Civitas Resources : Midland Basin Acquisition

Expanding Permian Scale

Accretive Bolt-on to Increase Free Cash Flow and Balance Asset Portfolio

Cautionary Statement Regarding Forward-Looking

Statements and Important Disclosures

Forward-Looking Statements and Cautionary Statements

Certain statements in this presentation concerning future opportunities for Civitas, future financial performance and condition, guidance and any other statements regarding Civitas' future expectations, beliefs, plans, objectives, financial conditions, returns to shareholders assumptions or future events or performance that are not historical facts are "forward-looking" statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "anticipate," "likely" "plan," "positioned," "strategy," and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include statements regarding Civitas' plans and expectations with respect to its contemplated financing activities, including the anticipated use of the proceeds therefrom, the pending acquisition of certain oil and gas properties, interests and related assets located in the Permian Basin from Vencer Energy (the "Acquisition"), and the anticipated impact of the Acquisition on Civitas' results of operations, financial position, growth opportunities, reserve estimates and competitive position. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the "Securities Act"), and the Private Securities Litigation Reform Act of 1995.

Civitas cautions investors that any forward-looking statements are subject to known and unknown risks and uncertainties, many of which are outside Civitas' control, and which may cause actual results and future trends to differ materially from those matters expressed in, or implied or projected by, such forward-looking statements, which speak only as of the date they are made. Investors are cautioned not to place undue reliance on these forward-looking statements. Risks and uncertainties that could cause actual results to differ from those described in forward-looking statements include, without limitation, the following: the purchase agreement relating to the Acquisition may be terminated in accordance with its terms and the Acquisition may not be completed; the parties may not be able to satisfy the conditions to the completion of the Acquisition in a timely manner or at all; the Acquisition may not be accretive, and may be dilutive, to Civitas' earnings per share, which may negatively affect the market price of Civitas' common stock; Civitas may incur significant transaction and other costs in connection with the Acquisition in excess of those anticipated by Civitas; Civitas may fail to realize anticipated synergies or other benefits expected from the Acquisition in the timeframe expected or at all; the ultimate timing, outcome, and results of integrating the assets related to the Acquisition into Civitas' business; the risk related to disruption of management time from ongoing business operations due to the Acquisition; the effects of the Acquisition, including Civitas' future financial condition, results of operations, strategy, and plans; changes in capital markets and the ability of Civitas to finance operations in the manner expected; any litigation relating to the Acquisition; and disruptions to our business due to other significant transactions.

Additional information concerning other factors that could cause results to differ materially from those described above can be found under Item 1A. "Risk Factors" and "Management's Discussion and Analysis" sections in Civitas' Annual Report on Form 10-K for the year ended December 31, 2022, subsequently filed Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings made with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date they are made and are based on information available at the time they were made. Civitas assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward- looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Disclaimer

The pro forma combined financial data provided within this presentation gives effect to the Acquisition as if it had occurred on January 1, 2022.

Non-GAAP Measures

To provide investors with additional information in connection with our results as determined in accordance with generally accepted accounting principles in the United States ("GAAP"), we disclose certain non-GAAP financial measures. The non-GAAP financial measures include Net Debt, Adjusted EBITDAX, PV-10, Free Cash Flow ("FCF") and related calculations. We believe the non-GAAP financial measures provide users of our financial information with additional meaningful comparisons between the current results and results of prior periods, as well as comparisons with peer companies. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to GAAP measures. You should be aware that our presentation of these measures may not be comparable to similarly-titled measures used by other companies. Reconciliations of each non-

GAAP financial measure to the applicable most comparable GAAP measure can be found in the Appendix section of this presentation.

2