April Investor Presentation

INVESTOR PRESENTATION
April 2016

Forward Looking Statements and Cautionary Statements
2
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.
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.
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDAX and adjusted net loss are financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Reconciliations of these
non-GAAP financial measures can be found in our Annual Report on Form 10-K.
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 the 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 12/31/15 are estimated utilizing SEC reserve recognition standards and pricing assumptions based on SEC pricing of $46.79 / Bbl crude,
$2.501 / MMBtu gas, and adjusted realized pricing of $46.54 / Bbl crude, $16.42 / Bbl NGL, and $2.531 / Mcf residue gas. References to our estimated proved reserves as of 12/31/15 are derived from our
proved reserve report prepared 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 provide 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.

Parsley Energy Investment Summary
3
Market Snapshot 4Q15 Production Premier Acreage Position(6)
NYSE Symbol: PE
Market Cap: $4,307 MM(1)
Net Debt: $281 MM(2)
Enterprise Value: $4,588 MM
Share Count: 190 MM(3)
4Q15 Production: 25.2 MBoe/d
4Q15 Production Mix
 Oil: 63%
 Natural Gas: 19%
 NGLs: 18%
Investment Highlights
Pro Forma Net Acreage(6)
Surface % HBP(7)
Midland Basin Core 73,028 84%
Midland Basin Tier 1 24,742 58%
S. Delaware Basin 40,724 21%
(1) Based on 4/8/2016 closing price; (2) As of end 4Q15 pro forma for acquisitions announced 12/9/2015 and 4/4/2016 and equity offering announced 4/4/2016; (3) As of end of 4Q15 pro forma for
equity offering announced 4/4/2016; (4) Based on midpoints of 2016 production volume and % oil guidance; (5) See slide 8 for associated assumptions; (6) As of end 4Q15 pro forma for
acquisitions announced 12/9/2015 and 4/4/2016; (7) Held by production to the base of the Wolfcamp formation
Strong Financial Position
 $844 MM of liquidity(2)
 Close to 100% of anticipated oil volumes hedged in 2016(4), with substantial hedge
position in 2017
 Net debt/annualized adjusted EBITDAX ratio of 1.2x(2)
Resilient Returns
 Midland Basin Wolfcamp wells generate 40%+ returns at strip prices(5)
Leading Production Growth Profile
 2015 production up 55% Y/Y, with oil volumes up 69%
 FY16E production up ~40-60% versus FY15, with oil production up ~60-80%
Premier Asset Base
 Acquisitions announced in April 2016 add 14,197 and 8,711 net acres in the Delaware
Basin and Midland Basin, respectively
 Midland Basin Wolfcamp A and B wells tracking above the Company’s 1 MMBoe EUR type
curve
 Appraising second core area, with outstanding initial results in the Southern Delaware
Basin
 Ample running room, with more than 1,000 Midland Basin Wolfcamp A and B drilling
locations alone; inventory upside from second Wolfcamp B flow unit
Margin Uplift with Unit Cost Compression
 LOE per Boe and cash G&A per Boe down 27% and 36%, respectively, in 4Q15 versus 3Q15
 Midpoints of guidance ranges for FY16 LOE per Boe and cash G&A per Boe down 23% and
11%, respectively, versus 2015 averages

Adding Scale in Core Areas
4
 Announced the addition of approximately
23,000 net acres on 4/4/2016, which
increases Parsley’s net acreage by 20%
 14,197 net acres in the Delaware Basin
 8,711 net acres in the Midland Basin
 $359 million purchase price includes
estimated net production of ~2,300 Boe/d at
4/4/2016
 ~1,200 Boe/d in the Delaware Basin
 ~1,100 Boe/d in the Midland Basin
 Significant boost to inventory
 Estimate approximately 700,000
drillable lateral feet in the Delaware
Basin based on just one Wolfcamp flow
unit
 Over 250 net horizontal drilling
locations in the Midland Basin
 Extends eight existing Lower Spraberry
drilling locations in the Midland Basin
by 5,000’ on average
 Acquisitions include six horizontal wells in
various stages of drilling and completion
12/31/2015 Acquisitions Pro Forma PE:
Midland Basin -
Net Surface Acreage
89,059 8,711 97,770
Delaware Basin –
Net Surface Acreage
26,527 14,197 40,724
Substantial Additions to Premier Asset Base

