CDEV Centennial Resource Development Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.)

Filed by the Registrant  ☒

Filed by a Party other than the Registrant  ☐

Check the appropriate box:

Centennial Resource Development, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

Investor Presentation Q2 2022    CONFIDENTIAL

Colgate Energy Overview Recent Events & Q2 Highlights Texas Acreage Map Centennial Merger: On May 19th, Colgate and CDEV announced a merger of equals transaction, creating a premier Delaware Basin pure-play Riverbend—Highly aligned management team, with a track record of execution and strong returns—High-quality, complementary asset base and differentiated inventory depth support free cash flow profile—Strong balance sheet, well positioned to increase shareholder returns framework in the near-term East Q2 2022 Financial Highlights:—$375MM of unhedged EBITDAX, $155MM of unhedged Free Cash Flow—Net Debt / LQA Unhedged EBITDAX of 0.9x—Completed strategic hedging transaction, with 1-time charge of $460MM—Colgate suspended its regularly scheduled $25mm dividend due to the pending merger with Centennial Q2 2022 A&D Activity: Pacific Theater—Completed highly accretive trade in Reeves & Ward Counties, adding ~7,000 net acres and ~1,500 net Boepd; included $115mm cash consideration from Colgate—Divested ~1,300 net acres in Lea County for ~$28mm—Acquired 767 additional net acres for ~$9mm across 15 transactions New Mexico Acreage Map Key Statistics Parkway Asset & Operating Statistics Balance Sheet Data ($MM) As of: 6/30/2022 As of: 6/30/2022 Net Acres ~105,000 Cash $64 Net Royalty Acres(1) ~25,000 Funded RBL $450 Net Production (Boepd) ~67,700 Senior Notes $1,000 Rigs Running 6 Liquidity(2) $614 (1) Net royalty acres are normalized to 1/8th basis. (2) Borrowing base of $1.0bn as of 6/30/2022. CONFIDENTIAL 2

Q2 2022 Financial Review Quarter Highlights Financial Results $‘s in millions, unless otherwise noted Q1 2022 Q2 2022 Total Production Oil Production EBITDAX ($MM) (Boepd) (Bopd) Production Unhedged Oil (MBbls) 2,661 2,924 6% Gas (MMcf) 10,355 11,087 66,273 9% $375 62,724 32,132 34% NGL (MBbls) 1,258 1,259 29,568 Total (MBoe) 5,645 6,031 $280 Net Daily Production (Boepd) 62,724 66,273 % Oil 47.1% 48.5% Income Oil Sales $252 $323 Gas Sales 40 68 NGL Sales 51 59 Other Income 1 1 Total Income $343 $450 Realized Hedge Gain / (Loss)(1) (64) (121) Q1 2022 Q2 2022 Operating Expenses Q1 2022 Q2 2022 Q1 2022 Q2 2022 LOE ($33) ($40) GP&T (5) (4) Free Cash Flow ($MM) Net Debt ($MM) Net Debt / LQA EBITDAX Production & Ad Val Taxes (19) (26) Unhedged G&A (6) (5) Unhedged Hedged Total Operating Expenses ($63) ($75) 27% $155 $1,386 EBITDAX & Free Cash Flow Hedge Unhedged EBITDAX $280 $375 Hedge $122 Transaction 1.4x    D&C Capex Transaction (107) (164) Other Capex (35) (37) $903 1.0x    (2) Interest Expense (net) (17) (19) Other Adjustments to FCF (3) (0) (0) 0.9x    Unhedged Free Cash Flow $122 $155 0.8x    Per Boe Metrics ($ / Boe) Unhedged Cash Margin $49.46 $61.94 LOE $5.89 $6.69 G&A $0.99 $0.90 Q1 2022 Q2 2022 Q1 2022 Q2 2022 Q1 2022 Q2 2022 (1) (1) Excludes effect of one-time hedge loss of ($460mm) related to the strategic hedge transaction described in the Appendix. CONFIDENTIAL (2) Cash interest expense includes interest income and gain / (loss) on interest rate hedges; excludes amortization of fees. (3) Other adjustments to free cash flow consists primarily of exploration expense and plugging expense. 3

