On September 1, 2022 (the “ Closing Date”), Permian Resources Corporation, a Delaware corporation (formerly known as Centennial Resource Development Inc.) (the “ Company”), consummated the previously announced merger contemplated by the Business Combination Agreement, dated as of May 19, 2022 (the “ Business Combination Agreement”), by and among the Company, Centennial Resource Production, LLC, a Delaware limited liability company (“ OpCo”), Colgate Energy Partners III, LLC, a Delaware limited liability company (“ Colgate”), and, solely for purposes of the specified provisions therein, Colgate Energy Partners III MidCo, LLC, a Delaware limited liability company (the “ Colgate Unitholder”), pursuant to which OpCo merged with and into Colgate (the “ Merger”), with OpCo continuing as the surviving entity (the “ Surviving Company”) in the Merger as a subsidiary of the Company. On the Closing Date, in connection with the Transactions, Sean R. Smith resigned as the Chief Executive Officer of the Company. In connection with the Transactions, effective as of the Closing Date, William M. Hickey III and James H. Walter were appointed by the Board to serve as Co-Chief Executive Officers of the Company.