Building Critical Mass in the Southern Delaware
5
 Acquiring 14,197 net acres
for approximately $144
million
 Estimated net production of
~1,200 Boe/d at 4/4/2016
 More than 4,000 net acres
fill in or extend existing
acreage position, increasing
long lateral potential
 Acquisitions add
approximately 700,000
drillable lateral feet based
on just one Wolfcamp flow
unit; incremental value from
additional Wolfcamp flow
units and multiple Bone
Spring targets
 Parsley’s first horizontal
well in the Southern
Delaware tied company’s
second best scaled 30-day IP
at 252 Boe/d per 1,000’
 Strong results from acquired
and offset wells
KHC 33-24-3H (Cimarex)
Peak 24-hr IP: 1,334 Boe/d
Lateral Length: 8,765’
Lasater-2 (Chevron)
Morrison H B-12H (Occidental)
Trinity 15-33 1H (Jagged Peak)
Whiskey River 0927-7-2H (Jagged Peak)
Autobahn 34-177-1H (Cimarex)
Carr 34-125 Unit-1H (Anadarko)
Miami Beach 34-123-1H (Cimarex)
Whiskey River 0927-7-1H (Jagged Peak)
Darlington Unit 11A-1H (Patriot)
Trees State 16-1H
Operator: Parsley Energy
Peak 24-hour IP: 1,558 Boe/d
Peak 30-day IP: 1,151 Boe/d
Percent Oil: 81% (30-day)
Cilantro 2524-C3-1H
Operator: Jagged Peak
Sources: IHS and company data
Walking O C3-28-3H (Anadarko)
Busch C6-4-1H (Anadarko)

 Acquiring 8,711 net acres with 257 net horizontal drilling locations for approximately $215 million
 Estimated net production of ~1,100 Boe/d at 4/4/2016
 Extends eight existing Lower Spraberry drilling locations by 5,000’ on average
 Acquired assets include four drilled but uncompleted horizontal wells and one horizontal well to be completed
by closing
Extending Running Room in the Midland Basin
6
Calverley #1H (RSP Permian)
Calverley #2H (RSP Permian)
Oliver 39-34-4405H (Parsley Energy)
Bast 34-39-4412H (Parsley Energy)
Shackelton 31-5HM (Apache)
Taylor 45-33-4404H (Parsley Energy)
Sources: IHS and company presentations
Shackelford 3213H (Pioneer)
Woody 4-2H (RSP Permian)
King D 4907H (Pioneer)
Robbie 17-8-4204H (Parsley Energy)
Robbie 17-8-4403H (Parsley Energy)
Pegasus Field Unit 3-4915H (Concho)

0
5
10
15
20
25
0
7
14
21
28
35
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 FY16
Ongoing Production Momentum
7
NetProduction(MBoe/d)
NetOilProduction(MBo/d)
+27%
Oil volumes up
27% Q/Q
55% Y/Y production
growth in 2015
69% Y/Y oil growth in
2016 at the midpoint
FY16E

