Financial Data and Key Metrics Changes - The company reported adjusted free cash flow of $146 million on a cash CapEx basis, with a base dividend of $0.05 per share amounting to $28 million deducted from this figure [2][83] - Total company production was 154,000 barrels of oil equivalent per day, with oil production at 78,000 barrels per day, and accrued capital expenditures of $360 million, all aligning with or exceeding expectations [21][22] - Adjusted EBITDAX for the quarter was $499 million, with total cash costs within 2023 guidance ranges, expected to trend lower as production increases [91] Business Line Data and Key Metrics Changes - The company executed a variable return program, delivering $85 million in total shareholder returns while reducing overall debt and completing accretive acquisitions [23][24] - The integration of Colgate and Centennial has been completed, leading to significant improvements in drilling and completion costs, cycle times, and overall cash operating costs [22] Market Data and Key Metrics Changes - The company added 3,000 barrels per day in oil swaps for the second half of 2023 at $77 per barrel, with hedges in place for approximately 30% of expected crude oil production at a weighted average floor price slightly above $82 [11] - The average net royalty interest across the portfolio is 78%, which allows for additional production and free cash flow for the same capital spend, significantly improving capital efficiency [28] Company Strategy and Development Direction - The company is focused on generating free cash flow, delivering shareholder returns, maintaining balance sheet strength, and optimizing its high-quality Delaware Basin asset base [8] - The strategy includes a commitment to return 50% of free cash flow to shareholders through dividends or buybacks, with a preference for variable dividends as the default method [10][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance despite a down quarter in Q1, anticipating a production growth of about 10% from Q4 of the previous year to Q4 of the current year [32] - The company views hedges as a strategic tool to ensure a baseline of free cash flow and to act opportunistically in the event of market downturns [53] Other Important Information - The company completed over 45 smaller transactions, with nearly 100% of acquired interests expected to be developed in the next 12 months, enhancing overall corporate returns [12][13] - The company has reduced net revolver borrowings by 20%, approximately $65 million during the quarter, and has over $1 billion of liquidity on its revolving credit facility [25] Q&A Session Summary Question: Discussion on royalty acreage value - Management highlighted the importance of higher net royalty interest (NRI) in realizing additional production and free cash flow, emphasizing the capital efficiency of their business model [19][31] Question: Production growth expectations - Management confirmed that while Q1 saw a down quarter, they are on track for a 10% production growth, with expectations for a linear increase through the year [32][63] Question: Return of capital strategy - The company reiterated its commitment to a balanced return of capital strategy, with a focus on variable dividends as the primary method, while remaining opportunistic with share buybacks [36][48] Question: Operational efficiencies and rig management - Management confirmed ongoing efficiencies that support the plan to drop one rig midyear while still achieving production targets [61][63] Question: Hedges and financial positioning - Management explained that hedges are a strategic part of their philosophy, providing a baseline for free cash flow and allowing for opportunistic actions in volatile markets [53][64] Question: Service provider negotiations and cost management - Management indicated that rig and frac pricing has stabilized, with no increases observed in recent quarters, contributing positively to their capital expenditure guidance [66][73]

[Glossary of Units of Measurements and Industry Terms](index=3&type=section&id=Glossary%20of%20Units%20of%20Measurements%20and%20Industry%20Terms) This section defines key abbreviations and terms used in the oil and natural gas industry throughout the report - This section provides definitions for abbreviations and terms commonly used in the oil and natural gas industry that are referenced throughout the report, such as Bbl (barrel), Boe (barrel of oil equivalent), and WTI (West Texas Intermediate)[9](index=9&type=chunk)[10](index=10&type=chunk)[24](index=24&type=chunk) [Cautionary Statement Concerning Forward-Looking Statements](index=5&type=section&id=Cautionary%20Statement%20Concerning%20Forward-Looking%20Statements) This statement highlights that forward-looking projections are subject to significant risks and uncertainties, including commodity price volatility - This report contains forward-looking statements regarding the company's strategy, future operations, financial position, and other projections. These statements are based on current expectations and are subject to risks and uncertainties[26](index=26&type=chunk) - Key risks and uncertainties that could cause actual results to differ materially include commodity price volatility, inflation, environmental risks, drilling and operating risks, regulatory changes, and the uncertainty in estimating reserves[27](index=27&type=chunk)[28](index=28&type=chunk) [Part I—FINANCIAL INFORMATION](index=7&type=section&id=Part%20I%E2%80%94FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2023 financial statements show significant growth in assets, equity, net income, and operating cash flow driven by increased oil and gas sales [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2023, shows total assets increased to **$8.72 billion**, with equity rising to **$5.81 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $443,995 | $463,790 | | **Total Property and Equipment, net** | $8,132,568 | $7,889,399 | | **TOTAL ASSETS** | **$8,723,158** | **$8,492,592** | | **Total Current Liabilities** | $681,998 | $605,569 | | **Long-term debt, net** | $2,042,916 | $2,140,798 | | **TOTAL