Adding Value Through Accretive Transaction Highlights Trade Map    Colgate completed a strategic trade + acquisition Trade-In with an undisclosed partner in Reeves and Ward Trade-Out Counties in April 2022 Centennial —Final transaction was culmination of a series of conversations dating back as far as November 2020 —Trade is highly accretive to key underwriting metrics    Transaction resulted in a net increase of 7,000 net acres and ~1,500 Boepd net production, with Colgate paying undisclosed partner $115mm    Traded out of acreage not in near-term development queue and into high-quality inventory in areas of Transaction Summary strategic focus ($ in millions) Trade In Trade Out Delta—Strong offset Colgate results provide confidence that the acquired acreage will immediately compete for April 2022 Boepd ~2,000 ~500 ~1,500 capital within the existing portfolio Net Acres ~13,000 ~6,000 ~7,000 Cash ($MM)—$115 ($115) Transaction reflects ability of Colgate’s team to continually create value through strategic transactions, and the ability to execute with any counterparty in the Delaware Basin CONFIDENTIAL 4

Colgate’s Commitment to ESG Prioritizing ESG Operational Best Practices Management Focus and Oversight Environmental and Safety ✓ Colgate’s executive team manages the Company’s approach to ESG ✓ Lease operators equipped with Colgate-owned FLIR cameras to help including operation, social and governance priorities identify and reduce fugitive emissions ✓ Maintaining best-in-class safety track record – only two reportable ✓ ESG Committee reports to Colgate Board with team held accountable incidents in 2021 for maintaining priorities ✓ Stop Work Authority for all employees and contractors on location ✓ Dedication to Permian communities and businesses throughout West ✓ Minimizing operational impact by drilling multi-well pads and Texas and New Mexico completing all piped infrastructure prior to first production ✓ Colgate published inaugural Sustainability Report ✓ Utilizing zero emissions tank batteries with vapor recover units on May 9th ✓ Excellent spill rates among peers ESG Stewardship Flaring (% of Gross Gas) GHG Intensity (mt CO2e / Mboe) Methane Intensity (mt CO2e / Mboe) 4.6% 37.8 4.9 (75%) (65%) (61%) 2.7% 1.7% 1.9 1.2% 13.3 0.9% 1.1% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 2020 2021 2020 2021 ~1.1% flared gas from Q4 2021 through Q2 2022 65% reduction to GHG Intensity 61% reduction to Methane Intensity Colgate’s Focus On ESG Has Driven Leading Rate of Change Across ESG Metrics CONFIDENTIAL 5

Colgate—Centennial Merger Update Announced merger of equals transaction on May 19 Cleared Hart-Scott-Rodino (HSR) requirements Preliminary Proxy Statement filed on June 10 Definitive Proxy Statement filed on July 28 Centennial Shareholder Meeting scheduled for August 29 Merger expected to close shortly thereafter, subject to Centennial shareholder approval Anticipate merger closing shortly after May 19: Public merger July 5: HSR waiting Shareholder Meeting, announcement period expired subject to shareholder approval May June July August September August 29: June 10: Preliminary July 28: Definitive Shareholder Meeting Proxy Statement filed Proxy Statement filed scheduled to vote on pending merger CONFIDENTIAL 6

Establishing a Premier Permian Pure-Play Eddy On May 19, Centennial and Colgate Energy Northern Delaware (NM) announced a merger of equals, creating the largest ~55,000 Net Lea Acres Delaware Basin pure-play E&P company ✓Highly-aligned management team, with a track Loving Winkler record of execution and strong returns Southern Delaware (TX) ✓High-quality, complementary asset base and ~124,000 Net Ward Acres differentiated inventory depth support free cash flow profile Reeves ✓Strong balance sheet, well positioned to increase Pecos shareholder return framework    sustainability with ~180,000 Net Acres in the ✓Commitment to ESG and shared Delaware Basin Core focus on best practices CONFIDENTIAL 7