-
25
50
75
100
125
150
175
200
225
- 30 60 90 120 150 180 210 240 270 300 330 360
Parsley Actual Production as of 2/10/2016 (55 wells)
Consistently Strong Wolfcamp Results
8
CumulativeProduction(MBoe)(1)
Days of Production
Peer-leading Wolfcamp A and B wells tracking above 1 MMBoe
EUR type curve
(1) Normalized to 7,000’ stimulated and for downtime of 24 hours or more; dataset includes all of Parsley’s producing Wolfcamp A and B wells in the Midland Basin as of 2/10/2016; (2) Peers
include FANG, LPI, PXD, and RSPP. Peer data based on company reported well results and averages normalized to 7,000’ stimulated lateral; PE Wolfcamp A/B; FANG Wolfcamp B data
obtained from November 2015 investor presentation, three-stream data derived using provided oil percentage and assuming 10% uplift in cumulative production when converting from 2-
stream to 3-stream; LPI Upper Wolfcamp data obtained from September 2015 corporate presentation; PXD Wolfcamp B data obtained from February 2016 investor presentation; RSPP
weighted average of Wolfcamp A/B data obtained from October 2015 investor presentation
0
50
100
150
200
0
40
80
120
160
Peer 1 Peer 2 Peer 3 Peer 4 PE
30-DayPeakIP/1,000’Stim.
(MBoe/d)
180-DayCumProd(MBoe)
N/A N/A
Peer-leading Wolfcamp Wells(2)

Robbie 17-8-4403H
Completed Formation: Wolfcamp B
Record 30-day IP per 1,000’ of 260 Boe/d
4Q15 Production Highlights
9
Wolfcamp wells continued to set company records in 4Q15
Bast 34-39-4412H
Completed Formation: Wolfcamp B
Record 30-day cumulative oil production of 43,170 Bbls.
Robbie 17-8-4204H
Completed Formation: Wolfcamp A
Record WC A 30-day cum. oil prod. of 29,340 Bbls.

$0
$50
$100
$150
$200
$250
Pad WellsSingle Wells
Pads Driving Lower Costs
10
 Transition to pads amplifying downtrend in drilling
costs and completion costs
 Approximately 75% of 2016 wells will be two-well or
three-well pads
Drilling Cost per Foot(1)
Completion Cost per Stage
1Q15 2Q15 3Q15 4Q15
(1) Midland Basin wells shown chronologically by date total depth was reached
0%
10%
20%
30%
40%
50%
60%
70%
$0
$10
$20
$30
$40
$50
$60
$70
1Q15 2Q15 3Q15 4Q15
PercentPadWells
Avg.CostperStage($M)
CostperFoot

$0
$2
$4
$6
$8
$35 $40 $45 $50 $55
0%
20%
40%
60%
80%
$35 $40 $45 $50 $55
$8.0
$5.5
$0
$2
$4
$6
$8
4Q2014 D&C ($MM) 4Q2015 D&C ($MM)
Resilient Returns
11
RateofReturn(%)
NPV($MM)
Wolfcamp A/B Returns and NPV(3)
(1) NYMEX WTI and HH strip prices as of 4/11/2016; (2) Normalized for 7,000’ completed lateral; (3) Based on 1 MMBoe EUR type curve for 7,000’ completed lateral; Interest: 100% WI, 75%
NRI; LOE: $7,500/Month Fixed; $2.00/BO Variable; NGL Price: 40% of Oil Price; Normalized for downtime of 24 hours or more
D&CCosts($MM)
Oil Price Oil Price
 Drilling and completion cost reductions support healthy
returns despite depressed commodity prices
 Wolfcamp A/B type curve implied returns exceed 40% at
strip prices(1), with NPV per well close to $5 MM
4Q15
4Q14
4Q14
Drilling and Completion Costs ($MM)(2)
4Q15
Strip Prices(1) Strip Prices(1)
-31%
4Q14 4Q15

