Item 8.01 Other Events. As previously reported in the Current Report on Form 8-K filed by Centennial Resource Development, Inc. (the "Company") on March 19, 2021, Centennial Resource Production, LLC ("CRP"), a wholly owned subsidiary of the Company, completed a public offering (the "Offering") of $150.0 million aggregate principal amount of 3.25% exchangeable senior notes due 2028 (the "Notes") on March 19, 2021.

In connection with the Offering, the underwriters were granted an option to purchase up to an additional $22.5 million aggregate principal amount of Notes to cover over-allotments, if any. On March 24, 2021, the underwriters exercised their over-allotment option and, on March 26, 2021, the underwriters purchased an additional $20.0 million in aggregate principal amount of Notes pursuant to their over-allotment option (the "Option Notes"), generating an additional $19.4 million of proceeds to CRP. As previously reported, CRP intends to use a portion of the net proceeds from the sale of the Option Notes to fund the cost of entering into additional capped call transactions, as well as to repay outstanding borrowings under CRP's revolving credit facility.

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