Permian Basin

1. INVESTOR PRESENTATION
1Q 2017

2. Forward Looking Statements and Cautionary Statements
Forward-Looking Statements
The information in this presentation includes “forward-looking statements” that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,”
“project” 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 Parsley Energy, Inc.’s (“Parsley Energy,” “Parsley,” or the “Company”) current expectations and assumptions about future events and are based on currently available information as to
the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of
which are beyond our control, incident to the exploration for and development, production, gathering and sale of oil and natural gas. 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 reserves and in projecting future rates of production, the production potential of our undeveloped acreage, cash flow and access to capital, the timing of development expenditures and
the risk factors discussed in or referenced in our filings with the United States Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K and our subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K.
You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. Except as otherwise required by applicable law, we disclaim
any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation.
Our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and
outcome of future drilling activity, which may be affected by significant commodity price declines or cost increases.
Industry and Market Data
This presentation has been prepared by Parsley and includes market data and other statistical information from third-party sources, including independent industry publications, government
publications or other published independent sources. Although Parsley believes these third-party sources are reliable as of their respective dates, Parsley has not independently verified the accuracy
or completeness of this information. Some data are also based on Parsley’s good faith estimates, which are derived from its review of internal sources as well as the third-party sources described
above.
Oil & Gas Reserves
This presentation provides disclosure of Parsley’s proved reserves, which are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable
certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions (using unweighted average 12-month first day of the month
prices), operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain,
regardless of whether deterministic or probabilistic methods are used for the estimation.
In this presentation, proved reserves attributable to Parsley as of 12/31/16 are estimated utilizing SEC reserve recognition standards and pricing assumptions based on SEC pricing, as adjusted for
market differentials, transportation fees, and quality, of $39.36 / Bbl crude, $2.23 / Mcf gas, and $15.03/ Bbl NGL. References to our estimated proved reserves as of 12/31/16 are derived from our
proved reserve report audited by Netherland, Sewell & Associates, Inc. (“NSAI”).
We may use the term “expected ultimate recoveries” (“EURs”) or other descriptions of volumes of reserves, which terms include quantities of oil and gas that may not meet the SEC’s definitions of
proved, probable and possible reserves, and which the SEC's guidelines strictly prohibit Parsley from including in filings with the SEC. Unless otherwise stated in this presentation, such estimates have
been prepared internally by our engineers and management without review by independent engineers. These estimates are by their nature more speculative than estimates of proved, probable and
possible reserves and accordingly are subject to substantially greater risk of being actually realized, particularly in areas or zones where there has been limited or no drilling history. We include these
estimates to demonstrate what we believe to be the potential for future drilling and production by the Company. Actual locations drilled and quantities that may be ultimately recovered from our
properties will differ substantially. In addition, we have made no commitment to drill all of the drilling locations. Ultimate recoveries will be dependent upon numerous factors including actual
encountered geological conditions, the impact of future oil and gas pricing, exploration and development costs, and our future drilling decisions and budgets based upon our future evaluation of risk,
returns and the availability of capital and, in many areas, the outcome of negotiation of drilling arrangements with holders of adjacent or fractional interest leases. Our estimates may change
significantly as development of our properties provides additional data and therefore actual quantities that may ultimately be recovered will likely differ from these estimates. Our related
expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells, the undertaking and outcome of future drilling activity and
activity that may be affected by significant commodity price declines or drilling cost increases.
Unless otherwise noted, Net Present Value (“NPV”) estimates are before taxes and assume the Company generated EUR and decline curve estimates based on Company drilling and completion cost
estimates that do not include facilities, land, seismic, general and administrative (“G&A”) or other corporate level costs.
2

3. Sustained Production Momentum
 Raising FY17 and 4Q17 production guidance
ranges following strong first quarter growth
 1Q17 daily net production up 21% versus 4Q16
and 88% Y/Y
 Sharp production trajectory in 2017,
culminating in estimated 4Q17 production of
78.0 – 88.0 MBoe/d
 16% compound quarterly production growth
rate over twelve quarters as a public
company(1)
(1) Parsley completed its initial public offering on May 29, 2014
Quarterly Production Trajectory
Production Guidance (Net MBoe/d)
62 - 68
65 - 71
75 - 85
78 - 88
2017E
(Previous)
2017E
(Updated)
4Q17E
(Previous)
4Q17E
(Updated)
9.2
54.8
78.0 - 88.0
0
20
40
60
80
100
MBoe/d
Net Production (MBoe/d)
3

