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Permian Resources (PR)

Centennial is an independent oil and natural gas company focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company's assets and operations, which are held and conducted through CRP, are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.

Company profile

Ticker
PR, CDEV
Exchange
Website
CEO
Sean Smith
Employees
Incorporated
Location
Fiscal year end
Former names
Centennial Resource Development, Inc., Silver Run Acquisition Corp
SEC CIK
Subsidiaries
Centennial Resource Production, LLC • Centennial Resource Management, LLC • Atlantic Exploration, LLC ...
IRS number
475381253

PR stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$11.50
Low target
$11.00
High target
$12.00
JP Morgan
Upgraded
Overweight
$12.00
15 Sep 22
Wells Fargo
Downgraded
Underweight
$11.00
11 Jul 22

Calendar

4 Aug 22
26 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Sep 22 Matthew R. Garrison Class A Common Stock Payment of exercise Dispose F No No 7.62 182,941 1.39M 1,227,566
1 Sep 22 Matthew R. Garrison Class A Common Stock Grant Acquire A No No 0 77,954 0 1,410,507
1 Sep 22 Pearl Energy Investments Common Units Class A Common Stock Grant Acquire A No No 0 16,609,730 0 16,609,730
1 Sep 22 Pearl Energy Investments Common Units Class A Common Stock Grant Acquire A No No 0 16,094,353 0 16,094,353
1 Sep 22 Pearl Energy Investments Common Units Class A Common Stock Grant Acquire A No No 0 56,429,386 0 56,429,386
13F holders Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Largest transactions Shares Bought/sold Change

Financial report summary

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Risks
  • The Transactions are subject to closing conditions and may not be completed, the Business Combination Agreement may be terminated in accordance with its terms, and we may be required to pay a termination fee upon termination.
  • The consideration payable under the Business Combination Agreement is fixed and will not be adjusted based on our performance.
  • We will be subject to business uncertainties and contractual restrictions, including the risk of litigation, while the Transactions are pending that may cause disruption and may make it more difficult to maintain relationships with employees, suppliers or customers.
  • Until the completion of the Transactions or the termination of the Business Combination Agreement in accordance with its terms, we are prohibited from entering into certain transactions and taking certain actions that might otherwise be beneficial to us and our shareholders.
  • The Business Combination Agreement limits our ability to pursue alternatives to the Transactions and may discourage a potential competing acquirer of Centennial, including the payment by Centennial of a termination fee.
  • The Transactions will involve substantial costs.
  • Securities class action and derivative lawsuits may be filed against us, or against our directors, challenging the Transactions, and an adverse ruling in any such lawsuit may prevent the Transactions from becoming effective or from becoming effective within the expected time frame.
  • We will incur additional indebtedness in connection with the Transactions, and the combined company’s debt may impose certain financial and operational limitations.
  • Combining the businesses of Centennial and Colgate may be more difficult, costly or time-consuming than expected and the combined company may fail to realize the anticipated synergies and other benefits of the Transactions, which may adversely affect the combined company’s business results and negatively affect the value of our Common Stock following the consummation of the Transactions.
  • The combined company may not be able to retain customers, suppliers or distributors, or customers, suppliers or distributors may seek to modify contractual relationships with the combined company, which could have an adverse effect on the combined company’s business and operations. Third parties may terminate or alter existing contracts or relationships with the combined company.
  • Colgate is currently not a U.S. public reporting company and the obligations associated with integrating into a public company may require significant resources and management attention.
  • The Proposed Charter will designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for substantially all actions and proceedings that may be initiated by shareholders, which could limit shareholders’ ability to obtain a favorable judicial forum for disputes with the combined company or its directors, officers, employees or agents.
Management Discussion
  • On May 19, 2022, we entered into a Business Combination Agreement (the “Business Combination Agreement”) with Colgate Energy Partners III, LLC (“Colgate”), which provides for the combination of Centennial and Colgate in a merger of equals transaction (the “Merger”). Colgate is an independent oil and gas company focused on the acquisition, development, exploration and production of oil and natural gas properties in the Permian Basin. Colgate owns approximately 105,000 net leasehold acres and 25,000 net royalty acres in Reeves and Ward counties in Texas and Eddy County in New Mexico. We believe that the Merger will provide significant increases to operational and financial scale, drive accretion across our key financial and operating metrics, and enhance the combined company’s shareholder returns.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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