INVESTOR PRESENTATIONJune 2017

Forward Looking Statements and Cautionary Statements

2

Forward-Looking StatementsThe 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. Allstatements, 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 statementsare 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 tothe 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 ofwhich 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 pricevolatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent inestimating 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 andthe 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 and our subsequent QuarterlyReports on Form 10-Q and Current Reports on Form 8-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 disclaimany 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 andoutcome of future drilling activity, which may be affected by significant commodity price declines or cost increases.

Industry and Market DataThis presentation has been prepared by Parsley and includes market data and other statistical information from third-party sources, including independent industry publications, governmentpublications 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 accuracyor completeness of this information. Some data are also based on Parsley’s good faith estimates, which are derived from its review of internal sources as well as the third-party sources describedabove.

Oil & Gas ReservesThis 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 reasonablecertainty 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 monthprices), 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 12/31/16 are estimated utilizing SEC reserve recognition standards and pricing assumptions based on SEC pricing, as adjusted formarket differentials, transportation fees, and quality, of $39.36 / Bbl crude, $2.23 / Mcf gas, and $15.03/ Bbl NGL. References to our estimated proved reserves as of 12/31/16 are derived from ourproved reserve report audited 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 ofproved, 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 havebeen 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 andpossible 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 theseestimates 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 ourproperties 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 actualencountered 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 changesignificantly as development of our properties provides additional data and therefore actual quantities that may ultimately be recovered will likely differ from these estimates. Our relatedexpectations 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 andactivity 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 costestimates that do not include facilities, land, seismic, general and administrative (“G&A”) or other corporate level costs.

Sustained Production Momentum

3

Raised FY17 and 4Q17 production guidance ranges following strong first quarter growth

1Q17 daily net production up 21% versus 4Q16 and 88% Y/Y

Sharp production trajectory in 2017, culminating in estimated 4Q17 production of 78.0 – 88.0 MBoe/d

16% compound quarterly production growth rate over twelve quarters as a public company(1)

(1) Parsley completed its initial public offering on May 29, 2014

Quarterly Production Trajectory

Production Guidance (Net MBoe/d)

62 - 6865 - 71

75 - 8578 - 88

2017E(Previous)

2017E(Updated)

4Q17E(Previous)

4Q17E(Updated)

9.2

54.8

78.0 - 88.0

0

20

40

60

80

100

MBo

e/d

Net Production (MBoe/d)

Margin Expansion

4

$14.38$20.74

$16.14 $17.77

$10.44

$22.10 $21.68$27.09

$30.63

$9.63

$9.12

$7.63 $5.57

$5.25

$4.37 $4.15

$3.56$3.57

$5.77

$5.91

$6.86$4.41

$6.25

$4.28 $5.40

$4.79$4.02

$2.64

$2.68

$1.75$1.90

$1.58

$1.97 $2.12

$2.15$2.26

$32.42

$38.45

$32.38$29.65

$23.52

$32.72 $33.35

$37.59$40.48

0%

30%

60%

90%

$0.00

$15.00

$30.00

$45.00

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

Cash Margin (%

of Realized $/Boe)$/

Boe

Cash Margin ($/Boe) LOE ($/Boe) Cash G&A ($/Boe)Production & Ad Valorem Taxes ($/Boe) Realizations ($/Boe) (unhedged) Cash Margin (% of Realized $/Boe)

Cash Margin Expansion

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

Peers PE

LOE vs. Peers ($/Boe)(1)

(1) Peers include CPE, CXO, EGN, FANG, LPI, PXD, and RSPP. Source: company SEC filings; (2) Cash margin is a non-GAAP measure that is defined as average sales price without realized derivatives less LOE, cash G&A, and production and ad valorem taxes; (3) Cash G&A is a non-GAAP measure that is defined as general and administrative expense less stock-based compensation expense

$3.57

Significant margin expansion driven by favorable trends in realizations and operating costs Increasing oil volume as percent of total

production Reduced transport costs with more oil

on pipe Peer-leading LOE per BOE(1), with

automated well control and advantaged water sourcing and disposal costs

(3)(2)

