Investment highlights

Premier Acreage Position

Premier Acreage Position

Large, concentrated acreage position in the prolific “core of the core” of the Midland Basin

Parsley is positioned in the deepest and thickest portion of the Midland Basin

Stacked pay opportunities to develop production from multiple zones on a single lease multiply Parsley’s resource potential

Extensive Operating History and Footprint

Extensive Operating History and Footprint

Completed more than 500 wells since inception

Current focus on high-potential horizontal wells

Produced average of 18,228 Boe/d (net) in 4Q 2014

<!--Best-in-class Well Results-->Superior Well Results and Operations

Superior Well Results and Operations

Wolfcamp horizontal well production outperforming the type curve of offset operators by 65%

Substantial outperformance on vertical wells relative to peers in core acreage, driven by technical expertise, aggressive cost management, and Wolftoka completions (commingled Wolfberry and Atoka production)

Leading Growth Profile

Leading Growth Profile

Extensive horizontal and vertical inventory to continue rapid growth through the drill bit

2015 growth expected to be driven by horizontal stacked pay opportunities with superior expected returns

Future option value from delineation of geologically promising Southern Delaware acreage

<!--Conservative Financial Strategy-->Balance Sheet Built to Fund Plan

Balance Sheet Built to Fund Plan

Significant management investment drives focus on value creation

Total liquidity of more than $500 million at year-end 2014, with net debt to total capitalization below 2.0

Proven hedging strategy protects cash flows

Focus on liquidity enables confidence in projected drilling program