Parsley Energy, Inc. (NYSE: PE) (“Parsley Energy” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2014.
Q2 2014 Highlights
- Successful completion of the Company’s initial public offering (“IPO”), issuing 57.5 million shares (50.0 million primary) at $18.50 per share for gross proceeds of $1,064 million ($924 million primary).
- Average net production of 14.0 MBoe/d, an increase of 53% over Q1 2014.
- Adjusted net income of $17.9 million, or $0.14 per diluted share.
- Adjusted EBITDA of $58.4 million, an increase of 50% over Q1 2014.
- Acceleration of the Company’s horizontal drilling program, with a second horizontal rig added during Q2 2014, a third horizontal rig added subsequent to the end of the quarter, and drilling times decreasing; Parsley Energy now has six horizontal wells on production and six more in different stages of development.
- Encouraging initial results from the Company’s horizontal wells; all five horizontal wells with at least 30 days of production data—four of which are short lateral wells—are exceeding a normalized type curve of 690 MBoe for a 7,000 foot stimulated lateral.
- Acquired approximately 11,000 net acres since the beginning of Q2 2014, including approximately 6,600 net acres from two previously announced acquisitions (Pacer and OGX) and the balance through a combination of leasing activity and working interest acquisitions.
“This is a very exciting time for Parsley Energy, having completed a successful initial public offering and delivered strong results in our first quarter as a public company,” said Bryan Sheffield, Chief Executive Officer of Parsley Energy. “With a healthy balance sheet, a vertical development program that continues to provide robust returns, promising results from our growing horizontal drilling program, and a sizable inventory of drilling locations in the core of the Midland Basin, Parsley Energy is poised to deliver high rate of return growth for many years. As we employ the capital raised over the past several months, we are pleased to be executing on and accelerating the plan we outlined to investors.”
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