4. Margin Expansion
$14.38
$20.74
$16.14 $17.77
$10.44
$22.10 $21.68
$27.09
$30.63
$9.63
$9.12
$7.63 $5.57
$5.25
$4.37 $4.15
$3.56
$3.57
$5.77
$5.91
$6.86
$4.41
$6.25
$4.28 $5.40
$4.79
$4.02
$2.64
$2.68
$1.75
$1.90
$1.58
$1.97 $2.12
$2.15
$2.26
$32.42
$38.45
$32.38
$29.65
$23.52
$32.72 $33.35
$37.59
$40.48
0%
30%
60%
90%
$0.00
$15.00
$30.00
$45.00
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
CashMargin(%ofRealized$/Boe)
$/Boe
Cash Margin ($/Boe) LOE ($/Boe) Cash G&A ($/Boe)
Production & Ad Valorem Taxes ($/Boe) Realizations ($/Boe) (unhedged) Cash Margin (% of Realized $/Boe)
Cash Margin Expansion
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
Peers PE
LOE vs. Peers ($/Boe)(1)
(1) Peers include CPE, CXO, EGN, FANG, LPI, PXD, and RSPP. Source: company SEC filings; (2) Cash margin is a non-GAAP measure that is defined as average sales price without realized derivatives
less LOE, cash G&A, and production and ad valorem taxes; (3) Cash G&A is a non-GAAP measure that is defined as general and administrative expense less stock-based compensation expense
$3.57
 Significant margin expansion driven by
favorable trends in realizations and
operating costs
 Increasing oil volume as percent of total
production
 Reduced transport costs with more oil
on pipe
 Peer-leading LOE per BOE(1), with
automated well control and advantaged
water sourcing and disposal costs
(3)(2)
4

5. 0
50
100
150
200
250
300
350
0 90 180 270 360 450 540 630 720
CumulativeProduction(MBoe)(2)
Days of Production
Midland Delaware
(1) 3-stream; Normalized for downtime; Average IP30s and IP30s per 1,000’ reflect unweighted average of well set; (2) Normalized to 7,000’ stimulated lateral and for downtime; (3) Number of
wells achieving a 30-day IP since 4Q16 quarterly update
Robust and Improving Well Results
Midland Delaware
Wells(3) 18 1
Average Lateral Length 8,213’ 6,374’
30-day IP (Boe/d) 1,429 1,686
30-day IP per 1,000’ (Boe/d) 180 265
% Oil 71% 62%
1Q17 Well Summary(1)
 Consistently strong well results across acreage
footprint and well vintage
 Length-normalized productivity improving even
as lateral lengths increase
163
167
171
180
6,800
7,100
7,300
8,200
6,000
6,500
7,000
7,500
8,000
8,500
135
145
155
165
175
185
2H15 1H16 2H16 1Q17
StimulatedLateralLength(Ft.)
IP30per1000'(Boe/d)
Midland Basin Normalized IP30s(1)
5

6. Consolidating Acquired Acreage
 Acreage trades increasing value of acquired
assets
 Trading out of non-operated properties with
low working interest into operated properties
with high working interest
 ~35% average working interest on
acreage traded away
 ~85% average working interest on
acreage traded for
 Recent trades added ~155 net operated
locations with an average lateral length of
~7,000’ and extended ~70 net existing
locations by ~4,000’ on average
 Net of assets traded away, recent trades
added more than 900,000 net lateral feet to
Parsley’s horizontal drilling inventory,
equivalent to ~3,600 premium net acres with
four target intervals
Midland Basin Acreage Trades
Leasehold Acquired via Trade
Leasehold Traded Away
Parsley Energy Leasehold
HOWARD
GLASSCOCK
MIDLAND
MARTIN
UPTON
REAGAN
6

