Centennial Resource Development completed the merger with Colgate Energy in a $5.3bn deal.

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.