LIABILITIES** | **$2,914,472** | **$2,836,296** | | **TOTAL EQUITY** | **$5,808,686** | **$5,656,296** | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2023 operations show **oil and gas sales surged 77% to $616.3 million**, driving net income to **$219.8 million** from $15.8 million year-over-year Consolidated Statement of Operations Summary (in thousands) | Account | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Oil and gas sales** | $616,268 | $347,277 | | **Total operating expenses** | $380,134 | $182,222 | | **Income from operations** | $236,200 | $165,137 | | **Net gain (loss) on derivative instruments** | $54,512 | $(129,523) | | **Net income (loss)** | $219,801 | $15,802 | | **Net income attributable to Class A Common Stock** | $102,120 | $15,802 | | **Basic EPS (Class A)** | $0.35 | $0.06 | | **Diluted EPS (Class A)** | $0.31 | $0.05 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2023 operating cash flow significantly increased to **$438.2 million**, fully funding investing activities, while financing activities led to a net cash decrease Consolidated Statement of Cash Flows Summary (in thousands) | Account | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $438,213 | $160,120 | | **Net cash used in investing activities** | $(292,128) | $(84,088) | | **Net cash provided by (used in) financing activities** | $(189,863) | $(34,788) | | **Net increase (decrease) in cash** | $(43,778) | $41,244 | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes provide detailed information on significant accounting policies, financial instruments, and key Q1 2023 transactions including acquisitions, divestitures, and capital returns - On February 16, 2023, the company acquired approximately 4,000 net leasehold acres and 3,300 net royalty acres for an unadjusted purchase price of **$98 million** in Lea County, New Mexico[63](index=63&type=chunk) - On March 13, 2023, the company sold its saltwater disposal wells and associated infrastructure for **$125 million** in cash, with $60 million being contingent on future performance obligations[67](index=67&type=chunk) Long-Term Debt Summary (in thousands) | Debt Instrument | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Credit Facility due 2027 | $285,000 | $385,000 | | Senior Notes, net | $1,757,916 | $1,755,798 | | **Total long-term debt, net** | **$2,042,916** | **$2,140,798** | - In March 2023, the company declared and paid a cash dividend of **$0.05 per share** of Class A Common Stock and a distribution of **$0.05 per Common Unit**, totaling **$28.1 million**[147](index=147&type=chunk) - During Q1 2023, the company repurchased **2.8 million Common Units** (and underlying Class C Common Stock) for **$29.4 million** under its stock repurchase program[149](index=149&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 revenue growth driven by production volume increases, offsetting lower commodity prices, with capital expenditures fully funded by operating cash flow [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2023 net revenues rose **77%** due to a **151% production increase**, despite lower commodity prices, while operating expenses increased with scale Production and Revenue Comparison | Metric | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | **Oil and gas sales (in thousands)** | $616,268 | $347,277 | 77% | | **Total Net Production (MBoe)** | 13,844 | 5,522 | 151% | | **Average Daily Production (Boe/d)** | 153,822 | 61,359 | 151% | Average Realized Sales Price Comparison | Commodity | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | **Oil (per Bbl)** | $74.38 | $89.17 | (17)% | | **Natural Gas (per Mcf)** | $1.81 | $3.93 | (54)% | | **NGL (per Bbl)** | $27.12 | $49.37 | (45)% | Operating Expense Comparison (per Boe) | Expense | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | **Lease operating expenses** | $5.38 | $5.20 | 3% | | **Gathering, processing & transportation** | $1.12 | $3.96 | (72)% | - Interest expense increased by **$23.6 million** year-over-year, primarily due to **$16.1 million** in interest from senior notes assumed in the Merger and **$7.6 million** from higher borrowings and interest rates on the credit facility[204](index=204&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) Q1 2023 operating cash flow of **$438.2 million** fully funded capital expenditures, with **$1.2 billion** available under the credit facility for future liquidity - Total capital expenditures incurred for Q1 2023 were **$359.8 million**, funded entirely from cash flows from operations[212](index=212&type=chunk) - The company plans to return capital to shareholders via base dividends, variable dividends, and share repurchases. In Q1 2023, it paid **$28.1 million** in dividends/distributions and repurchased **$29.4 million** of stock[213](index=213&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash from operating activities** | $438,213 | $160,120 | | **Net cash used in investing activities** | $(292,128) | $(84,088) | | **Net cash used in financing activities** | $(189,863) | $(34,788) | | **Net increase (decrease) in cash** | $(43,778) | $41,244 | - As of March 31, 2023, the company had **$1.2 billion** in available borrowing capacity under its credit facility, which has a borrowing base of **$2.5 billion** and elected commitments of **$1.5 billion**[73](index=73&type=chunk)[221](index=221&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from commodity price volatility and interest rate fluctuations, mitigated by derivative instruments and impacting revenues and interest expense - Based on Q1 2023 production, a **10% change in commodity prices** would impact quarterly oil and gas sales by: - Oil: **$52.4 million** - Natural Gas: **$3.2 million** - NGLs: **$6.0 million**[240](index=240&type=chunk) - As of March 31, 2023, the company had substantial derivative contracts in place for crude oil and natural gas, including swaps and collars, extending into 2025 to hedge against price volatility[242](index=242&type=chunk)[243](index=243&type=chunk) - The company had **$285.0 million** of variable-rate debt outstanding as of March 31, 2023. A **1.0% change** in the weighted average interest rate would impact annual interest