Centennial Resource Development Corp. (NASDAQ: CDEV) ran up $235.4 million in A&D in an attempt to get longer in the Delaware Basin while clearing out nonoperated acreage in Reeves County, Texas.
In its fourth-quarter 2017 earnings release, Centennial said it closed a bolt-on acquisition of 4,000 net acres in Lea County, N.M., in February with OneEnergy Partners Operating LLC for $95 million. The deal works out to about $24,100 per acre, the company said.
Centennial said it also agreed to sell 8,600 net acres in Reeves for $141 million. The deal, which is expected to close at the beginning of March, is largely nonoperated with a 32% working interest.