More than $1.6 billion of pro forma liquidity to fund efficient growth plan

Fully undrawn borrowing base of $1.4 billion, with company-elected commitment of $1.0 billion

Favorable maturity schedule, with earliest notes maturity in 2024

In February, Moody’s upgraded Parsley’s Corporate Family Rating to B1 from B2

Strong Financial Position

5

Favorable Debt Maturity Schedule

$1,000

$650

$450

$1,400

$400

$1,100

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2017 2018 2019 2020 2021 2022 2023 2024 2025

($M

M)

Borrowing Base Senior Notes

Committed Amount

Borrowing Base

1H25

2H25

(1) As of end 1Q17; (2) As of end 1Q17 pro forma for closing of Double Eagle acquisition on April 20, 2017 and entry into the Third Amendment to Parsley’s Revolving Credit Agreement on April28, 2017; (3) Committed portion; Net of letters of credit which do not change the status of the Company’s fully undrawn commitment amount

Liquidity Summary

$598$997

$1,917$616

$2,514

$1,613

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

As Reported Pro Forma

($M

M)

First lien credit facility Cash on hand

(1) (2)

(3)

Substantial Oil Hedge Position

6

Proactive hedging program protects cash flow

Almost 80% of consensus oil volumes hedged in 2H17

Significantly more hedge protection than peers in 2018

$0

$10

$20

$30

$40

$50

$60

0

10

20

30

40

50

60

70

WTI ($/Bbl)M

Bbls

/d

MBbls/d Hedged Weighted Average Long Put PriceHedge positions as of 5/4/2017; (1) When the NYMEX price is above the put price, Parsley receives the NYMEX price. When the NYMEX price is between the put price and the short put price,Parsley receives the put price. When the 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) Functions similarly to put spreads except that when the index price is at or above the call price, Parsley receives the call price; (3) Premium realizations represent net premiums paid(including deferred premiums), which are recognized as income or loss in the period of settlement; (4) When the NYMEX price is above the call price, Parsley receives the call price. When theNYMEX is below the put price, Parsley receives the put price. When the NYMEX price is between the call and put prices, Parsley receives the NYMEX price; (5) Parsley receives the strike price;(6) Parsley receives the swap price; (7) Excludes swaps; (8) Company data obtained from corporate presentations. Consensus data obtained from Nasdaq IR Insight on 6/8/2017. Peers includeCPE, CXO, EGN, FANG, LPI, PXD, and RSPP

Oil Volumes Hedged(7)

2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Put Spreads (MBbls/d)1 10.4 35.7 45.5 26.7 26.4 26.1 26.1

Put Price ($/Bbl) $53.10 $52.66 $52.80 $52.81 $51.88 $50.00 $50.00

Short Put Price ($/Bbl) $38.10 $41.80 $41.95 $41.88 $41.88 $40.00 $40.00

Three Way Collars (MBbls/d)2 13.3 19.8 31.0 31.0 8.3 8.2 8.2 8.2

Call Price ($/Bbl) $74.38 $75.28 $75.65 $75.65 $80.40 $80.40 $80.40 $80.40

Put Price ($/Bbl) $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00

Short Put Price ($/Bbl) $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00

Premium Realization ($MM)3 ($4.8) ($14.2) ($17.8) ($13.0) ($11.5) ($10.8) ($10.8) ($1.5) ($1.5) ($1.5) ($1.5)

Collars (MBbls/d)4 1.5 4.0 4.0 3.0 3.0 3.0 3.0

Short Call Price ($/Bbl) $56.15 $59.73 $59.98 $60.41 $60.41 $60.41 $60.41

Put Price ($/Bbl) $47.00 $46.75 $46.75 $45.67 $45.67 $45.67 $45.67

Swaps (MBbls/d)5 1.0 0.5 0.5 0.5 0.5 0.5 0.5

Strike Price ($/Bbl) $53.42 $55.00 $55.00 $55.00 $55.00 $55.00 $55.00

Total MBbls/d Hedged 12.9 40.2 50.0 43.5 49.7 60.6 60.6 8.3 8.2 8.2 8.2

Mid-Cush Basis Swaps (MBbls/d)6 11.3 16.7 16.7 4.5 4.5 4.5 4.5

Swap Price ($/Bbl) ($1.00) ($1.00) ($1.00) ($0.91) ($0.91) ($0.91) ($0.91)

