Parsley Energy Update - May 25

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By virtue of proactive steps taken to bolster the Company's firm transportation capacity and diversify its regional pricing exposure, Parsley now enjoys certain advantages with respect to its takeaway and marketing arrangements. Parsley currently has firm transport agreements covering 95,000 Bo per day of gross operated oil production. Additionally, the Company has diversified pricing agreements with large scale oil purchasers that price a portion of Parsley's barrels relative to Magellan East Houston, Cushing, and Midland benchmarks. During 2017, Parsley also layered on Midland-Cushing basis swaps that provide additional regional price protection during 2018.

Parsley's current oil production is approximately 64,000 barrels per day. They expect to ramp to 95,000 sometime in mid-2019. By that time the midstream companies should have more pipelines in place and the bottleneck in the Permian Basin will be resolved.

Parsley is in no danger of being limited on the amount of oil they can get to market this year.