Centennial Resource Development Inc. executives said the firm ramped up oil production and capitalized on high commodity prices in the second quarter, putting it in an enviable position as it nears the close of a $7 billion merger of equals.

centennial colgate map

The Denver-based company, focused mostly in the Permian Basin, agreed in May to a tie-up with Colgate Energy Partners III LLC in a deal slated to close as soon as this quarter.  

Centennial reported second-quarter oil production averaged 36,696 b/d, up from 31,912 b/d in the prior-year period. Total production during the quarter averaged 70,240 boe/d, up from 61,647 boe/d.

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“This provides us with very...