CENTENNIAL RESOURCE DEVELOPMENT IN

Centennial Resource Development is an independent oil and gas exploration and production company focused on the Delaware Basin within the Permian shale formation. The company’s primary business is the development, production, and acquisition of oil and natural gas reserves. Its 2022 Annual Report details proved reserves consisting of oil, natural gas liquids, and natural gas, demonstrating its core operational focus on fossil fuel extraction.

The company expanded its upstream footprint significantly through a $7.0 billion merger of equals with Colgate Energy Partners III in 2022, forming Permian Resources, Inc. This consolidation was part of a broader trend of capital flowing to the Permian Basin, one of the most active oil-producing regions in the United States. Centennial’s financial activities, including a $254 million debt-for-debt exchange and a $340 million private investment in public equity (PIPE) offering, underscore its commitment to funding ongoing exploration and production operations.

Centennial Resource Development operates within an industry that continues to allocate capital to new fossil fuel development. The Banking on Climate Chaos report notes that global banks have committed trillions in financing to the fossil fuel sector since the Paris Agreement, enabling the expansion of companies focused on oil and gas extraction. There is no public evidence of a corporate strategy to transition away from fossil fuel production or to align its business model with a net-zero emissions pathway.