Percent of 2018 Consensus Oil Hedged(8)

0%

10%

20%

30%

40%

50%

60%

70%

PE Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7

0

50

100

150

200

250

300

350

0 90 180 270 360 450 540 630 720

Cum

ulat

ive

Prod

ucti

on (

MBo

e)(2

)

Days of Production

Midland Delaware

(1) 3-stream; Normalized for downtime; Average IP30s and IP30s per 1,000’ reflect unweighted average of well set; (2) Normalized to 7,000’ stimulated lateral and for downtime; (3) Number of wells achieving a 30-day IP since 4Q16 quarterly update

Robust and Improving Well Results

5

Midland Delaware

Wells(3) 18 1

Average Lateral Length 8,213’ 6,374’

30-day IP (Boe/d) 1,429 1,686

30-day IP per 1,000’ (Boe/d) 180 265

% Oil 71% 62%

1Q17 Well Summary(1)

Consistently strong well results across acreage footprint and well vintage

Length-normalized productivity improving even as lateral lengths increase

163167

171

180

6,800

7,1007,300

8,200

6,000

6,500

7,000

7,500

8,000

8,500

135

145

155

165

175

185

2H15 1H16 2H16 1Q17

Stimulated Lateral Length (Ft.)

IP30

per

100

0' (

Boe/

d)

Midland Basin Normalized IP30s(1)

Consolidating Acquired Acreage

8

Acreage trades increasing value of acquired assets

Traded out of non-operated properties with low working interest into operated properties with high working interest

~35% average working interest on acreage traded away

~85% average working interest on acreage traded for

Recent trades added ~155 net operated locations with an average lateral length of ~7,000’ and extended ~70 net existing locations by ~4,000’ on average

Net of assets traded away, recent trades added more than 900,000 net lateral feet to Parsley’s horizontal drilling inventory, equivalent to ~3,600 premium net acres with four target intervals

Midland Basin Acreage Trades

Leasehold Acquired via Trade

Leasehold Traded Away

Parsley Energy Leasehold

HOWARD

GLASSCOCK

MIDLAND

MARTIN

UPTON REAGAN

0

25

50

75

100

125

150

175

200

0

250

500

750

1,000

1,250

1,500

1,750

2,000

0 10 20 30

Cumulative Production (M

Boe) (1)

Dai

ly P

rodu

ctio

n (B

oe/d

)(1)

Wolfcamp A Wolfcamp B L Spraberry

(1) 3-stream

Rapid Integration Program

9

First Martin County 3-Well Pad Posting Impressive Rates

Strong results from, and active plan for, newly acquired assets

Planning for 30+ well spuds across acquired acreage in 2017

First 3-well pad completed in southeast Martin County delivering impressive results from all three target intervals

1.5-mi laterals targeting the Lower Spraberry, Wolfcamp A, and Wolfcamp B averaging 1,300+ Boe/d each

230’

260’

LowerSpby

WC A

WC B

WC C

Dean

400’

200’

Strain RanchType Log

Strain Ranch3-well Pad

2017 Planned Operated Pads on Acquired Acreage

Parsley Leasehold

Active Development of Acquired Assets

MARTIN

MIDLAND

UPTON

GLASSCOCK

REAGAN

HOWARD

0

25

50

75

100

125

150

0 30 60 90 120 150 180 210

Cum

ulat

ive

Prod

ucti

on (

MBo

e)(1

)