7. 0
25
50
75
100
125
150
175
200
0
250
500
750
1,000
1,250
1,500
1,750
2,000
0 10 20 30
CumulativeProduction(MBoe)(1)
DailyProduction(Boe/d)(1)
Wolfcamp A Wolfcamp B L Spraberry
(1) 3-stream
Rapid Integration Program
First Martin County 3-Well Pad Posting Impressive Rates
 Strong results from, and active plan for, newly acquired assets
 Planning for 30+ well spuds across acquired acreage in 2017
 First 3-well pad completed in southeast Martin County
delivering impressive results from all three target intervals
 1.5-mi laterals targeting the Lower Spraberry, Wolfcamp A,
and Wolfcamp B averaging 1,300+ Boe/d each
230’
260’
Lower
Spby
WC A
WC B
WC C
Dean
400’
200’
Strain Ranch
Type Log
Strain Ranch
3-well Pad
2017 Planned Operated Pads on Acquired Acreage
Parsley Leasehold
Active Development of Acquired Assets
MARTIN
MIDLAND
UPTON
GLASSCOCK
REAGAN
HOWARD
7

8. 0
25
50
75
100
125
150
0 30 60 90 120 150 180 210
CumulativeProduction(MBoe)(1)
Days on Production
Dusek 45-4-2807H Currie Neal 47-2811H Strain Ranch 12-13-2815H
Jul 2016
Jan 2017
Mar 2017
(1) 3-stream; Normalized to 7,000’ stimulated lateral and for downtime
Ramping up Lower Spraberry Development
Strengthening Lower Spraberry Results
 Impressive Lower Spraberry results across Midland Basin
acreage position
 Increased productivity on each successive Lower Spraberry
well
 Healthy rates, high oil cuts, and relatively low drilling
costs yield attractive economics
 Approximately 30 Lower Spraberry wells planned for next
twelve months
 Extensive inventory with ~1,500 locations and upside
potential from tighter lateral spacing and multiple landing
zones
POP Date
Strain Ranch
12-13-2815H
Dusek
45-4-2807H
Currie Neal
47-2811H
Parsley Leasehold
MARTIN
MIDLAND
GLASSCOCK
HOWARD
UPTON REAGAN
Encouraging Lower Spraberry Results
Span Midland Basin Acreage
8

9. 0
50
100
150
200
0
1,000
2,000
3,000
4,000
0 20 40 60
Cumulative
Production(MBoe)
DailyProduction
(Boe/d)
Days of Production
Emerging Wolfcamp C Play
 Taylor Wolfcamp C well in Reagan County among the most
prolific Midland Basin wells on record through first 60 days,
recovering more than 100,000 barrels of oil(1)
 Several additional Wolfcamp C wells planned in 2017
 Wolfcamp C landing zone is discrete new target, ~600’ below
Lower Wolfcamp B landing zone
 Wolfcamp C play fairway characterized by:
 600-1,200’ gross thickness
 Substantial reservoir pressure
 Favorable thermal maturity
 Significant resource potential
 Recent acquisitions have supplemented substantial Wolfcamp C
inventory, with more than 900 locations in the fairway of the
play
First Wolfcamp C Well Outpacing 1 MMBoe Type Curve by ~95%(2)
NW SE
Wolfcamp C Interval
1 2 3 4 5 6 7 8
DEAN
WC A
WC B
WC C
CLINE
STRAWN
DEAN
WC A
WC B
WC C
CLINE
~1,200’
~400’
(1) Normalized for downtime; (2) 3-stream; Normalized for downtime
Wolfcamp C Fairway
1
2
3
4
5 6
7
8
Glasscock
Nose
CBP
Increasing GOR
and decreasing
reservoir pressure
to southeast
(red arrows)WC C Play Fairway
Taylor 45-33-4601H
MARTIN
MIDLAND
UPTON
HOWARD
GLASSCOCK
REAGAN
200’
400’
600’
800’
1,000’
1,200’
1,200’
10 mi.
GROSS THICKNESS
9

