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3Q 2018 Earnings Presentation – Parsley Energy Inc.

Parsley Energy Inc. · Nov 1, 2018 · 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. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 1
    Q3 2018 Earnings Presentation November 1, 2018 INVESTOR PRESENTATION 3Q 2017 PARSLEYENERGY.COM
  2. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 2
    Parsley Energy Overview Parsley Permian Energy Basin Net Acreage Net Leasehold Acreage: 200,000(2) Midland Premier Permian Pure-Play HOWARD (96% Operated) Basin ANDREWS Midland Basin: 155,000 LEA Efficient and sustainable…
  3. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 3
    Laying the Foundation 10-Year Lookback 20 Achieve Scale 125 Build Reinvestment Runway Parsley Operating Area in 2008 Midland Basin Fastest to 100 MBoe/d(1) Parsley Acreage 16 100 Net Production (MBoe/d) % of Dev Inventory…
  4. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 4
    Organic Path to Self-Funded Growth Parsleys Investment Framework Guiding Principles Application 2019 Outline Discipline require strong return on incremental Process Steady development pace development dollar Increasing…
  5. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 5
    Operational Momentum Building Increasing Operational Velocity New Efficiency Thresholds 1,400 3Q18 Records Parsley record: 1,200 Over 420,000 stimulated lateral feet and 46 wells placed on production Permian Basin record:…
  6. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 6
    Intensive Cost Control Reduced Drilling & Completion Costs Low Operating Costs 22 1,100 D&C capex per lateral foot declined 9% Q/Q 20 Drilling & Completion Capital Expenditures 1,000 Operating costs 18 Operating Costs…
  7. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 7
    Capitalizing on Counter-Cyclical Investments Accelerating Development During Lower Robust Oil Growth in Higher Service Cost Environment Enabled Commodity Price Environment 75 80 18 178 More than doubled operated rig count 70 76…
  8. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 8
    Oil Flowing at Advantaged Price Marketing strategy centered around two guiding principles: dependability and diversification Finalized previously announced marketing Leading Oil Price Realization(1) agreements to bolster takeaway…
  9. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 9
    Operational Spotlight - Martin County Recent Martin County well results showcase top-tier rock quality: Ramping Martin Co. Development Strong results from recent three-well projects targeting the Wolfcamp A and B formations: MARTIN…
  10. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 10
    Pruning the Portfolio Committed to the Core Bringing Tail-End Value Forward MARTIN HOWARD Targeted Divestitures(1) Midland Basin Summary: Monetized portion of central Reagan, southern Upton, and northern Howard acreage,…
  11. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 11
    Strong, Flexible Financial Position Advantaged Liquidity Profile(1) Cash on Hand Borrowing Base Availability Drawn on Revolver (%) Favorable debt maturity schedule with 1,400 14% earliest notes maturity in 2024 1,200 12% Weighted…
  12. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 12
    Guidance Summary 2018E (Unchanged) Disciplined Approach Production Annual Net Oil Production (MBo/d) 68.0 - 70.5 Commitment to 2018 capital budget is priority (1) Annual Net Production (MBoe/d) 106.0 - 111.0 Reduced 3Q18 service…
  13. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 13
    High Rankings on Key Value Drivers Relative Rank Operating Recycle Horizontal Rigs 2014-2018E Margin(1)(6) % Oil(2)(6) Ratio(3)(6) In Lower-48(4)(6) DAPS Growth(5) Asset Quality Commodity Scale & Growth & Operational Efficiency…
  14. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 14
    High Margin Growth Trend Steep production ramp accompanied by robust margin expansion Retained almost 80% of healthy realized price as marketing advantages, operating cost compression, and scale benefits flow through Strong Growth…
  15. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 15
    The Right Balance Elite Combination of Growth and Returns(1) 14% Cash Return on Capital Invested, Average 2015-17(2) 12% 10% 8% Median: 6% 6% 4% Top-tier returns throughout during 2% intensive growth and…
  16. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 16
    Capturing the NGL Upswing Favorable NGL Dynamics Harvesting Higher NGL Prices 40 High quality NGL barrel NGL Realizations Excluding Effect of Hedges (/Bbl) Realized 88% of Mont 35 Belvieu price in 3Q18 30 Aligned…
  17. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 17
    Oil Hedge Position Open Crude Oil Derivatives Positions Aligning hedges with regional price exposure 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 OPTION CONTRACTS Hedge structure retains upside to higher oil prices CUSHING Put Spreads Cushing…
  18. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 18
    Adjusted EBIDAX Reconciliation Unaudited, in thousands Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Adjusted EBITDAX reconciliation to net income: Net income (loss) attributable to Parsley…
  19. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 19
    Operating Cash Margin Reconciliation in thousands Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) attributable to Parsley Energy, Inc. stockholders 113,309 (13,333) 315,354 56,855…
  20. 3Q 2018 Earnings Presentation – Parsley Energy Inc. – slide 20
    Impact of ASC 606 Adoption Three Months Ended September 30, 2018 ASC 605 Adjustment ASC 606 Production revenues (in thousands): Oil sales 424,549 -- 424,549 Natural gas sales 11,509 1,301 12,810 Natural gas liquids sales 64,100…

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