Days on Production

Dusek 45-4-2807H Currie Neal 47-2811H Strain Ranch 12-13-2815H

Jul 2016

Jan 2017

Mar 2017

(1) 3-stream; Normalized to 7,000’ stimulated lateral and for downtime

Ramping up Lower Spraberry Development

10

Strengthening Lower Spraberry Results

Impressive Lower Spraberry results across Midland Basin acreage position

Increased productivity on each successive Lower Spraberrywell

Healthy rates, high oil cuts, and relatively low drilling costs yield attractive economics

Approximately 30 Lower Spraberry wells planned for next twelve months

Extensive inventory with ~1,500 locations and upside potential from tighter lateral spacing and multiple landing zones

POP Date

Strain Ranch12-13-2815H

Dusek45-4-2807H

Currie Neal47-2811H

Parsley Leasehold

MARTIN

MIDLAND

GLASSCOCK

HOWARD

UPTON REAGAN

Encouraging Lower Spraberry ResultsSpan Midland Basin Acreage

0

50

100

150

200

0

1,000

2,000

3,000

4,000

0 20 40 60

Cumulative

Production (MBoe)D

aily

Pro

duct

ion

(Boe

/d)

Days of Production

Emerging Wolfcamp C Play

11

Taylor Wolfcamp C well in Reagan County among the most prolific Midland Basin wells on record through first 60 days, recovering more than 100,000 barrels of oil(1)

Several additional Wolfcamp C wells planned in 2017

Wolfcamp C landing zone is discrete new target, ~600’ below Lower Wolfcamp B landing zone

Wolfcamp C play fairway characterized by:

600-1,200’ gross thickness

Substantial reservoir pressure

Favorable thermal maturity

Significant resource potential

Recent acquisitions have supplemented substantial Wolfcamp C inventory, with more than 900 locations in the fairway of the play

First Wolfcamp C Well Outpacing 1 MMBoe Type Curve by ~95%(2)

NW SE

Wolfcamp C Interval

1 2 3 4 5 6 7 8

DEAN

WC A

WC BWC C

CLINE

STRAWN

DEAN

WC A

WC B

WC C

CLINE

~1,200’

~400’

(1) Normalized for downtime; (2) 3-stream; Normalized for downtime

Wolfcamp C Fairway

1

2

3

4

5 6

7

8

GlasscockNose

CBPIncreasing GOR and decreasing reservoir pressure to southeast(red arrows)WC C Play Fairway

Taylor 45-33-4601H

MARTIN

MIDLAND

UPTON

HOWARD

GLASSCOCK

REAGAN

200’400’600’800’1,000’1,200’

1,200’

10 mi.

GROSS THICKNESS

0%

20%

40%

60%

80%

100%

30 60 90 120 150 180

Oil

Cut

%

Days of Production

2-Stream 3-Stream

12

Impressive Production Trends in Northwest Pecos County

Parsley setting the pace for long-lateral development in the Southern Delaware Basin

Strong length-normalized production as lateral lengths increased, affirming robust long-lateral capital efficiency

All Trees Ranch laterals among the top-20 company highest in terms of 180-day oil production per 1,000’

Trees Ranch wells averaging 86% oil(1) after 180 days of production

Currently targeting three distinct Wolfcamp flow units on Trees Ranch acreage and expect to drill across much of the position over coming months

(1) 2-stream; (2) Normalized for downtime

Consistently Strong Normalized Rates Across Lateral Lengths(2)

Parsley Energy Leasehold

2017 Wells Planned or In Progress

17.7 16.4 16.8

81

128

166

0

50

100

150

200

0

5

10

15

20

1-mi:Trees 16-1H

1.5-mi:Trees 65-64-4307H& 65-36-4307H Avg

2-mi:Trees 14-15-4301H

180-Day Cum

ulativeO

il Prod. (MBo)

180-

Day

Cum

ulat

ive

Oil

Prod

. /

1000

' (M

Bo)

Strong, Stable Oil Cuts in Pecos County

Completed Horizontal Wells

PECOS

Trees Ranch 2017 Development Program

Completed Vertical Wells

2017 Guidance – Updated with 1Q17 Results

13

Unit Costs

LOE ($/Boe) $4.00 - $4.75 $3.50 - $4.50

Cash G&A ($/Boe) $4.50 - $5.25 $4.00 - $5.00

Production & Ad Valorem Taxes (% of Revenue)