Outstanding Initial Well Results in the S. Delaware Basin
12
Cilantro 2524-C3-1H
Operator: Jagged Peak
Trees State 16-1H
Operator: Parsley Energy
Peak 24-hour IP: 1,558 Bod/d
BONE
SPRING
WOLFCAMP
WOODFORD
MISS.
PENN.
3,000’
8,100’
10,500’
13,500’
15,100’
15,800’
Parsley confirmed oil
producing zones
Trees State
16-1H target
 Parsley’s first operated horizontal well in the S. Delaware Basin tied the company’s second best 30-day IP per
1,000’ at 252 Boe/d
 Oil production throughout 3,000’ Wolfcamp interval supports possibility of multiple Wolfcamp flow units; Parsley
and offset results support prospectivity of Bone Spring, Pennsylvanian, Mississippian, and Woodford formations,
as well
 Large, contiguous acreage block sets up well for long lateral development
 Estimate approximately 1.7 MM drillable lateral feet on risked acreage based on just one Wolfcamp flow unit
Platform

Durable, High-quality Drilling Inventory
13
(1) As of end of 4Q15 pro forma for acquisition announced 12/9/2015; (2) Based on limited offset well data, Middle Spraberry inventory is limited to north Upton County acreage
Horizontal Drilling Inventory(1)
+350’
+240’
 High average working interest of
83% across horizontal drilling
inventory
 Acquisitions, trades, and
divestitures netted ~1.7 MM lateral
feet in 2015 while increasing the
percentage of locations in Parsley’s
Core area
 Ample running room with almost
1,000 Wolfcamp A and Wolfcamp B
drilling locations alone
High-grading Horizontal Drilling Inventory
77%
23%
YE15
Core Tier1
67%
33%
YE14
Core Tier1
0
500
1000
1500
2000
2500
EOY2014 EOY2015
+36%
Horizontal Inventory Growth Horizontal Inventory Quality
Core Tier I Total
Gross Net Gross Net Gross Net
M Spraberry(2) 77 59 --- --- 77 59
L Spraberry 199 156 77 57 276 213
Wolfcamp A 353 295 118 93 471 388
Wolfcamp B 379 327 146 118 525 445
Wolfcamp C 434 365 133 105 567 470
Cline 467 391 133 105 600 496
Atoka 368 314 91 72 459 386
HZ Total 2,277 1,907 698 550 2,975 2,457
YE14 YE15

Updated 2016 Capital Program Overview
14
401
410-460
0
125
250
375
500
FY2015 FY2016E
48
65-75
0
20
40
60
80
FY2015 FY2016E
Capital Expenditures ($MM)
Average Net Production (MBoe/d)
Gross Horizontal Completions
FY15 FY16E
Average Oil Production (MBo/d)
Capex up only 8% Y/Y at the midpoint despite increased activity
50% Y/Y production growth at the midpoint
Completions up 46% Y/Y at the midpoint
69% Y/Y oil production growth at the midpoint
FY15 FY16E
13.1
21.3-23.3
0
5
10
15
20
25
FY15 FY16E
22
31.5-34.5
0
7
14
21
28
35
FY15 FY16E

14.2
22.0
0
5
10
15
20
25
30
35
Updated 2016 Capital Program Detail
15
Capital Efficiency(1)
Unit Costs
LOE ($/Boe) $5.50 - $6.50 $5.50 - $6.50
Cash G&A ($/Boe) $4.75 - $5.75 $4.75 - $5.75
Production & Ad Valorem Taxes (% of
Revenue)
6.5% - 7.5% 6.5% - 7.5%
Development Spending
Drilling & Completion ($MM) $330 - $370 $355 - $395
Infrastructure & Facilities ($MM) $50 - $60 $55 - $65
Total Capital Expenditures ($MM) $380 - $430 $410 - $460
Activity
Gross Horizontal Completions
Midland Basin
Delaware Basin
Average Lateral Length
60 – 70
57 – 65
3 – 5
~7,000’
65 – 75
60 – 68
5 – 7
~7,000’
Gross Vertical Completions
Average Working Interest
3 – 6
85 - 95%
3 – 6
85 – 95%
Production Growth
AnnualProduction(MBoe/d)
(1) Peers include EGN, FANG, LPI and RSPP. Calculations for peers based on Thomson Reuters consensus estimates as of 3/31/2016. Parsley production growth and capex based on
midpoints of updated guidance ranges, with capex burdened by $30,000 per BOE of production associated with acquisitions announced 4/4/2016
Production
Production (MBoe/d)
% Oil
Previous
30 – 33
65 – 70%
Updated
31.5 – 34.5
65 – 70%
Oil as % of Total Production
54%
60%
65-
70%
0%
10%
20%
30%
40%
50%
60%
70%
FY14 FY15 FY16E
0%
10%
20%
30%
40%
50%
0
5
10
15
20
25
Peer 1 Peer 2 Peer 3 Peer 4 PE
FY15E-FY16E
AnnualProductionGrowth
Boe/dAddedper$MMofCapex
N/MN/M
 Acquired production and incremental completions expected to contribute ~1,500 Boe/d to expected 2016 average production
 Projected capital expenditures increase by $30 MM to accommodate additional completions and accompanying facilities and
infrastructure buildout
FY14 FY15 FY16E
31.5-34.5

