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Q4 2015 Results – Parsley Energy Inc.

Parsley Energy Inc. · Feb 24, 2016 · 20 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2015 Results – Parsley Energy Inc. – slide 1
    INVESTOR PRESENTATION 4Q 2015
  2. Q4 2015 Results – Parsley Energy Inc. – slide 2
    Parsley Energy Overview Market Snapshot 4Q15 Production Premier Acreage Position NYSE Symbol: PE 4Q15 Production: 25.2 MBoe/d Market Cap: 2,692 MM(1) 4Q15 Production Mix Net Debt: 355 MM(2) Oil: 63% Enterprise Value: 3,047 MM Natural…
  3. Q4 2015 Results – Parsley Energy Inc. – slide 3
    Ongoing Production Momentum 55% Y/Y production Oil volumes up 62% Y/Y oil growth in growth in 2015 27% Q/Q 2016 at the midpoint 35 25 28 20 +27% Net Oil Production (MBo/d) Net Production (MBoe/d) 21 15 14…
  4. Q4 2015 Results – Parsley Energy Inc. – slide 4
    2016 Capital Program Overview Gross Horizontal Completions Capital Expenditures (MM) Completions up 35% Y/Y at the midpoint Capex flat Y/Y at the midpoint despite increased activity 75 450 50 300 380-430 401 60-70 25 48 150…
  5. Q4 2015 Results – Parsley Energy Inc. – slide 5
    High-grading Asset Base In 2015, strategic high-gradingacquisitions, divestitures, and trades netted 390 net horizontal drilling locations and 70 lateral extensions by 2,500 on average GROSS / NET LATERAL CASH LOCATIONS…
  6. Q4 2015 Results – Parsley Energy Inc. – slide 6
    Durable, High-quality Drilling Inventory High average working interest of Horizontal Inventory Growth High-grading Horizontal Horizontal Drilling Inventory Inventory Quality 83% across horizontal drilling inventory +36% YE14 YE15…
  7. Q4 2015 Results – Parsley Energy Inc. – slide 7
    Pads Driving Lower Costs Transition to pads amplifying downtrend in drilling Completion Cost per Stage costs and completion costs 70 70% Approximately 75% of 2016 wells will be two-well or 60 60% Avg. Cost per Stage (M)…
  8. Q4 2015 Results – Parsley Energy Inc. – slide 8
    4Q15 Production Highlights Wolfcamp wells continued to set company records in 4Q15 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…
  9. Q4 2015 Results – Parsley Energy Inc. – slide 9
    Consistently Strong Wolfcamp Results Peer-leading Wolfcamp A and B wells tracking above 1 MMBoe Peer-leading Wolfcamp Wells(2) EUR type curve 160 200 30-Day Peak IP/1,000 Stim. 180-Day Cum Prod (MBoe) 225 120 150…
  10. Q4 2015 Results – Parsley Energy Inc. – slide 10
    Resilient Returns Drilling and completion cost reductions support healthy Drilling and Completion Costs (MM)(2) returns despite depressed commodity prices -31% Wolfcamp A/B type curve implied returns exceed 35% at strip prices(1),…
  11. Q4 2015 Results – Parsley Energy Inc. – slide 11
    Outstanding Initial Well Results in the S. Delaware Basin Cilantro 2524-C3-1H Trees State 16-1H Parsley confirmed oil Operator: Jagged Peak Operator: Parsley Energy producing zones Miami Beach 34-123-1H (Cimarex) Peak 24-hour IP:…
  12. Q4 2015 Results – Parsley Energy Inc. – slide 12
    Value-adding Infrastructure Expansion Reduced Transport Costs 100% 2.50 75% 80% 2.00 60% 1.50 45% 44% 40% 1.00 19% 20% 0.50 Gathering System in Place 0% 0% 0.00 1Q2015 1Q15 2Q2015 2Q15 3Q2015 3Q15 4Q2015 4Q15 2H2016…
  13. Q4 2015 Results – Parsley Energy Inc. – slide 13
    Favorable Unit Cost Trends Lease Operating Expense (/Boe) Cash G&A (/Boe) 10 10 9 9 7.83 8 8 5.50- 7 7 6.50 4.75- 5.87 5.75 6 6 5 5 4 4 3 3 2 2 1 1 0 0 1Q15 2Q15 3Q15 3Q15 4Q15 4Q15 FY15 FY16E FY16E…
  14. Q4 2015 Results – Parsley Energy Inc. – slide 14
    Strong Balance Sheet Financial profile even stronger entering 2016 than Liquidity Summary (MM) First lien borrowing base availability 575 entering 2015 Cash on hand 195 Total liquidity 770 770 million of liquidity Favorable…
  15. Q4 2015 Results – Parsley Energy Inc. – slide 15
    Substantial Hedge Position 2016 2017 2016 oil volumes fully hedged at midpoint of 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 production guidance range, with meaningful 2017 Put Spreads (MBbls/d)(1) 20.2 18.8 21.8 23.5 20.5 20.2 2.4…
  16. Q4 2015 Results – Parsley Energy Inc. – slide 16
    2016 Capital Program Detail Production Growth Oil as % of Total Production Production 65- Production (MBoe/d) 30 33 30-33 70% 35 70% 60% % Oil 65 70% 30 Annual Production (MBoe/d) 60% 54% Development Spending 25 50%…
  17. Q4 2015 Results – Parsley Energy Inc. – slide 17
    Strong Reserve Growth 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 Oil (MMBbls) Nat Gas (Bcf) NGL (MMBbls) Total (MMBoe) PDP…
  18. Q4 2015 Results – Parsley Energy Inc. – slide 18
    Selected Operating Data Parsley Energy, Inc. Selected Operating Data Three months ended Year ended December 31, December 31, December 31, December 31, 2015 2014 2015 2014 Net production volumes: Oil (MBbls) 1,462 961 4,807…
  19. Q4 2015 Results – Parsley Energy Inc. – slide 19
    Adjusted Net Income Parsley Energy, Inc. Adjusted Net Loss and Loss Per Share (Unaudited, in thousands, except per share data) Three months ended Year ended December 31, 2015 December 31, 2015 Net (loss) attributable to Parsley…
  20. Q4 2015 Results – Parsley Energy Inc. – slide 20
    Adjusted EBITDAX Parsley Energy, Inc. Adjusted EBITDAX (Unaudited, in thousands) For the three months ended For the year ended December 31, December 31, 2015 2014 2015 2014 Adjusted EBITDAX reconciliation to net income: Net…

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