expense by approximately **$2.9 million**[253](index=253&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting - The company's principal executive and financial officers concluded that disclosure controls and procedures were effective as of March 31, 2023[256](index=256&type=chunk) - No changes occurred during Q1 2023 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[257](index=257&type=chunk) [Part II—OTHER INFORMATION](index=45&type=section&id=Part%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in a legal dispute regarding Winter Storm Uri, with a potential loss ranging from zero to **$7.6 million** considered reasonably possible - The company is involved in a lawsuit with a transportation provider regarding unutilized pipeline capacity during Winter Storm Uri. A loss is considered reasonably possible, with potential exposure ranging from zero to **$7.6 million**[166](index=166&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K - The company states there have been no material changes in its risk factors from those described in its 2022 Annual Report[261](index=261&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2023, the company repurchased **2.75 million shares** for **$29.4 million**, with **$470.6 million** remaining available under the repurchase program Issuer Purchases of Equity Securities (Q1 2023) | Period | Total Shares Purchased | Average Price Paid per Share | Total Cost (in millions) | | :--- | :--- | :--- | :--- | | Jan 2023 | — | $— | $— | | Feb 2023 | — | $— | $— | | Mar 2023 | 2,750,000 | $10.70 | $29.4 | - The stock repurchase program was increased to **$500 million** and extended through December 31, 2024, in connection with the Merger. As of March 31, 2023, **$470.6 million** remained available under the program[263](index=263&type=chunk) [Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including credit agreement amendments and officer certifications

Part I This section provides an overview of Permian Resources' business, asset portfolio, operational performance, and the key risks it faces [Business and Properties](index=9&type=section&id=Items%201%20and%202.%20Business%20and%20Properties) Permian Resources is an independent oil and gas company focused on the Delaware Basin. The company's scale was significantly increased by the September 2022 merger with Colgate Energy, which added substantial acreage and production. As of year-end 2022, the company holds approximately 176,380 net leasehold acres, with 96% held by production, providing significant operational flexibility. Total proved reserves more than doubled in 2022, driven by the merger and successful drilling. The company markets its production to a few key purchasers and is subject to extensive federal and state regulations, particularly concerning environmental and safety matters Company Overview and Business Combination Permian Resources, an independent oil and gas company, significantly expanded its scale through the September 2022 merger with Colgate Energy, adding substantial acreage and production - Permian Resources is an independent oil and natural gas company focused on the acquisition, optimization, and development of reserves in the Delaware Basin[46](index=46&type=chunk) - On September 1, 2022, the company completed a merger of equals with Colgate Energy Partners III, LLC ("Colgate"). In connection with the merger, the company changed its name from Centennial Resource Development, Inc. to Permian Resources Corporation and its ticker to "PR"[48](index=48&type=chunk)[49](index=49&type=chunk) - The merger added approximately **105,000 net leasehold acres** and **25,000 net royalty acres**. Colgate's former equity holders received **269.3 million shares** of Class C Common Stock and **$525 million** in cash, resulting in an approximate **48% noncontrolling interest** in the operating subsidiary, OpCo[48](index=48&type=chunk)[256](index=256&type=chunk) Asset Portfolio and Operations The company holds extensive net leasehold and royalty acres, primarily operated and held by production, with a high success rate in development wells - As of December 31, 2022, the company holds approximately **176,380 net leasehold acres** and **40,000 net royalty acres**, with **96% operated** and **96% held by production**. Assets are concentrated in West Texas (Reeves, Ward counties) and New Mexico (Lea, Eddy counties)[50](index=50&type=chunk) - As of December 31, 2022, the company had an interest in **966 gross operated productive wells** and **322 gross non-operated productive wells**[62](index=62&type=chunk) - In 2022, the company placed **95 development wells** into production with a **97% success rate** (3 wells were dry due to mechanical issues)[66](index=66&type=chunk)[67](index=67&type=chunk) Proved Oil and Gas Reserves Proved reserves more than doubled in 2022, driven by the Colgate merger and successful drilling, with PUDs scheduled for development within five years Proved Reserves and PV-10 (as of Dec 31) | | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Total Proved Reserves (MBoe)** | **582,146** | **305,204** | **298,902** | | - Oil (MBbls) | 287,032 | 153,453 | 150,492 | | - Natural Gas (MMcf) | 1,033,571 | 577,005 | 527,787 | | - NGL (MBbls) | 122,851 | 55,583 | 60,445 | | Proved Developed % | 59% | 53% | 50% | | **Pre-tax PV 10% (in millions)** | **$11,714.7** | **$3,877.5** | **$1,189.1** | - Proved undeveloped (PUD) reserves increased by **99.0 MMBoe** in 2022, primarily due to the acquisition of **132.7 MMBoe** from the Colgate merger and **77.8 MMBoe** from extensions and discoveries. This was offset by the conversion of **55.6 MMBoe** to proved developed reserves and negative revisions of **55.1 MMBoe**, mainly from development plan changes post-merger[54](index=54&type=chunk) - All PUD locations are scheduled to be drilled within five years of their initial booking. The company spent **$445.2 million** in 2022 to convert **55.6 MMBoe** of PUDs to proved developed reserves[54](index=54&type=chunk) - Proved reserves are estimated by the independent engineering firm Netherland, Sewell & Associates, Inc. (NSAI)[56](index=56&type=chunk) Production and Operating Data The