Appendix    

Hedging Summary Hedge Transaction – In Q2 2022, Colgate executed a series of strategic hedging transactions with the following impact:—Increased total crude hedges to 11.7 million Bbls and $90.73 / Bbl weighted average price(1)—Increased total gas hedges to 33.0 million MMBtu and a weighted average floor price of $5.23 / MMBtu(1)—Cash payment of $460mm that was funded with incremental draw on existing RBL Colgate Hedgebook Summary Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 FY 2024 Crude Oil Hedges WTI Swaps (Bopd) 20,000 20,000 20,000 15,000 15,000 15,000 15,000 15,000 7,000 Avg Price $104.61 $98.00 $101.31 $93.43 $90.04 $87.25 $84.85 $88.86 $79.54 Mid-Cush Swaps (Bopd) 20,000 20,000 20,000 15,000 15,000 15,000 15,000 15,000 7,000 Avg Price $0.70 $0.66 $0.68 $0.48 $0.48 $0.46 $0.46 $0.47 $0.43 Roll Swaps (Bopd) 20,000 20,000 20,000 15,000 15,000 15,000 15,000 15,000 7,000 Avg Price $3.42 $2.43 $2.92 $1.34 $1.25 $1.23 $1.22 $1.26 $0.74 Natural Gas Hedges Henry Hub Swaps (MMcfpd) 21,803 20,573 21,188 18,557 17,283 16,162 15,366 16,831 4,794 Avg Price $8.03 $8.06 $8.05 $7.64 $4.70 $4.70 $4.90 $5.55 $4.33 Waha Basis Swaps (MMcfpd) 55,000 55,000 55,000 42,500 42,500 42,500 42,500 42,500 20,000 Avg Price ($0.72) ($0.81) ($0.77) ($1.09) ($1.40) ($1.42) ($1.41) ($1.33) ($0.64) Henry Hub Collars (MMcfpd) 33,197 34,427 33,812 23,943 25,217 26,338 27,134 25,669 15,206 Floor Price $7.00 $7.00 $7.00 $6.00 $3.50 $3.50 $3.50 $4.07 $3.19 Ceiling Price $11.41 $12.25 $11.84 $16.90 $8.15 $7.85 $9.10 $10.34 $8.77 Source: Company data. Hedgebook as of August 10, 2022. CONFIDENTIAL (1) Hedges from July 2022 – December 2024. Gas hedges include both swaps & collars. Weighted average floor price of $5.23 / MMBtu & weighted average ceiling price of $8.81 / MMBtu. 9