10. 0%
20%
40%
60%
80%
100%
30 60 90 120 150 180
OilCut%
Days of Production
2-Stream 3-Stream
Impressive Production Trends in Northwest Pecos County
 Parsley setting the pace for long-lateral development in the
Southern Delaware Basin
 Strong length-normalized production as lateral lengths
increased, affirming robust long-lateral capital efficiency
 All Trees Ranch laterals among the top-20 company
highest in terms of 180-day oil production per 1000’
 Trees Ranch wells averaging 86% oil(1) after 180 days of
production
 Currently targeting three distinct Wolfcamp flow units on
Trees Ranch acreage and expect to drill across much of the
position over coming months
(1) 2-stream; (2) Normalized for downtime
Consistently Strong Normalized Rates Across Lateral Lengths(2)
Parsley Energy Leasehold
2017 Wells Planned or In Progress
17.7
16.4 16.8
81
128
166
0
50
100
150
200
0
5
10
15
20
1-mi:
Trees 16-1H
1.5-mi:
Trees 65-64-4307H
& 65-36-4307H Avg
2-mi:
Trees 14-15-4301H
180-DayCumulative
OilProd.(MBo)
180-DayCumulative
OilProd./1000'(MBo)
Strong, Stable Oil Cuts in Pecos County
Completed Horizontal Wells
PECOS
Trees Ranch 2017 Development Program
Completed Vertical Wells
10

11.  Healthy financial position supports accelerated
development program
 More than $1.6 billion of pro forma liquidity
 Fully undrawn borrowing base of $1.4 billion, with
company-elected commitment of $1.0 billion
 Favorable maturity schedule, with earliest notes
maturity in 2024
 In February, Moody’s upgraded Parsley’s Corporate
Family Rating to B1 from B2
Strong Financial Position
Favorable Debt Maturity Schedule
$1,000
$650
$450
$1,400
$400
$1,100
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2017 2018 2019 2020 2021 2022 2023 2024 2025
($MM)
Borrowing Base Senior Notes
Committed
Amount
Borrowing
Base
1H25
2H25
(1) As of end 1Q17; (2) As of end 1Q17 pro forma for closing of Double Eagle acquisition on April 20, 2017 and entry into the Third Amendment to Parsley’s Revolving Credit Agreement on April
28, 2017; (3) Committed portion; Net of letters of credit which do not change the status of the Company’s fully undrawn commitment amount
Liquidity Summary
$598
$997
$1,917
$616
$2,514
$1,613
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
As Reported Pro Forma
($MM)
First lien credit facility Cash on hand
(1) (2)
(3)
11

12. Substantial Oil Hedge Position
 Increased oil hedge position
in view of anticipated
production growth
 More than 80% of consensus
oil volumes hedged in 2H17
with substantial protection in
place in 2018
$0
$10
$20
$30
$40
$50
$60
0
10
20
30
40
50
60
70
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19
WTI($/Bbl)
MBbls/d
MBbls/d Hedged Weighted Average Long Put Price
Hedge positions as of 5/4/2017; (1) When the NYMEX price is above the put price, Parsley receives the NYMEX price. When the NYMEX price is between the put price and the short put price,
Parsley receives the put price. When the NYMEX price is below the short put price, Parsley receives the NYMEX price plus the difference between the short put price and the put price;
(2) Functions similarly to put spreads except that when the index price is at or above the call price, Parsley receives the call price; (3) Premium realizations represent net premiums paid
(including deferred premiums), which are recognized as income or loss in the period of settlement; (4) When the NYMEX price is above the call price, Parsley receives the call price. When the
NYMEX is below the put price, Parsley receives the put price. When the NYMEX price is between the call and put prices, Parsley receives the NYMEX price; (5) Parsley receives the strike price;
(6) Parsley receives the swap price; (7) Excludes swaps
Oil Volumes Hedged(7)
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19
Put Spreads (MBbls/d)1
10.4 35.7 45.5 26.7 26.4 26.1 26.1
Put Price ($/Bbl) $53.10 $52.66 $52.80 $52.81 $51.88 $50.00 $50.00
Short Put Price ($/Bbl) $38.10 $41.80 $41.95 $41.88 $41.88 $40.00 $40.00
Three Way Collars (MBbls/d)
2
13.3 19.8 31.0 31.0 8.3 8.2 8.2 8.2
Call Price ($/Bbl) $74.38 $75.28 $75.65 $75.65 $80.40 $80.40 $80.40 $80.40
Put Price ($/Bbl) $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00
Short Put Price ($/Bbl) $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00
Premium Realization ($MM)
3
($4.8) ($14.2) ($17.8) ($13.0) ($11.5) ($10.8) ($10.8) ($1.5) ($1.5) ($1.5) ($1.5)
Collars (MBbls/d)4
1.5 4.0 4.0 3.0 3.0 3.0 3.0
Short Call Price ($/Bbl) $56.15 $59.73 $59.98 $60.41 $60.41 $60.41 $60.41
Put Price ($/Bbl) $47.00 $46.75 $46.75 $45.67 $45.67 $45.67 $45.67
Swaps (MBbls/d)5
1.0 0.5 0.5 0.5 0.5 0.5 0.5
Strike Price ($/Bbl) $53.42 $55.00 $55.00 $55.00 $55.00 $55.00 $55.00
Total MBbls/d Hedged 12.9 40.2 50.0 43.5 49.7 60.6 60.6 8.3 8.2 8.2 8.2
Mid-Cush Basis Swaps (MBbls/d)
6
11.3 16.7 16.7 4.5 4.5 4.5 4.5
Swap Price ($/Bbl) ($1.00) ($1.00) ($1.00) ($0.91) ($0.91) ($0.91) ($0.91)
12