company's production volumes and average sales prices significantly increased in 2022, alongside higher operating costs per Boe Annual Production and Price Summary | | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- |\ | **Net Production** | | | | | Oil (MBbls) | 18,235 | 11,701 | 13,207 | | Natural Gas (MMcf) | 59,692 | 40,741 | 41,302 | | NGL (MBbls) | 6,750 | 3,752 | 4,490 | | **Total (MBoe)** | **34,934** | **22,243** | **24,581** | | **Average Sales Price (per Boe)** | **$61.01** | **$46.30** | **$23.61** | | **Operating Costs (per Boe)** | | | | | Lease Operating Expenses | $4.92 | $4.78 | $4.45 | | Severance & Ad Valorem Taxes | $4.46 | $3.02 | $1.60 | Marketing, Customers, and Competition The company markets production to key purchasers, with significant firm sales agreements, and operates in a highly competitive industry Significant Customers (% of Total Net Revenues) | Purchaser | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | BP America | 34% | 50% | 47% | | Shell Trading (US) Company | 21% | 22% | 20% | | Enterprise Crude Oil, LLC | 18% | —% | 4% | - The company has firm sales agreements for crude oil totaling **27.4 million barrels** from 2023 through 2025, with a financial ship-or-pay penalty on **29,000 Bbls/d** through May 2025[68](index=68&type=chunk) - The oil and natural gas industry is highly competitive. The company competes with major integrated and independent companies for acquisitions, development, operations, and marketing[72](index=72&type=chunk) Regulatory Environment Operations are subject to extensive federal and state regulations, with increasing risks from climate change policies and evolving hydraulic fracturing rules - Operations are subject to extensive federal, state, and local laws regulating drilling, production, water disposal, and well abandonment. This includes regulations from authorities like the EPA and FERC[75](index=75&type=chunk) - The company faces increasing regulatory risks related to climate change, including potential restrictions on GHG emissions (methane) and new disclosure requirements from the SEC, which could increase costs and reduce demand[77](index=77&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - Hydraulic fracturing is subject to evolving state and federal regulation. New restrictions on the process, water usage, or wastewater disposal (due to seismic activity concerns) could increase costs and cause operational delays[102](index=102&type=chunk)[115](index=115&type=chunk)[202](index=202&type=chunk) Human Capital The company employs 218 full-time staff and is committed to workforce diversity - As of February 7, 2023, the company had **218 full-time employees** and hires independent contractors as needed[127](index=127&type=chunk) - The company is committed to a diverse workforce. As of early 2023, approximately **36% of employees identify as female** and **22% as non-white**[129](index=129&type=chunk)[130](index=130&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks, primarily from the volatility of oil, natural gas, and NGL prices, inherent uncertainties in reserve estimation, operational hazards, financial leverage, and extensive evolving regulations Risks Related to Commodity Prices and Reserves Financial results are highly sensitive to volatile commodity prices, and reserve estimates carry inherent inaccuracies and development risks for PUDs - The company's financial results are heavily influenced by volatile commodity prices, which are affected by global supply/demand, OPEC actions, and geopolitical conditions. A sustained price decline could adversely affect revenues, cash flows, and capital access[137](index=137&type=chunk)[139](index=139&type=chunk) - Estimating oil and gas reserves is a complex process with inherent inaccuracies. Any material inaccuracies in these estimates, which depend on geological data and economic assumptions, could significantly affect the company's reported asset values[141](index=141&type=chunk) - As of December 31, 2022, **41% of total estimated proved reserves** were classified as proved undeveloped (PUD). The development of these PUDs is subject to risks such as cost increases, development delays, and commodity price declines, which could lead to reclassification or write-downs[146](index=146&type=chunk) Risks Related to Operations Operational risks include high-risk drilling activities, geographic concentration in the Delaware Basin, and reliance on third-party infrastructure with minimum volume commitments - Drilling for and producing oil and gas are high-risk activities with uncertainties that could adversely affect financial results. The company may not be adequately insured against all operational risks[154](index=154&type=chunk) - Operations are geographically concentrated in the Delaware Basin, making the company vulnerable to regional risks like transportation constraints, water shortages, and localized market conditions[165](index=165&type=chunk) - The marketability of production depends on third-party transportation and facilities. Any interruption or lack of access to these facilities could reduce revenues[166](index=166&type=chunk) - The company has multi-year agreements with minimum volume commitments. Failure to meet these commitments could lead to contractual penalties[167](index=167&type=chunk) Risks Related to Financials and Capital Financial risks stem from derivative activities, substantial long-term debt, and restrictive covenants that limit financial flexibility - Derivative activities used for hedging could result in financial losses or reduced earnings, particularly if production is less than hedged volumes or if counterparties fail to perform[179](index=179&type=chunk)[180](index=180&type=chunk) - As of December 31, 2022, the company had approximately **$2.1 billion** of total long-term debt. This leverage could limit operational flexibility, increase vulnerability to economic downturns, and restrict the ability to obtain additional financing[185](index=185&type=chunk) - Debt agreements contain restrictive covenants that limit the ability to incur more debt, make investments, and sell assets. Failure to comply could result in default and