- The document is an investor presentation from Parsley Energy that provides an overview of the company and highlights its strong position. - Parsley has grown production 55% year-over-year in 2015 and expects 35-50% growth in 2016, with oil production up 62% at the midpoint of guidance. - The company has premier acreage in the Midland Basin core, where its Wolfcamp A and B wells are tracking above a 1 MMBoe estimated ultimate recovery type curve and generating over 40% returns at current prices. - Parsley has a strong financial position with $770 million in liquidity and anticipated oil hedges covering 2016 production.

1. INVESTOR PRESENTATION
March 2016

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.
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 drilling 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 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.
2

3. Parsley Energy Overview
Market Snapshot 4Q15 Production Premier Acreage Position
NYSE Symbol: PE
Market Cap: $3,649 MM(1)
Net Debt: $355 MM(2)
Enterprise Value: $4,004 MM
Share Count: 169 MM(2)
4Q15 Production: 25.2 MBoe/d
4Q15 Production Mix
 Oil: 63%
 Natural Gas: 19%
 NGLs: 18%
Investment Highlights
Pro Forma Net Acreage(2)
Surface % HBP(5)
Midland Basin Core 66,998 83%
Midland Basin Tier 1 22,061 60%
S. Delaware Basin 26,527 7%
(1) Based on 3/16/2016 closing price; (2) As of end 4Q15 pro forma for acquisition announced 12/9/2015; (3) Based on midpoints of 2016 production volume and % oil guidance; (4) See slide 8
for associated assumptions; (5) Held by production to the base of the Wolfcamp formation
Strong Financial Position
 $770 MM of liquidity
 Anticipated oil volumes fully hedged in 2016(3), with substantial hedge
position in 2017
 Net debt/adjusted annualized EBITDAX ratio of 1.5x(2)
Resilient Returns
 Midland Basin Wolfcamp wells generate 40%+ returns at strip prices(4)
Leading Production Growth Profile
 2015 production up 55% Y/Y, with oil volumes up 69%
 FY16E production up 35-50% versus FY15, with oil production up 50-70%
Premier Asset Base
 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 almost 1,000 Midland Basin Wolfcamp A and B
drilling locations alone; inventory upside from upper 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
3

4. 0
5
10
15
20
25
0
7
14
21
28
35
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 FY16
Ongoing Production Momentum
NetProduction(MBoe/d)
NetOilProduction(MBo/d)
+27%
Oil volumes up
27% Q/Q
55% Y/Y production
growth in 2015
62% Y/Y oil growth in
2016 at the midpoint
FY16E
4

5. -
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 ResultsCumulativeProduction(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 (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)
5

6. Robbie 17-8-4403H
Completed Formation: Wolfcamp B
Peak 30-day IP: 1,133 Boe/d
Lateral Length: 4,358’
Record 30-day IP per 1,000’ of 260 Boe/d
4Q15 Production Highlights
Wolfcamp wells continued to set company records in 4Q15
Bast 34-39-4412H
Completed Formation: Wolfcamp B
Peak 30-day IP: 1,908 Boe/d
Lateral Length: 9,854’
Record 30-day cumulative oil production of 43,170 Bbls.
Robbie 17-8-4204H
Completed Formation: Wolfcamp A
Peak 30-day IP: 1,365 Boe/d
Lateral Length: 7,623’
Record WC A 30-day cum. oil prod. of 29,340 Bbls.
6

7. $0
$50
$100
$150
$200
$250
Pad WellsSingle Wells
Pads Driving Lower Costs
 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
7

8. $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 ($MM)
Resilient Returns
RateofReturn(%)
NPV($MM)
Wolfcamp A/B Returns and NPV(3)
(1) NYMEX WTI strip price as of 3/16/2016; (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; Gas Price: $3.00/ Mcf, NGL Price: 40% of Oil Price; Normalized for downtime of 24 hours or more
D&CCosts($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
8

9. • Increased size and average quality and working interest of Midland
Basin inventory
• Bolt-on activity targets the thickest portion of the deep axis of the
Midland Basin
High-grading Asset Base
GROSS / NET LATERAL
CASH LOCATIONS EXTENSIONS
Divestitures: ~$50 MM (204/144) 0
Acquisitions(1): $228 MM 560/476 29
Acre-for-acre trades (Core): 0 58/58 41
Total: $178 MM 414/390 70
In 2015, strategic high-grading—acquisitions, divestitures, and trades—
netted 390 net horizontal drilling locations and 70 lateral extensions by 2,500’ on average
Acquisition Acreage
Divestiture
Acreage
(1) As of end 4Q15 pro forma for acquisition announced 12/9/2015
Platform
9