Disclaimer Forward-Looking Statements This presentation includes “forward-looking statements” under applicable securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Colgate Energy Partners III, LLC’s (including its subsidiaries, “Colgate” or, the “Company”) control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments Colgate expects, believes or anticipates will or may occur in the future, such as those regarding expected results, future commodity prices, future production targets, future earnings, Free Cash Flow, EBITDAX, leverage targets, future capital spending plans, midstream transportation agreements, improved and/or increasing capital efficiency, continued utilization of existing infrastructure, oil and gas marketability, estimated realized oil, natural gas and natural gas liquids, acreage quality, expected drilling and development plans (including the number, type, lateral length and location of wells to be drilled, the number and type of drilling rigs and the number of wells per pad), projected well costs and cost savings initiatives, future financial position, future technical improvements, future marketing and asset monetization opportunities, and the amount and timing of any contingent payments are forward-looking statements. You generally can identify our forward-looking statements by the words “anticipate,” “believe,” “budgeted,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “scheduled,” “should,” “would” and other words that convey uncertainty of future events or outcomes. All forward-looking statements speak only as of the date of this presentation. Although Colgate believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Colgate expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements. With respect to any projection or forecast contained herein, including, but not limited to, the past, present, or future value of the anticipated cash flows, reserves, production, drilling program, costs, expenses, taxes, leverage, hedging activities, Company distributions, average realized prices on the sale of the Company’s production and capital expenditures of the Company, if any, the Company hereby advises that: (i) there are uncertainties inherent in attempting to make such projections and forecasts; (ii) the accuracy and correctness of any such projections and forecasts may be affected by information which may become available after the date of such projections and forecasts; (iii) the underlying assumptions for the projections or forecasts could change; (iv) the projections and forecasts may no longer be accurate as a result of any of (i)-(iii) above or any other factor; (v) neither the Company nor any of its representatives has an obligation to update any such projections or forecasts; and (vi) the projections and forecasts are not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as reflected herein. Colgate cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and development, production, gathering and sale of oil, natural gas and NGLs, most of which are difficult to predict and many of which are beyond the Company’s control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating oil and natural gas reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity, and the other risks described under the heading “Risk Factors” in the offering memorandums related to the offering of Colgate’s senior notes due 2026 and Colgate’s senior notes due 2029. Reserve engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reservoir engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Unless otherwise indicated, reserve and PV-10 estimates shown herein are based on a reserves report prepared by Netherland, Sewell & Associates, Inc., the Company’s independent petroleum engineers (“NSAI”), as of December 31, 2021, and were prepared using commodity prices based on New York Mercantile Exchange Henry Hub and WTI futures prices, referred to herein as “strip” or “NYMEX” pricing as of December 31, 2021. We believe that the use of strip pricing provides useful information about our reserves, as the forward prices are based on the markets forward-looking expectations of oil and natural gas prices as of a certain date. Strip prices are not necessarily a projection of future oil and natural gas prices, and should be carefully considered in addition to, and not as a substitute for, SEC prices, when considering our oil, natural gas and NGL reserves. Industry and Market Data Although all information and opinions expressed in this presentation, including market data and other statistical information (including estimates and projections relating to addressable markets), were obtained from sources believed to be reliable and are included in good faith, Colgate has not independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of Colgate, which are derived from its review of internal sources as well as the independent sources described above. While the Company is not aware of any misstatements regarding the industry and market data presented in this presentation, such data involve risks and uncertainties and are subject to change based on various factors, including those factors discussed under “Forward-Looking Statements” above. The Company has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. CONFIDENTIAL 10

Non-GAAP Definitions This presentation includes certain financial measures that are not calculated in accordance with GAAP. These measures include (i) EBITDAX, (ii) Free Cash Flow, (iii) PV-10, (iv) leverage ratio, (v) net debt, (vi) Cash Margin and (vii) Controllable Cash Costs. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. Colgate believes the presentation of these metrics may be useful to investors because it supplements investors’ understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. EBITDAX Colgate defines EBITDAX as net income (loss) before interest expense, net, depletion, depreciation and amortization, accretion expense on asset retirement obligation, exploration expense, gain (loss) on sale of assets and unrealized gain (loss) on derivatives. EBITDAX is a supplemental measure of Colgate’s performance that is not required by or presented in accordance with GAAP. Colgate believes that EBITDAX may provide additional information about its ability to meet its future requirements for debt service, capital expenditures and working capital. EBITDAX is a financial measure commonly used in the oil and natural gas industry. EBITDAX should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP, or as a measure of a company’s profitability or liquidity. Because EBITDAX excludes some, but not all, items that affect net income, the EBITDAX presented by Colgate may not be comparable to similarly titled measures of other companies. The GAAP measure most directly comparable to EBITDAX is net income. Free Cash Flow Colgate defines Free Cash Flow as cash provided by operating activities before changes in working capital in excess of capital expenditures for oil and gas properties (excluding leasehold costs and acquisitions). Colgate believes that Free Cash Flow is useful to investors as it provides a measure to compare both cash provided by operating activities and additions to oil and natural gas properties across periods on a consistent basis; however, Free Cash Flow presented by Colgate may not be comparable to similarly titled measures of other companies. The GAAP measure most directly comparable to Free Cash Flow is cash provided by operating activities. Free Cash Flow should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of liquidity or operating performance. PV-10 PV-10 is defined as the pre-tax present value of Colgate’s reserves discounted at ten percent. The most directly comparable GAAP financial measure is standardized measure of discounted future net cash flows. Colgate’s standardized measure includes future obligations under the Texas gross margin tax, but it does not include future federal income tax expenses because, due to Colgate’s status as a partnership for U.S. federal income tax purposes, it is not subject to federal income taxes. Colgate believes that the presentation of PV-10 is relevant and useful to investors because it presents the relative monetary significance of its oil, natural gas and NGL properties regardless of tax structure. Further, investors may use the measure as a basis for comparison of the relative size and value of Colgate’s reserves to other companies. Colgate uses this measure when assessing the potential return on investment related to its oil, natural gas and NGL properties. Generally, for other companies, PV-10 is not equal to, or a substitute for, the standardized measure of discounted future net cash flows. Colgate’s PV-10 measure and the standardized measure of discounted future net cash flows do not purport to present the fair value of Colgate’s oil, natural gas and NGL reserves. Leverage Ratio Colgate defines its leverage ratio as of the end of any applicable annual or quarterly period as its ratio of net debt (defined as total debt less cash and cash equivalents) as of such date to its annualized EBITDAX for the fiscal quarter ending on such date. Colgate’s leverage ratio as presented herein may not be comparable to similarly titled measures of other companies. Cash Margin Cash margin is defined as oil and natural gas revenues, less LOE, production ad valorem taxes, GP&T and cash G&A, divided by production. Controllable Cash Costs Controllable cash costs is defined as G&A, gathering, processing and transportation, and LOE. CONFIDENTIAL 11