acceleration of debt payments[189](index=189&type=chunk)[191](index=191&type=chunk) Risks Related to Regulatory and ESG Matters Regulatory and ESG risks include increasing costs from climate change laws, evolving hydraulic fracturing regulations, and negative investor sentiment towards the industry - Climate change laws and regulations restricting GHG emissions could increase costs and reduce demand for oil and gas. The Biden administration's policies and international agreements like the Paris Agreement pose significant regulatory risk[198](index=198&type=chunk)[201](index=201&type=chunk) - Federal, state, and local initiatives related to hydraulic fracturing could result in increased costs, operating restrictions, or delays in well completions[202](index=202&type=chunk) - A negative shift in investor sentiment towards the oil and gas industry due to ESG concerns could adversely impact the company's stock price and access to capital markets[213](index=213&type=chunk)[215](index=215&type=chunk) Risks Related to the Merger and Corporate Structure Risks include significant shareholder influence, challenges in integrating the Colgate business, and adapting a former private company to public reporting standards - Principal stockholders (NGP, Pearl, Riverstone) hold substantial voting power (**~21%**, **16%**, and **13%** respectively), allowing them to strongly influence corporate actions[220](index=220&type=chunk) - The failure to successfully integrate the business and operations of Colgate in the expected time frame may adversely affect future results[233](index=233&type=chunk) - Integrating Colgate, a former private company, into a public company's internal control and reporting framework may require significant resources and management attention[235](index=235&type=chunk) [Legal Proceedings](index=43&type=section&id=Item%203.%20Legal%20Proceedings) The company is exposed to various legal and environmental risks, including a settled air emissions issue with the EPA and an ongoing dispute related to Winter Storm Uri - In September 2022, the company agreed to a Consent Agreement and Final Order (CAFO) with the U.S. Environmental Protection Agency (EPA) to resolve an air emissions issue, assessing penalties of **$610,000**[239](index=239&type=chunk) - The company is in a legal dispute with a transportation provider over force majeure declarations during Winter Storm Uri in February 2021. The company believes a loss is reasonably possible, with a potential range from zero to **$7.6 million**[561](index=561&type=chunk) Part II This section details the company's financial performance, liquidity, capital resources, market risks, and audited financial statements [Market for Common Equity and Shareholder Matters](index=43&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Following the Colgate merger on September 1, 2022, the company's Class A Common Stock moved to the NYSE, initiating a stock repurchase program and a shareholder return framework including a base dividend - Following the merger, the company's Class A Common Stock was transferred to the New York Stock Exchange (NYSE) under the ticker symbol "PR" on September 1, 2022[242](index=242&type=chunk) - The Board of Directors authorized a stock repurchase program, which was increased to **$500 million** in connection with the merger and extended through December 31, 2024. No shares were repurchased under the program in 2022[246](index=246&type=chunk)[529](index=529&type=chunk) - The company initiated a capital return program, declaring its first cash dividend of **$0.05 per share** in November 2022. A variable return program, distributing at least **50% of free cash flow** after the base dividend, is planned to begin in Q2 2023 based on Q1 2023 results[247](index=247&type=chunk) [Management's Discussion and Analysis (MD&A)](index=45&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company's financial performance in 2022 was significantly enhanced by the Colgate merger and strong commodity prices, leading to substantial revenue and net income growth, with strong liquidity funding capital expenditures 2022 Highlights and Strategic Developments Key strategic events in 2022 included the Colgate merger, asset acquisitions and divestitures, and significant financing activities - The merger with Colgate, completed on September 1, 2022, was the key strategic event, significantly increasing the company's operational and financial scale[254](index=254&type=chunk)[255](index=255&type=chunk) - In December 2022, the company agreed to acquire **~4,000 net leasehold acres** in Lea County, NM for **$98 million** and completed the sale of **~3,500 net non-operated acres** in Reeves County, TX for **$60 million**[257](index=257&type=chunk)[258](index=258&type=chunk) - Financing highlights include amending and upsizing the credit facility to a **$1.5 billion commitment** with a **$2.5 billion borrowing base**, increasing the stock repurchase program to **$500 million**, and declaring the first cash dividend of **$0.05 per share**[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk) Results of Operations (2022 vs 2021) Total revenues and net income significantly increased in 2022 due to higher production volumes and commodity prices, alongside rising operating expenses Revenue and Production Comparison (2022 vs 2021) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | **Total Oil and Gas Sales (in thousands)** | **$2,131,265** | **$1,029,892** | **107%** | | Oil Sales (in thousands) | $1,622,035 | $743,069 | 118% | | Natural Gas Sales (in thousands) | $276,957 | $149,478 | 85% | | NGL Sales (in thousands) | $232,273 | $137,345 | 69% | | **Total Production (MBoe)** | **34,934** | **22,243** | **57%** | Operating Expense Comparison (2022 vs 2021) | Expense (in thousands) | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Lease Operating Expenses | $171,867 | $106,419 | 62% | | Severance and Ad Valorem Taxes | $155,724 | $67,140 | 132% | | Gathering, Processing, & Transportation | $97,915 | $85,896 | 14% | | Depreciation, Depletion & Amortization | $444,678 | $289,122 | 54% | | General & Administrative | $159,554 | $110,454 | 44% | | Merger and Integration