Announced
Completed
Financials
Tags
oil and gas company
Domestic
Merger
United States
Acquisition
Private
Integrated Oil and Gas
Friendly
Majority
Single Bidder
Completed
Synopsis
Centennial Resource Development, an independent oil and natural gas company focused on the development of oil and associated liquids-rich natural gas reserves in the Permian Basin, completed the merger with Colgate Energy, a privately held, independent oil and natural gas company, in a $5.3bn deal. "This transformative combination significantly increases scale and drives accretion across all our key financial and operating metrics. Colgate’s complementary, high-margin assets are a natural fit for Centennial, creating the largest pure-play E&P company in the Delaware Basin. Importantly, the combined company is expected to provide shareholders with an accelerated capital return program through a fixed dividend coupled with a share repurchase plan. We are excited to partner with Colgate as we share a common vision for the pro forma company that includes a strong balance sheet, a disciplined investment program to drive cash flow and a robust return-of-capital program," Sean Smith, Centennial CEO.
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