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Oil company merger to create $7B company but take headquarters out of Denver

·3 min read
Oil company merger to create $7B company but take headquarters out of Denver
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A Denver oil company is combining with a Texas counterpart in a merger creating a $7 billion business headquartered in and focused on oil and gas production in the Lone Star State. Centennial Resource Development Inc. (NYSE: CDEV), based in downtown Denver, agreed to a merger of equals with Midland, Texas-based Colgate Energy in a stock transaction that will base the combined company in Midland but retain Centennial Resource Development’s office in Denver as a base for the new company’s operations. “This transformative combination significantly increases scale and drives accretion across all our key financial and operating metrics,” said Sean Smith, chief executive officer of Centennial Resource Development, in a statement.