- 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.
Parsley Energy Announces Second Quarter 2014 Financial And Operating Results
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