13. Updated 2017 Guidance
Unit Costs
LOE ($/Boe) $4.00 - $4.75 $3.50 - $4.50
Cash G&A ($/Boe) $4.50 - $5.25 $4.00 - $5.00
Production & Ad Valorem Taxes
(% of Revenue)
6.5 - 7.5% 6.0 - 7.0%
Capital Program
Drilling & Completion ($MM) $840 - $960 $840 - $960
Infrastructure & Other ($MM) $160 - $190 $160 - $190
Total Development Expenditures ($MM) $1,000 - $1,150 $1,000 - $1,150
% Non-Operated 3 – 5%
Activity
Gross Operated Horizontal Completions
Midland Basin
Delaware Basin
Average Lateral Length
130 – 150
95 – 105
35 – 45
~8,000’
130 – 150
95 – 105
35 – 45
~8,000’
Gross Operated Vertical Completions 5 - 10 5 - 10
Average Working Interest 85 – 95% 85 – 95%
Production
Annual Net Production (MBoe/d)
% Oil
4Q17 Net Production (MBoe/d)
2017E (Previous)
62 – 68
68 – 73%
75 – 85
2017E (Updated)
65 - 71
68 – 73%
78 - 88
Poised for efficient production growth
Increasing FY17 and 4Q17 production
guidance
Decreasing operating cost estimates
No change to capital budget
Quarterly Completion Cadence
Midland Basin Delaware Basin
Capital Allocation (% of 2017E capex) 60 – 70% 30 – 40%
2017E Capital Allocation
22
25 - 35
35 - 45
40 - 50
1Q17 2Q17E 3Q17E 4Q17E
Gross Operated Horizontal Completions
13

14. Parsley Energy Investment Summary
Market Snapshot
Premier Permian Position
NYSE Symbol: PE
Market Cap: $9,487 MM(1)
Net Debt: $884 MM(2)
Enterprise Value: $10,371 MM
Share Count: 314 MM
Permian Basin Net Leasehold Acreage: ~230,000
Midland Basin: ~178,000
Delaware Basin: ~52,000
Permian Basin Net Royalty Acreage: ~7,000
1Q17 Net Production: 54.8 MBoe/d
Note: All data as of end 1Q17 pro forma for closing of Double Eagle acquisition on April 20, 2017; (1) Calculated using 5/3/2017 closing price; (2) Net Debt is a non-GAAP financial measure that
is defined as total debt less cash and cash equivalents.
 Premier acreage
 Leading growth profile
 Robust returns
 Abundant resource upside
 Strong financial position
 Proven execution
Parsley Energy Leasehold
14

15. Investment Highlights
SUPPLEMENTARY SLIDES
15

16. $0
$100
$200
$300
$400
$500
$600
$700
Midland Basin Operators(2)
Top Midland Basin Well Performance
Average Gross Revenue per Lateral Foot in First Six Months ($)(1)
Parsley Energy
 Parsley has the highest average gross revenue per lateral foot among select Midland
Basin operators, reflecting strong production rates and favorable product mix
 Broadly distributed well set indicates consistent acreage quality and operational
excellence
(1) Sources: IHS, FBR & Co. Midland Basin: Operator Productivity and Location Analysis dated April 19, 2017; Assumes realized oil price of $50/Bbl and realized natural gas price of
$3.00/Mcf; based on first six months of production data for wells with first production between August 2015 – July 2016; (2) Midland Basin operators include Apache, Approach, Broad Oak
Energy, Callon, Chevron, Concho, ConocoPhillips, CrownQuest, Diamondback, Discovery Resources, Elevation Resources, Encana, Endeavor Energy, Energen, EP Energy, ExxonMobil,
Forge Energy, Henry Resources, Laredo, Legacy Reserves, Occidental, Parsley Energy, Permian Resources, Pioneer, PT Petroleum, QEP, RSP Permian, SM Energy, Summit Petroleum,
Surge Energy, and W&T Offshore
Parsley Wells Included in Analysis
Parsley Energy Leasehold
Wells Online 8/2015 – 7/2016
MIDLAND
GLASSCOCK
UPTON
REAGAN
16