Expense | $77,424 | $— | N/A | - Net income attributable to Class A Common Stock increased to **$515.0 million** (**$1.80/basic share**) in 2022, compared to **$138.2 million** (**$0.49/basic share**) in 2021[371](index=371&type=chunk)[534](index=534&type=chunk) Liquidity and Capital Resources Operating cash flow significantly increased in 2022, funding capital expenditures, with strong liquidity and a substantial credit facility Cash Flow Summary (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,371,671 | $525,619 | | Net cash used in investing activities | ($1,205,049) | ($226,476) | | Net cash (used in) provided by financing activities | ($106,625) | ($297,547) | - Total capital expenditures for 2022 were **$779.4 million**. The 2023 capex budget is projected to be between **$1.1 billion and $1.2 billion**, expected to be funded entirely from cash flows from operations[290](index=290&type=chunk) - As of Dec 31, 2022, the company had **$385.0 million** in borrowings outstanding under its credit facility and **$1.1 billion** in available borrowing capacity[302](index=302&type=chunk) Contractual Obligations Summary (as of Dec 31, 2022, in thousands) | Obligation Type | Total Commitment | | :--- | :--- | | Operating leases | $80,243 | | Purchase obligations | $48,652 | | Asset retirement obligations | $40,947 | | Long term debt obligations | $2,200,799 | | Cash interest on debt | $639,765 | [Market Risk Disclosures](index=58&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are commodity price volatility and interest rate fluctuations, mitigated by derivative instruments for a portion of expected production - The company's primary market risk is commodity price volatility. Based on 2022 production, a **10% change in oil prices** would change annual sales by **$162.2 million**, a **10% change in NGL prices** by **$27.7 million**, and a **10% change in natural gas prices** by **$23.2 million**[329](index=329&type=chunk) Summary of Hedging Positions as of Dec 31, 2022 | Commodity | Instrument Type | 2023 Hedged Volume (Avg Daily) | 2024 Hedged Volume (Avg Daily) | | :--- | :--- | :--- | :--- | | Crude Oil | Swaps & Collars | ~25,500 Bbls/d | ~19,000 Bbls/d | | Natural Gas | Swaps & Collars | ~93,000 MMBtu/d | ~20,000 MMBtu/d | - The company is exposed to interest rate risk on its **$385.0 million** of borrowings under its SOFR-based credit facility. A **1.0% change** in the weighted average interest rate would impact annual interest expense by approximately **$3.9 million**[337](index=337&type=chunk)[338](index=338&type=chunk) [Financial Statements and Supplementary Data](index=62&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The audited consolidated financial statements reflect a significant transformation in 2022 due to the Colgate merger, showing substantial growth in assets, liabilities, net income, and proved oil and gas reserves Consolidated Financial Statements Overview The company's financial position and performance significantly expanded in 2022, driven by the Colgate merger, with substantial increases in assets, liabilities, and net income Key Financial Data (in thousands) | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Balance Sheet** | | | | Total Assets | $8,492,592 | $3,804,594 | | Total Liabilities | $2,836,296 | $1,053,874 | | Total Equity | $5,656,296 | $2,750,720 | | **Income Statement (FY)** | | | | Total Operating Revenues | $2,131,265 | $1,029,892 | | Income from Operations | $1,007,536 | $370,618 | | Net Income | $749,840 | $138,175 | Note 2—Business Combination The Colgate merger, accounted for as a business combination, involved significant noncontrolling interest and cash consideration, acquiring substantial oil and gas properties and assuming debt Colgate Merger Consideration (in thousands) | Consideration Component | Value | | :--- | :--- | | Fair value of noncontrolling interest (Class C Stock) | $1,967,053 | | Cash consideration | $525,000 | | **Total Merger Consideration** | **$2,492,053** | - The merger was accounted for as a business combination. Key assets acquired included **$3.3 billion** in proved oil and gas properties and **$633 million** in unproved properties. Key liabilities assumed included **$1.35 billion** in long-term debt[418](index=418&type=chunk)[423](index=423&type=chunk) Note 5—Long-Term Debt The company's long-term debt portfolio as of December 31, 2022, comprises various senior notes and a credit facility, totaling over $2.1 billion net Long-Term Debt Composition (Dec 31, 2022, in thousands) | Instrument | Carrying Value | | :--- | :--- | | Credit Facility due 2027 | $385,000 | | 5.375% Senior Notes due 2026 | $289,448 | | 7.750% Senior Notes due 2026 (assumed) | $300,000 | | 6.875% Senior Notes due 2027 | $356,351 | | 3.25% Convertible Senior Notes due 2028 | $170,000 | | 5.875% Senior Notes due 2029 (assumed) | $700,000 | | Less: Unamortized costs/discount | ($60,001) | | **Total Long-Term Debt, Net** | **$2,140,798** | Supplemental Oil & Natural Gas Producing Activities (Unaudited) Proved reserves significantly increased in 2022, primarily due to acquisitions, leading to a substantial rise in the standardized measure of discounted future net cash flows Changes in Proved Reserves (MBoe) | | 2022 | 2021 | | :--- | :--- | :--- | | **Balance, Beginning of Year** | **305,204** | **298,902** | | Extensions and discoveries | 95,346 | 34,950 | | Revisions to previous estimates | (50,027) | (1,868) | | Purchases of reserves in place | 272,879 | — | | Divestitures of reserves in place | (6,322) | (4,537) | | Production | (34,934) | (22,243) | | **Balance, End of Year** | **582,146** | **305,204** | Standardized Measure of Discounted Future Net Cash Flows (in thousands) | | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Future cash inflows | $36,444,649 | $13,224,260 | | Less: Future development & production costs | ($12,432,904) | ($5,389,668) | | Less: Future income tax expenses | ($4,821,696) | ($1,162,657) | | Future net cash flows | $19,190,049 | $6,671,935 | | 10% discount to reflect timing | ($9,764,471) | ($3,275,615) | | **Standardized Measure** | **$9,425,578** | **$3,396,320** | Part III & IV This section covers