RSP Permian (RSPP) - Q1 inline with forecast

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First Quarter 2017 Highlights

Production increased 84% to 45.2 MBoe/d (75% oil, 88% liquids), compared to 1Q16 and increased 26% compared to 4Q16
Net income of $38.9 million, or $0.26 per diluted share. Adjusted net income, which does not include certain items, was $24.2 million, or $0.16 per diluted share
Adjusted EBITDAX increased to $124.5 million, a 249% increase compared to 1Q16 and a 37% increase compared to 4Q16
Development capital expenditures (drilling, completion, infrastructure and other) of $115.6 million
Cash operating expenses of $10.49 per Boe, including lease operating expenses of $5.40 (before gathering and transportation) and $6.25 per Boe including gathering and transportation
On March 1, 2017, closed previously announced SHEP II acquisition for approximately $646 million of cash and 16.0 million shares of RSP common stock
Maintained strong liquidity position, with $54 million of cash and no borrowings outstanding under revolving credit facility ($1.1 billion borrowing base, $900 million Company-elected commitment)

Recent Well Results

Drilled and completed first horizontal well in the Delaware Basin. The Crockett Reese St #2403H, a 6,900' lateral well that targeted the lower interval of the Wolfcamp A, has established a peak 7-day average rate of 1,882 boe/d (71% oil), still cleaning up with ~2,500 psi of flowing pressure
Drilled and completed the furthest west Wolfcamp A horizontal well on our Midland Basin properties, located in Ector County. The Parks Bell 3924H, a 7,000' lateral well that targeted the Wolfcamp A, has established a peak 30-day average rate of 1,552 Boe/d (83% oil)
Reported one of RSP's best performing Midland Basin wells to date, on a per lateral foot basis. The Spanish Trail 344 1H, a 6,500' lateral well that targeted the Wolfcamp A, and had a peak 30-day average rate of 1,940 Boe/d (83% oil), produced 147 MBoe in 90 days
Steve Gray, Chief Executive Officer, commented, "I'm pleased to report solid quarterly results, particularly given we only recently closed SHEP II and assumed full operational control over our Delaware Basin assets. The second quarter will include the full contribution of these assets to our operating and financial results. Our operations team has made significant progress enhancing efficiency and coordinating infrastructure additions on the Delaware assets to accommodate higher activity levels during the second half of this year. We have accelerated the build-out of infrastructure projects in the second quarter on these properties and we anticipate adding a third horizontal rig in the Delaware Basin in May, bringing our total operated rig count to seven."

Mr. Gray continued, "We recently placed our first RSP-drilled and completed Delaware Basin horizontal well on production, which achieved a strong initial rate. This well, along with recent non-operated and offset wells, highlight the robust potential of our Delaware properties. We also reported an excellent result from the furthest west Wolfcamp A well drilled on our Midland Basin properties to date, in an area where we did not previously hold Wolfcamp wells in our drilling inventory. Although recent market attention has been focused on our newly acquired Delaware assets, the strong and consistent well results from our Midland Basin portfolio continue to generate attractive rates of return and capital efficient growth at current commodity prices."