Oil company merger to create $7B company but take headquarters out of Denver
A Denver oil company joins forces with a Texas counterpart in a merger, creating a $7 billion company headquartered in Lone Star state and focused on oil and gas exploration. Downtown Denver-based Centennial Resource Development Inc. (NYSE: CDEV) has agreed to a merger of equals with Midland, Texas-based Colgate Energy in a stock transaction that will locate the combined company in Midland, but Centennial Resource's office Development in Denver will be retained as the base for operating the new company. "This transformative combination significantly increases scale and drives growth in all of our key financial and operational metrics," said Sean Smith, chief executive officer of Centennial Resource Development, in a statement.
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