Centennial Resource Development Inc. and Colgate Energy Partners III LLC have completed a roughly $7 billion merger to create publicly traded exploration and production (E&P) firm Permian Resources Corp.

Executives said the Midland, TX-based independent is now the largest pure-play E&P in the Permian’s Delaware sub-basin, citing a “deep inventory of high-quality drilling locations” on roughly 180,000 net acres.

Permian Resources is led by co-CEOs Will Hickey, 35, and James Walter, 34, who co-founded privately held Colgate in 2015. The merger with publicly traded Centennial was announced in May.

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“Permian Resources brings together two...