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Permian Resources Corporation, based in Midland, Texas, will announce its third quarter 2022 financial results on November 8, 2022, after market close. An earnings conference call is scheduled for November 9, 2022, at 9:00 a.m. Central Time, where management will discuss the results. Interested participants can join the call by dialing specific numbers or via the company's website. The replay will be available for seven days. Permian Resources specializes in acquiring and developing high-return oil and natural gas properties, focusing on the Delaware Basin.
Permian Resources Corporation announced the successful merger of Centennial Resource Development (CDEV) and Colgate Energy, creating the largest pure-play E&P company in the Delaware Basin. The company holds an extensive drilling inventory on approximately 180,000 net acres and maintains a strong balance sheet. For Q4 2022, it expects production of 140-150 MBoe/d and capital expenditures of $300-$325 million. Looking ahead to 2023, the projected free cash flow ranges from $1.1 to $1.3 billion. Additionally, Permian plans to initiate a quarterly base dividend of $0.05 per share.
Centennial Resource Development reported strong second quarter 2022 results, generating $295 million in net cash from operations and a record $137.4 million in free cash flow. The company recorded net income of $191.8 million or $0.60 per diluted share, compared to a net loss of $25.1 million a year ago. Daily crude oil production increased 12% quarter-over-quarter, averaging 36,696 Bbls/d. Notably, the company announced a merger of equals with Colgate Energy, expected to enhance shareholder returns and improve financial stability.
Centennial Resource Development, Inc. (CDEV) will announce its second quarter 2022 financial results on August 3, 2022, post-market close. An earnings conference call is scheduled for August 4, 2022, at 8:00 a.m. Mountain Time (10:00 a.m. Eastern). Interested participants can join the call by dialing (833) 634-2524 or (412) 902-4178 for international access. The call will also be available for replay on the company’s website or by phone for seven days after the event.
Centennial Resource Development and Colgate Energy Partners will present at the J.P. Morgan Energy, Power & Renewables Conference on June 22, 2022, at 10:30 a.m. ET in New York City. CEO Sean Smith and Co-CEOs Will Hickey and James Walter will speak at the event. The live audio webcast can be accessed via Centennial's website under the Investor Relations section. Centennial is focused on oil and natural gas development in the Permian Basin, while Colgate specializes in oil and gas asset exploration and development in the Delaware Basin.
Centennial Resource Development (CDEV) and Colgate Energy Partners III announced a merger of equals, creating the largest pure-play E&P company in the Delaware Basin. The combined entity will hold 180,000 net leasehold acres and produce approximately 135,000 Boe/d. Features include over $1 billion in expected free cash flow in 2023, a strong balance sheet with anticipated leverage below 1.0x, and a commitment to ESG. The transaction values Colgate at approximately $3.9 billion, expected to close in H2 2022, with Centennial shareholders owning approximately 53% of the new company.
Centennial Resource Development reported robust first-quarter 2022 financial results, achieving a record free cash flow of $89 million and increasing net cash from operating activities to $160.1 million. The company recorded a net income of $15.8 million, reversing a loss from the previous year. Average daily crude oil production rose to 32,741 barrels, while operational efficiencies and successful well results fueled growth in the Delaware Basin. Leverage decreased for the fourth consecutive quarter, with a net debt-to-LTM EBITDAX ratio of 1.1x.
Centennial Resource Development (CDEV) will report first quarter 2022 financial and operational results after market close on May 4, 2022. An earnings conference call is scheduled for May 5, 2022, at 8:00 a.m. Mountain Time. Participants can join by dialing (844) 348-0017 or visiting the company's website. Centennial focuses on oil and natural gas development in the Permian Basin, particularly the Delaware Basin. Investors are encouraged to access the call for insights on the company's performance and future outlook.
Centennial Resource Development announced a $350 million share repurchase program, supported by a strong financial outlook. In 2021, the company generated record free cash flow of $206.7 million, achieving net income of $138.2 million, a significant turnaround from a net loss of $682.8 million in 2020. Operationally, crude oil production increased 3% in Q4 2021, with expectations of 10-15% growth in 2022. The company anticipates generating over $400 million in free cash flow this year, aided by a new $750 million credit facility and reduced leverage metrics.
Centennial Resource Development announced it will release its fourth quarter and full year 2021 financial results on February 23, 2022, after market close. An earnings conference call will follow on February 24, 2022, at 8:00 a.m. Mountain Time. Interested participants can join the call by dialing the provided numbers or through the company’s website. Centennial Resource focuses on oil and natural gas reserves in the Permian Basin, particularly in the Delaware Basin. For more details, visit www.cdevinc.com.
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