10. Durable, High-quality Drilling Inventory
(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
10

11. Outstanding Initial Well Results in the S. Delaware Basin
KHC 33-24-3H (Cimarex)
Peak 24-hr IP: 1,334 Boe/d
Lateral Length: 8,765’
Lasater-2 (Chevron)
Peak 24-hr IP: 1,684 Boe/d
Lateral Length: 4,585’
Morrison H B-12H (Occidental)
Peak 24-hr IP: 1,493 Boe/d
Lateral Length: 6,055’
Trinity 15-33 1H (Jagged Peak)
Peak 24-hr IP: 1,917 Boe/d
Lateral Length: 8,815’
Whiskey River 0927-7-2H (Jagged Peak)
Peak 24-hr IP: 1,774 Boe/d
Lateral Length: 9,857’
Autobahn 34-177-1H (Cimarex)
Peak 24-hr IP: 1,384 Boe/d
Lateral Length: 4,146’
Carr 34-125 Unit-1H (Anadarko)
Peak 24-hr IP: 2,380 Boe/d
Lateral Length: 3,820’
Miami Beach 34-123-1H (Cimarex)
Peak 24-hr IP: 1,692 Boe/d
Lateral Length: 4,521’
Cilantro 2524-C3-1H
Operator: Jagged Peak
Peak 24-hour IP: 2,175 Boe/d
Peak 30-day IP: 1,501 Boe/d
Percent Oil: 79% (30-day)
Lateral Length: 8,279’
Trees State 16-1H
Operator: Parsley Energy
Peak 24-hour IP: 1,558 Bod/d
Peak 30-day IP: 1,151 Boe/d
Percent Oil: 81% (30-day)
Lateral Length: 4,562’
Whiskey River 0927-7-1H (Jagged Peak)
Peak 24-hr IP: 1,728 Boe/d
Lateral Length: 9,442’
Darlington Unit 11A-1H (Patriot)
Peak 24-hr IP: 1,351 Boe/d
Lateral Length: 7,478’
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 MM drillable lateral feet on risked acreage based on just
one Wolfcamp flow unit
Source: IHS
Platform
Offset Wells
11

12. 2016 Capital Program Overview
401
380-430
0
150
300
450
FY2015 FY2016E
22.0
30-33
0
7
14
21
28
35
FY2015 FY2016E
48
60-70
0
25
50
75
FY2015 FY2016E
Capital Expenditures ($MM)
Average Net Production (MBoe/d)
Gross Horizontal Completions
FY15 FY16E
Average Oil Production (MBo/d)
Capex flat Y/Y at the midpoint despite increased activity
43% Y/Y production growth at the midpoint
Completions up 35% Y/Y at the midpoint
62% Y/Y oil production growth at the midpoint
FY15 FY16E
FY15 FY16E
13.1
20.3-22.3
0
5
10
15
20
25
FY15 FY16E
12

13. 14.2
22.0
30-33
0
5
10
15
20
25
30
35
FY14 FY15 FY16E
2016 Capital Program Detail
Capital Efficiency(2)
Unit Costs
LOE ($/Boe) $5.50 - $6.50
Cash G&A ($/Boe) $4.75 - $5.75
Production & Ad Valorem Taxes (% of Revenue) 6.5% - 7.5%
Development Spending
Drilling & Completion ($MM) $330 - $370
Infrastructure & Facilities ($MM) $50 - $60
Total Capital Expenditures ($MM) $380 - $430
Activity
Gross Horizontal Completions
Midland Basin
Delaware Basin
Average Lateral Length
60 – 70
57 – 65
3 – 5
~7,000’
Gross Vertical Completions
Average Working Interest
3 – 6
85 - 95%
Production Growth
AnnualProduction(MBoe/d)
(1) Includes production taxes of 4.6% for oil and 7.5% for natural gas and NGLs, and ad valorem taxes assessed at 3% of the taxable value of producing properties; (2) Peers include EGN, FANG,
LPI and RSPP. Calculations for peers based on Thomson Reuters consensus estimates as of 2/12/2016. Calculations for Parsley based on midpoints of guidance ranges
Production
Production (MBoe/d)
% Oil
30 – 33
65 – 70%
Oil as % of Total Production
54%
60%
65-
70%
0%
10%
20%
30%
40%
50%
60%
70%
FY14 FY15 FY16E
0%
10%
20%
30%
40%
50%
0
5
10
15
20
25
Peer 1 Peer 2 Peer 3 Peer 4 PE
FY15E-FY16E
AnnualProductionGrowth
Boe/dAddedper$MMofCapex
N/M
13

14. $0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
1Q15 2Q15 3Q15 4Q15 FY15 FY16E
Favorable Unit Cost Trends
Lease Operating Expense ($/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
14

15. Liquidity Summary ($MM)
First lien borrowing base availability $575
Cash on hand $195
Total liquidity $770
$550$575
$0
$200
$400
$600
2015 2016 2017 2018 2019 2020 2021 2022
($MM)
Senior Notes
 Financial profile even stronger entering 2016 than
entering 2015
 $770 million of liquidity
 Favorable maturity schedule, with 7.5% senior
notes due in 2022
 S&P upgraded Parsley’s senior unsecured notes to
B- from CCC+ in August 2015
 Net Debt / Annualized Adjusted EBITDAX of 1.5x(1)
Strong Balance Sheet
Favorable Debt Maturity Schedule
Note: All data as of end 4Q15 pro forma for acquisition announced 12/9/2015; (1) Net leverage ratio based on annualized adjusted 4Q15 EBITDAX
519
770
0
200
400
600
800
YE2014 YE2015
Liquidity ($MM)
1.9x
1.5x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
YE2014 YE2015
Net Leverage Ratio
YE14 YE15 YE14 YE15
15

16. 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
 2016 oil volumes fully 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
16

17. Strong Reserve Growth
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%
17

18. Value-adding Infrastructure Expansion
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
18

19. Investment Highlights
Superior Well
Results
Leading Growth
and Returns
Strategic Acquirer
Strong Financial
Position
Abundant Upside
 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
 High-grading asset base through acreage trades, bolt-on acquisitions, and divestiture of low priority
assets
 Proven ability to identify and acquire attractive assets
 Ongoing delineation of multiple formations in the Midland Basin
 Scratching the surface of significant resource potential in the Southern Delaware Basin
 $770 MM of liquidity(2)
 Fully hedged on expected 2016 oil volumes, with meaningful 2017 position established
(1) NYMEX WTI strip price as of 3/16/2016; (2) As of end 4Q15 pro forma for acquisition announced 12/9/2015
19