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Parsley Touts Pad Drilling Results; Output Up +78% YOY to 80.3 MBOE/D
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Parsley reported its Q4 and full year 2017 results.
Highlights: Net production averaged 80.3 MBoe per day, up 12% versus 3Q17 and 78% year-over-year. Net oil production increased 9% quarter-over-quarter and 69% year-over-year. Parsley's previously announced 2018 oil production guidance of 65-70 MBo per day represents year-over-year growth of 50% at the midpoint. The Company recently executed several high-impact acreage trades that will facilitate extended lateral lengths in its core Upton Countyfootprint. Net of acreage traded away, Parsley added approximately 0.4 million net lateral feet to the Company's horizontal drilling inventory through trades executed since its last quarterly update in November. Proved reserves of 416 MMBoe as of December 31, 2017 represent an 87% increase versus…- ✓ Full news archive — U.S., Canada & international coverage
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