Permian Explorer Civitas Said to Explore Potential Sale

Civitas Resources Inc., an oil and gas explorer with operations in Texas and Colorado, is exploring a sale as smaller shale players pursue deals to gain scale, according to people familiar with the matter.

The Denver-based company, which is working with advisers, is considering a tie-up with a similarly sized or larger peer, the people said, asking not to be identified because the deliberations are private. No final decision has been made, and Civitas could opt to remain independent, the people added.