17. Robust Well Economics
Midland Basin Drilling & Completion Costs ($/Lateral Ft.)
$40 WTI
$1,034
$918
$905
$765
$784
$708
$659
$675
$758
0
2,000
4,000
6,000
8,000
10,000
$0
$300
$600
$900
$1,200
$1,500
AverageLateralLength(Ft.)
D&CCosts($/LateralFt.)
$60 WTI$50 WTI
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
0%
10%
20%
30%
40%
50%
60%
$5.0 MM
D&C
$5.5 MM
D&C
$6.0 MM
D&C
ROR NPV
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
0%
20%
40%
60%
80%
100%
120%
140%
$5.0 MM
D&C
$5.5 MM
D&C
$6.0 MM
D&C
ROR NPV
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
0%
40%
80%
120%
160%
200%
$5.0 MM
D&C
$5.5 MM
D&C
$6.0 MM
D&C
ROR NPV
Current D&C Costs
 Strong well economics would remain
compelling even with lower oil prices
and/or higher costs
 Drilling and completion costs remain
favorable; 1Q17 D&C costs per foot
impacted by increased R&D spending and
lower average lateral lengths
Midland Basin ROR and NPV Sensitivities
Note: Economics based on 1 MMBoe type curve; NGL price 40% of WTI; Gas $3/Mcf
17

18. Shale Scale in the Midland Basin Core
Midland Basin Acreage On April 20, closed acquisition of acreage and associated
assets from Double Eagle Energy Permian LLC
 ~71,000 net leasehold acres
 ~3,600 net Boe/d as of January 1, 2017
 23 drilled uncompleted wells
 ~3,300 net horizontal drilling locations, including ~1,800
net locations in high priority target intervals (Lower
Spraberry, Wolfcamp A, Wolfcamp B)
 Strategic acquisition enhances quality, scale, and scope of
Midland Basin acreage portfolio
 All depth rights across majority of acquired acreage
 Mostly operated with non-op acreage mainly distributed
around the perimeter of acquisition footprint; average 25%
working interest on non-op acreage
 Assets concentrated in oil-rich basin core with strong offset
well performance in all areas
 Significant footprint expansion increases operational
capacity, translating to a stronger-for-longer growth profile
 Incremental value potential through ongoing asset evolution
and high-grading potential
MIDLAND
GLASSCOCK
UPTON
REAGAN
MARTIN
HOWARD
IRION
DAWSON BORDEN
ECTOR
ANDREWS
CRANE
GAINES
Acquisition Summary
Gross / Net Leasehold Acreage ~167,000 / ~71,000
Gross / Net Hz Drilling Locations ~7,300 / ~3,300
Percent Net Locations Operated ~80%
Consideration
~$1.4 B cash &
~39.8 MM shares(1)
Parsley Energy Leasehold
Acquired Leasehold: Operated
Acquired Leasehold: Non-Op
(1) LLC Units and shares of Class B common stock
STERLING
MITCHELL
18