6.5 - 7.5% 6.0 - 7.0%

Capital Program

Drilling & Completion ($MM) $840 - $960 $840 - $960

Infrastructure & Other ($MM) $160 - $190 $160 - $190

Total Development Expenditures ($MM) $1,000 - $1,150 $1,000 - $1,150

% Non-Operated 3 – 5%

Activity

Gross Operated Horizontal Completions

Midland BasinDelaware Basin

Average Lateral Length

130 – 150

95 – 10535 – 45

~8,000’

130 – 150

95 – 10535 – 45

~8,000’

Gross Operated Vertical Completions 5 - 10 5 - 10

Average Working Interest 85 – 95% 85 – 95%

Production

Annual Net Production (MBoe/d)

% Oil

4Q17 Net Production (MBoe/d)

2017E (Previous)

62 – 68

68 – 73%

75 – 85

2017E (Updated)

65 - 71

68 – 73%

78 - 88

Poised for efficient production growth

Increased FY17 and 4Q17 production

guidance

Decreased operating cost estimates

No change to capital budget

Quarterly Completion Cadence

Midland Basin Delaware Basin

Capital Allocation (% of 2017E capex) 60 – 70% 30 – 40%

2017E Capital Allocation

22

25 - 35

35 - 4540 - 50

1Q17 2Q17E 3Q17E 4Q17EGross Operated Horizontal Completions

Parsley Energy Investment Summary

14

Market Snapshot

Premier Permian Position

NYSE Symbol: PEMarket Cap: $9,487 MM(1)

Net Debt: $884 MM(2)

Enterprise Value: $10,371 MMShare Count: 314 MMPermian Basin Net Leasehold Acreage: ~230,000

Midland Basin: ~178,000Delaware Basin: ~52,000

Permian Basin Net Royalty Acreage: ~7,0001Q17 Net Production: 54.8 MBoe/d

Note: All data as of end 1Q17 pro forma for closing of Double Eagle acquisition on April 20, 2017; (1) Calculated using 5/3/2017 closing price; (2) Net Debt is a non-GAAP financial measure thatis defined as total debt less cash and cash equivalents.

Premier acreage

Proven execution

Strong financial position

Robust returns

Abundant resource upside

Capital efficient growth

Parsley Energy Leasehold

Investment Highlights

15

SUPPLEMENTARY SLIDES

$0

$100

$200

$300

$400

$500

$600

$700

Midland Basin Operators(2)

16

Top Midland Basin Well Performance

Average Gross Revenue per Lateral Foot in First Six Months ($)(1)

Parsley Energy

Parsley has the highest average gross revenue per lateral foot among select Midland Basin operators, reflecting strong production rates and favorable product mix

Broadly distributed well set indicates consistent acreage quality and operational excellence

(1) Sources: IHS, FBR & Co. Midland Basin: Operator Productivity and Location Analysis dated April 19, 2017; Assumes realized oil price of $50/Bbl and realized natural gas price of$3.00/Mcf; based on first six months of production data for wells with first production between August 2015 – July 2016; (2) Midland Basin operators include Apache, Approach, Broad OakEnergy, Callon, Chevron, Concho, ConocoPhillips, CrownQuest, Diamondback, Discovery Resources, Elevation Resources, Encana, Endeavor Energy, Energen, EP Energy, ExxonMobil,Forge Energy, Henry Resources, Laredo, Legacy Reserves, Occidental, Parsley Energy, Permian Resources, Pioneer, PT Petroleum, QEP, RSP Permian, SM Energy, Summit Petroleum,Surge Energy, and W&T Offshore

Parsley Wells Included in Analysis

Parsley Energy Leasehold

Wells Online 8/2015 – 7/2016

MIDLAND

GLASSCOCK

UPTON

REAGAN

Robust Well Economics

17

Midland Basin Drilling & Completion Costs ($/Lateral Ft.)

