Permian Resources Corporation (“Permian Resources”) (NYSE: PR) is an independent oil and natural gas company focused on driving sustainable returns through the responsible acquisition, optimization and development of high-return oil and natural gas properties. The Company’s operations are focused in the Permian Basin, with assets concentrated in the core of the Delaware Basin. Permian Resources is headquartered in Midland, Texas.
On September 1, 2022, Centennial Resource Development, Inc. (“Centennial”) and Colgate Energy Partners II LLC (“Colgate”) completed their ~$7.0 billion merger resulting in the newly combined company, Permian Resources Corporation. The merger valued Colgate at about $3.9 billion consisting of 269.3 million shares of Centennial stock, $525 million of cash and the assumption of ~$1.4 billion of Colgate’s outstanding net debt.
At the time of REL’s initial investment in 2016, Centennial’s assets included an inventory of over 1,300 drilling locations on 42,500 net acres with approximately 7,000 boepd net production, predominantly located in the southern portion of the Delaware Basin, which grew to over 73,000 net acres at the time of the merger with Colgate.
Find out more on the Permian Resources website.