19. Gross Net
Wells per
Section
Midland Basin
Middle Spraberry 990 560 5-6
Lower Spraberry 1,490 860 8
Wolfcamp A 1,870 1,070 8
Wolfcamp B 3,180 1,860 8-16
Wolfcamp C 1,470 920 8
Cline 1,910 1,120 8
Atoka 1,460 860 6
Delaware Basin
2nd Bone Spring 160 150 4
3rd Bone Spring 160 150 4
Wolfcamp 620 580 16
Total 13,310 8,130
Expansive, High-quality Drilling Inventory
Horizontal Drilling Inventory(1)
+240’
(1) As of end 1Q17 pro forma for Double Eagle acquisition closed 4/20/17 as well as for recently executed acreage trades; Location counts rounded to the nearest ten; (2) Priority target zones
include Lower Spraberry, Wolfcamp A, Wolfcamp B, and Delaware Wolfcamp
 Extensive inventory of premium drilling locations provides
visibility to years of high-return production growth
 Substantial inventory upside in Midland Basin with higher
well density potential in Wolfcamp and Spraberry formations
 Nearly 600 net Wolfcamp locations in the Southern Delaware
Basin with a low average royalty burden of 15%
 Double Eagle acquisition boosted priority net locations by
more than 70%, significantly increasing peak production
potential
2,520
4,360
0
1,000
2,000
3,000
4,000
5,000
Before Double Eagle With Double Eagle
NetLocationsin
PriorityTargetZones(2)
Double Eagle Net Inventory Uplift
+73%
19

20. $26.73
$8.04
$0
$5
$10
$15
$20
$25
$30
2015 2016
$/Boe
55
91
124
222
0
50
100
150
200
250
2013 2014 2015 2016
Robust Reserve Growth
 Proved reserves up 80% Y/Y (oil up
85% Y/Y) despite writing off
remaining ~18 MMBoe of vertical PUD
reserves
 Strong organic reserve replacement
ratio of approximately 680%(1)
 PD F&D down 70% Y/Y to $8.04/Boe(2)
Strong Growth in Proved Reserves
TotalProvedReserves(MMBoe)
Oil
(MMBbl)
Gas
(Bcf)
NGL
(MMBbl)
Total
(MMBoe)
PDP 59.3 121.8 23.7 103.3
PDNP 1.9 2.2 0.6 2.8
PUD 75.4 99.7 24.2 116.2
Total Proved 136.6 223.7 48.5 222.3
124
-14
-4 -7
24
99
222
-50
0
50
100
150
200
250
YE15 Prod. Rev. Divest. Acq. Adds YE16
Note: Reserve summary as of 12/31/2016 and audited by Netherland, Sewell & Associates, Inc.; Data for Parsley only; not pro forma for pending acquisitions; (1) Organic reserve replacement
ratio calculated as total 2016 reserves additions and revisions (technical and pricing) divided by total 2016 production; excludes acquisitions and divestitures; (2) PD F&D calculated as total
2016 Capex (including Infrastructure and Other) divided by total 2016 proved developed reserves additions and revisions (technical and pricing); excludes acquisitions and divestitures
Compelling PD F&D Costs(2)
+80%+300% -70%
20

21. Selected Operating Data – 1Q17
(1) Average prices shown in the table include transportation and gathering costs and reflect prices both before and after the effects of the Company’s realized commodity hedging transactions.
The Company’s calculation of such effects includes both realized gains and losses on cash settlements for commodity derivative transactions and premiums paid or received on options that
settled during the period
Three Months Ended
March 31, 2017 Dec. 31, 2016 March 31, 2016
Net production volumes:
Oil (MBbls) 3,394 2,811 1,731
Natural gas (MMcf) 4,419 3,812 2,944
Natural gas liquids (MBbls) 800 704 425
Total (MBoe) 4,931 4,150 2,647
Average net daily production (Boe/d) 54,789 45,109 29,088
Average sales prices:(1)
Oil, without realized derivatives (per Bbl) $ 50.01 $ 46.76 $ 30.06
Oil, with realized derivatives (per Bbl) $ 48.52 $ 49.41 $ 46.73
Natural gas, without realized derivatives (per Mcf) $ 2.82 $ 2.91 $ 1.88
Natural gas, with realized derivatives (per Mcf) $ 2.80 $ 2.91 $ 1.88
NGLs (per Bbl) $ 21.77 $ 19.12 $ 11.04
Total, without realized derivatives (per Boe) $ 40.48 $ 37.59 $ 23.52
Total, with realized derivatives (per Boe) $ 39.44 $ 39.39 $ 34.42
Average costs (per Boe):
Lease operating expenses $ 3.57 $ 3.56 $ 5.25
Production and ad valorem taxes $ 2.26 $ 2.15 $ 1.58
Depreciation, depletion and amortization $ 13.99 $ 15.10 $ 18.66
General and administrative expenses (including stock-based compensation) $ 4.88 $ 5.61 $ 7.29
General and administrative expenses (cash based) $ 4.02 $ 4.79 $ 6.25
21