$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
1Q15 2Q15 3Q15 4Q15 FY15 FY16E
Favorable Unit Cost Trends
16
Lease Operating Expense ($/Boe)
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
1Q15 2Q15 3Q15 4Q15 FY2015 FY2016E
Cash G&A ($/Boe)
$4.75-
$5.75
$5.50-
$6.50
$5.87
$7.83
1Q15 2Q15 3Q15 4Q15 FY15 FY16E
Combined midpoints of LOE and G&A guidance ranges almost $2.50 per Boe less than 2015 averages
1Q15 2Q15 3Q15 4Q15 FY15 FY16E

Liquidity Summary ($MM)
First lien borrowing base availability $575
Cash on hand $269
Total liquidity $844
$550$575
$0
$200
$400
$600
2015 2016 2017 2018 2019 2020 2021 2022
($MM)
Senior Notes
 $844 million of liquidity
 Favorable maturity schedule, with 7.5% senior notes due
in 2022
 In April 2016, Moody’s upgraded Parsley’s Corporate
Family Rating to B2 from B3 and upgraded its senior
unsecured notes to B3 from Caa1
 Net Debt / Annualized Adjusted EBITDAX of 1.2x(1)
Strong Balance Sheet
17
Favorable Debt Maturity Schedule
Note: All data as of end 4Q15 pro forma for acquisitions announced 12/9/2015 and 4/4/2016 and equity offering announced 4/4/2016; (1) Net leverage ratio based on annualized adjusted 4Q15
EBITDAX
519
844
0
200
400
600
800
1,000
YE14 YE15
Liquidity ($MM)
1.9x
1.2x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
YE14 YE15
Net Leverage Ratio

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Put Spreads (MBbls/d)(1)
20.2 18.8 21.8 23.5 20.5 20.2 2.4 2.4
Put Price ($/Bbl) $38.24 $41.32 $53.25 $53.26 $45.88 $45.88 $55.00 $55.00
Short Put Price ($/Bbl) $25.14 $28.68 $38.25 $38.26 $32.11 $32.11 $40.00 $40.00
Premium Realization ($ MM)(2)
10.4 10.6 (2.8) (3.0) (5.5) (5.5) (1.2) (1.2)
Mid-Cush Basis Swaps (MBbls/d) - - 8.2 8.2 11.3 11.3 12.2 12.2
Swap Price ($/Bbl) - - ($0.87) ($0.87) ($1.00) ($1.00) ($1.05) ($1.05)
2016 2017
Substantial Hedge Position
18
 Close to 100% of 2016 oil volumes hedged at
midpoint of production guidance range, with
meaningful 2017 position established
 Structure of hedges retains full upside exposure
to higher oil prices
 Rolled down put spreads expiring in 1H16 to
capture maximum value and fund 2017 contracts
(1) When NYMEX price is above put price, Parsley receives the NYMEX price. When NYMEX price is between the put price and the short put price, Parsley receives the put price. When 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) Premium realizations represent net premiums collected
(from rolled down positions) or paid (including deferred premiums), which are recognized as income or loss in the period of settlement.
$38.24
$41.32
$53.25 $53.26
$45.88 $45.88
$55.00 $55.00
$0
$15
$30
$45
$60
$75
0
5
10
15
20
25
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
WTI($/Bbl)
MBbls/d
MBbls/d Hedged Weighted Average Long Put Price