$40 WTI

$1,0

34

$918

$905

$765

$784

$708

$659

$675 $7

58

0

2,000

4,000

6,000

8,000

10,000

$0

$300

$600

$900

$1,200

$1,500 Average Lateral Length (Ft.)D

&C

Cost

s ($

/Lat

eral

Ft.

)

$60 WTI$50 WTI

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

0%

10%

20%

30%

40%

50%

60%

$5.0 MMD&C

$5.5 MMD&C

$6.0 MMD&C

ROR NPV

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

0%

20%

40%

60%

80%

100%

120%

140%

$5.0 MMD&C

$5.5 MMD&C

$6.0 MMD&C

ROR NPV

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

0%

40%

80%

120%

160%

200%

$5.0 MMD&C

$5.5 MMD&C

$6.0 MMD&C

ROR NPV

Current D&C Costs

Strong well economics would remain compelling even with lower oil prices and/or higher costs

Drilling and completion costs remain favorable; 1Q17 D&C costs per foot impacted by increased R&D spending and lower average lateral lengths

Midland Basin ROR and NPV Sensitivities

Note: Economics based on 1 MMBoe type curve; NGL price 40% of WTI; Gas $3/Mcf

Shale Scale in the Midland Basin Core

18

Midland Basin Acreage On April 20, closed acquisition of acreage and associated assets from Double Eagle Energy Permian LLC

~71,000 net leasehold acres

~3,600 net Boe/d as of January 1, 2017

23 drilled uncompleted wells

~3,300 net horizontal drilling locations, including ~1,800net locations in high priority target intervals (Lower Spraberry, Wolfcamp A, Wolfcamp B)

Strategic acquisition enhances quality, scale, and scope of Midland Basin acreage portfolio

All depth rights across majority of acquired acreage

Mostly operated with non-op acreage mainly distributed around the perimeter of acquisition footprint; average 25% working interest on non-op acreage

Assets concentrated in oil-rich basin core with strong offset well performance in all areas

Significant footprint expansion increases operational capacity, translating to a stronger-for-longer growth profile

Incremental value potential through ongoing asset evolution and high-grading potential

MIDLAND

GLASSCOCK

UPTON

REAGAN

MARTINHOWARD

IRION

DAWSON BORDEN

ECTOR

ANDREWS

CRANE

GAINES

Acquisition Summary

Gross / Net Leasehold Acreage ~167,000 / ~71,000

Gross / Net Hz Drilling Locations ~7,300 / ~3,300

Percent Net Locations Operated ~80%

Consideration ~$1.4 B cash & ~39.8 MM shares(1)

Parsley Energy Leasehold

Acquired Leasehold: Operated

Acquired Leasehold: Non-Op

(1) LLC Units and shares of Class B common stock

STERLING

MITCHELL

Gross Net Wells per Section

Midland Basin

Middle Spraberry 990 560 5 / 6

Lower Spraberry 1,490 860 8

Wolfcamp A 1,870 1,070 8

Wolfcamp B 3,180 1,860 8 / 16(2)

Wolfcamp C 1,470 920 8

Cline 1,910 1,120 8

Atoka 1,460 860 6

Delaware Basin

2nd Bone Spring 160 150 4

3rd Bone Spring 160 150 4

Wolfcamp 620 580 16(2)

Total 13,310 8,130

Expansive, High-quality Drilling Inventory

19

Horizontal Drilling Inventory(1)

+240’

(1) As of end 1Q17 pro forma for Double Eagle acquisition closed 4/20/17 as well as for recently executed acreage trades; Location counts rounded to the nearest ten; (2) 16 wells per sectionreflects two landing zones; (3) Priority target zones include Lower Spraberry, Wolfcamp A, Wolfcamp B, and Delaware Wolfcamp

Extensive inventory of premium drilling locations provides visibility to years of high-return production growth

Substantial inventory upside in Midland Basin with higher well density potential in Wolfcamp and Spraberry formations

