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. Effective as of the Closing Date, in connection with the Transactions, Steven J. Shapiro, Pierre F. Lapeyre, Jr., David M. Leuschen and Vidisha Prasad each resigned from the Board of Directors of Centennial (the “Centennial Board”). The resignations of Messrs.

Shapiro, Lapeyre, Jr. and Leuschen and Ms. Prasad were not a result of any disagreement with the Company. Effective as of the Closing Date, the Centennial Board appointed William M. Hickey III, James H. Walter, William J. Quinn, Aron Marquez, Karan E. Eves and Steven D. Gray to the Board of Directors of the combined company (the “Board”) in addition to the current directors Maire A. Baldwin, Robert M. Tichio, Matthew G. Hyde, Jeffrey H. Tepper and Sean R. Smith. As of and immediately following the Closing, the Board appointed the following directors to serve on the following committees: Audit Committee: Jeffrey H. Tepper (Chair), Maire A. Baldwin, Karan E. Eves and Aron Marquez; Compensation Committee: Maire A. Baldwin (Chair), Steven D. Gray, Matthew G. Hyde and Jeffrey H. Tepper; and Nominating, Environmental, Social and Governance Committee: Matthew G. Hyde (Chair), Karan E. Eves, Steven D. Gray and Aron Marquez.

Mr. Tepper was appointed chairperson of the audit committee, Ms. Baldwin was appointed chairperson of the compensation committee and Mr. Hyde was appointed chairperson of the nominating, environmental, social and governance committee. On the Closing Date, in connection with the Transactions, Davis O. O'Connor resigned as the Executive Vice President and General Counsel of the Company. In addition, Sean R. Smith was appointed by the Board as the Executive Chairman of the Board of the Company.