Forward-Looking Statements Legend

This communication includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this communication regarding the proposed business combination between Centennial and Colgate (the “Merger”) or the strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management of Centennial, Colgate and/or the combined company are forward-looking statements. When used in this communication, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These statements include, but are not limited to, statements about Centennial’s and Colgate’s ability to effect the Merger; the expected benefits and timing of the Merger; future dividends and share repurchases; and future plans, expectations, and objectives for the combined company’s operations after completion of the Merger, including statements about strategy, synergies, future operations, financial position, estimated revenues, projected production, projected costs, prospects, plans, and objectives of management. While forward-looking statements are based on assumptions and analyses that management of Centennial and Colgate believe to be reasonable under the circumstances, whether actual results and developments will meet such expectations and predictions depends on a number of risks and uncertainties that could cause actual results, performance, and financial condition to differ materially from such expectations. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the proxy statement, and the other documents filed by Centennial from time to time with the Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may be amplified by the COVID-19 pandemic and the current military conflict in Ukraine, which have caused significant economic uncertainty. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Centennial and Colgate assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities and other applicable laws. Neither Centennial nor Colgate gives any assurance that any of Centennial, Colgate or the combined company will achieve its expectations.

Additional Information and Where to Find It

This communication relates to the proposed Merger between Centennial and Colgate. In connection with the proposed Merger, Centennial has filed with the SEC a preliminary proxy statement on Schedule 14A (the “Proxy Statement”). Centennial may also file other documents regarding the proposed Merger with the SEC. The Proxy Statement which will be sent or given to the Centennial stockholders and will contain important information about the proposed Merger and related matters. INVESTORS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO), WHICH IS CURRENTLY AVAILABLE, AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION WITH RESPECT TO THE PROPOSED MERGER AND THE OTHER TRANSACTIONS CONTEMPLATED BY THE BUSINESS COMBINATION AGREEMENT. You may obtain a free copy of the Proxy Statement and other relevant documents filed by Centennial with the SEC at the SEC’s website at www.sec.gov. You may also obtain Centennial’s documents on its website at www.cdevinc.com.

Participants in Solicitation

Centennial, Colgate and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with certain matters related to the Merger and may have direct or indirect interests in the Merger. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed Merger may be obtained by reading the Proxy Statement regarding the proposed Merger. You may obtain free copies of these documents as described in the preceding paragraph.