the company's internal controls, corporate governance, and other required disclosures [Controls, Governance, and Other Disclosures](index=107&type=section&id=Controls%2C%20Governance%2C%20and%20Other%20Disclosures) The company's management, including its principal executive and financial officers, concluded that disclosure controls and procedures were effective as of December 31, 2022. The assessment of internal control over financial reporting excluded the recently acquired Colgate business, as permitted by SEC rules. Detailed information regarding directors, executive compensation, security ownership, and principal accountant fees is incorporated by reference from the company's definitive proxy statement for its 2023 annual meeting - Management concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of December 31, 2022[597](index=597&type=chunk) - Management's assessment of internal control over financial reporting as of December 31, 2022, concluded that controls were effective. This assessment excluded the internal controls of Colgate, acquired on September 1, 2022, which represented approximately **50% of total assets**[601](index=601&type=chunk)[602](index=602&type=chunk) - Information required for Items 10 (Directors, Executive Officers and Corporate Governance), 11 (Executive Compensation), 12 (Security Ownership), 13 (Certain Relationships), and 14 (Principal Accountant Fees) is incorporated by reference from the company's 2023 definitive proxy statement[607](index=607&type=chunk)[608](index=608&type=chunk)[609](index=609&type=chunk)[610](index=610&type=chunk)[611](index=611&type=chunk)

Permian Resources Corp (NYSE:PR) Q4 2022 Earnings Conference Call February 23, 2023 9:00 AM ET Company Participants Hays Mabry – Senior Director-Investor Relations Will Hickey – Co-Chief Executive Officer George Glyphis – Chief Financial Officer Guy Oliphint – Incoming Chief Financial Officer James Walter – Co-Chief Executive Officer Conference Call Participants Derrick Whitfield – Stifel Neal Dingmann – Truist security Zach Parham – JPMorgan Leo Mariani – ROTH Operator Good morning, and welcome to the Perm ...

Financial Performance - Net income attributable to Class A Common Stock for FY'22 was $515037 thousand[3] - Net income attributable to noncontrolling interest for FY'22 was $234803 thousand[3] - Adjusted EBITDAX for FY'22 was $1516294 thousand[3] - Q4'22 average daily production was 158208 Boe/d, exceeding guidance[15] - Q4'22 average daily oil production was 81378 Bo/d, with oil accounting for 51% of production[15] - Q4'22 Adjusted EBITDAX was $621 million[15] - Q4'22 adjusted free cash flow was $256 million[15] Operational Highlights and Guidance - The company is running 7 drilling rigs with plans to reduce to 6 rigs during Q2'23[29] - FY'23 total production is guided to be between 155000 and 168000 MBoe/d[31] - FY'23 oil production is guided to be between 82000 and 88000 MBo/d[34] - FY'23 capital program is estimated to be between $125 billion and $145 billion[40] Portfolio Optimization - Executed portfolio optimization transactions, generating ~$100 million of net cash proceeds[14]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-37697 PERMIAN RESOURCES CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 47-5381253 (State of Incorporation) ...

Part I—FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited financial statements show significant revenue and net income growth driven by higher commodity prices [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $4.22 billion, driven by increased cash, while shareholders' equity rose to $2.97 billion Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $349,879 | $86,535 | | Cash and cash equivalents | $201,092 | $9,380 | | **Total Assets** | **$4,224,030** | **$3,804,594** | | **Total Current Liabilities** | $316,101 | $167,899 | | Long-term debt, net | $801,849 | $825,565 | | **Total Liabilities** | **$1,254,462** | **$1,053,874** | | **Total Shareholders' Equity** | **$2,969,568** | **$2,750,720** | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) A significant profitability turnaround resulted in a Q2 2022 net income of $191.8 million, driven by doubled sales revenue Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Oil and gas sales | $472,654 | $232,577 | $819,931 | $424,968 | | Total operating expenses | $189,560 | $171,453 | $371,782 | $329,856 | | Income (loss) from operations | $281,688 | $67,099 | $446,825 | $101,131 | | Net income (loss) | $191,826 | $(25,055) | $207,628 | $(59,700) | | Diluted EPS | $0.60 | $(0.09) | $0.66 | $(0.21) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net operating cash flow surged to $455.1 million for the six-month period, reflecting higher commodity prices Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $455,099 | $179,625 | | Net cash used in investing activities | $(228,603) | $(127,076) | | Net cash used in financing activities | $(34,784) | $(53,644) | | **Net increase (decrease) in cash** | **$191,712** | **$(1,095)** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Disclosures detail the pending Colgate merger, debt structure, hedging instruments, and key contingencies - On May 19, 2022, the company entered into a Business Combination Agreement for a **merger of equals with Colgate Energy Partners III, LLC**[65](index=65&type=chunk)[67](index=67&type=chunk) - In February 2022, the company entered into an amended five-year secured credit facility, increasing elected commitments to **$750 million** and the borrowing base to **$1.15 billion**[72](index=72&type=chunk) - The company has a potential contingency loss ranging from **zero to $7.6 million** related to a lawsuit concerning Winter Storm Uri[158](index=158&type=chunk) - Subsequent to the quarter end, the company amended its Credit Agreement, increasing elected commitments to **$1.5 billion** and the borrowing base to **$2.5 billion** upon the merger's closing[168](index=168&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Favorable market conditions drove substantial revenue growth, funding capital expenditures and debt repayment - The company entered into a **merger of equals agreement with Colgate