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Centennial Resource and Colgate Energy to combine in $7 bln deal


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May 19 (Reuters) – U.S. oil and gas company Centennial Resource Development Inc (CDEV.O) said on Thursday it would merge with Colgate Energy Partners III LLC, creating a $7 billion Permian Basin focused firm.

The combined company has current production of about 135,000 barrels of oil equivalent per day (boepd), the companies said.

The merger values Colgate at about $3.9 billion and consists of 269.3 million shares of Centennial stock, $525 million of cash and the assumption of about $1.4 billion of Colgate’s outstanding net debt.

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