SCHEDULE: CPPIB Boosts Civitas Resources Stake to 11.2%

Canada Pension Plan Investment Board and its subsidiary increased their beneficial ownership percentage in Civitas Resources, Inc. to 11.2%.

Summary

• Canada Pension Plan Investment Board (CPPIB) and its wholly-owned subsidiary, CPPIB Crestone Peak Resources Canada Inc., reported beneficial ownership of 9,524,201 shares of Civitas Resources, Inc. Common Stock.
• This represents 11.2% of the outstanding shares of Civitas Resources, Inc., an increase in percentage from the previous filing.
• The increase in percentage ownership is attributed to a reduction in the total number of outstanding shares of Civitas Resources, Inc., not an acquisition of additional shares by the Reporting Persons.
• The total number of shares beneficially owned by the Reporting Persons has not changed since Amendment No. 3 of the Schedule 13D was filed on May 20, 2024.
• The 11.2% ownership percentage is calculated based on 85,303,179 shares of Common Stock outstanding as of November 6, 2025, as reported in Civitas Resources, Inc.'s quarterly report on Form 10-Q.

Sentiment

Score: 6

Explanation: The filing indicates a passive increase in percentage ownership due to a reduction in the issuer's outstanding shares, rather than an active increase in investment. This is neutral to slightly positive as the investor maintains its position while the company's share count decreases, potentially increasing per-share value.

Positives

• The Reporting Persons' beneficial ownership percentage in Civitas Resources, Inc. increased to 11.2%, indicating a larger proportional stake in the company.
• The increase in percentage ownership implies a reduction in the total outstanding shares of Civitas Resources, Inc., which can be positive for existing shareholders by increasing per-share value.

Future Outlook

NA

Industry Context

NA

Legal Proceedings

• None of the Reporting Persons or, to their knowledge, any of the Covered Persons have been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• None of the Reporting Persons or, to their knowledge, any of the Covered Persons were a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws, during the last five years.

Stakeholder Impact

• Shareholders of Civitas Resources, Inc. will see a larger proportional ownership by Canada Pension Plan Investment Board, potentially indicating long-term institutional interest in the company's reduced share base.

Key Dates

Keywords

Civitas Resources, CPPIB, Canada Pension Plan Investment Board, Schedule 13D, beneficial ownership, equity stake, investment