Energy Partners III, LLC**, expected to close after the August 29, 2022 shareholder meeting[176](index=176&type=chunk)[178](index=178&type=chunk) - During H1 2022, the company operated a **two-rig drilling program**, completing 31 gross operated wells[179](index=179&type=chunk) - A **$350 million stock repurchase program** was authorized in February 2022, but no repurchases have been made due to merger-related restrictions[181](index=181&type=chunk) - The 2022 standalone capital expenditure budget is projected between **$365 million and $425 million**, expected to be fully funded by operating cash flows[229](index=229&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q2 revenue increased 103% to $472.7 million, driven by higher realized oil prices and production volumes Q2 2022 vs Q2 2021 Performance | Metric | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | Oil and gas sales | $472.7M | $232.6M | 103% | | Average realized oil price (per Bbl) | $104.69 | $60.99 | 72% | | Total average daily production (Boe/d) | 70,240 | 61,647 | 14% | | Net Income | $191.8M | $(25.1)M | N/A | H1 2022 vs H1 2021 Performance | Metric | H1 2022 | H1 2021 | % Change | | :--- | :--- | :--- | :--- | | Oil and gas sales | $819.9M | $425.0M | 93% | | Average realized oil price (per Bbl) | $97.42 | $57.08 | 71% | | Total average daily production (Boe/d) | 65,824 | 57,945 | 14% | | Net Income | $207.6M | $(59.7)M | N/A | - **Lease Operating Expenses (LOE) per Boe increased** due to higher electricity and workover costs[189](index=189&type=chunk)[210](index=210&type=chunk) - **Severance and ad valorem taxes as a percentage of revenue increased to 7.3%** in H1 2022, driven by higher production from New Mexico[191](index=191&type=chunk)[212](index=212&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) Strong operating cash flow of $455.1 million funded capital expenditures and eliminated credit facility borrowings Cash Flow and Capital Expenditure Summary (H1 2022) | Metric | Amount (in millions) | | :--- | :--- | | Net cash provided by operating activities | $455.1 | | Total capital expenditures incurred | $255.3 | | Net repayment of credit facility borrowings | $25.0 | - As of June 30, 2022, the company had **no borrowings outstanding** under its credit facility and an available borrowing capacity of **$744.2 million**[237](index=237&type=chunk) - The pending merger with Colgate will involve **assuming $1.0 billion of Colgate's senior notes** and potentially borrowing to fund the **$525 million cash consideration**[230](index=230&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages commodity price volatility through derivative instruments and has limited interest rate risk - A **10% change in commodity prices** would impact H1 2022 oil and gas sales by approximately **$82.0 million**[255](index=255&type=chunk) - The company uses **derivative instruments** to mitigate price risk, with swaps and collars in place through March 2024[256](index=256&type=chunk)[257](index=257&type=chunk)[258](index=258&type=chunk) - The company is exposed to interest rate risk through its variable-rate Credit Agreement but had **no borrowings outstanding** as of June 30, 2022[262](index=262&type=chunk)[263](index=263&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - The principal executive and financial officers concluded that the company's **disclosure controls and procedures were effective** as of June 30, 2022[265](index=265&type=chunk) - **No material changes** occurred during the quarter that are reasonably likely to materially affect the company's internal control over financial reporting[266](index=266&type=chunk) Part II—OTHER INFORMATION [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company faces a legal dispute related to Winter Storm Uri with a potential loss exposure of up to $7.6 million - The company is involved in a legal dispute regarding unused pipeline capacity during Winter Storm Uri, with a reasonably possible loss estimated between **zero and $7.6 million**[158](index=158&type=chunk)[268](index=268&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) Key risks relate to the pending merger with Colgate, including completion uncertainty and integration challenges - The merger with Colgate is subject to closing conditions and may be terminated, potentially requiring a **termination fee of $72.0 million**[270](index=270&type=chunk)[273](index=273&type=chunk) - The **merger consideration is fixed** and will not be adjusted for changes in market price, creating valuation risk[275](index=275&type=chunk) - The company will incur **additional indebtedness** to fund the $525 million cash portion of the merger and will assume **$1.0 billion of Colgate's senior notes**[288](index=288&type=chunk) - **Integrating Colgate**, a private company, into a public reporting structure may require significant resources and increase compliance costs[297](index=297&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including the Business Combination Agreement and Credit Agreement amendments - Key exhibits filed include the **Business Combination Agreement** dated May 19, 2022, and the First Amendment to the Credit Agreement dated July 15, 2022[302](index=302&type=chunk)

Centennial Resource Development, Inc. (CDEV) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET Company Participants Sean Smith - CEO George Glyphis - EVP & CFO Matthew Garrison - EVP & COO Hays Mabry - Senior Director, Investor Relations Conference Call Participants Scott Hanold - RBC Capital Markets John Annis - Stifel Financial Corp. Danny Pelton - Truist Securities Operator Good morning and welcome to the Centennial Resource Development's Conference Call to discuss its Second Quarter 2022 earni ...

AUGUST 3, 2022 1 1) Footer(s) Second Quarter 2022 Earnings Presentation Important Information Forward-Looking Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues a ...

CENTENNIAL MAY 19, 2022 1) Footer(s)Transformational Combination of Centennial & Colgate Important Information 1) Footer(s) Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this presentation regarding the proposed business combination between Centennial and Colga ...