Nearly 600 net Wolfcamp locations in the Southern Delaware Basin with a low average royalty burden of 15%

Double Eagle acquisition boosted priority net locations by more than 70%, significantly increasing peak production potential

2,520

4,360

0

1,000

2,000

3,000

4,000

5,000

Before Double Eagle With Double Eagle

Net

Loc

atio

ns in

Prio

rity

Tar

get

Zone

s(3)

Double Eagle Net Inventory Uplift

+73%

$26.73

$8.04

$0

$5

$10

$15

$20

$25

$30

2015 2016$

/ Bo

e

55

91

124

222

0

50

100

150

200

250

2013 2014 2015 2016

Robust Reserve Growth

20

Proved reserves up 80% Y/Y (oil up 85% Y/Y) despite writing off remaining ~18 MMBoe of vertical PUD reserves

Strong organic reserve replacement ratio of approximately 680%(1)

PD F&D down 70% Y/Y to $8.04/Boe(2)

Strong Growth in Proved Reserves

Tota

l Pro

ved

Rese

rves

(M

MBo

e)

Oil (MMBbl)

Gas(Bcf)

NGL (MMBbl)

Total (MMBoe)

PDP 59.3 121.8 23.7 103.3

PDNP 1.9 2.2 0.6 2.8

PUD 75.4 99.7 24.2 116.2

Total Proved 136.6 223.7 48.5 222.3

124

-14 -4 -7

24

99

222

-50

0

50

100

150

200

250

YE15 Prod. Rev. Divest. Acq. Adds YE16

Note: Reserve summary as of 12/31/2016 and audited by Netherland, Sewell & Associates, Inc.; Data for Parsley only; not pro forma for pending acquisitions; (1) Organic reserve replacementratio calculated as total 2016 reserves additions and revisions (technical and pricing) divided by total 2016 production; excludes acquisitions and divestitures; (2) PD F&D calculated as total2016 Capex (including Infrastructure and Other) divided by total 2016 proved developed reserves additions and revisions (technical and pricing); excludes acquisitions and divestitures

Compelling PD F&D Costs(2)

+80%+300% -70%

Selected Operating Data – 1Q17

21

(1) Average prices shown in the table include transportation and gathering costs and reflect prices both before and after the effects of the Company’s realized commodity hedging transactions.The Company’s calculation of such effects includes both realized gains and losses on cash settlements for commodity derivative transactions and premiums paid or received on options thatsettled during the period

Three Months Ended

March 31, 2017 Dec. 31, 2016 March 31, 2016

Net production volumes:

Oil (MBbls) 3,394 2,811 1,731

Natural gas (MMcf) 4,419 3,812 2,944

Natural gas liquids (MBbls) 800 704 425

Total (MBoe) 4,931 4,150 2,647

Average net daily production (Boe/d) 54,789 45,109 29,088

Average sales prices:(1)

Oil, without realized derivatives (per Bbl) $ 50.01 $ 46.76 $ 30.06

Oil, with realized derivatives (per Bbl) $ 48.52 $ 49.41 $ 46.73

Natural gas, without realized derivatives (per Mcf) $ 2.82 $ 2.91 $ 1.88

Natural gas, with realized derivatives (per Mcf) $ 2.80 $ 2.91 $ 1.88

NGLs (per Bbl) $ 21.77 $ 19.12 $ 11.04

Total, without realized derivatives (per Boe) $ 40.48 $ 37.59 $ 23.52

Total, with realized derivatives (per Boe) $ 39.44 $ 39.39 $ 34.42

Average costs (per Boe):

Lease operating expenses $ 3.57 $ 3.56 $ 5.25

Production and ad valorem taxes $ 2.26 $ 2.15 $ 1.58

Depreciation, depletion and amortization $ 13.99 $ 15.10 $ 18.66

General and administrative expenses (including stock-based compensation) $ 4.88 $ 5.61 $ 7.29

General and administrative expenses (cash based) $ 4.02 $ 4.79 $ 6.25