People-Promotion

Sean Smith Takes Over Centennial Resources; Mark Papa To Retire Again

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The Centennial Board of Directors announced Sean R. Smith, current Vice President and Chief Operating Officer, has been promoted to Chief Executive Officer, effective June 1, 2020. 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.

This would be Papa's second retirement, after he retired from EOG Resources on December 15, 2014.

"After fifty-two years in the oil and gas industry, I am looking forward to retirement and spending more time with my family. I am proud of the team we have assembled and the organization we have built at Centennial. In October of 2016, Centennial was a new public company, producing approximately 6,000 barrels of oil per day. Today, we are regarded as a technical leader within the E&P industry with 45,000 barrels per day of oil production and a track record of consistent execution. Notably, all of this has been accomplished by maintaining a rigorous focus on corporate rate-of-return and a conservative financial profile," said Papa. "Looking ahead, the Board and I agree that Sean is the ideal person to lead Centennial. Sean has displayed strong leadership, managing the Company's day-to-day operations over the past four years. This, in part, will ensure a seamless transition to his new role as Chief Executive Officer. Importantly, Sean exhibits the Centennial culture' and core values, with a keen focus on technical proficiency, high standards of excellence, integrity, hard work and proven results. I am very comfortable transitioning my leadership role to Sean and the very talented and experienced Centennial management team."

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. Before Centennial, Mr. Smith worked in several roles at QEP Resources, including General Manager for the Williston, Powder River and Denver Julesburg Basins. Mr. Smith previously worked at Resolute Energy Corporation as a Manager and Geologist. Prior to joining Resolute, Mr. Smith held various geotechnical roles at Kerr-McGee and Sanchez Oil & Gas. Mr. Smith earned his B.A. in Geology from Lawrence University and is licensed with the Texas Board of Professional Geoscientists.

"It has been a great privilege to learn from such an industry icon over the last several years, and I am honored to have been chosen to succeed Mark and lead such an amazing team going forward," said Smith. "Mark has positioned Centennial to deliver long-term success, having assembled a high-quality asset base and driven a culture of technical excellence throughout the organization. We will continue to leverage these core strengths in addition to focusing on further efficiencies, in order to drive long-term value for our stakeholders."

The Board also announced it will separate the roles of Chairman and Chief Executive Officer and that current Director Steven J. Shapiro has been named to succeed Mr. Papa as non-executive Chairman of the Board. 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).

"Centennial is fortunate to have had an industry visionary lead this company during its early stages as a public company. Mark's exemplary leadership, technical expertise and financial principles will leave a long-lasting impact on Centennial. On behalf of the Board and the entire Centennial organization, I'd like to thank Mark for his dedicated service," said Mr. Shapiro. "Going forward, I look forward to working with Sean, as well as the entire management team, as we embark upon the next chapter of growth and development for the Company."

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. ("EOG"), 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. Garrison began his career in 2007 at EOG's Fort Worth Division, where he focused on the horizontal development of the Barnett Shale. Mr. Garrison received his B.S. in Geology from Texas A&M University and his M.S. in Geology from Oklahoma State University.