Strong Reserve Growth
19
Oil (MMBbls) Nat Gas (Bcf) NGL (MMBbls) Total (MMBoe)
PDP 27.6 77.6 10.9 51.5
PUD 46.3 79.6 12.8 72.4
Total Proved 73.9 157.2 23.7 123.9
 Reserve summary, as of 12/31/15, prepared by Netherland, Sewell & Associates, Inc.
 Proved reserves up 36% Y/Y despite a 49% decrease in SEC oil prices
Increasing Proved Reserves
91
-8
-16
2
-2
57
124
-25
0
25
50
75
100
125
YE2014 Prod. Pricing Rev. Acq. Divest. Additions YE2015
TotalMMBoe
55
91
124
0
25
50
75
100
125
2013 2014 2015
TotalMMBoe
+126% +36%

Value-adding Infrastructure Expansion
20
Declining Water Disposal Costs
Reduced Transport Costs
 Connected 80 miles of gathering systems in
2015, supporting 9 SWDs
 Water disposal costs and oil transport costs
declining on reduced truck hauling
0%
19%
45% 44%
~75%
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
0%
20%
40%
60%
80%
100%
1Q2015 2Q2015 3Q2015 4Q2015 2H2016
Oil Sold on Pipeline (BO/D) Weighted Avg. Oil Transport Costs ($/BO)
45%
29%
32%
18%
$0
$1
$2
$3
$4
$5
0%
10%
20%
30%
40%
50%
1Q2015 2Q2015 3Q2015 4Q2015
($MM)
Water Hauling Water Disposal Costs
1Q15 2Q15 3Q15 4Q15
1Q15 2Q15 3Q15 4Q15 2H16E
Gathering System in Place
Buildout in Progress

Investment Highlights
21
Superior Well
Results
Leading Growth
and Returns
Strong Financial
Position
 Premier Midland Basin acreage, with favorable combination of depth, thickness, and thermal maturity
 Peer-leading Wolfcamp A/B results outpacing 1 MMBoe EUR type curve; 30-day IP rates and 180-day
cumulative production among best in the Midland Basin
 Excellent initial horizontal wells results in the Southern Delaware Basin
 Efficiencies, lower costs, and strong wells generating ROR of 40%+ and NPV of almost $5 MM at strip
prices(1)
 Efficient capital program, with strong production growth per dollar spent
 Cost and margin tailwinds as growing horizontal production as a percent of total production drives higher
oil percentage and lower operating costs per BOE
 Proven ability to identify and acquire attractive assets
 High-grading asset base through acreage trades, bolt-on acquisitions, and divestiture of low priority
assets
 Recently announced additional scale in core areas through the acquisition of 14,197 and 8,711 net
acres in the Delaware Basin and Midland Basin, respectively
 Ongoing delineation of multiple formations in the Midland Basin
 Scratching the surface of significant resource potential in the Southern Delaware Basin
 $844 MM of liquidity(2)
 Close to 100% of anticipated oil volumes hedged in 2016(3), with substantial hedge position in 2017
(1) NYMEX WTI strip price as of 4/11/2016; (2) As of end 4Q15 pro forma for acquisitions announced 12/9/2015 and 4/4/2016 and equity offering announced 4/4/2016; (3) Based on midpoints of
2016 production volume and % oil guidance
Abundant Upside
Strategic Acquirer

April Investor Presentation

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April Investor Presentation