guidance of $800 to $900 mm (D&C + land, midstream, and other) is significantly below consensus expectations of $1.06 B and 2022's $988 mm program. In January Civitas repurchased 4.9 mm shares from large holder CPP Investments at a discounted $61 per share for $300 mm. With today's update Civitas has permits for 85% of the 2023 program, far better than at this point in 2022. We expect at least mid-teens yield on our Base Case and still double digit yield on a $70 deck.
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