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CENTENNIAL RESOURCE DEVELOPMENT, INC.

(CDEV)
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Centennial Resource Development, Inc Announces Executive Changes

02/24/2020 | 04:14pm EDT

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).


ę S&P Capital IQ 2020
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Analyst Recommendations on CENTENNIAL RESOURCE DEVELOPMENT, INC.
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Financials (USD)
Sales 2021 884 M - -
Net income 2021 42,4 M - -
Net Debt 2021 940 M - -
P/E ratio 2021 32,7x
Yield 2021 -
Capitalization 1 783 M 1 783 M -
EV / Sales 2021 3,08x
EV / Sales 2022 2,61x
Nbr of Employees -
Free-Float 62,6%
Chart CENTENNIAL RESOURCE DEVELOPMENT, INC.
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Centennial Resource Development, Inc. Technical Analysis Chart | CDEV | US15136A1025 | MarketScreener
Technical analysis trends CENTENNIAL RESOURCE DEVELOPMENT, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Last Close Price 6,38 $
Average target price 6,77 $
Spread / Average Target 6,17%
EPS Revisions
Managers and Directors
Sean R. Smith Chief Executive Officer & Director
George S. Glyphis Chief Financial Officer & Vice President
Steven J. Shapiro Non-Executive Chairman
Colleen C. Proctor Vice President-Information Technology
Matthew R. Garrison Chief Operating Officer & Vice President
Sector and Competitors