Centennial Resource Development, Inc. announced that Mark G. Papa to retire as Chairman and Chief Executive Officer, effective May 31, 2020, Sean R. Smith will succeed Mr. Papa as Chief Executive Officer effective June 1, 2020 and Steven J. Shapiro to be named non-executive Chairman of the Board. Additionally, Matt R. Garrison has been appointed by the Board to serve as Vice President and Chief Operating Officer, also effective June 1, 2020. Mr. Garrison currently serves as the Company's Vice President of Geosciences, a position he has held since 2016. In addition to being responsible for the geologic oversight of the Company's drilling activity, Mr. Garrison was a key figure in the delineation and development of the Third Bone Spring Sand in Reeves County, Texas, as well as the strategic entry into Lea County, New Mexico. Prior to joining Centennial, Mr. Garrison spent nine years at EOG Resources, Inc. most recently as Exploration Manager in the Midland Division where he was focused on the exploration and development of the Avalon, Bone Spring and Wolfcamp plays across the Delaware Basin. Mr. Smith has been appointed in connection with the planned retirement of Mark G. Papa, who has served as Centennial's Chairman and Chief Executive Officer since 2016. At that time, Mr. Smith is also expected to be appointed to the Board.
Mr. Smith has over 24 years of technical experience in the oil and gas industry. Since joining Centennial in 2014, Mr. Smith has served in positions of increasing responsibility across the Company, most recently as Centennial's Vice President and Chief Operating Officer where he oversees all aspects of the Operations,
Geosciences, Reservoir Engineering, Marketing, Land and Human Resources Departments. During this time, Mr. Smith was instrumental to growing Centennial's Corporate Headquarters, while also remaining responsible for the formulation and execution of the Company's annual operating budget. Prior to COO, Mr. Smith served as Vice President of Geosciences for the privately-held Centennial. Mr. Shapiro has more than forty years of financial and operational experience within the energy industry. Previously, Mr. Shapiro held various leadership positions at Burlington Resources Inc., including Chief Financial Officer and a member of its Board of Directors. In addition, Mr. Shapiro held senior leadership positions at Vastar Resources, Inc. and Atlantic Richfield Company (ARCO).
Permian Resources Corporation is an independent oil and natural gas company. The Company is focused on the acquisition, optimization and development of oil and natural gas properties. The Companyâs assets and operations are concentrated in the core of the Delaware Basin. Its operations are concentrated in the core of the Delaware Basin and include over 407,000 net leasehold acres across the Permian Basin, including Eddy and Lea Counties, New Mexico and Reeves and Ward Counties, Texas. The Company holds an 83% average working interest in 2,577 gross (2,143 net) operated productive wells and an approximate 11% average working interest in 1,094 gross (120 net) non-operated productive wells. Its wells are primarily oil wells (3,150 gross) that produce associated liquids-rich natural gas.
PERMIAN RESOURCES CORPORATION 
