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Successfully Navigating Through 2020 Action Plan Parsley made significant headway on its key 2020 goals despite a challenging macro backdrop Guiding Principles 2020 Action Plan Accountability YTD Progress Apply Rate of Return (ROR)-driven Improve capital efficiency by Tracking ahead of plan due to cost savings approach to acquired JAG assets 2-5%+ YoY(1) and high-grading efforts Sustain and grow free cash flow while Generate at least 200 million of free cash Targeting at least 400 million of free cash Discipline budgeting at 50 WTI flow at 50 WTI(2) flow at 35 WTI(2) Increased dividend by 67%; outlined a 2021 Further increase visibility on management Grow return of capital program maintenance capital program capable of and shareholder alignment sustained free cash flow(2) generation Defend and extend operational efficiency Sustain improvement in footage YTD footage drilled/completed per rig/crew gains and integrate best practices following drilled/completed per rig/crew over FY19 registered record efficiency in 1H20 JAG acquisition levels in Midland/Delaware Apply increased scale advantage across Improve capital efficiency by Tracking ahead of plan due to cost savings supply chain 2-5%+ YoY(1) and high-grading efforts Restructured and added hedges to insulate Stability Hedge to protect cash flow and balance sheet while retaining oil price upside Decrease leverage organically by YE20 at 50 WTI 2020/2021 cash flow; repurchased bonds below par; healthy leverage maintained through 2021 at 35 WTI Increased dividend by 67% in 1Q20; Continue to moderate PDP base oil decline Grow return of capital program outlined a 2021 maintenance capital rate program with shallower base decline Consolidated 2020E cash G&A(3) of 118 Capture tangible synergies from Execute smooth integration and realize at million or less is 64 million below JAG acquisition least 25 million of G&A savings combined cash G&A for PE and JAG in 2019 Foresight Sustain culture that promotes and Reduce flaring on acquired JAG assets to Mitigated flaring by nearly 90% on JAG prioritizes environmental and community <5% by YE20; publication of second annual properties year to date; total corporate stewardship Corporate Responsibility Report flaring of less than 2% in 2Q20 (1) Capital efficiency calculated as barrels of organic oil production added (Q41/Q40, adjusted for PDP oil base decline) per million dollars of development capital expenditures. Assumes 4Q19/4Q18 PDP oil base decline of 43% and 4Q20/4Q19 PDP oil base decline of 40%; (2) Free cash flow is a non-GAAP financial measure and is defined as net cash provided by operating activities before changes in operating assets and liabilities, net of acquisitions and acquisition and non-cash restructuring costs related to the acquisition of Jagged Peak, less accrual-based development capital expenditures. The Company is unable to present a reconciliation of forward-looking free cash flow because components of the calculation, including changes in working capital accounts, are inherently unpredictable. Additionally, estimating the most directly comparable GAAP measure with the required precision necessary to provide a 14 meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort; (3) Cash general & administrative (cash G&A) is a non-GAAP measure and defined as general & administrative expense that excludes stock-based compensation expense.
Parsley Energy Inc.
September 2020

Howard County Oil Productivity Drives Returns 100% 80% ROR1 (%) 60% 40% 8,594 net acres 20% LPI Leasehold 0% 35 40 45 50 WTI (/Bbl) LPI Howard County Budget Howard County Budget Cumulative Oil Production Compared to Established Acreage 250 Production (MBO) Cumulative Oil 200 150 100 50 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Months LPI Howard County Budget LPI Established Acreage Regional Cline Oil Type Curve LPI Established Acreage UWC/MWC Oil Type Curve Expect to complete first 15-well package in Howard County during 4Q-20 1 Returns are based on 5.5 MM well costs; applicable natural gas strip pricing details can be found in the Appendix 6 Note: Map as of 06-30-20
Laredo Petroleum Inc.
September 2020

Wolfcamp A: CGA Type Curve 10,000 Wolfcamp A Key Points Cum Oil Production Normalized to 10,000 (Bo) Wolfcamp A type curve wells selected from 250,000 geologically similar region Oil Type Curve HighPeak has directly analogous landing zones and oil in place to highly developed parts of the play 200,000 Type curve: 12-mo cum.: 178 MBbl / 203 MBoe EUR: 825 MBbl / 969 MBoe 150,000 Wolfcamp A OOIP (MMBo/Section) 100,000 50,000 0 0 2 4 6 8 10 12 Month Single Well Return Sensitivities (1) Single Well IRR (%): DCE&F Costs vs. Price Deck Payback PeriodSingle (Yrs): DCE&F Costs Well IRR (%): vs. PriceCosts DCE&F Deckvs. Price Deck DCE&F Costs (MM) DCE&F Costs (MM) 4.75 5.25 5.75 4.75 5.25 5.75 35 / Bbl 59% 49% 40% 35 / Bbl 1.3 Yrs 1.5 Yrs 1.8 Yrs Price Deck Price Deck 40 / Bbl 81% 67% 56% 40 / Bbl 1.0 Yrs 1.2 Yrs 1.3 Yrs 50 / Bbl 132% 110% 93% 50 / Bbl 0.8 Yrs 0.8 Yrs 0.9 Yrs Type Curve Well Note: YE19 CGA Wolfcamp A PUD type curve (10,000 LL) utilizes peak oil rate of 825 Bo/d (month 4), b = 1.2, dmin = 6% and assumes 6 wells per section. (1) Assumes 2.50 / MMBtu (gas) in all cases. Payback period calculated from first production. 19
HighPeak Energy
May 2020

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