Civitas Resources Inc (CIVI)

Working capital turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	3,296,241	3,066,349	3,106,445	3,597,935	3,775,144	3,476,852	2,665,287	1,674,922	923,213	476,935	347,546	228,560	215,005	232,434	248,784	298,938	311,230	297,776	323,327	310,341
Total current assets	US$ in thousands	2,144,410	948,745	3,413,210	956,241	1,328,430	1,187,770	1,019,460	674,103	719,937	159,918	142,054	104,903	92,405	89,840	103,287	164,853	110,516	119,228	92,834	119,791
Total current liabilities	US$ in thousands	1,851,890	2,019,470	1,221,090	1,058,030	1,177,930	1,268,850	1,473,980	1,335,530	1,119,510	262,103	230,366	94,276	74,484	71,521	59,353	96,364	104,739	103,808	88,008	100,653
Working capital turnover		11.27	—	1.42	—	25.08	—	—	—	—	—	—	21.51	12.00	12.69	5.66	4.36	53.87	19.31	67.00	16.22

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $3,296,241K ÷ ($2,144,410K – $1,851,890K)
= 11.27

The working capital turnover ratio for Civitas Resources Inc has varied significantly over the past eight quarters. In Q4 of 2022, the ratio was very high at 25.19, indicating that the company effectively utilized its working capital to generate revenue during that period. However, the ratio dropped to 1.43 in Q2 of 2023, suggesting a decrease in the efficiency of working capital utilization. It is also notable that there is missing data for Q3 of 2023 and Q1 of 2023, which makes it challenging to track the trend accurately. Overall, further analysis and trend monitoring are recommended to assess the company's working capital management performance effectively.